the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR 19 SUB-MARKETS IN GREATER VICTORIA
published December 2023
table of contents
02 INTRO
03 WHAT YOU NEED TO KNOW
04 VICTORIA REAL ESTATE BOARD
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.
NEIGHBOURHOOD PROFILES
07 10 13 16 17 18 19 21 24 27 28 29 31 34 37 41 43 45 46
Victoria Core
Westshore Peninsula
Gulf Islands
Malahat
Central Saanich
Colwood
Esquimalt Langford Metchosin
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
North Saanich
Oak Bay
Saanich East Saanich West
Sidney Sooke
Victoria
Victoria West
View Royal
49 AREA MAPS
Copyright © 2023 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 11,, 2023. 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 shouldtakestepsastherecipientmaydeemnecessarytoverifytheinformationpriortoplacinganyrelianceupontheinformation.Theinformationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfromarennieand 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
six straight months of sliding sales
Greater Victoria’s housing market had its sixth consecutive month of declining sales counts in November, as buyers continue to sit on the sidelines in response to high interest rates. And with December typically marking the low water mark for transactions in the year, a seventh straight month of sliding sales is likely.
months-of-inventory (MOI) metric sitting at 5.8 (an MOI of less than 5 reflects conditions more favourable to sellers; 5-8 MOI reflects balanced conditions; and an MOI over 8 reflects a buyers’ market). With the finish line to 2023 in sight, expect a similar combination of high interest rates (what we call “macro-ality”) and the more typical seasonality to play out again in December. Indeed, sales, new listings, and inventory—which all normally experience a steep drop-off between November and December—will undoubtedly sag again this year to close out 2023, with sales and new listings diverging somewhat. This will support inventory at the margin—good news, especially, for anyone who’s on the look out for their first home.
As we noted in the last edition of the rennie review, high interest rates have quelled buying activity in Greater Victoria’s housing market of late. When coupled with typical seasonal undulations that, on their own, yield declining housing market activity towards the end of each year, the result is sales counts that have continued to decline into November and will also do so into December. There were just 349 MLS transactions in Greater Victoria last month, which was an 8% decline from October and, as noted, the sixth consecutive monthly drop. And while this may have been less than the typical October-to-November decrease (of 16%), last month’s sales were still 3% below those of November 2022 and 35% less than the past-decade average for the month.
total of 781 was down 19% from October—generally in line with the typical month-to-month decline of 21%. Despite the slowdown, new listings remained elevated compared to both one year ago (14% higher) and the past- decade November average (15% higher). The result of below-average sales activity and above-average new listings was inventory that was 29% higher than in November 2022 and 20% higher than the long-run average for the month. And while November’s 2,041 total listings were down by 5% between October and November, this compared to the more typical 10% contraction. These supply and demand dynamics led to a second consecutive month of overall balanced in Greater Victoria’s housing market (after more than three years of being a sellers’ market), with November’s
On the new listings front, November’s
Copyright © 2023 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 11,, 2023. 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 shouldtakestepsastherecipientmaydeemnecessarytoverifytheinformationpriortoplacinganyrelianceupontheinformation.Theinformationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfromarennieand 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. 3
victoria real estate board DETACHED - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 8.1 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 5% VS 2022
▲ 8% VS 2022
▲ 24% VS 2022
▼ 25% VS 2022
There were 1,102 detached listings in the Victoria Real Estate Board in November, 7% below October and 24% higher than November 2022. November detached home sales decreased by 26% month-over-month, to 136, and were 25% below November 2022. The months of inventory for detached in the Victoria Real Estate Board, at 8.1, reflected a buyers' market. The detached median price in November was $1,137,500, a 1.6% increase from October and 8% above November 2022. The average sold price was $1,296,831, 4% above last month and up 5% to November 2022.
