the rennie review: February 2023

the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR 14 SUB-MARKETS IN THE VANCOUVER REGION

published February 2023

table of contents

02 INTRO

Each month, we release the rennie review, a detailed look at the real estate marketplace in the Vancouver Region. This report examines the market stats by sub-market, provides updates on current rennie projects, and more.

03 WHAT YOU NEED TO KNOW

04 FEATURED LISTINGS

NEIGHBOURHOOD PROFILES

05 08 11 14 17 20 23 26 29 32 35 38 41 44 47 48 51

Vancouver Region

Greater Vancouver Board Area Fraser Valley Board Area

Burnaby North Burnaby South

Ryan Berlin DIRECTOR OF INTELLIGENCE & SENIOR ECONOMIST rberlin@rennie.com

Ryan Wyse SENIOR ANALYST rwyse@rennie.com

Coquitlam

Langley

North Delta

New Westminster North Vancouver

Richmond Squamish

Surrey

Vancouver East

Vancouver Downtown

Vancouver West West Vancouver

53 AREA MAPS

56 CURRENT PROJECTS

Copyright © 2022 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 February6,2023. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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

out with the new (year), and in with the old (market) After wrapping 2022 with a six-month slowdown in sales—the likes of which had not been seen in a decade—the Vancouver Region’s housing market began 2023 with its second-lowest January sales count in two decades.

These dynamics have, yet again, yielded (or continued to yield, depending on how you want to put it) a constrained housing supply environment throughout the region. Notably, while the early part of each year tends to be characterized by a relatively rapid burst of inventory expansion—with a 30% increase in total listings being typical for Q1—we’re not likely to experience this this year, given the sluggish pace of new listings to start 2023. With the Bank of Canada indicating that it will hit the brakes on its rate-hiking regime after having imposed another 25 basis-point increase on January 25th, there is perhaps a hint of clarity emerging for potential homebuyers. This counts as good news for the demand-side of the market—or anyone wanting to sell their home, to be fair—though with interest rates remaining elevated for now, any increase in sales activity will likely be muted in the near-term.

A new year often brings about change in the form of resolutions, new beginnings, and fresh starts. In the case of the Vancouver Region’s housing market, however, 2023 kicked off looking a lot like the end of 2022, when the market was mired in a once-in-a- decade slowdown . In fact, last month’s MLS sales count of 1,624 was the second-lowest January total in the past twenty years, behind only 2009 when we were in the depths of the Great Recession. Additionally, sales were 54% below those of January 2022 and 42% lower than the past 10-year January average. To pile it on, January’s sales were also 17% lower than the atypically-low total from December 2022—a larger decline than the typical 13% decrease between December and January.

Region failed to expand in any meaningful way. Following a substantial—though perhaps somewhat expected—dropoff in total listings from 10,876 on December 31st to 9,572 on January 1st (owing to year-end expiries and cancellations), the month of January concluded with inventory sitting below that of the previous month-end total. Specifically, the 10,684 total listings available at the end of January were 2% less than in December, and 21% less than the long-run January average, though—remarkably— they were 45% higher than the record-low total from January 2022. The fact that inventory didn’t expand more, even in the face of historically-low sales counts, can be attributed to the relative sparseness of listing activity: new listings in January totalled only 5,017, which was 22% below that of last year and 26% less than the past 10-year January average.

January 2023 was also similar to the end of 2022 in that inventory in the Vancouver

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Copyright © 2022 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 February 6, 2023. 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.

vancouverregion DETACHED -JANUARY 2023

SALES TO LISTINGSRATIO 11% BUYERS'M ARKET

▶ MARKETSUMMARY Therewere4,553 detached listingsin theVancouver Region in January,5% below D ecem berand 36% higher than January2022. January detached hom esalesdecreased by m onth-over-m onth,to 515,and were55% below January 2022. Thesales-to-listing ratio fordetached in the Vancouver Region,at11% ,reflected abuyers'm arket. Thedetachedm edian pricein Januarywas$1,450,000,a 3% decreasefrom D ecem berand 21% below January 2022. Theaveragesold pricewas$1,674,444,4% below last m onth and down 21% toJanuary2022.

AVERAGEPRICE

MEDIAN PRICE

TOTALLISTINGS

SALES

▼ 21% VS 2022

▲ 36% VS 2022

▼ 55% VS 2022

THISMONTH No.

PREVIOUSYEAR

PREVIOUSMONTH

No.

% Change

No.

