the victoria rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR 19 SUB-MARKETS IN GREATER VICTORIA
published February 2024
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 Region. This report examines the market stats by sub-market, provides updates on current rennie projects, and more.
NEIGHBOURHOOD PROFILES
07 10 13 16 17 20 21 23 26 29 30 31 32 35 38 41 43 46 47
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
53 AREA MAPS
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 February 8, 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 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
a seven-month trend comes to an end
Greater Victoria’s housing market started the year with an increase in monthly sales counts—its first in eight months. Above-average inventory, combined with seasonality, could mean that even more sales are on the horizon.
Stable inventory and a slight increase in sales counts led to a small decline in Greater Victoria’s months-of-inventory (MOI) measure to 5.0 in January, though overall conditions remained balanced. (Note that 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.) As we head towards the spring, which is typically the busiest time of the year for the Greater Victoria’s housing market, there are some indications of a market that’s picking up steam—if only slightly for the time being. With above-average inventory and balanced conditions, there will be options for those buyers who do choose to participate in the housing market. From a macroeconomic perspective, however, not much has changed recently. Yes, sales will only fully return to more typical levels once inflation is back within the Bank of Canada’s target range and the Bank begins loosening its restrictive policy rate. Look for this to happen later in 2024.
As we literally turned the page in our calendars from one year to the next, so too did our local housing market turn a page. Specifically, Greater Victoria recorded a month-to-month increase in sales counts in January for the first time since May. Quite a feat, indeed. Now, while this is certainly noteworthy, a brief exploration of some historical context is useful in evaluating the most recent data in the shadow of 2023’s decade-low annual sales count. There were 307 MLS sales in Greater Victoria in January, which was up 5% from December 2023—a more active market being good news to many—though this surge in transactions is mostly in line with the typical December-to-January increase of 6%. Zooming out a little bit allows us to also note that January’s sales remain below the long-run January average (by 25%), but compared to sales from January 2023, there was 15% more activity last month.
In addition to sales picking up, January’s new listings total of 828 was higher by 156% versus December—a greater month- to-month increase than the typical 119%— with the number of new listings 6% above the past 10-year January average. On a year-over-year basis, last month’s total was also 19% higher. With a mix of higher sales, more new listings, and plenty of listing expiries on January 1st (inventory dropped to 1,456 on the first day of the new year from 1,558 on December 31st), total listings finished the month in a similar position to December: there were 1,550 total MLS listings at the end of January, a 0.5% decline from the previous month. And while that does run counter to the typical December-to-January increase of 8%, January’s total was still 9% above the long- run average and 21% higher than the same month last year.
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 February 8, 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 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 - JANUARY 2 0 2 4
MONTHS OF INVENTORY 4.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 15% VS 2023
▲ 37% VS 2023
▼ 0.2% VS 2023
▼ 0.7% VS 2023
