rennie intelligence insights - February 2021
Feb 17, 2021
Written byRyan Berlin
The rennie podcast is about everything real estate for the real estate interested. Tune in for monthly discussions making sense of the latest market data and to hear from an array of industry experts helping us answer big real estate questions about demographics, economics, urban planning, and design. Episode #11 - rennie intelligence insights - February 2021In this episode, we join members of the rennie intelligence team, Ryan Berlin and Bowen Behan Pausey, along with rennie advisor, Brandon Blue, to review the latest residential data for the Vancouver Region and discuss three key insights gleaned in January 2021:
- The supply of homes remains a concern for buyers: the total number of MLS listings across the Vancouver Region in January 2021 was down 12% year-over-year and 25% versus the past-decade average for the month.
- January 2021 home sales reach another record: the more-than-4,000 sales were the most in any January in the history of the Vancouver Region.
- Metro Vancouver’s economic recovery is outpacing that of other Canadian metros: employment in this region in January was only 3% below its pre-pandemic level--a smaller gap than in Montreal or Toronto.
Compared to a sluggish December, Vancouver's resale market showed real signs of life in January, with sales counts expanding and new listings surging.
After tallying one of the lowest sales counts on record in January, an easy hot take on King County's residential real estate market is that 2024 has started with a whimper. But dive deeper into the data and it's clear there's more than meets the eyes than just fewer sales.