THIS MONTH No. $1,296,831 $1,137,500 8.1 136 1,102
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 181 886
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
5% 8% 66% -25% 24%
$1,246,431 $1,120,000 6.5 183 1,187
4% 1.6% 25% -26% -7%
$1,235,984 $1,055,000 490%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,227
37
1,113
1,187
1,102
1,108
33
886
1,019
784
918
29
816
713
675
652
372
289
258
227
318
311
273
181
136
197
183
139
117
$1.20M $1.19M $1.19M $1.20M $1.19M $1.21M
$1.15M $1.08M
$1.12M $1.14M
$1.06M $1.05M $1.07M
Nov-22
Oct-23
Nov-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
200
24+
24+
24+
150
100
9.3
8.2
50
6.1
5.6
5.5
5.3
2.3
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
4 9 2.3
16 85 5.3
31 175 5.6
34 186 5.5
22 181 8.2
13 121 9.3
1 88 88.0
2 96 48.0
9 55 6.1
4 106 26.5
Copyright © 2023 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 11, 2023. 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.
●
4
victoria real estate board TOWNHOME - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 5.3 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 4% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 8% VS 2022
▲ 11% VS 2022
▲ 18% VS 2022
▲ 6% VS 2022
There were 283 townhome listings in the Victoria Real Estate Board in November, 3% below October and 18% higher than November 2022. November townhome sales decreased by 5% month-over-month, to 53, and were 6% above November 2022. The months of inventory for townhomes in the Victoria Real Estate Board, at 5.3, reflected a balanced market. The townhome median price in November was $847,000, a 9% increase from October and 11% above November 2022. The average sold price was $883,723, 3% above last month; the average PSF sale price was $522, up 3% 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
$522 $883,723 $847,000 5.3 53 283
$504 $814,880 $764,975 478% 50 239
11% 12% 6% 18%
$508 $854,216 $780,000 5.2 56 293
-5% -3%
3% 3% 9% 2%
4% 8%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
28
283
27
293
253
282
239
232
256
25
216
211
237
212
188
174
122
112
89
79
71
99
55
90
84
53
50
56
47
$847K
$847K
$825K
$799K
$790K
$780K
$777K
$775K
$765K
$760K
$760K
$755K
$669K
Nov-22
Oct-23
Nov-23
▶ 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.
60
12
24+
4+ bdrms
50
59
40
26
3 bdrms
30
150
20
7.8
15
2 bdrms
5.1
4.8
4.8
10
4.5
70
4.1
3.0
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 4 19 4.8 6 47 7.8 12 58 4.8 11 50 4.5 8 33 4.1 7 36 5.1 4 12 3.0 1 28 28.0
4
Copyright © 2023 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 11, 2023. 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 CONDO - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 7.8 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 6% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 53% VS 2022
▼ 2% VS 2022
▼ 3% VS 2022
▼ 30% VS 2022
There were 705 condo listings in the Victoria Real Estate Board in November, 7% above October and 53% higher than November 2022. November condo sales decreased by 36% month-over-month, to 90, and were 30% below November 2022. The months of inventory for condos in the Victoria Real Estate Board, at 7.8, reflected a balanced market. The condo median price in November was $522,500, a 4% decrease from October and 3% below November 2022. The average sold price was $606,576, 5% below last month; the average PSF sale price was $697, down 3% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 129 460
% Change
No. 140 660
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$697 $606,576 $522,500 7.8 90 705
120% -30% 53%
-3% -5% -4% 66% -36% 7%
$660 $619,008 $536,667 357%
$718 $635,473 $542,500 4.7
6% -2% -3%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
35
705
660
610
30
494
476
470
460
415
504
484
475
413
360
254
245
200
164
156
140
208
18
191
129
167
90
103
94
$570K
$560K
$555K
$555K
$559K
$550K
$548K
$550K
$543K
$537K
$525K
$523K
$508K
Nov-22
Oct-23
Nov-23
▶ 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.
