the victoria rennie advance | January 2025

the victoria rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN GREATER VICTORIA

published January 2025

table of contents

The rennie advance is a summary of the latest sales, listings, and price trends in Greater Victoria. 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.

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

Roman Melzer MARKET ANALYST

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

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

rmelzer@rennie.com

Copyright © 2025 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 January 6, 2025. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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. 2

highlights • Therewere385 M LS salesin G reaterVictoriain D ecem ber,a30% m onth-over-m onth decrease thatwasslightlym orethan thetypical27% N ovem ber-to-D ecem berdecline.Forthethird consecutivem onth,salesw ereatornearhistoricaly averagelevels.Saleslastm onth w ere2% below theprior10-yearD ecem beraverageof395. • Fortheful year2024,therewere6,707 M LS salesin G reaterVictoria,an 11% increaseover 2023–though stil 15% below thepast-decadeaverageof7,861. • Forthesixth consecutivem onth,saleswereup relativeto thesam em onth lastyear,which cor elateswith thebeginningoftheBank ofCanada’srate-cutingcam paign in June.In D ecem ber,saleswereup 30% year-over-year,led bydetached hom es(+34% )and folowed by townhom es(+32%)and condos(+28%).

GREATERVICTORIA THERENNIEADVANCE sales

DECEMBER 2024

800

+ 34% vsD ec2023

700

600

500

400

200 10 yrDecAvg

300

200

DETACHED sales

184

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100

- 8% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

+ 32% vsD ec2023

200

150

42 10 yrDecAvg

100

TOWNHOME sales

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 17% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

+ 28% vsD ec2023

100 150 200 250 300 350 400

125 10 yrDecAvg

CONDO sales

133

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50

+ 6% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

Copyright© 2025renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofJanuary6,2025.Aldatafrom theVictoriaRealEstateBoard& Rennie. W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakestepsastherecipientm ay de m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochange andanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 3 ●

highlights • Therewere379 new M LS listingsin D ecem ber,which was5% abovetheprior10-yearD ecem ber averageof362.Condonew listingswereaboveaverage(+33%,to160),whiletownhom e(-3%,to 42)and detached hom enew listingswerebelow average(-48%,to154). • N ew listingsweredown 44% m onth-over-m onth,which wasslightlyles than thetypical49% N ovem ber-to-D ecem berdrop. • Therewere13,160new M LS listingsin GreaterVictoriain 2024.Thiswas17% m orethan in 2023,12% abovethepast-decadeaverageof11,758,and thehighestannualtotalsince2012.

GREATERVICTORIA THERENNIEADVANCE new listings

DECEMBER 2024

1,000

- 1% vsD ec2023

800

600

175 10 yrDecAvg

400

DETACHED new listings

200

154

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 12% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

+ 17% vsD ec2023

250

200

150

43 10 yrDecAvg

100

TOWNHOME new listings

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 3% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

600

+ 37% vsD ec2023

500

400

300

120 10 yrDecAvg

200

CONDO new listings

160

100

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 33% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

highlights • ActiveM LS listingsfel 27% m onth-over-m onth to 1,525,slightlym orethan thetypical25% N ovem ber-to-D ecem berdecline.Totalinventorywasdown 5% from lastD ecem berthough stil m arked thesecond-m ostlistingsto end ayearsince2015 (1,684 listings). • Forthesecond consecutivem onth,inventorywaslowerthan in thesam em onth lastyear.Active condo listingswereup year-over-year(+5% ,to 562),while townhom elistingsweredown (-7%,to 152),asweredetached hom elistings(-13%,to690). • Activelistingsrem ained wel abovetypicallevelsin D ecem berat25% abovethepast10-year averageof1,284.Condoinventorywasthefurthestaboveaverage(+54%),folowed by townhom es(+16%),whiledetached hom eswerebelow average(-1.3%).

GREATERVICTORIA THERENNIEADVANCE inventory

DECEMBER 2024

2,500

- 13% vsD ec2023

2,000

1,500

699 10 yrDecAvg

1,000

DETACHED inventory

500

690

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 1% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

600

- 7% vsD ec2023

500

400

300

131 10 yrDecAvg

200

TOWNHOME inventory

100

152

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 16% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

1,000

+ 5% vsD ec2023

800

600

562

365 10 yrDecAvg

400

CONDO inventory

200

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 54% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

highlights • Them edian sold pricein G reaterV ictoriaincreased by 0.3% (averaged acros hom etypes) between N ovem berand D ecem ber.Them edian sold pricefordetached hom esdecreased 4% (to $1.1m ilion),whiletownhom epriceswereup 3% (to$785k),and condopricesincreased 1.9% (to $550k). • Com pared to lastyear,m edian sold priceswereup by6% (averaged acros hom etypes)with townhom esseeing thebiggestincreaseat13% .D etached hom epriceswereup 2% year-over-year, whilem edian condopriceswereup 5%. •

GREATERVICTORIA THERENNIEADVANCE median prices

DECEMBER 2024

$1,400,000

G reaterV ictoria

$1,200,000

$1,100,000

$1,000,000

$800,000

$600,000

+ 2.3% vsD ec2023

DETACHED median salesprice

$400,000

2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0 $200,000

● December

$1,000,000

G reaterV ictoria

$800,000

$785,000

$600,000

+ 13% vsD ec2023

$400,000

TOWNHOME median salesprice

$200,000

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

● December

$600,000

G reaterV ictoria

$550,000

$500,000

$400,000

$300,000

+ 5% vsD ec2023

$200,000

CONDO median salesprice

$100,000

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

● December

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.

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