% Change

TOTALLISTINGS TOTALSALES

11% 515 4,553

1,143 3,341

-21% -21% -67% -55% 36%

13% 634 4,786

-15% -19% -5%

SALES-LISTINGSRATIO MEDIAN SOLD PRICE AVERAGESOLD PRICE

$2,121,314 $1,845,000 34%

$1,748,955 $1,500,000

-4% -3%

$1,674,444 $1,450,000

▶ RATIO OFMEDIAN PRICES

▶ RECENTTRENDS

● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO

● SALES ● TOTALINVENTORY ● MEDIAN PRICE

7,630

7,232

6,847

7,416

6,495

6,997

5,942

1.86

5,512

6,329

1.79

4,609

4,553

1.50

4,786

1.38

1.33

3,341

2,312

1,084

906

1,747

888

803

1,143

1,562

634

1,281

515

873

857

$1.85M $1.89M $1.83M $1.80M

$1.73M $1.65M

$1.60M $1.53M $1.52M $1.54M $1.50M $1.50M $1.45M

Jan-22

Dec-22

Jan-23

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET 21% +

BALANCED 12 - 20%

BUYERS'MARKET <12%

● SALES ● TOTALINVENTORY ● S-L RATIO

1400

1200

1000

800

600

33%

31%

29%

400

23%

18%

13%

200

<$600K

$600-799K

$800-999K

$1.0M -1.24M $1.25M -1.49M $1.5M -1.99M

$2.0M -2.49M

$2.5M -2.99M

$3M+ 1,311 42 3%

S-L RATIO SALES INVENTORY

117 27 23%

57 19 33%

157 45 29%

293 91 31%

526 93 18%

984 129 13%

574 52 9%

534 17 3%

Copyright© February6,2023renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofFebruary6,2023.Aldatafrom RealEstate BoardofGreaterVancouverandFraserValey& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycan otbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.The recipientoftheinform ationshouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbe obtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

vancouverregion TOWNHOME-JANUARY 2023

SALES TO LISTINGSRATIO 20% BALANCEDMARKET

▶ MARKETSUMMARY Therewere1,465 townhom elistingsin theVancouver Region in January,4% below D ecem berand 91% higher than January2022. Januarytownhom esalesdecreased by15% m onth-over-m onth,to 286,and were50% below January 2022. Thesales-to-listing ratio fortow nhom esin theVancouver Region,at20% ,reflected abalanced m arket. Thetownhom em edian pricein Januarywas$810,000,a 3% changefrom D ecem berand 18% below January2022. Theaveragesold pricewas$899,568,3% below last m onth;theaveragePSF salepricewas$585,down 7% to lastm onth.

AVERAGEPRICE

AVERAGE PSF PRICE ▼ 16% VS 2022

MEDIAN PRICE

TOTALLISTINGS

SALES

▼ 13% VS 2022

▼ 18% VS 2022

▲ 91% VS 2022

▼ 50% VS 2022

THISMONTH No.

PREVIOUSYEAR

PREVIOUSMONTH

No. 75% 574 766

% Change

No.

% Change

TOTALLISTINGS TOTALSALES

20% 286 1,465

-16% -13% -18% -74% -50% 91%

22% 338 1,520

-12% -15% -4%

SALES-LISTINGSRATIO MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF

$585 $899,568 $810,000

$630 $927,450 $837,500

-7% -3% -3%

$696 $1,034,880 $990,057

▶ AVG PRICEPERSQUAREFOOT

▶ RECENTTRENDS

● JAN 202 ● JAN 2023

● SALES ● TOTALINVENTORY ● MEDIAN PRICE

2,183

2,447

2,437

2,10

2,375

1,945

2,207

2,005

1,679

1,465

1,250

1,227

1,520

770

766

895

565

513

801

574

474

459

286

412

338

$990K $1.02M $1.00M $983K

$925K $915K $894K

$850K $850K $870K $860K $838K $810K

VANCOUVERREGION REBGV

▶ NUMBEROFBEDROOMS

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET 21% +

BALANCED 12 - 20%

BUYERS'MARKET <12%

● SALES ● TOTALINVENTORY

● SALES ● TOTALINVENTORY ● S-L RATIO

400

4+ bdrms

307

300

150

3 bdrms

820

200

43%

28%

100

20%

2 bdrms

15%

311

11%

10%

7% 8%

<$400K $400-599K $600-799K $800-999K $1.0M -1.24M $1.25M -1.49M $1.5M -1.99M $2M +

<2 bdrms

S-L RATIO SALES INVENTORY

42 4 10%

79 34 43%

343 96 28%

412 84 20%

248 38 15%

152 16 11%

125 9 7%

64 5

Copyright© February6,2023renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofFebruary6,2023.Aldatafrom RealEstateBoardofGreater VancouverandFraserValey& Ren ie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Al inform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom ren iegroupofcom panies.E.&O.E. 6 ●

vancouverregion CONDO -JANUARY 2023

SALES TO LISTINGSRATIO 18% BALANCEDMARKET

▶ MARKETSUMMARY Therewere4,366 condolistingsin theVancouverRegion in January,5% aboveD ecem berand 47% higherthan January2022. January condo salesdecreased by 17% m onth-over-m onth,to 773,and were55% below January 2022. Thesales-to-listing ratio forcondosin the Vancouver Region,at18% ,reflected abalanced m arket. Thecondom edian pricein Januarywas$630,000,a0.8% changefrom D ecem berand 6% below January2022. Theaveragesold pricewas$695,676,0.8% below last m onth;theaveragePSF salepricewas$814,down 0.0% tolastm onth.