300
250
24+
4+ bdrms
1
200
2
16.0
150
3 bdrms
13.6
26
100
9.5
8.8
53
6.1
2 bdrms
50
5.7
390
0
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 7 n/a 10 57 5.7 45 274 6.1 25 219 8.8 5 68 13.6 2 32 16.0 2 19 9.5 1 29 29.0
35
<2 bdrms
288
Copyright © 2023 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 11, 2023. 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 core DETACHED - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 6.4 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 11% VS 2022
▲ 16% VS 2022
▲ 31% VS 2022
▼ 14% VS 2022
There were 406 detached listings in the Victoria Core in November, 8% below October and 31% higher than November 2022. November detached home sales decreased by 13% month-over-month, to 63, and were 14% below November 2022. The months of inventory for detached in the Victoria Core, at 6.4, reflected a balanced market. The detached median price in November was $1,299,900, a 8% increase from October and 16% above November 2022. The average sold price was $1,441,317, 1.8% above last month and up 11% to November 2022.
THIS MONTH No. $1,441,317 $1,299,900 6.4 63 406
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,297,657 $1,120,000 425% 73 310
11% 16% 52% -14% 31%
$1,416,223 $1,200,000 6.1 72 442
1.8% 8% 5% -13% -8%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
34
34
398
453
442
406
400
310
297
354
314
282
258
23
233
219
161
143
139
109
151
112
102
73
94
63
72
58
52
$1.30M
$1.25M $1.25M $1.30M $1.27M $1.25M $1.34M $1.30M $1.17M $1.21M
$1.20M
$1.12M $1.10M
Nov-22
Oct-23
Nov-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
70
24+
24+
24+
60
50
40
30
20
6.1
5.4
5.0
4.0
3.9
3.9
10
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
4 20 5.0
12 48 4.0
15 59 3.9
13 70 5.4
9 55 6.1
1 33 33.0
1 42 42.0
7 27 3.9
1 50 50.0
Copyright © 2023 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 11, 2023. 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 TOWNHOME - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 3.4 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 5% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 17% VS 2022
▲ 16% VS 2022
▲ 23% VS 2022
▲ 33% VS 2022
There were 95 townhome listings in the Victoria Core in November, 11% below October and 23% higher than November 2022. November townhome sales increased by 4% month-over-month, to 28, and were 33% above November 2022. The months of inventory for townhomes in the Victoria Core, at 3.4, reflected a sellers' market. The townhome median price in November was $912,000, a 6% increase from October and 16% above November 2022. The average sold price was $963,343, 0.1% above last month; the average PSF sale price was $578, up 11% 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
28 95
21 77
5% 17% 16% -7% 33% 23%
$520 $961,906 $863,000 4.0 27 107
11% 0.1% 6% -14% 4% -11%
$578 $963,343 $912,000 3.4
$550 $822,429 $785,000 367%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
102
31
97
107
104
95
93
27
77
90
26
68
77
61
59
59
36
46
32
45
42
40
38
28
32
21
28
27
16
$912K
$890K
$864K
$864K
$863K
$857K
$844K
$850K
$835K
$835K
$822K
$785K
$765K
Nov-22
Oct-23
Nov-23
▶ 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.
