the victoria rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR 19 SUB-MARKETS IN GREATER VICTORIA
published December 2024
table of contents
02 INTRO
Each month, we release the rennie review, a detailed look at the real estate marketplace in Greater Victoria. 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
05 VICTORIA REAL ESTATE BOARD
NEIGHBOURHOOD PROFILES
08 11 14 17 18 19 20 22 25 28 29 30 32 35 38 41 43 46 47
Victoria Core
Roman Melzer MARKET ANALYST
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Westshore Peninsula
Gulf Islands
rmelzer@rennie.com
Malahat
Central Saanich
Colwood
Esquimalt Langford Metchosin
North Saanich
Oak Bay
Saanich East Saanich West
Sidney Sooke
Victoria
Victoria West
View Royal
50 AREA MAPS
54 GLOSSARY
2 Copyright © 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 December 9, 2024. All data from the Victoria Real Estate Board & 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.
selling more with less Sales through the first 11 months of 2024 in Greater Victoria have already surpassed last year’s total, ending the trend of declining annual sales since 2021. The stronger sales activity witnessed this fall is likely to persist into the New Year.
fall by nearly double at 17%. At 2,098, active MLS listings were also down relative to the same month last year for the first time since April 2022 (though it was a very modest decline of 0.1%). That said, inventory remained pretty elevated from a historical perspective at 25% above the prior 10-year November average (of 1,678 active listings). Looking ahead, we expect this trend of recovering sales activity to persist in the months ahead. With another 50-basis- point interest rate cut by the Bank of Canada on December 11th, we estimate that buyers using variable rate financing have seen a roughly 19% increase in purchasing power since the Bank began easing its policy rate in June. Pair that with new mortgage insurance rules (effective December 15th) that allow buyers to put lower down payments and secure lower mortgage rates on homes up to $1.5 million, sales should continue to hover near their long-run monthly average levels into the New Year.
Real estate activity in Greater Victoria has been on the up for several months now, buoyed by lower interest rates and improving affordability conditions. The region saw 544 MLS sales in November, a 40% increase relative to last November, marking the fifth consecutive month where sales were higher than the same month last year. Through the first 11 months of 2024, sales of 6,319 were up 10% from the same period last year (5,757) and have already surpassed total annual sales from 2023 (6,054). As such, this marks an end to the trend of declining annual sales that has been in motion since the record year of 2021. Notably, nearly all of this year’s gain has come courtesy of a strong fall housing market. Prior to September, monthly sales had largely mirrored levels from 2023, but since then they have strongly diverged from prior year levels (see this brief article
with six simple charts highlighting how sales activity has improved in Victoria, Vancouver, and Kelowna this fall). As a result of the fall bump in activity, October sales in Greater Victoria were at their long-run monthly average for the first time in two and half years. In November, sales finished at their long-run average for the second consecutive month. Though sales remain below average from a per- capita perspective (the population of Greater Victoria has grown 20% over the past decade), this is a strong first step on the market’s road to recovery. While buyers remained eager to transact in November, sellers had different plans. New listings were below their long-run monthly average for the first time since March, putting additional downward pressure on inventory. Active listings typically decline 9% from October to November, but this November saw them
3 Copyright © 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 December 9, 2024. All data from the Victoria Real Estate Board & 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.
featured listings SEARCH FOR THE HOME YOU LOVE AT RENNIE.COM
HOUSE FOR SALE $2,275,000 | ARBUTUS 3710 Crestview Road 5 Bed, 5 Bath, 3,721 SF
SHOAL POINT $1,299,900 | JAMES BAY 510 - 21 Dallas Road 2 Bed, 2 Bath, 1,438 SF
Brett Jones 250.588.7646
Raegan Hinks 250.732.3481
HOUSE FOR SALE $1,250,000 | COLWOOD CORNERS 3404 Sparrowhawk Avenue 4 Bed, 4 Bath, 2,898 SF
HOUSE FOR SALE $1,250,000 | BEAVER LAKE 562 Baker Street 4 Bed, 2 Bath, 3,902 SF
Haylie Leote 250.891.7442
Jeff Shaw 250.508.8035
TOWNHOME FOR SALE $900,00 | DOWNTOWN VICTORIA
HOUSE FOR SALE $859,900 | DUNCAN 1151 Viewtop Road 3 Bed, 3 Bath, 3,357 SF
1047 Richardson Street 2 Bed, 2 Bath, 1,499 SF
Chris Gill PREC* 250.744.6956
Jake Duvall 250.589.3612
TOWNHOME FOR SALE $735,000 | ATKINS 2952 Elegante Place 3 Bed, 2 Bath, 1,201 SF
BELLA PARK $639,900 | COLWOOD CORNERS 305 - 3582 Ryder Hesjedal Way 2 Bed, 2 Bath, 850 SF
Robin Gooch 778.679.1632
Dane Skinner 250.710.4974
Copyright © 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 December 9, 2024. All data from the Victoria Real Estate Board & 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.