AVERAGEPRICE

AVERAGE PSF PRICE ▼ 7% VS 2022

MEDIAN PRICE

TOTALLISTINGS

SALES

▼ 7% VS 2022

▼ 6% VS 2022

▲ 47% VS 2022

▼ 55% VS 2022

THISMONTH No.

PREVIOUSYEAR

PREVIOUSMONTH

No.

% Change

No.

% Change

TOTALLISTINGS TOTALSALES

18% 773 4,366

1,730 2,969

-70% -55% 47%

22% 926 4,139

0% -0.8% 0.8% -21% -17% 5%

SALES-LISTINGSRATIO MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF

$876 $751,411 $671,650 58%

$814 $695,676 $630,000

$814 $701,427 $625,000

-7% -7% -6%

▶ AVG PRICEPERSQUAREFOOT

▶ RECENTTRENDS

● JAN 202 ● JAN 2023

● SALES ● TOTALINVENTORY ● MEDIAN PRICE

5,394

5,676

5,275

5,592

5,499 5,526

5,232

4,101

4,366

4,704

3,641

4,139

3,16

2,969

2,055

2,382

2,242

1,730

1,310

1,274

1,121

1,732

1,418

1,172

773

926

$672K $695K $685K $680K

$667K $650K $640K $645K $621K $635K $625K $625K $630K

VANCOUVERREGION REBGV

▶ NUMBEROFBEDROOMS

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET 21% +

BALANCED 12 - 20%

BUYERS'MARKET <12%

● SALES ● TOTALINVENTORY

● SALES ● TOTALINVENTORY ● S-L RATIO

1200

4+ bdrms

1000

800

3 bdrms

600

490

400

458

26% 25%

21%

2 bdrms

17%

2,412

200

13%

5% 5% 3%

283

<$400K $400-599K $600-799K $800-999K $1.0M -1.24M $1.25M -1.49M $1.5M -1.99M $2M +

<2 bdrms

S-L RATIO SALES INVENTORY

240 63 26%

1,137 280 25%

1,148 239 21%

672 115 17%

326 42 13%

267 14 5%

242 11 5%

334 9 3%

1,432

Copyright© February6,2023renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofFebruary6,2023.Aldatafrom RealEstateBoardofGreater VancouverandFraserValey& Ren ie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Al inform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom ren iegroupofcom panies.E.&O.E. 7 ●

greatervancouverboard area DETACHED -JANUARY 2023

SALES TO LISTINGSRATIO 11% BUYERS'M ARKET

▶ MARKETSUMMARY Therew ere 2,801 detached listingsin the G reater Vancouverboard areain January,4% below D ecem ber and 23% higherthan January2022. January detached hom esalesdecreased by m onth-over-m onth,to 302,and were52% below January 2022. Thesales-to-listing ratio fordetached in the G reater Vancouverboard area,at11% ,reflected abuyers'm arket. Thedetachedm edian pricein Januarywas$1,590,000,a 7% decreasefrom D ecem berand 19% below January 2022. Theaveragesold pricewas$1,909,101,4% below last m onth and down 17% toJanuary2022.

AVERAGEPRICE

MEDIAN PRICE

TOTALLISTINGS

SALES

▼ 17% VS 2022

▼ 19% VS 2022

▲ 23% VS 2022

▼ 52% VS 2022

THISMONTH No.

PREVIOUSYEAR

PREVIOUSMONTH

No.

% Change

No.

