the vancouver rennie advance | July 2024

the vancouver rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN THE VANCOUVER REGION

published July 2024

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.

table of contents

02 INTRO 03 SALES 04 NEW LISTINGS 05 INVENTORY 06 MEDIAN PRICES 07 RENNIE INTELLIGENCE

Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com

Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com

Copyright © of July 2, 2024 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 July 2, 2024. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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. 2

highlights • Therewere3,660M LS salesin theVancouverRegion in June.Thiswasdown 12% m onth-over-m onth versusthetypical3% M ay-to-Junedecline.Relativeto June2023,saleswere 24% lower(from 4,804 lastyear). • Salesin Junewere27% below theprior-decadeJuneaverage(of5,009),led bydetached hom es (-43% to1,158sales)and folowed bytownhom es(-26% to713)and condos(-16% to1,645). • Through thefirsthalfof2024,theregion saw atotalof21,221 sales,down 5% from thefirstsix m onthsof2023(22,307)and 22% below theprior10-yearaverage(27,275).Com pared tosales overthelast11 years,only2019 and 2020 saw fewersalesthrough thefirsthalfoftheyearat 17,318 and 17,593,respectively.

VANCOUVERREGION THERENNIEADVANCE sales

JUNE 2024

4,000

- 26% vsJun 2023

3,500

3,000

2,500

2,000

2,034 10 yrJun Avg

1,500

1,000

DETACHED sales

1,158

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500

- 43% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

- 25% vsJun 2023

1,000 1,200 1,400 1,600

964 10 yrJun Avg

200 400 600 800

713

TOWNHOME sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 26% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

3,500

- 23% vsJun 2023

3,000

2,500

2,000

1,960 10 yrJun Avg

1,500

1,645

1,000

CONDO sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500

- 16% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

Copyright© July3,2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofJuly3,2024.Aldatafrom RealEstateBoardof GreaterVancouverand FraserValey& Ren ie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.ren iegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipient oftheinform ationshouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtained from arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

highlights • N ew M LS listingsdeclined forthesecond consecutivem onth in June,to8,897.O n a m onth-over-m onth basisnew listingsweredown 10%,which wasslightlym oream plified than the typicalM ay-to-Junedeclineof7% . • N ew listingswere6% higherthan theprior10-yearJuneaverage(of8,428 new listings).N ew detached hom elistingswere13% below average(to3,285),whilenew townhom elistingswereup 10% (to1,586)and new condolistingswereup 18% (to3,682). • O n ayear-over-yearbasis,new listingswereup 2% from 8,702 in June2023.N ew detached hom e listingsweredown 12%,whilenew townhom elistingswereup 17% and new condolistingswere up 10%.

VANCOUVERREGION THERENNIEADVANCE new listings

JUNE 2024

7,000

- 12% vsJun 2023

6,000

5,000

4,000

3,755 10 yrJun Avg

3,000

3,285

2,000

DETACHED new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 1,000

- 13% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

+ 17% vsJun 2023

2,500

2,000

1,500

1,586

1,445 10 yrJun Avg

1,000

TOWNHOME new listings

500

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 10% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

5,000

+ 10% vsJun 2023

4,000

3,682

3,000

3,124 10 yrJun Avg

2,000

CONDO new listings

1,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 18% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

●

highlights • Therewere20,736activeM LS listingslastm onth,which wasup 4% m onth-over-m onth,46% year-over-year,and 21% abovetheprior10-yearJuneaverage(of17,187 listings).Thiswasthe highestlevelin anym onth sinceJuly2019 (21,109)and thehighestlevelforthem onth ofJune since2019(21,654). • Inventorywasfurthestabovethepast10-yearJuneaverageforcondos(+34% to8,004),folowed bytownhom es(+19% to2,912)and detached hom es(+8% to8,976). • Theoveral m arketwasconsidered balanced with 5.7 m onthsofinventory(M O I),up from 4.8 in M ay.Thetownhom eand condosegm entscontinued tofavourselerswith M OIsof4.1and 4.9, respectively,w hilethedetached m arketw asbalanced w ith an M O Iof7.8.

VANCOUVERREGION THERENNIEADVANCE inventory

JUNE 2024

14,000

+ 36% vsJun 2023

12,000

10,000

8,000

8,976

8,305 10 yrJun Avg

6,000

4,000

DETACHED inventory

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 2,000

+ 8% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

1,000 1,500 2,000 2,500 3,000 3,500 4,000 4,500

+ 58% vsJun 2023

2,912

2,439 10 yrJun Avg

TOWNHOME inventory

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 500

+ 19% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

12,000

+ 54% vsJun 2023

10,000

8,000

8,004

6,000

5,960 10 yrJun Avg

4,000

CONDO inventory

2,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 34% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

●

highlights • O n am onth-over-m onth basis,theG reaterVancouverboard areasaw an increaseof0.7% in m edian sold prices(averaged acros hom etypes),w hiletheFraserValey experienced adeclineof 1.2% .In G reaterVancouver,m edian detached priceswereflat,townhom epricesrose2% ,and condopricesfel by0.3%.In theFraserValey,m edian detached pricesweredown 4%,townhom e pricesfel by2%,and condopricesrose3%. • O n ayear-over-yearbasis,m edian sold pricesin G reaterVancouverw ereup 2.0% (averaged acros hom etypes),whiletheFraserValeyboard saw a0.6% decline.In G reaterVancouver,m edian detached hom epriceswere5% higher,townhom epriceswere1.4% higher,and condoswere0.1% lower.In theFraserValey,detached hom epriceswere6% lower,townhom espricesweredown 2.5%,and condopriceswere6% higher.

VANCOUVERREGION THERENNIEADVANCE median prices

JUNE 2024

•

$2,000,000

+5 % vsJun 2023 Greater Vancouver

$1.97M

$1,600,000

$1.44M

$1,200,000

$800,000

DETACHED median salesprice

FraserValey

$400,000

- 6% vsJun 2023

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

━ G reaterVancouver ━ FraserValey

● June

$1,200,000

+ 1% vsJun 2023 Greater Vancouver

$1,104,999

$1,000,000

$800,000

$830,000

$600,000

$400,000

TOWNHOME median salesprice

FraserValey

$200,000

- 2.5% vsJun 2023

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

━ G reaterVancouver ━ FraserValey

● June

$1,000,000

- vsJun 2023 Greater Vancouver

$800,000

$725,000 $559,900

$600,000

$400,000

CONDO median salesprice

FraserValey

$200,000

+ 6% vsJun 2023

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

━ G reaterVancouver ━ FraserValey

● June

●

the data behind rennie

Our rennie intelligence team comprises our senior economist, market analysts, and business intelligence analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in real estate dynamics, urban land economics, the macroeconomy, shifting demographics, and data science, their industry-leading data acquisition, analytical systems, and strategic research supports a comprehensive advisory service and forms the basis of frequent reports and public presentations, covering the Vancouver, Kelowna, Victoria, and Seattle marketplaces. Their thoughtful and objective approach embodies the core values of rennie.

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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