4
victoria real estate board DETACHED - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 4.1 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 33% VS 2023
▼ 2% VS 2023
▼ 6% VS 2023
- VS 2023
There were 1,004 detached listings in the Victoria Real Estate Board in November, 20% below October and 6% lower than November 2023. November detached home sales decreased by 21% month-over-month, to 246, and were 33% above November 2023. The months of inventory for detached in the Victoria Real Estate Board, at 4.1, reflected a sellers' market. The detached median price in November was $1,150,000, a 0.6% increase from October and no change to November 2023. The average sold price was $1,253,259, 1.6% below last month and down 2% to November 2023.
THIS MONTH No. $1,253,259 $1,150,000 4.1 246 1,004
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,279,277 $1,150,000 5.8 185 1,073
-2% 0% -30% 33% -6%
$1,273,160 $1,143,000 4.1 311 1,261
-1.6% 0.6% 0.7% -21% -20%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,496
1,434
42
1,402
1,453
1,261
1,222
1,376
37
37
1,073
1,006
1,004
876
797
776
381
311
294
281
246
332
137
318
185
269
244
213
162
$1.23M $1.17M
$1.20M $1.17M $1.15M
$1.15M
$1.15M $1.15M
$1.11M $1.14M $1.15M
$1.08M $1.06M
Nov-23
Oct-24
Nov-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
200
24+
150
100
11.3
10.7
6.8
50
5.7
4.5
4.6
2.6
2.3
1.7
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+
MOI INVENTORY SALES
2 9 4.5
29 49 1.7
54 143 2.6
72 169 2.3
41 187 4.6
16 109 6.8
15 85 5.7
8 90 11.3
6 64 10.7
3 99 33.0
Copyright © 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 December 9, 2024. All data from Victoria Real Estate Board & 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. 5 ●
victoria real estate board TOWNHOME - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 2.7 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 6% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 3% VS 2023
▲ 48% VS 2023
▼ 3% VS 2023
▼ 10% VS 2023
There were 210 townhome listings in the Victoria Real Estate Board in November, 17% below October and 3% higher than November 2023. November townhome sales decreased by 7% month-over-month, to 77, and were 48% above November 2023. The months of inventory for townhomes in the Victoria Real Estate Board, at 2.7, reflected a sellers' market. The townhome median price in November was $760,000, a 1.9% decrease from October and 10% below November 2023. The average sold price was $827,258, 0.1% above last month; the average PSF sale price was $562, up 2% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$562 $827,258 $760,000 2.7 77 210
$531 $850,469 $845,000 3.9 52 203
-10% -30% 48% 3%
$551 $826,354 $775,000 3.1 83 254
2% 0.1% -1.9% -11% -7% -17%
6% -3%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
265
254
37
36
264
261
242
241
203
199
229
221
210
30
176
163
94
83
78
76
72
77
85
77
75
52
63
37
35
$845K
$805K
$790K
$790K
$794K
$770K
$770K
$775K
$767K
$760K
$750K
$720K
$694K
Nov-23
Oct-24
Nov-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
50
7
4.9
4+ bdrms
26
4.0
40
3.7
3.3
3.3
34
3 bdrms
30
2.5
125
2.2
1.5
20
33
2 bdrms
56
10
0
3 3
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 6 13 2.2 20 30 1.5 21 53 2.5 8 39 4.9 9 30 3.3 9 30 3.3 1 4 4.0 3 11 3.7
Copyright © 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 December 9, 2024. All data from Victoria Real Estate Board & 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. 6 ●
victoria real estate board CONDO - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 3.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 6% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.5% VS 2023