% Change

TOTALLISTINGS TOTALSALES

11% 302 2,801

27% 623 2,280

-17% -19% -61% -52% 23%

13% 374 2,928

-16% -19% -4%

SALES-LISTINGSRATIO MEDIAN SOLD PRICE AVERAGESOLD PRICE

$1,997,416 $1,702,500

-4% -7%

$1,909,101 $1,590,000

$2,297,677 $1,975,000

▶ RATIO OFMEDIAN PRICES

▶ RECENTTRENDS

● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO

● SALES ● TOTALINVENTORY ● MEDIAN PRICE

4,499

4,268

4,148

3,954

4,375

4,187

3,598

1.80

3,279

3,741

1.72

1.68

2,816

1.55

2,801

2,928

1.47

1.38

2,280

1,299

1,008

579

490

958

623

374

796

657

302

530

532

524

$1.98M $2.01M $2.00M $1.99M

$1.90M $1.80M $1.74M

$1.70M $1.68M $1.72M $1.69M $1.70M $1.59M

Jan-22

Dec-22

Jan-23

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET 21% +

BALANCED 12 - 20%

BUYERS'MARKET <12%

● SALES ● TOTALINVENTORY ● S-L RATIO

1000

800

600

42%

400

37%

31%

21%

19%

200

14%

11%

<$600K

$600-799K

$800-999K

$1.0M -1.24M $1.25M -1.49M $1.5M -1.99M

$2.0M -2.49M

$2.5M -2.99M

$3M+ 1,038 35 3%

S-L RATIO SALES INVENTORY

42 8 19%

27 10 37%

62 19 31%

113 47 42%

228 47 21%

578 83 14%

358 38 11%

355 15 4%

●

greatervancouverboard area TOWNHOME-JANUARY 2023

SALES TO LISTINGSRATIO 15% BALANCEDMARKET

▶ MARKETSUMMARY

AVERAGEPRICE

AVERAGE PSF PRICE ▼ 7% VS 2022

MEDIAN PRICE

TOTALLISTINGS

SALES

▼ 3% VS 2022

▼ 14% VS 2022

▲ 75% VS 2022

▼ 59% VS 2022

Therewere781 townhom elistingsin theG reater Vancouverboard areain January,1.6% aboveD ecem ber and 75% higherthan January2022. Januarytownhom esalesdecreased by36% m onth-over-m onth,to 117,and were59% below January 2022. Thesales-to-listing ratio fortow nhom esin theG reater Vancouverboard area,at15% ,reflected abalanced market. Thetownhom em edian pricein Januarywas$947,500,a 4% changefrom D ecem berand 14% below January2022. Theaveragesold pricewas$1,105,723,2% abovelast m onth;theaveragePSF salepricewas$737,down 2% to lastm onth.

THISMONTH No.

PREVIOUSYEAR

PREVIOUSMONTH

No. 64% 284 446

% Change

No. 24% 184 769

% Change

TOTALLISTINGS TOTALSALES

15% 117 781

-14% -76% -59% 75%

-37% -36% 1.6%

SALES-LISTINGSRATIO MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF

$737 $1,105,723 $947,500

$755 $1,082,440 $985,000

-2% 2% -4%

$790 $1,143,021 $1,099,900

-7% -3%

▶ AVG PRICEPERSQUAREFOOT

▶ RECENTTRENDS

● JAN 202 ● JAN 2023

● SALES ● TOTALINVENTORY ● MEDIAN PRICE

1,140

1,109

1,000

1,127

1,107

1,066

1,051

921

755

781

629

769

599

409

504

467

446

441

282

268

184

284

240

223

$1.10M $1.10M $1.15M $1.10M

$1.03M $1.01M

$1.02M $948K $985K $948K

$990K $942K $928K

REBGV

FVREB

▶ NUMBEROFBEDROOMS

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET 21% +

BALANCED 12 - 20%

BUYERS'MARKET <12%

● SALES ● TOTALINVENTORY

● SALES ● TOTALINVENTORY ● S-L RATIO

4+ bdrms

150

134

100

3 bdrms

474

37%

23% 21%

2 bdrms

15%

152

10% 8% 8%

<$400K $400-599K $600-799K $800-999K $1.0M -1.24M $1.25M -1.49M $1.5M -1.99M $2M +

<2 bdrms

S-L RATIO SALES INVENTORY

17 0 n/a

19 7 37%

103 24 23%

149 32 21%

170 26 15%

139 14 10%

120 9 8%

64 5

Copyright© February6,2023renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofFebruary6,2023.Aldatafrom RealEstateBoardofGreater VancouverandFraserValey& Ren ie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Al inform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom ren iegroupofcom panies.E.&O.E. 9 ●

greatervancouverboard area CONDO -JANUARY 2023

SALES TO LISTINGSRATIO 17% BALANCEDMARKET

▶ MARKETSUMMARY

AVERAGEPRICE

AVERAGE PSF PRICE ▼ 5% VS 2022

MEDIAN PRICE

TOTALLISTINGS

SALES

▼ 6% VS 2022

▼ 5% VS 2022

▲ 31% VS 2022

▼ 56% VS 2022

Therewere3,349 condolistingsin theG reater Vancouverboard areain January,6% aboveD ecem ber and 31% higherthan January2022. January condo salesdecreased by 19% m onth-over-m onth,to 575,and were56% below January 2022. Thesales-to-listing ratio forcondosin the G reater Vancouverboard area,at17% ,reflected abalanced market. Thecondom edian pricein Januarywas$690,000,a0.7% changefrom D ecem berand 5% below January2022. Theaveragesold pricewas$758,855,0.7% below last m onth;theaveragePSF salepricewas$890,up 0.8% to lastm onth.

