the rennie advance A BRIEF UPDATE ON THE LATEST SALES, LISTINGS, AND MEDIAN SALE PRICES ACTIVITY
published April 2021
table of contents
The rennie advance is a summary of the latest sales, listings, and price trends in the Vancouver Region. It is produced at the beginning of each month and it reflects the latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.
2 I N T R O
3 S A L E S
4 T O T A L L I S T I N G S
Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com
Bowen Behan Pausey BUSINESS DATA ANALYST, HOUSING bbehan@rennie.com
5 P R I C E S
6 R E N N I E I N T E L L I G E N C E
highlights • The 8,895 sales in the Vancouver Region in March 2021 were the most on record for any month in history. Compared to one year ago (March 2020) sales were 129% higher while they exceeded the past-decade average for March by 87%. • Sales in March 2021 were higher than in March 2020 by triple-digits for all home types: sales of detached homes were up 136% (with over 3,500 sales last month), townhomes were up 111% (over 1,600 sales), and condos were up 132% (over 3,500 sales). • Triple-digit increases in sales were also realized for townhomes and condos when comparing March 2021 to the past-decade March average, with both up 100%. Detached home sales were 69% above the past-decade average.
THE RENNIE ADVANCE
sales
MARCH 2021
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DETACHED sales
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TOWNHOME sales
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CONDO sales
Copyright © 2021 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of April 5, 2021. All data from Real Estate Board of Greater Vancouver and Fraser Valley & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.
highlights • Inventory remained constrained in the Vancouver Region in March, with the 13,587 total listings sitting 28% lower than the past-decade average, and 13% belowMarch of last year. Detached inventory was down 13%, townhome inventory was down 29%, and condo inventory was down 9% versus last year. • With all this being said, total inventory rose 9% on a month-over-month basis in March 2021, the highest such increase since June 2020. In looking at home types, detached listings rose 24% and townhome listings rose 10%, while condo inventory actually decreased by 6%. • The sales-to-listings (S-L) ratio rose to its second-highest level on record in March 2021, with the 65% indicating seller’s market conditions. This was consistent across all segments of the market as detached homes had an S-L ratio of 56%, townhomes 97%, and condos 66%.
total listings THE RENNIE ADVANCE
MARCH 2021
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DETACHED listings
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TOWNHOME listings
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CONDO listings
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Copyright © 2021 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of April 5, 2021. All data from Real Estate Board of Greater Vancouver and Fraser Valley & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.
highlights • Aside from the median sales price for condos in the Greater Vancouver board area slightly decreasing in December 2020, March 2021 marked the 15 th consecutive month that the median sales price rose for all home types in the Greater Vancouver and Fraser Valley board areas. • Compared to March of last year, prices in the Greater Vancouver board area were up 18% for detached homes, 14% for townhomes, and 4% for condos. South of the Fraser, prices were up 33% for detached homes, 19% for townhomes, and 14% for condos. • Compared to last month, median sales prices in the Greater Vancouver board area rose 3% for detached homes, 0.1% for townhomes, and 3% for condos. In the Fraser Valley board area, detached prices rose 4%, townhomes 7%, and condos 1.9%.
THE RENNIE ADVANCE median prices
MARCH 2021
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DETACHED median sales price
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$1,200,000
vs Mar 2020 14%
March Greater Vancouver Fraser Valley
$900,501
$1,000,000
$800,000
$600,000
$705,000
$400,000
TOWNHOME median sales price
vs Mar 2020 19%
$200,000
$0
2011
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2014
2015
2016
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2018
2019
2020
2021
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CONDO median sales price
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Copyright © 2021 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of April 5, 2021. All data from Real Estate Board of Greater Vancouver and Fraser Valley & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.
the data behind rennie .
The rennie intelligence team is composed of our in-house demographer, senior economist, and market analysts. Together, they empower our developer clients, rennie advisors, institutional advisory clients, and the entire rennie team with comprehensive data and a trusted market perspective. With data as the backbone to our thoughtful real estate practice, we help our clients form and execute sound, well-considered plans to achieve their goals.
Reach out to your rennie representative to learn more and to receive these publications on a regular basis, or visit us at intelligence.rennie.com
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