6
20
22.0
4+ bdrms
27
15
11
3 bdrms
48
10
8.0
11
2 bdrms
5
19
3.0
3.0
2.9
2.6
2.3
1.4
0
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 22 22.0 1 3 3.0 1 8 8.0 5 13 2.6 7 20 2.9 5 15 3.0 5 7 1.4 3 7 2.3
<2 bdrms
1
Copyright © 2023 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 11, 2023. 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 CONDO - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 9.2 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 6% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 49% VS 2022
▼ 3% VS 2022
▼ 9% VS 2022
▼ 38% VS 2022
There were 543 condo listings in the Victoria Core in November, 9% above October and 49% higher than November 2022. November condo sales decreased by 45% month-over-month, to 59, and were 38% below November 2022. The months of inventory for condos in the Victoria Core, at 9.2, reflected a buyers' market. The condo median price in November was $510,000, a 7% decrease from October and 9% below November 2022. The average sold price was $629,807, 3% below last month; the average PSF sale price was $715, down 4% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No. 107 496
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$715 $629,807 $510,000 9.2 59 543
$677 $647,454 $560,000 384% 95 365
140% -38% 49%
-4% -3% -7% 99% -45% 9%
$744 $647,194 $549,000 4.6
6% -3% -9%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
35
543
450
496
31
365
349
344
342
315
370
344
338
311
287
197
195
157
20
129
116
107
155
148
95
112
59
70
69
$569K
$560K
$565K
$563K
$553K
$545K
$550K
$545K
$549K
$543K
$520K
$510K
$503K
Nov-22
Oct-23
Nov-23
▶ 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
24+
4+ bdrms
1
150
15.0
3 bdrms
13.5
15
100
11.3
9.0
7.9
35
50
2 bdrms
5.0
285
0
24
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 2 n/a 10 50 5.0 26 206 7.9 14 158 11.3 4 54 13.5 2 30 15.0 2 18 9.0 1 25 25.0
<2 bdrms
242
Copyright © 2023 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 11, 2023. 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 ●
westshore DETACHED - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 14.4 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 38% VS 2022
▼ 16% VS 2022
▼ 9% VS 2022
▼ 51% VS 2022
There were 388 detached listings in the Westshore in November, 0.5% above October and 38% higher than November 2022. November detached home sales decreased by 50% month-over-month, to 27, and were 51% below November 2022. The months of inventory for detached in the Westshore, at 14.4, reflected a buyers' market. The detached median price in November was $1,019,000, a 5% increase from October and 9% below November 2022. The average sold price was $993,875, 6% below last month and down 16% to November 2022.
THIS MONTH No. $993,875 $1,019,000 14.4 27 388
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,188,861 $1,125,000 511% 55 281
-16% -9% 181% -51% 38%
$1,059,707 $973,246 7.1 54 386
-6% 5% 101% -50% 0.5%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
39
388
393
386
332
307
35
341
281
236
276
29
255
247
241
229
116
80
78
58
54
89
82
55
81
27
53
27
40
$1.14M
$1.14M
$1.13M
$1.07M $1.04M
$1.06M $1.06M
$995K
$994K $1.04M $973K $1.02M
$978K
Nov-22
Oct-23
Nov-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
80
24+
22.7
60
40
11.7
9.3
8.4
20
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
3 35 11.7
8 74 9.3
10 84 8.4
3 68 22.7
1 40 40.0
0 32 n/a
0 24 n/a
0 11 n/a
0 18 n/a
Copyright © 2023 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 11, 2023. 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 TOWNHOME - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 8.3 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 7% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.5% VS 2022
▲ 7% VS 2022
▲ 8% VS 2022
▼ 32% VS 2022
There were 141 townhome listings in the Westshore in November, 2% below October and 8% higher than November 2022. November townhome sales decreased by 15% month-over-month, to 17, and were 32% below November 2022. The months of inventory for townhomes in the Westshore, at 8.3, reflected a buyers' market. The townhome median price in November was $788,655, a 7% increase from October and 7% above November 2022. The average sold price was $790,778, 7% above last month; the average PSF sale price was $433, down 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
$433 $790,778 $788,655 8.3 17 141
$463 $779,120 $735,000 520% 25 130
-7% 1.5% 7% 60% -32% 8%
$457 $740,538 $735,198 7.2 20 144
-5% 7% 7% 15% -15% -2%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
53
132
141
130
144
123
122
118
118
108
117
111
102
91
43
42
39
24
41
36
25
25
30
26
17
25
23
20
18
$795K
$789K
$759K
$754K
$747K
$735K
$732K
$735K
$713K
$712K
$720K
$719K
$608K
Nov-22
Oct-23
Nov-23
▶ 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.