THISMONTH No.

PREVIOUSYEAR

PREVIOUSMONTH

No.

% Change

No.

% Change

TOTALLISTINGS TOTALSALES

17% 575 3,349

1,315 2,549

-67% -56% 31%

22% 709 3,164

0.8% -0.7% 0.7% -23% -19% 6%

SALES-LISTINGSRATIO MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF

$936 $807,042 $725,000 52%

$890 $758,855 $690,000

$883 $764,295 $685,000

-5% -6% -5%

▶ AVG PRICEPERSQUAREFOOT

▶ RECENTTRENDS

● JAN 202 ● JAN 2023

● SALES ● TOTALINVENTORY ● MEDIAN PRICE

4,160

4,038

4,358

4,298

4,223

4,193

3,996

3,707

3,349

3,250

3,164

2,875

2,315

2,549

1,864

1,604

1,692

1,315

1,005

997

1,326

1,062

893

848

575

709

$735K $717K $698K $694K $690K

$725K $735K $740K

$670K $677K $680K $685K $690K

REBGV

FVREB

▶ NUMBEROFBEDROOMS

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET 21% +

BALANCED 12 - 20%

BUYERS'MARKET <12%

● SALES ● TOTALINVENTORY

● SALES ● TOTALINVENTORY ● S-L RATIO

800

4+ bdrms

600

3 bdrms

423

400

28%

327

24%

23%

2 bdrms

200

18%

1,798

13%

5% 5%

222

<$400K $400-599K $600-799K $800-999K $1.0M -1.24M $1.25M -1.49M $1.5M -1.99M $2M +

<2 bdrms

S-L RATIO SALES INVENTORY

110 26 24%

573 158 28%

899 205 23%

635 112 18%

307 41 13%

261 14 5%

237 11 5%

327 8 2%

1,098

Copyright© February6,2023renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofFebruary6,2023.Aldatafrom RealEstateBoardofGreater VancouverandFraserValey& Ren ie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Al inform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom ren iegroupofcom panies.E.&O.E. 10 ●

fraservaley board area DETACHED -JANUARY 2023

SALES TO LISTINGSRATIO 12% BALANCEDMARKET

▶ MARKETSUMMARY Therew ere 1,752 detached listingsin the FraserValey board areain January,6% below D ecem berand 65% higherthan January2022. January detached hom esalesdecreased by m onth-over-m onth,to 213,and were59% below January 2022. Thesales-to-listing ratio fordetached in the FraserValey board area,at12% ,reflected abalanced m arket. Thedetachedm edian pricein Januarywas$1,280,000,a 0.4% decreasefrom D ecem berand 27% below January 2022. Theaveragesold pricewas$1,341,739,4% below last m onth and down 30% toJanuary2022.

AVERAGEPRICE

MEDIAN PRICE

TOTALLISTINGS

SALES

▼ 30% VS 2022

▼ 27% VS 2022

▲ 65% VS 2022

▼ 59% VS 2022

THISMONTH No.

PREVIOUSYEAR

PREVIOUSMONTH

No.

% Change

No.