There were 777 detached listings in the Victoria Real Estate Board in January, 3% below December and 15% higher than January 2023. January detached home sales increased by 18% month-over-month, to 160, and were 37% above January 2023. The months of inventory for detached in the Victoria Real Estate Board, at 4.9, reflected a sellers' market. The detached median price in January was $1,057,500, a 2% decrease from December and 0.7% below January 2023. The average sold price was $1,230,033, 7% below last month and down 0.2% to January 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 117 675
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
160 777
37% 15%
136 798
-7% -2% -17% 18% -3%
$1,230,033 $1,057,500 4.9
$1,321,118 $1,080,000 5.9
$1,232,235 $1,065,000 577%
-0.2% -0.7% -16%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,227
48
47
1,113
1,074
46
1,187
1,108
918
1,019
784
777
816
798
675
713
372
289
258
227
185
318
311
272
160
117
197
183
136
$1.20M $1.19M $1.19M $1.19M $1.19M $1.21M
$1.15M $1.08M
$1.12M $1.15M
$1.08M $1.06M
$1.07M
Jan-23
Dec-23
Jan-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
140
24+
24+
120
100
18.5
80
60
8.1
40
6.6
5.9
20
2.9
2.8
2.6
2.4
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
5 14 2.8
17 40 2.4
43 123 2.9
45 118 2.6
21 138 6.6
14 83 5.9
8 65 8.1
2 70 35.0
2 37 18.5
3 89 29.7
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 February 8, 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. 4 ●
victoria real estate board TOWNHOME - JANUARY 2 0 2 4
MONTHS OF INVENTORY 4.5 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 2% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 16% VS 2023
▲ 11% VS 2023
▲ 26% VS 2023
▲ 11% VS 2023
There were 236 townhome listings in the Victoria Real Estate Board in January, 5% above December and 26% higher than January 2023. January townhome sales remained the same month-over-month, at 52, and were 11% above January 2023. The months of inventory for townhomes in the Victoria Real Estate Board, at 4.5, reflected a sellers' market. The townhome median price in January was $742,000, a 7% increase from December and 11% above January 2023. The average sold price was $832,454, 10% above last month; the average PSF sale price was $490, down 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
$490 $832,454 $742,000 4.5 52 236
$478 $717,906 $669,000 400% 47 188
2% 16% 11% 13% 11% 26%
$507 $755,704 $693,203 4.3 52 224
7% 5% 0% 5%
-3% 10%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
46
293
253
286
282
43
232
256
236
216
211
237
224
212
188
122
112
89
79
71
67
99
90
84
52
47
56
52
15
$847K
$840K
$825K
$799K
$790K
$780K
$777K
$775K
$760K
$755K
$742K
$693K
$669K
Jan-23
Dec-23
Jan-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.
60
12
9.3
4+ bdrms
53
50
8.0
6.7
6.5
40
28
5.7
3 bdrms
115
4.7
30
20
12
2 bdrms
1.6
1.6
61
10
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 7 11 1.6 14 23 1.6 9 60 6.7 7 40 5.7 6 28 4.7 4 37 9.3 2 13 6.5 3 24 8.0
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 February 8, 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 CONDO - JANUARY 2 0 2 4
MONTHS OF INVENTORY 4.6 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 2% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2023
▲ 29% VS 2023
▲ 14% VS 2023
▼ 0.9% VS 2023
There were 537 condo listings in the Victoria Real Estate Board in January, 0.2% above December and 29% higher than January 2023. January condo sales increased by 13% month-over-month, to 117, and were 14% above January 2023. The months of inventory for condos in the Victoria Real Estate Board, at 4.6, reflected a sellers' market. The condo median price in January was $545,000, a 4% increase from December and 4% above January 2023. The average sold price was $596,372, 9% above last month; the average PSF sale price was $660, up 1.5% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 103 415
% Change
No. 104 536
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
117 537
14% 14% 29%
1.5% 9% 4% -11% 13% 0.2%
$660 $596,372 $545,000 4.6
$675 $602,073 $525,000 403%
$650 $547,646 $525,000 5.2
-2% -0.9% 4%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
42
610
681
660
494
537
476
470
536
34
504
484
475
415
413
254
245
200
164
156
23
207
125
191
167
117
103
140
104
$570K
$560K
$555K
$555K
$559K
$550K
$550K
$545K
$543K
$545K
$525K
$525K
$520K
Jan-23
Dec-23
Jan-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.