▲ 4% VS 2023
▲ 9% VS 2023
▲ 50% VS 2023
There were 739 condo listings in the Victoria Real Estate Board in November, 13% below October and 9% higher than November 2023. November condo sales decreased by 3% month-over-month, to 188, and were 50% above November 2023. The months of inventory for condos in the Victoria Real Estate Board, at 3.9, reflected a sellers' market. The condo median price in November was $540,000, a 5% increase from October and 4% above November 2023. The average sold price was $610,440, 4% above last month; the average PSF sale price was $641, down 3% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 125 681
% Change
No. 193 848
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
188 739
-6% 1.5% 4% -28% 50% 9%
-3% 4% 5% -11% -3% -13%
$641 $610,440 $540,000 3.9
$685 $601,232 $520,000 5.4
$660 $589,552 $512,500 4.4
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
35
34
855
849
848
834
829
739
681
669
760
746
579
536
537
21
246
213
193
189
181
154
188
200
197
182
125
117
104
$559K
$550K
$545K
$544K
$547K
$542K
$540K
$540K
$530K
$525K
$525K
$520K
$513K
Nov-23
Oct-24
Nov-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
350
11.5
300
4+ bdrms
250
5
200
7.3
7.3
3 bdrms
6.3
25
150
4.2
4.0
100
3.3
130
2.8
2 bdrms
463
50
0
53
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 102 333 3.3 44 183 4.2 12 87 7.3 2 23 11.5 4 29 7.3 4 25 6.3 2 8 4.0 18 51 2.8
<2 bdrms
251
Copyright © 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 December 9, 2024. All data from Victoria Real Estate Board & 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. 7 ●
victoria core DETACHED - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 3.3 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.5% VS 2023
▲ 16% VS 2023
▼ 0.2% VS 2023
▼ 18% VS 2023
There were 325 detached listings in the Victoria Core in November, 20% below October and 18% lower than November 2023. November detached home sales decreased by 29% month-over-month, to 100, and were 16% above November 2023. The months of inventory for detached in the Victoria Core, at 3.3, reflected a sellers' market. The detached median price in November was $1,217,500, a 1.5% increase from October and 1.5% above November 2023. The average sold price was $1,411,640, 3% above last month and down 0.2% to November 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
100 325
$1,413,887 $1,200,000 4.6 86 397
-0.2% 1.5% -30% 16% -18%
140 406
3% 1.5% 12% -29% -20%
$1,411,640 $1,217,500 3.3
$1,375,363 $1,200,000 2.9
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
34
473
517
514
513
406
397
448
437
29
28
316
362
325
268
260
185
167
140
140
124
153
100
129
86
105
97
77
66
$1.34M $1.32M
$1.27M $1.27M $1.26M $1.22M $1.20M $1.22M
$1.20M $1.20M $1.15M $1.20M $1.21M
Nov-23
Oct-24
Nov-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
70
60
14.3
50
10.3
40
30
5.8
5.3
20
3.9
3.4
10
1.7
1.3
1.0
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+
MOI INVENTORY SALES
2 2 1.0
21 27 1.3
30 50 1.7
19 64 3.4
11 43 3.9
6 32 5.3
4 41 10.3
4 23 5.8
3 43 14.3
Copyright © 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 December 9, 2024. All data from Victoria Real Estate Board & 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. 8 ●
victoria core TOWNHOME - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 3.0 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 7% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 53% VS 2023
▲ 3% VS 2023
▼ 1.4% VS 2023
▼ 7% VS 2023