% Change

TOTALLISTINGS TOTALSALES

12% 213 1,752

49% 520 1,061

-30% -27% -75% -59% 65%

14% 260 1,858

-4% -0.4% -13% -18% -6%

SALES-LISTINGSRATIO MEDIAN SOLD PRICE AVERAGESOLD PRICE

$1,391,553 $1,285,000

$1,341,739 $1,280,000

$1,910,018 $1,750,000

▶ RATIO OFMEDIAN PRICES

▶ RECENTTRENDS

● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO

● SALES ● TOTALINVENTORY ● MEDIAN PRICE

3,131

2,964

2,699

3,041

2,541

2,810

1.88

2,344

2,233

2,588

1.72

1.65

1,793

1.54

1.50

1,752

1,858

1,013

1,061

427

739

364

520

327

313

260

604

485

213

343

325

$1.75M $1.78M $1.70M

$1.61M $1.53M $1.48M

$1.42M $1.34M $1.32M $1.32M

$1.24M $1.29M $1.28M

Jan-22

Dec-22

Jan-23

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET 21% +

BALANCED 12 - 20%

BUYERS'MARKET <12%

● SALES ● TOTALINVENTORY ● S-L RATIO

400

300

200

30%

27%

25%

24%

100

15%

11%

<$600K

$600-799K

$800-999K

$1.0M -1.24M $1.25M -1.49M $1.5M -1.99M

$2.0M -2.49M

$2.5M -2.99M

$3M+

S-L RATIO SALES INVENTORY

75 19 25%

30 9 30%

95 26 27%

180 44 24%

298 46 15%

406 46 11%

216 14 6%

179 2 1%

273 7 3%

●

fraservaley board area TOWNHOME-JANUARY 2023

SALES TO LISTINGSRATIO 25% SELLERS'M ARKET

▶ MARKETSUMMARY Therewere684 townhom elistingsin theFraserValey board areain January,9% below D ecem berand 114% higherthan January2022. Januarytownhom esalesincreased by10% m onth-over-m onth,to 169,and were42% below January 2022. Thesales-to-listing ratio fortow nhom esin theFraser Valey board area,at25% ,reflected aselers'm arket. Thetownhom em edian pricein Januarywas$745,000,a 0% changefrom D ecem berand 20% below January2022. Theaveragesold pricewas$756,845,2.0% abovelast m onth;theaveragePSF salepricewas$480,down 0.1% tolastm onth.

AVERAGEPRICE

AVERAGE PSF PRICE ▼ 21% VS 2022

MEDIAN PRICE

TOTALLISTINGS

SALES

▼ 19% VS 2022

▼ 20% VS 2022

▲ 114% VS 2022

▼ 42% VS 2022

THISMONTH No.

PREVIOUSYEAR

PREVIOUSMONTH

No. 91% 290 320

% Change -21% -19% -20% -73% -42% 114%

No. 21% 154 751

% Change

TOTALLISTINGS TOTALSALES

25% 169 684

20% 10% -9%

SALES-LISTINGSRATIO MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF

$480 $756,845 $745,000

$480 $742,267 $745,000

-0.1% 2% 0%

$605 $928,977 $930,000

▶ AVG PRICEPERSQUAREFOOT

▶ RECENTTRENDS

● JAN 202 ● JAN 2023

● SALES ● TOTALINVENTORY ● MEDIAN PRICE

1,248

1,330

1,307

1,17

1,156

945

924

1,084

1,001

628

621

684

751

361

283

444

245

320

391

360

290

169

234

236

189

154

$930K $970K $950K $913K

$870K $855K $843K

$790K $780K $770K $798K $745K $745K

FVREB

REBGV

▶ NUMBEROFBEDROOMS

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET 21% +

BALANCED 12 - 20%

BUYERS'MARKET <12%

● SALES ● TOTALINVENTORY

● SALES ● TOTALINVENTORY ● S-L RATIO

250

4+ bdrms

173

200

150

3 bdrms

346

45%

100

30%

2 bdrms

20%

16%

15% 15%

159

<$400K $400-599K $600-799K $800-999K $1.0M -1.24M $1.25M -1.49M $1.5M -1.99M $2M +

<2 bdrms

S-L RATIO SALES INVENTORY

25 4 16%

60 27 45%

240 72 30%

263 52 20%

78 12 15%

13 2 15%

5 0 n/a

Copyright© February6,2023renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofFebruary6,2023.Aldatafrom RealEstateBoardofGreater VancouverandFraserValey& Ren ie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Al inform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom ren iegroupofcom panies.E.&O.E. 12 ●

fraservaley board area CONDO -JANUARY 2023

SALES TO LISTINGSRATIO 19% BALANCEDMARKET

▶ MARKETSUMMARY Therewere1,017 condolistingsin theFraserValey board areain January,4% aboveD ecem berand 142% higherthan January2022. Januarycondosalesdecreased by9% m onth-over-m onth, to198,and were52% below January2022.

AVERAGEPRICE

AVERAGE PSF PRICE ▼ 13% VS 2022

MEDIAN PRICE

TOTALLISTINGS

SALES

▼ 11% VS 2022

▼ 12% VS 2022

▲ 142% VS 2022

▼ 52% VS 2022

THISMONTH No.

PREVIOUSYEAR

PREVIOUSMONTH

No. 99% 415 420

% Change -13% -11% -12% -80% -52% 142%

No. 22% 217 975

% Change

Thesales-to-listing ratio forcondosin the FraserValey board area,at19% ,reflected abalanced m arket.

TOTALLISTINGS TOTALSALES

19% 198 1,017

0.4% 3% 3% -13% -9% 4%

Thecondom edian pricein Januarywas$497,450,a3% changefrom D ecem berand 12% below January2022. Theaveragesold pricewas$512,202,3% abovelast m onth;theaveragePSF salepricewas$592,up 0.4% to lastm onth.