250
13.5
4+ bdrms
200
11.0
150
3
3 bdrms
17
6.4
6.3
100
5.0
78
3.8
2 bdrms
50
2.5
305
2.0
0
36
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 61 229 3.8 24 152 6.3 8 51 6.4 2 27 13.5 3 15 5.0 2 22 11.0 2 4 2.0 15 37 2.5
<2 bdrms
215
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 February 8, 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 core DETACHED - JANUARY 2 0 2 4
MONTHS OF INVENTORY 3.4 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 12% VS 2023
▲ 46% VS 2023
▼ 7% VS 2023
▼ 1.9% VS 2023
There were 261 detached listings in the Victoria Core in January, 3% below December and 12% higher than January 2023. January detached home sales increased by 15% month-over-month, to 76, and were 46% above January 2023. The months of inventory for detached in the Victoria Core, at 3.4, reflected a sellers' market. The detached median price in January was $1,150,000, a 4% decrease from December and 1.9% below January 2023. The average sold price was $1,260,225, 17% below last month and down 7% to January 2023.
THIS MONTH No. $1,260,225 $1,150,000 3.4 76 261
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,350,440 $1,172,500 448% 52 233
46% 12%
$1,513,815 $1,203,500 4.1 66 268
-17% -4% -15% 15% -3%
-7% -1.9% -23%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
44
43
398
453
397
442
400
297
354
35
314
261
282 161
268
233
258
143
139
109
151
86
111
76
102
94
52
72
66
$1.25M $1.25M $1.30M $1.27M $1.25M $1.34M $1.30M $1.17M $1.21M
$1.20M $1.20M $1.20M $1.15M
Jan-23
Dec-23
Jan-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
40
24.0
24+
30
20
9.5
10
5.8
4.1
3.1
2.1
1.4
0.9
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 4 n/a
9 8 0.9
16 34 2.1
23 33 1.4
9 37 4.1
10 31 3.1
5 29 5.8
1 24 24.0
2 19 9.5
1 42 42.0
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 February 8, 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 TOWNHOME - JANUARY 2 0 2 4
MONTHS OF INVENTORY 3.3 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 5% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 14% VS 2023
▲ 57% VS 2023
▲ 38% VS 2023
▼ 4% VS 2023
There were 72 townhome listings in the Victoria Core in January, 4% above December and 57% higher than January 2023. January townhome sales decreased by 4% month-over-month, to 22, and were 38% above January 2023. The months of inventory for townhomes in the Victoria Core, at 3.3, reflected a sellers' market. The townhome median price in January was $827,450, a 3% decrease from December and 4% below January 2023. The average sold price was $984,580, 19% above last month; the average PSF sale price was $525, down 4% 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
22 72
16 46
-5% 14% -4% 14% 38% 57%
23 69
-4% 19% -3% 9% -4% 4%
$525 $984,580 $827,450 3.3
$551 $861,550 $864,000 288%
$549 $827,884 $855,750 3.0
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
102
41
97
107
94
104
93
90 61
68
72
77
59
59
69
28
46
36
36
32
45
40
38
23
32
22
27
23
16
$890K
$890K
$864K
$864K
$857K
$863K
$856K
$844K
$850K
$835K
$835K
$822K
$827K
Jan-23
Dec-23
Jan-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.
7
15
12.0
4+ bdrms
21
12
10
3 bdrms
29
5.3
4.0
4.0
3
5
3.0
2 bdrms
2.0
20
1.5
1.4
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 12 12.0 2 6 3.0 3 16 5.3 2 3 1.5 5 7 1.4 3 12 4.0 2 8 4.0 4 8 2.0
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 February 8, 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 CONDO - JANUARY 2 0 2 4
MONTHS OF INVENTORY 4.7 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 2% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2023
▲ 7% VS 2023
▲ 30% VS 2023
▲ 28% VS 2023
There were 410 condo listings in the Victoria Core in January, 1.0% below December and 30% higher than January 2023. January condo sales increased by 21% month-over-month, to 88, and were 28% above January 2023. The months of inventory for condos in the Victoria Core, at 4.7, reflected a sellers' market. The condo median price in January was $557,500, a 12% increase from December and 7% above January 2023. The average sold price was $615,673, 15% above last month; the average PSF sale price was $679, 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
$679 $615,673 $557,500 4.7 88 410
$694 $591,378 $520,000 457% 69 315
-2% 4% 7% 2% 28% 30%
$656 $535,640 $499,888 5.7 73 414
3% 15% 12% -18% 21% -1%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
496
525
47
450
410
349
414
344
342
370
36
315
344
338
311
33
195
197
157
129
116
107
155
148
88
112
69
86
73
$569K
$565K
$563K
$553K
$558K
$545K
$550K
$545K
$549K
$543K
$520K
$520K
$500K
Jan-23
Dec-23
Jan-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.
