the victoria rennie advance | December 2024

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

published December 2024

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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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

highlights • Therewere536 M LS salesin G reaterVictoriain N ovem ber,a15% m onth-over-m onth decrease thatwasin linewith thetypical14% O ctober-to-N ovem berdecline.Forthesecond consecutive m onth,salesw ereatornearhistoricaly averagelevels.Saleslastm onth w ere1.2% below the prior10-yearN ovem beraverageof543. • Townhom esaleswerethefurthestabovetheir10-yearN ovem beraverage(+33%,to77),folowed bycondos(+5%,to184).In contrast,detached hom esaleswerebelow average(-10%,to244). • Forthefifth consecutivem onth,saleswereup relativeto thesam em onth lastyear,which cor elateswith thebeginningoftheBank ofCanada’sratecutingcam paign in June.In N ovem ber,saleswereup 38% year-over-year,led bytownhom es(+48%)and folowed bycondos (+47%)and detached hom es(+32%).

GREATERVICTORIA THERENNIEADVANCE sales

NOVEMBER 2024

800

+ 32% vsN ov2023

700

600

500

400

272 10 yrNovAvg

300

200

DETACHED sales

244

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100

- 10% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

+ 48% vsN ov2023

200

150

58 10 yrNovAvg

100

TOWNHOME sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 33% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

+ 47% vsN ov2023

100 150 200 250 300 350 400

175 10 yrNovAvg

184

CONDO sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50

+ 5% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofDecem ber3,2024.Aldatafrom theVictoriaRealEstateBoard& Ren ie. 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 • Forthefirsttim esinceM arch,new listingsin G reaterV ictoriaw erebelow historicaly average levels.Therewere679 new M LS listings,which was5% below theprior10-yearN ovem ber averageof714.N ew townhom elistingswereaboveaverage(+17%,to84),aswerenew condo listings(+5%,to 242),whilenew detached hom elistingswerebelow average(-19%,to 294). • N ew listingsweredown 37% m onth-over-m onth,which wasnearlydoublethetypical20% O ctober-to-N ovem berdrop. • O n ayear-over-yearbasis,new listingsweredown 16% from N ovem beroflastyear(805 new listings).N ew detached hom elistingsweredown them ost(-20%),folowed bycondos(-15%)and townhom es(-5%).

GREATERVICTORIA THERENNIEADVANCE new listings

NOVEMBER 2024

1,000

- 20% vsN ov2023

800

600

364 10 yrNovAvg

400

DETACHED new listings

294

200

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 19% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

- 5% vsN ov2023

250

200

150

72 10 yrNovAvg

100

TOWNHOME new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 17% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

600

- 15% vsN ov2023

500

400

300

229 10 yrNovAvg

200

242

CONDO new listings

100

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 5% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

highlights • W ith salesback to averageand new listingsbelow average,therew asadditionaldow nw ard pres ureon inventoryin N ovem ber.Activelistingstypicalydecline9% from O ctoberto N ovem ber,butlastm onth theyfel by17% tocloseN ovem berat2,097. • Forthefirsttim esinceApril2022,inventorywasbelow thesam em onth lastyear,down 0.2% from N ovem ber2023 (2,101 listings).Activecondo listingswereup year-over-year(+9%,to 739), asweretownhom elistings(+3%,to210),whiledetached hom elistingsweredown (-7%,to1,003). • D espitethesharp m onthly drop in inventory and thesm al declinerelativeto lastyear,active listingswerestil 25% abovetheprior10-yearN ovem beraverageof1,678.Condoinventorywas thefurthestaboveaverage(+58%),folowed bytownhom es(+31%)and detached hom es(+9%).

GREATERVICTORIA THERENNIEADVANCE inventory

NOVEMBER 2024

2,500

- 7% vsN ov2023

2,000

1,500

923 10 yrNovAvg

1,000

1,003

DETACHED inventory

500

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 9% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

600

+ 3% vsN ov2023

500

400

300

160 10 yrNovAvg

200

210

TOWNHOME inventory

100

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 31% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

1,000

+ 9% vsN ov2023

800

739

600

467 10 yrNovAvg

400

CONDO inventory

200

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 58% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

highlights • Them edian sold pricein G reaterV ictoriaincreased by 1.3% (averaged acros hom etypes) between O ctoberand N ovem ber.Them edian sold pricefordetached hom esincreased 0.6% (to $1.15m ilion),townhom epricesweredown 1.9% (to$760k),and condopricesincreased 5% (to $540k). • Com pared to lastyear,m edian sold pricesweredown by2.1% (averaged acros hom etypes)with tow nhom esseeing thebiggestdecreaseat10% .D etached hom epricesw ereflatyear-over-year, whilem edian condopriceswereup 4%. •

GREATERVICTORIA THERENNIEADVANCE median prices

NOVEMBER 2024

$1,400,000

G reaterV ictoria

$1,200,000

$1,150,000

$1,000,000

$800,000

$600,000

- vsN ov2023

DETACHED median salesprice

$400,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0 $200,000

● November

$1,000,000

G reaterV ictoria

$800,000

$760,000

$600,000

- 10% vsN ov2023

$400,000

TOWNHOME median salesprice

$200,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● November

$600,000

G reaterV ictoria

$540,000

$500,000

$400,000

$300,000

+ 4% vsN ov2023

$200,000

CONDO median salesprice

$100,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● November

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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