SALES-LISTINGSRATIO MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF

$592 $512,202 $497,450

$589 $496,019 $485,000

$683 $575,134 $564,285

▶ AVG PRICEPERSQUAREFOOT

▶ RECENTTRENDS

● JAN 202 ● JAN 2023

● SALES ● TOTALINVENTORY ● MEDIAN PRICE

1,237

1,234

1,318

1,306 1,303

1,294

1,236

1,017

851

997

975

766

801

415

406

550

518

451

273

420

356

305 279 277

198

217

$564K $574K $570K $566K $548K $540K

$535K $515K $500K $505K

$490K $485K $497K

FVREB

REBGV

▶ NUMBEROFBEDROOMS

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET 21% +

BALANCED 12 - 20%

BUYERS'MARKET <12%

● SALES ● TOTALINVENTORY

● SALES ● TOTALINVENTORY ● S-L RATIO

600

500

4+ bdrms

400

3 bdrms

300

200

28%

131

22%

2 bdrms

14%

614

100

14%

<$400K $400-599K $600-799K $800-999K $1.0M -1.24M $1.25M -1.49M $1.5M -1.99M $2M +

<2 bdrms

S-L RATIO SALES INVENTORY

130 37 28%

564 122 22%

249 34 14%

19 1 5%

6 0 n/a

5 0 n/a

7 1 14%

334

37 3

Copyright© February6,2023renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofFebruary6,2023.Aldatafrom RealEstateBoardofGreater VancouverandFraserValey& Ren ie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Al inform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom ren iegroupofcom panies.E.&O.E. 13 ●

burnabynorth DETACHED -JANUARY 2023

SALES TO LISTINGSRATIO 12% BUYERS'M ARKET

▶ MARKETSUMMARY Therewere86 detachedlistingsin BurnabyN orth in January,1.2% aboveD ecem berand 41% higherthan January2022. January detached hom esalesdecreased by m onth-over-m onth,to 10,and were41% below January 2022. Thesales-to-listing ratio fordetached in Burnaby N orth, at12% ,reflected abuyers'm arket. Thedetachedm edian pricein Januarywas$1,958,000,a 9% increasefrom D ecem berand 10% below January 2022. Theaveragesold pricewas$2,050,975,5% abovelast m onth and down 16% toJanuary2022.

AVERAGEPRICE

MEDIAN PRICE

TOTALLISTINGS

SALES

▼ 16% VS 2022

▼ 10% VS 2022

▲ 41% VS 2022

▼ 41% VS 2022

THISMONTH No.

PREVIOUSYEAR

PREVIOUSMONTH

No.

% Change

No.

% Change

TOTALLISTINGS TOTALSALES

10 86

17 61

-16% -10% -58% -41% 41%

18 85

-45% -44% 1.2%

SALES-LISTINGSRATIO MEDIAN SOLD PRICE AVERAGESOLD PRICE

$2,050,975 $1,958,000 12%

$1,956,173 $1,792,000 21%

$2,448,647 $2,168,000 28%

5% 9%

▶ RATIO OFMEDIAN PRICES

▶ RECENTTRENDS

● DETACHED-TO-TOWNHOME ● TOWNHOME-TO-CONDO

● SALES ● TOTALINVENTORY ● MEDIAN PRICE

131

122

2.62

109

2.46

2.06

1.30

1.26

1.06

$2.30M $2.17M $2.12M

$2.13M $2.20M $2.04M $2.08M

$2.04M $1.96M

$1.79M $1.96M

$1.75M $1.71M

Jan-22

Dec-22

Jan-23

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET 21% +

BALANCED 12 - 20%

BUYERS'MARKET <12%

● SALES ● TOTALINVENTORY ● S-L RATIO

100%

21%

13%

<$600K

$600-799K

$800-999K

$1.0M -1.24M $1.25M -1.49M $1.5M -1.99M

$2.0M -2.49M

$2.5M -2.99M

$3M+

S-L RATIO SALES INVENTORY

1 0 n/a

1 1 100%

30 4 13%

19 4 21%

16 0 n/a

19 1 5%

●

burnabynorth TOWNHOME-JANUARY 2023

SALES TO LISTINGSRATIO 33% SELLERS'M ARKET

▶ MARKETSUMMARY Therewere24 townhom elistingsin BurnabyN orth in January,nochangetoD ecem berand 33% higherthan January2022. Januarytownhom esalesincreased by14% m onth-over-m onth,to 8,and were27% below January 2022. Thesales-to-listing ratio fortow nhom esin Burnaby N orth,at33% ,reflected aselers'm arket. Thetownhom em edian pricein Januarywas$747,500,a 14% changefrom D ecem berand 15% below January 2022. Theaveragesold pricewas$806,688,9% below last m onth;theaveragePSF salepricewas$680,up 13% to lastm onth.