13.0
4+ bdrms
150
10.5
3
100
3 bdrms
10
6.0
5.2
4.7
4.4
50
55
2 bdrms
2.4
222
0.5
0
30
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 39 172 4.4 20 103 5.2 7 42 6.0 2 26 13.0 3 14 4.7 2 21 10.5 2 1 0.5 13 31 2.4
<2 bdrms
178
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 February 8, 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 ●
westshore DETACHED - JANUARY 2 0 2 4
MONTHS OF INVENTORY 5.1 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 22% VS 2023
▲ 107% VS 2023
▼ 14% VS 2023
▼ 4% VS 2023
There were 288 detached listings in the Westshore in January, 1.4% below December and 22% higher than January 2023. January detached home sales increased by 33% month-over-month, to 56, and were 107% above January 2023. The months of inventory for detached in the Westshore, at 5.1, reflected a balanced market.
THIS MONTH No. $1,068,704 $1,022,500 5.1 56 288
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,247,426 $1,065,000 874% 27 236
-14% -4% -41% 107% 22%
$1,061,279 $985,000 7.0 42 292
0.7% 4% -26% 33% -1.4%
The detached median price in January was $1,022,500, a 4% increase from December and 4% below January 2023.
The average sold price was $1,068,704, 0.7% above last month and down 14% to January 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
374
57
393
386
332
307
341
288
292
276
236
255
42
247
241
40
116
80
78
58
54
89
82
81
56
53
27
41
42
$1.14M
$1.14M
$1.07M $1.04M
$1.06M $1.06M
$1.04M $973K
$995K
$994K
$960K $985K $1.02M
Jan-23
Dec-23
Jan-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
70
11.0
10.5
60
8.9
50
40
30
3.7
20
2.7
1.1
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 3 n/a
8 9 1.1
19 51 2.7
16 59 3.7
8 71 8.9
3 33 11.0
2 21 10.5
0 20 n/a
0 6 n/a
0 15 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 February 8, 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 TOWNHOME - JANUARY 2 0 2 4
MONTHS OF INVENTORY 5.3 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 9% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 18% VS 2023
▲ 19% VS 2023
▲ 3% VS 2023
▼ 4% VS 2023
There were 121 townhome listings in the Westshore in January, 5% above December and 3% higher than January 2023. January townhome sales remained the same month-over-month, at 23, and were 4% below January 2023. The months of inventory for townhomes in the Westshore, at 5.3, reflected a balanced market. The townhome median price in January was $720,000, a 7% increase from December and 19% above January 2023. The average sold price was $759,994, 8% above last month; the average PSF sale price was $484, down 0.2% 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
$484 $759,994 $720,000 5.3 23 121
$443 $646,700 $607,500 492% 24 118
9% 18% 19% 7% -4% 3%
$485 $706,315 $672,000 5.0 23 115
-0.2% 8% 7% 5% 0% 5%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
58
132
147
144
123
122
118
121
118
108
117
115
102
44
91
43
42
39
23
41
36
24
23
30
26
25
20
20
$789K
$759K
$754K
$747K
$732K
$735K
$720K
$719K
$720K
$713K
$712K
14
$672K
$608K
Jan-23
Dec-23
Jan-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.