40
4
13.0
4+ bdrms
12.5
29
11.0
30
12
3 bdrms
7.0
81
20
6.5
4.5
1
2 bdrms
10
29
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 3 33 11.0 6 39 6.5 3 21 7.0 1 13 13.0 2 25 12.5 0 1 n/a 2 9 4.5
2
Copyright © 2023 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 11, 2023. 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 CONDO - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 5.4 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 7% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 3% VS 2022
▲ 0.2% VS 2022
▲ 81% VS 2022
▼ 16% VS 2022
There were 114 condo listings in the Westshore in November, 6% below October and 81% higher than November 2022. November condo sales decreased by 9% month-over-month, to 21, and were 16% below November 2022. The months of inventory for condos in the Westshore, at 5.4, reflected a balanced market. The condo median price in November was $500,000, a 7% decrease from October and 0.2% above November 2022. The average sold price was $526,780, 0.5% below last month; the average PSF sale price was $650, up 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
$650 $526,780 $500,000 5.4 21 114
25 63
7% 3% 0.2% 115% -16% 81%
$596 $529,413 $535,900 5.3 23 121
-9% -6%
$608 $509,756 $499,000 252%
9% -0.5% -7% 3%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
41
117
110
125
114
121
37
96
106
89
99
65
63
76
45
43
37
45
20
25
21
27
26
24
23
22
18
16
$573K
$560K
$560K
$539K
$536K
$530K
$525K
$499K
$505K
$500K
$491K
$484K
$457K
4
Nov-22
Oct-23
Nov-23
▶ 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
6.3
4+ bdrms
40
30
3 bdrms
3.5
10
20
13
2 bdrms
10
72
0
8
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 4 n/a 0 7 n/a 15 53 3.5 6 38 6.3 0 10 n/a 0 2 n/a
<2 bdrms
32
Copyright © 2023 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 11, 2023. 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 ●
peninsula DETACHED - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 5.9 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 11% VS 2022
▲ 30% VS 2022
▼ 3% VS 2022
▼ 26% VS 2022
There were 117 detached listings in the Peninsula in November, 9% below October and 30% higher than November 2022. November detached home sales decreased by 20% month-over-month, to 20, and were 26% below November 2022. The months of inventory for detached in the Peninsula, at 5.9, reflected a balanced market. The detached median price in November was $1,249,000, a 4% increase from October and 11% above November 2022. The average sold price was $1,493,670, 3% above last month and down 3% to November 2022.
THIS MONTH No. $1,493,670 $1,249,000 5.9 20 117
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
27 90
-3% 11% 75% -26% 30%
$1,446,192 $1,200,000 5.1 25 128
3% 4% 14% -20% -9%
$1,533,700 $1,130,000 333%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
30
128
128
125
117
124
106
112
91
90
68
20
68
65
19
47
62
37
33
28
27
34
33
30
28
20
25
15
14
$1.55M
$1.38M
$1.34M $1.25M
$1.33M $1.25M
$1.26M
$1.21M $1.24M
$1.20M $1.25M
$1.13M
$1.07M
Nov-22
Oct-23
Nov-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
25
16.0
20
13.0
12.0
15
9.0
10
6.7
5
2.8
2.0
2.0
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
1 2 2.0
6 12 2.0
3 20 6.7
5 14 2.8
1 13 13.0
0 7 n/a
1 16 16.0
1 9 9.0
2 24 12.0
Copyright © 2023 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 11, 2023. 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 TOWNHOME - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 4.4 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 5% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 24% VS 2022
▲ 75% VS 2022
▼ 12% VS 2022
▼ 12% VS 2022
There were 31 townhome listings in the Peninsula in November, 7% above October and 24% higher than November 2022. November townhome sales remained the same month-over-month, at 7, and were 75% above November 2022. The months of inventory for townhomes in the Peninsula, at 4.4, reflected a sellers' market. The townhome median price in November was $865,000, a 19% increase from October and 12% below November 2022. The average sold price was $881,643, 0.2% above last month; the average PSF sale price was $541, down 11% 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
$541 $881,643 $865,000 4.4 7 31
$517 $998,750 $982,500 625% 4 25
5% -12% -12% -29% 75% 24%
$608 $879,771 $729,900 4.1 7 29
7% 0% 7%
-11% 0.2% 19%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
31
34
31
29
29
29
25
25
23
21
21
22
17
19
14
16
15
10
13
9
11
7
8
8
7
4
4
14
12
$983K
$913K
$904K
$900K
$900K
$888K
$868K
$865K
$792K
$782K
$731K
$730K
$671K
Nov-22
Oct-23
Nov-23
▶ 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.