AVERAGEPRICE

AVERAGE PSF PRICE ▼ 12% VS 2022

MEDIAN PRICE

TOTALLISTINGS

SALES

▼ 7% VS 2022

▼ 15% VS 2022

▲ 33% VS 2022

▼ 27% VS 2022

THISMONTH No.

PREVIOUSYEAR

PREVIOUSMONTH

No.

% Change

No.

% Change

TOTALLISTINGS TOTALSALES

$680 $806,688 $747,500 33% 8 24

11 18

-12% -7% -15% -45% -27% 33%

$600 $888,929 $868,000 29% 7 24

13% -9% -14% 14% 14% 0%

SALES-LISTINGSRATIO MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF

$770 $864,736 $883,000 61%

▶ AVG PRICEPERSQUAREFOOT

▶ RECENTTRENDS

● JAN 202 ● JAN 2023

● SALES ● TOTALINVENTORY ● MEDIAN PRICE

$969K

$950K $989K $978K

$883K $905K

$875K $868K

$860K

$770K $748K $775K

$748K

BURNABYNORTH REBGV

▶ NUMBEROFBEDROOMS

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET 21% +

BALANCED 12 - 20%

BUYERS'MARKET <12%

● SALES ● TOTALINVENTORY

● SALES ● TOTALINVENTORY ● S-L RATIO

4+ bdrms

57%

3 bdrms

33%

2 bdrms

14%

<$400K $400-599K $600-799K $800-999K $1.0M -1.24M $1.25M -1.49M $1.5M -1.99M $2M +

<2 bdrms

S-L RATIO SALES INVENTORY

0 1 n/a

7 4 57%

7 1 14%

6 2 33%

3 0 n/a

1 0 n/a

Copyright© February6,2023renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofFebruary6,2023.Aldatafrom RealEstateBoardofGreater VancouverandFraserValey& Ren ie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Al inform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom ren iegroupofcom panies.E.&O.E. 15 ●

burnabynorth CONDO -JANUARY 2023

SALES TO LISTINGSRATIO 17% BALANCEDMARKET

▶ MARKETSUMMARY Therewere254 condolistingsin BurnabyN orth in January,16% aboveD ecem berand 52% higherthan January2022. January condo salesdecreased by 12% m onth-over-m onth,to 44,and were58% below January 2022. Thesales-to-listing ratio forcondosin Burnaby N orth,at 17% ,reflected abalanced m arket. Thecondom edian pricein Januarywas$706,500,a6% changefrom D ecem berand 1.0% aboveJanuary2022. Theaveragesold pricewas$727,155,5% abovelast m onth;theaveragePSF salepricewas$893,up 5% to lastm onth.

AVERAGEPRICE

AVERAGE PSF PRICE ▲ 3% VS 2022

MEDIAN PRICE

TOTALLISTINGS

SALES

▼ 1.1% VS 2022

▲ 1.0% VS 2022

▲ 52% VS 2022

▼ 58% VS 2022

THISMONTH No.

PREVIOUSYEAR

PREVIOUSMONTH

No. 62% 104 167

% Change

No.

% Change

TOTALLISTINGS TOTALSALES

$893 $727,155 $706,500 17% 44 254

3% -1.1% 1% -72% -58% 52%

$850 $691,428 $667,444 23% 50 219

-24% -12% 16%

SALES-LISTINGSRATIO MEDIAN SOLD PRICE AVERAGESOLD PRICE AVERAGEPRICEPSF

5% 5% 6%

$867 $734,977 $699,500

▶ AVG PRICEPERSQUAREFOOT

▶ RECENTTRENDS

● JAN 202 ● JAN 2023

● SALES ● TOTALINVENTORY ● MEDIAN PRICE

286

287

309

268

264

300

301

254

257

200

219

176

167

180

124

160

104

$778K $750K $729K

$700K

$699K $650K $671K $676K $651K

$692K $704K $667K $707K

BURNABYNORTH REBGV

▶ NUMBEROFBEDROOMS

▶ TOTALLISTINGS&SALESBYPRICERANGE

SEL ERS'MARKET 21% +

BALANCED 12 - 20%

BUYERS'MARKET <12%

● SALES ● TOTALINVENTORY

● SALES ● TOTALINVENTORY ● S-L RATIO

4+ bdrms

3 bdrms

31%

2 bdrms

20%

15%

157

9% 11%

<$400K $400-599K $600-799K $800-999K $1.0M -1.24M $1.25M -1.49M $1.5M -1.99M $2M +

<2 bdrms

S-L RATIO SALES INVENTORY

1 0 n/a

42 13 31%

86 17 20%

75 11 15%

22 2 9%

9 1 11%

13 0 n/a

6 0 n/a

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