the rennie advance - July 2022

June was characterized by below-average sales activity and a continued expansion of inventory, which in turn yielded marginal price declines both north and south of the Fraser River.

MLS sales in the Vancouver region slowed to 3,683 in June, which was down by 13% from May, again exceeding the typical seasonal decline (in this instance, of 4%) for a third straight month. Daily June sales averaged 167, 17% lower than May’s 202, and 38% lower than June 2021’s 271. Additionally, June’s sales count was the second-lowest June total recorded over the past decade.

On a month-over-month basis, sales across all home types declined from May, with condo and detached home transactions falling by 16% (to 1,736) and 15% (to 1,091), respectively; townhome sales declined by comparatively less, at 4% (to 784). Detached and townhome sales were the lowest in any month since May 2020.

On a year-over-year basis, sales were again (predictably) lower across all home types. Detached home sales were down the most, at 51%, followed by townhome and condo sales, which were lower by 35% and 28%, respectively.

Total Listings
Total inventory expanded for the 6th consecutive month in June and, at 16,259, the regional listings count was 5% higher than May’s total. That said, inventory remains constrained overall, as last month’s listings count was 16% below the past-decade June average.

On a month-to-month basis, inventory was higher across all home types, with detached and condo listings up by 5% (to 7,629 and 5,675 respectively), while townhomes were up by 3% (to 2,488). Townhome listings have expanded the most over the past year, by 25%, while detached listings rose by 7%. Conversely, condo listings have actually fallen by 6% over the past 12 months.

June’s sales-to-listings ratios declined between May and June to 14%, 32%, and 31% for detached homes, townhomes, and condos, respectively. For a second straight month, conditions are balanced in the detached segment, while conditions in the townhome and condo segments continue to favour sellers.

Median Prices
Median MLS sold prices in both the Greater Vancouver and Fraser Valley board areas declined in June by 2% versus May, on average, across both board areas.

For detached homes and condos, the Greater Vancouver board area experienced a month-over-month decline of 5% and 3%, which exceeded the 4% and 1% respective declines in the Fraser Valley. The median townhome sold price in the Greater Vancouver area actually rose by 0.3%, while it declined by 1.7% in the Fraser Valley.

On a year-over-year basis, median prices remained relatively higher in the Fraser Valley than in the Greater Vancouver board area across all home types, with condos up 20% (compared to 10% in the Greater Vancouver area), townhomes up 18% (compared to 14%), and detached homes up 14% (compared to 10%).

Our rennie intelligence team comprises our in-house demographer, senior economist, and market analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in urban land economics, community planning, shifting demographics, and real estate trends, their strategic research supports a comprehensive advisory service offering and forms the basis of frequent reports and public presentations. Their thoughtful and objective approach truly embodies the core values of rennie.

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