There were 95 townhome listings in the Victoria Core in November, 11% below October and 53% higher than November 2023. November townhome sales decreased by 6% month-over-month, to 32, and were 3% above November 2023. The months of inventory for townhomes in the Victoria Core, at 3.0, reflected a sellers' market. The townhome median price in November was $825,500, a 5% increase from October and 7% below November 2023. The average sold price was $920,828, 6% above last month; the average PSF sale price was $632, up 5% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
32 95
31 62
7% -1.4% -7% 48% 3% 53%
$604 $865,940 $784,625 3.1 34 107
-6% -6% -11%
$632 $920,828 $825,500 3.0
$590 $933,597 $890,000 2.0
5% 6% 5%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
107
33
97
97
92
95
83
26
77
76
62
61
25
67
40
40
39
51
36
34
33
42
32
31
32
28
23
21
14
$920K
$890K
$881K
$874K
$869K
$860K
$855K
$840K
$826K
$815K
$800K
$785K
$700K
Nov-23
Oct-24
Nov-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
20
4
5.0
4+ bdrms
11
4.5
15
3.5
3.5
11
3.0
3 bdrms
2.5
2.4
63
10
1.7
17
2 bdrms
5
21
0
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES
2 7 3.5
6 10 1.7
5 12 2.4
4 14 3.5
4 20 5.0
8 20 2.5
1 3 3.0
2 9 4.5
Copyright © 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 December 9, 2024. All data from Victoria Real Estate Board & 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. 9 ●
victoria core CONDO - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 3.8 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 7% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.4% VS 2023
▲ 3% VS 2023
▲ 49% VS 2023
▼ 7% VS 2023
There were 487 condo listings in the Victoria Core in November, 13% below October and 7% lower than November 2023. November condo sales increased by 4% month-over-month, to 128, and were 49% above November 2023. The months of inventory for condos in the Victoria Core, at 3.8, reflected a sellers' market. The condo median price in November was $536,894, a 3% increase from October and 3% above November 2023. The average sold price was $623,266, 1.6% above last month; the average PSF sale price was $654, down 1.0% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No. 123 560
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
128 487
$700 $620,491 $520,000 6.1 86 525
-7% 0.4% 3% -38% 49% -7%
-1% 1.6% 3% -16% 4% -13%
$654 $623,266 $536,894 3.8
$660 $613,621 $519,900 4.6
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
600
574
37
560
553
540
525
580
33
487
513
469
414
410
409
183
22
149
133
128
138
134
125
124
86
123
112
88
73
$572K
$558K
$557K
$550K
$550K
$543K
$541K
$538K
$537K
$520K
$525K
$520K
$500K
Nov-23
Oct-24
Nov-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
200
17.0
4+ bdrms
150
4
3 bdrms
15
100
6.5
5.6
5.0
79
4.3
50
2 bdrms
3.2
283
2.8
1.5
0
45
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 65 211 3.2 27 115 4.3 9 50 5.6 1 17 17.0 4 26 6.5 4 20 5.0 2 3 1.5 16 45 2.8
<2 bdrms
189
Copyright © 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 December 9, 2024. All data from Victoria Real Estate Board & 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. 10 ●
westshore DETACHED - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 4.7 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 6% VS 2023
▲ 9% VS 2023
▲ 88% VS 2023
▼ 3% VS 2023
There were 360 detached listings in the Westshore in November, 19% below October and 3% lower than November 2023. November detached home sales decreased by 15% month-over-month, to 77, and were 88% above November 2023. The months of inventory for detached in the Westshore, at 4.7, reflected a sellers' market. The detached median price in November was $1,043,500, a 1.6% decrease from October and 9% above November 2023. The average sold price was $1,089,325, 0.7% above last month and up 6% to November 2023.