40
4
9.8
4+ bdrms
32
8.7
30
8.0
7.3
16
3 bdrms
63
20
3
2 bdrms
10
1.8
25
1.0
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
1
3 3 1.0
8 14 1.8
4 39 9.8
3 26 8.7
2 16 8.0
3 22 7.3
0 1 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 February 8, 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 CONDO - JANUARY 2 0 2 4
MONTHS OF INVENTORY 4.5 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 4% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2023
▲ 38% VS 2023
▼ 1.2% VS 2023
0.0% VS 2023
There were 90 condo listings in the Westshore in January, 8% above December and 38% higher than January 2023. January condo sales remained the same month-over-month, at 20, and were the same in January 2023. The months of inventory for condos in the Westshore, at 4.5, reflected a sellers' market. The condo median price in January was $545,000, a 4% decrease from December and 4% above January 2023. The average sold price was $556,015, 2% above last month; the average PSF sale price was $621, down 0.2% 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
20 90
20 65
-4% -1.2% 4% 38% 0% 38%
20 83
8% 0% 8%
$621 $556,015 $545,000 4.5
$646 $562,549 $525,000 325%
$622 $544,925 $566,500 4.2
-0.2% 2% -4%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
37
117
111
110
125
121
96
106
89
99
90
83
76
65
44
43
37
27
19
20
20
27
26
24
23
22
20
16
12
$573K
$567K
$560K
$553K
$545K
$539K
$536K
$530K
$525K
$505K
$492K
$491K
$457K
Jan-23
Dec-23
Jan-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
9.0
4+ bdrms
40
8.0
30
6.0
3 bdrms
6
20
3.1
17
2 bdrms
10
58
0
3
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 3 n/a 1 6 6.0 15 46 3.1 3 27 9.0 1 8 8.0
<2 bdrms
26
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 February 8, 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 ●
peninsula DETACHED - JANUARY 2 0 2 4
MONTHS OF INVENTORY 4.5 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 14% VS 2023
▲ 0.4% VS 2023
▲ 6% VS 2023
▲ 7% VS 2023
There were 72 detached listings in the Peninsula in January, 6% below December and 6% higher than January 2023. January detached home sales decreased by 6% month-over-month, to 16, and were 7% above January 2023. The months of inventory for detached in the Peninsula, at 4.5, reflected a sellers' market. The detached median price in January was $1,074,000, a 9% decrease from December and 0.4% above January 2023. The average sold price was $1,348,902, 10% below last month and up 14% to January 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
16 72
15 68
7% 6%
17 77
-6% -6%
$1,348,902 $1,074,000 4.5
$1,498,559 $1,175,000 4.5
-10% -9% -0.6%
$1,186,974 $1,070,000 453%
14% 0.4% -0.7%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
76
128 128
110
125 124
106
112
91
61
72
77
68
68
65
47
37
33
28
26
40
34
33
30
28
25
16
15
17
$1.38M
$1.34M
$1.29M
$1.26M $1.33M
$1.25M $1.20M
$1.25M
$1.21M $1.24M
$1.18M
$1.07M
$1.07M
Jan-23
Dec-23
Jan-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
17.0
15
13.0
10
7.0
5
4.5
1.6
0.7
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
0 1 n/a
6 4 0.7
5 8 1.6
2 9 4.5
0 9 n/a
1 7 7.0
1 13 13.0
0 4 n/a
1 17 17.0
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 February 8, 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 TOWNHOME - JANUARY 2 0 2 4
MONTHS OF INVENTORY 10.3 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 18% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 9% VS 2023
▲ 63% VS 2023
▼ 11% VS 2023
▼ 25% VS 2023
There were 31 townhome listings in the Peninsula in January, 11% above December and 63% higher than January 2023. January townhome sales decreased by 25% month-over-month, to 3, and were 25% below January 2023. The months of inventory for townhomes in the Peninsula, at 10.3, reflected a buyers' market. The townhome median price in January was $865,000, a 14% decrease from December and 9% above January 2023. The average sold price was $851,000, 9% below last month; the average PSF sale price was $453, down 18% 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
$453 $851,000 $865,000 10.3 3 31
$550 $954,000 $792,000 475% 4 19
-18% -11% 9% 118% -25% 63%
$555 $937,500 $1,010,000 7.0 4 28
-18% -9% -14% 48% -25% 11%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
31
92
31
29
29
30
29
25
28
23
21
21
22
17
19
14
15
10
13
9
11
8
8
7
42
3
4
4
27
$1.01M
$913K
$904K
$900K
$900K
$888K
$868K
$865K
$840K
$792K
$782K
$731K
$730K
Jan-23
Dec-23
Jan-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.