8
2
8.0
4+ bdrms
3
6
3
5.0
3 bdrms
17
4
2.0
2
1.5
2 bdrms
2
10
0.5
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
1
0 4 n/a
2 1 0.5
1 2 2.0
1 8 8.0
2 3 1.5
0 3 n/a
1 5 5.0
0 5 n/a
Copyright © 2023 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 11, 2023. 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 CONDO - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 4.6 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 11% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 2% VS 2022
▲ 8% VS 2022
▲ 59% VS 2022
▲ 11% VS 2022
There were 46 condo listings in the Peninsula in November, 10% above October and 59% higher than November 2022. November condo sales increased by 25% month-over-month, to 10, and were 11% above November 2022. The months of inventory for condos in the Peninsula, at 4.6, reflected a sellers' market. The condo median price in November was $625,000, a 4% increase from October and 8% above November 2022. The average sold price was $637,090, 24% below last month; the average PSF sale price was $686, down 12% 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
10 46
$618 $622,222 $581,000 322% 9 29
11% 2% 8% 43% 11% 59%
$780 $833,750 $601,500 5.3 8 42
-12% -24% 4% -12% 25% 10%
$686 $637,090 $625,000 4.6
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
33
46
42
37
35
33
32
34
29
31
28
27 17
23
20
25
18
14
13
18
16
18
14
13
10
9
8
6
14
$784K
$776K
$745K
$655K
$639K
$625K
$602K
$595K
$581K
$578K
$585K
$582K
$560K
Nov-22
Oct-23
Nov-23
▶ 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.
25
4.6
4+ bdrms
20
4.0
3.5
15
2
3 bdrms
1
10
5
2 bdrms
5
32
0
3
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 4 14 3.5 5 23 4.6 1 4 4.0 0 2 n/a 0 1 n/a 0 2 n/a
<2 bdrms
13
Copyright © 2023 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 11, 2023. 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 ●
gulf islands DETACHED - NOVEMBER 2 0 2 3
MONTHS OF INVENTORY 12.3 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 65% VS 2022
▲ 46% VS 2022
▼ 12% VS 2022
▼ 36% VS 2022
There were 111 detached listings in the Gulf Islands in November, 11% below October and 12% lower than November 2022. November detached home sales decreased by 31% month-over-month, to 9, and were 36% below November 2022. The months of inventory for detached in the Gulf Islands, at 12.3, reflected a buyers' market. The detached median price in November was $1,190,000, a 62% increase from October and 46% above November 2022. The average sold price was $1,481,000, 70% above last month and up 65% to November 2022.
THIS MONTH No. $1,481,000 $1,190,000 12.3 9 111
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$896,143 $816,000 900% 14 126
65% 46% 37% -36% -12%
$871,685 $735,000 9.6 13 125
70% 62% 28% -31% -11%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
102
145
126
144
143
141
118
130
125
122
111
84
99
94
90
58
28
26
22
19
13
13
11
10
7
14
23
19
9
$1.48M
$1.22M
$1.19M
$1.17M $1.08M
$1.06M
$1.02M $1.01M
$869K
$816K
$810K
$790K
$735K
Nov-22
Oct-23
Nov-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
20
20.0
15
16.0
14.0
10
6.0
5
4.5
4.0
4.0
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
1 4 4.0
1 16 16.0
1 20 20.0
2 8 4.0
0 13 n/a
2 9 4.5
0 9 n/a
0 12 n/a
1 6 6.0
1 14 14.0
Copyright © 2023 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 11, 2023. 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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