THIS MONTH No. $1,089,325 $1,043,500 4.7 77 360
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,031,979 $960,000 9.1 41 373
6% 9% -49% 88% -3%
$1,082,250 $1,060,500 4.9 91 447
0.7% -1.6% -5% -15% -19%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
515
496
45
465
447
427
484
465
40
40
373
320
360
346
291
288
111
91
87
85
56
43
77
90
87
84
41
70
61
$1.10M $1.03M $1.06M $1.08M $1.08M
$1.02M $1.06M
$1.02M $1.06M $1.04M
$990K
$980K
$960K
Nov-23
Oct-24
Nov-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
80
24+
60
40
11.3
7.3
20
6.3
3.4
3.0
1.6
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+
MOI INVENTORY SALES
0 3 n/a
16 25 1.6
20 68 3.4
22 66 3.0
11 80 7.3
3 34 11.3
4 25 6.3
1 25 25.0
0 18 n/a
0 16 n/a
Copyright © 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 December 9, 2024. All data from Victoria Real Estate Board & 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. 11 ●
westshore TOWNHOME - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 2.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 15% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 131% VS 2023
▼ 8% VS 2023
▼ 8% VS 2023
▼ 15% VS 2023
There were 87 townhome listings in the Westshore in November, 19% below October and 15% lower than November 2023. November townhome sales decreased by 14% month-over-month, to 30, and were 131% above November 2023. The months of inventory for townhomes in the Westshore, at 2.9, reflected a sellers' market. The townhome median price in November was $728,500, a 5% decrease from October and 8% below November 2023. The average sold price was $744,894, 6% below last month; the average PSF sale price was $499, up 0.9% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
30 87
$434 $808,030 $790,000 7.8 13 102
-63% 131% -15%
$495 $792,626 $767,900 3.1 35 107
0.9% -6% -5% -5% -14% -19%
$499 $744,894 $728,500 2.9
15% -8% -8%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
122
129
53
120
103
115
111
102
109
107
106
41
90
87
87
35
44
35
31
30
36
34
11
27
27
27
22
13
14
$790K
$772K
$768K
$761K
$738K
$745K
$741K
$745K
$730K
$731K
$729K
$685K
$680K
Nov-23
Oct-24
Nov-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
35
3
30
8.0
4+ bdrms
14
6.7
25
15
20
3 bdrms
50
15
3.0
2.5
2.0
11
10
1.5
2 bdrms
21
5
0
1
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES
2
2 5 2.5
10 15 1.5
11 33 3.0
3 20 6.7
3 6 2.0
1 8 8.0
Copyright © 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 December 9, 2024. All data from Victoria Real Estate Board & 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. 12 ●
westshore CONDO - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 4.0 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 5% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 8% VS 2023
▲ 10% VS 2023
▲ 60% VS 2023
▲ 63% VS 2023
There were 178 condo listings in the Westshore in November, 13% below October and 60% higher than November 2023. November condo sales decreased by 19% month-over-month, to 44, and were 63% above November 2023. The months of inventory for condos in the Westshore, at 4.0, reflected a sellers' market. The condo median price in November was $540,000, a 6% increase from October and 10% above November 2023. The average sold price was $559,256, 9% above last month; the average PSF sale price was $616, down 7% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$616 $559,256 $540,000 4.0 44 178
$647 $520,033 $492,000 4.1 27 111
63% 60%
$659 $512,434 $509,073 3.8 54 205
-19% -13%
-5% 8% 10% -1.6%
-7% 9% 6% 7%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
213
201
38
179
205
178
184
181
148
121
145
111
25
90
83
54
50
44
35
44
43
44
27
40
40
33
20
20
15
$567K
$545K
$547K
$540K
$533K
$531K
$535K
$530K
$516K
$511K
$509K
$500K
$492K
Nov-23
Oct-24
Nov-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
100
22.0
4+ bdrms
80
1
60
3 bdrms
8
40
37
2 bdrms
5.0
20
127
3.7
3.2
0
6
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 5 n/a 1 5 5.0 32 102 3.2 10 37 3.7 1 22 22.0 0 3 n/a 0 2 n/a 0 2 n/a
<2 bdrms
43
Copyright © 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 December 9, 2024. All data from Victoria Real Estate Board & 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. 13 ●
peninsula DETACHED - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 3.2 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 10% VS 2023
▲ 46% VS 2023
▼ 1.8% VS 2023
▼ 4% VS 2023
There were 121 detached listings in the Peninsula in November, 18% below October and 10% higher than November 2023. November detached home sales increased by 27% month-over-month, to 38, and were 46% above November 2023. The months of inventory for detached in the Peninsula, at 3.2, reflected a sellers' market. The detached median price in November was $1,232,500, a 10% decrease from October and 4% below November 2023. The average sold price was $1,424,707, 9% below last month and down 1.8% to November 2023.