7
1
4.0
4+ bdrms
6
3.0
5
4
3 bdrms
19
3
2
2
2 bdrms
10
1
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
0 4 n/a
1 4 4.0
2 6 3.0
0 2 n/a
0 2 n/a
0 7 n/a
0 6 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 February 8, 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 CONDO - JANUARY 2 0 2 4
MONTHS OF INVENTORY 4.0 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 9% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 13% VS 2023
▼ 30% VS 2023
▼ 13% VS 2023
▼ 36% VS 2023
There were 36 condo listings in the Peninsula in January, 3% below December and 13% higher than January 2023. January condo sales decreased by 10% month-over-month, to 9, and were 36% below January 2023. The months of inventory for condos in the Peninsula, at 4.0, reflected a sellers' market. The condo median price in January was $505,000, a 13% decrease from December and 13% below January 2023. The average sold price was $497,333, 28% below last month; the average PSF sale price was $565, down 22% 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
$565 $497,333 $505,000 4.0 9 36
14 32
-9% -30% -13% 75% -36% 13%
10 37
-22% -28% -13% 8% -10% -3%
$622 $711,243 $578,250 229%
$722 $693,400 $577,500 3.7
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
42
24
44
23
37
35
36
33
32
37
34
31
18
28
27 17
20
18
23 18
13
14
11
16
14
13
9
10
8
$784K
$776K
$745K
$639K
$625K
$602K
$595K
$578K
$585K
$582K
$578K
$560K
$505K
Jan-23
Dec-23
Jan-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
22.0
4+ bdrms
15
3 bdrms
1
10
6
2 bdrms
5
25
1.4
0
3
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 0 n/a 7 10 1.4 1 22 22.0 0 1 n/a 0 1 n/a 0 1 n/a 0 1 n/a
<2 bdrms
10
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 February 8, 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 ●
gulf islands DETACHED - JANUARY 2 0 2 4
MONTHS OF INVENTORY 10.2 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 90% VS 2023
▲ 2% VS 2023
▼ 27% VS 2023
▼ 31% VS 2023
There were 92 detached listings in the Gulf Islands in January, 4% below December and 2% higher than January 2023. January detached home sales increased by 125% month-over-month, to 9, and were 31% below January 2023. The months of inventory for detached in the Gulf Islands, at 10.2, reflected a buyers' market. The detached median price in January was $590,000, a 33% decrease from December and 27% below January 2023. The average sold price was $1,786,444, 105% above last month and up 90% to January 2023.
THIS MONTH No. $1,786,444 $590,000 10.2 9 92
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
13 90
90% -27% 48% -31% 2%
$870,500 $880,000 24.0 4 96
105% -33% -57% 125% -4%
$941,500 $810,000 692%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
121
145
144
143
114
141
118
130
125
122
111
92
90
99
96
28
26
22
19
13
12
11
55
7
23
13
4
19
9
$1.48M
$1.22M
$1.17M $1.08M
$1.03M
$1.02M $1.01M
$880K
$869K
$810K
$790K
$735K
$590K
Jan-23
Dec-23
Jan-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
17.0
15
14.0
10
5
4.5
1.2
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
5 6 1.2
0 12 n/a
1 17 17.0
0 6 n/a
2 9 4.5
0 7 n/a
0 4 n/a
0 10 n/a
0 7 n/a
1 14 14.0
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 February 8, 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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