THIS MONTH No. $1,424,707 $1,232,500 3.2 38 121
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,450,400 $1,285,000 4.2 26 110
46% 10%
$1,558,313 $1,370,450 4.9 30 147
-9% -10% -35% 27% -18%
-1.8% -4% -25%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
37
147
145
156
154
153
146
110
107
121
120
28
80
77
72
38
37
31
31
38
19
22
26
35
30
24
17
16
17
$1.37M
$1.35M
$1.30M $1.38M
$1.29M
$1.27M $1.35M
$1.25M
$1.25M
$1.23M
$1.19M
$1.18M
$1.07M
Nov-23
Oct-24
Nov-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
25
11.0
20
15
6.5
10
4.3
2.6
2.0
5
1.5
1.3
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+
MOI INVENTORY SALES
0 2 n/a
0 2 n/a
7 9 1.3
12 18 1.5
8 16 2.0
1 11 11.0
5 13 2.6
3 13 4.3
2 13 6.5
0 24 n/a
Copyright © 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 December 9, 2024. All data from Victoria Real Estate Board & 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. 14 ●
peninsula TOWNHOME - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 1.6 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 10% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 14% VS 2023
▲ 6% VS 2023
▲ 83% VS 2023
▼ 25% VS 2023
There were 18 townhome listings in the Peninsula in November, 28% below October and 25% lower than November 2023. November townhome sales decreased by 8% month-over-month, to 11, and were 83% above November 2023. The months of inventory for townhomes in the Peninsula, at 1.6, reflected a sellers' market. The townhome median price in November was $745,000, a 12% decrease from October and 6% above November 2023. The average sold price was $820,140, 4% below last month; the average PSF sale price was $569, down 1.1% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
11 18
$515 $722,417 $702,000 4.0 6 24
10% 14% 6% -59% 83% -25%
12 25
-1.1% -4% -12% -21% -8% -28%
$569 $820,140 $745,000 1.6
$575 $856,958 $843,750 2.1
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
45
31
33
32
30
25
25
24
24
35
24
23
23
22
15
18
30
12
10
13
11
8
12
6
8
8
3
3
7
$1.12M
$946K
$865K
$840K
$844K
$822K
$820K
$775K
$764K
$749K
$745K
$730K
$702K
Nov-23
Oct-24
Nov-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
4
4.0
4+ bdrms
1
3
6
3 bdrms
2.0
9
2
1.5
1.3
3
2 bdrms
1
7
0
2
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES
1
2 0 n/a
2 4 2.0
3 4 1.3
1 4 4.0
2 3 1.5
0 2 n/a
0 1 n/a
1 0 n/a
Copyright © 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 December 9, 2024. All data from Victoria Real Estate Board & 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. 15 ●
peninsula CONDO - NOVEMBER 2 0 2 4
MONTHS OF INVENTORY 4.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 10% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 66% VS 2023
▲ 36% VS 2023
▼ 0.4% VS 2023
▼ 0.8% VS 2023
There were 73 condo listings in the Peninsula in November, 10% below October and 66% higher than November 2023. November condo sales decreased by 6% month-over-month, to 15, and were 36% above November 2023. The months of inventory for condos in the Peninsula, at 4.9, reflected a sellers' market. The condo median price in November was $620,000, a 10% increase from October and 0.8% below November 2023. The average sold price was $664,027, 0.1% below last month; the average PSF sale price was $619, down 6% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
15 73
11 44
22% 36% 66%
16 81
-6% -0.1% 10% -4% -6% -10%
$619 $664,027 $620,000 4.9
$689 $666,445 $625,000 4.0
$658 $664,800 $564,950 5.1
-10% -0.4% -0.8%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
77
31
81
68
73
66
27
63
58
57
46
44
49
37
36
22
20
19
16
13
15
9
19
7
11
16
16
14
10
$752K
$625K
$625K
$620K
$599K
$588K
$590K
$578K
$567K
$565K
$565K
$535K
$505K
Nov-23
Oct-24
Nov-24
▶ NUMBER OF BEDROOMS
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET <5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY
● SALES ● TOTAL INVENTORY ● MONTHS OF INV.
30
7.5
4+ bdrms
25
20
4.8
4.4
3 bdrms
2
15
3.0
10
13
2 bdrms
1.0
52
5
0
2
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 1 n/a 0 3 n/a 1 1 1.0 4 19 4.8 7 31 4.4 2 15 7.5 1 3 3.0
<2 bdrms
19
Copyright © 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 December 9, 2024. All data from Victoria Real Estate Board & 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. 16 ●
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