the rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN GREATER VICTORIA
published October 2023
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
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
06 MEDIAN PRICES
07 RENNIE INTELLIGENCE
Copyright © October 4, 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 October 4, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
GREATER VICTORIA THE RENNIE ADVANCE sales
highlights • Greater Victoria recorded 453 MLS sales in September, which was down 14% from August’s 525 sales and was the lowest monthly total since February. This was a much steeper drop-off than the typical August-to-September decline in sales (of 8%), with the region’s sales sitting 29% below the long-run September average. • Compared to August, September’s detached home sales were down by 18% (to 226), townhome sales were down by 8% (to 77), and condo sales were down by 10% (to 150). • In spite of the drop off in sales last month, September’s sales for all home types were still higher compared to last year’s historically-low count: by 1% for detached homes, by 35% for townhomes, and by 13% for condos.
SEPTEMBER 2023
0 100 200 300 400 500 600 700 800
+ 1% vs Sep 2022
349 10 yr Sep Avg
DETACHED sales
226
- 35% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
+ 35% vs Sep 2022
200
150
91 10 yr Sep Avg
100
TOWNHOME sales
77
50
0
- 15% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
100 150 200 250 300 350 400
+ 13% vs Sep 2022
195 10 yr Sep Avg
150
CONDO sales
0 50
- 23% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
Copyright © October 5, 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 October 5, 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 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.
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3
GREATER VICTORIA THE RENNIE ADVANCE new listings
highlights • There were 1,216 new MLS listings last month, which was a 23% increase compared to August. This was over and above the typical August-to-September increase of 9%, with last month’s new listings coming in at 19% more than the past-decade September average (of 1,026), and 13% higher than one year ago. • On a month-over-month basis, new listings for all home types were higher: detached listings were up by 28% (to 669), townhome listings were up by 12% (to 164), and condo listings were up 19% (to 383). • September’s new listings were up on a year-over-year basis for all home types as well, with detached listings 14% higher than last September, while townhome and condo listings were 0.6% and 17% higher, respectively.
SEPTEMBER 2023
1,000
+ 14% vs Sep 2022
800
669
600
567 10 yr Sep Avg
400
DETACHED new listings
200
0
+ 18% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
+ 1% vs Sep 2022
250
200
150
164
149 10 yr Sep Avg
100
TOWNHOME new listings
50
0
+ 10% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
500
+ 16.8% vs Sep 2022
400
383
300
310 10 yr Sep Avg
200
CONDO new listings
100
0
+ 23% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
Copyright © October 5, 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 October 5, 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 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.
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4
GREATER VICTORIA THE RENNIE ADVANCE inventory
highlights • There were 2,176 active MLS listings last month—the highest of any month since September 2019. Compared to August, inventory increased substantially in September (by 14%) compared to the typical seasonal pattern (a 2% decrease). Total listings at the end of last month were 1.5% above the past-decade September average (of 2,144), and were 18% higher than one year ago. • On a month-over-month basis, inventory for all home types was higher: detached inventory was up by 11%, townhome inventory by 10%, and condo inventory by 21%. On a year-over-year basis, detached, townhome, and condo inventory were all higher by 18%, 8%, and 25%, respectively. • Overall market conditions moved into buyers’ territory in September, with 9.5 months of inventory (MOI). The detached and townhome markets favoured buyers, with MOIs of 10.5 and 9.4, respectively, while the condo market was balanced, with an MOI of 7.6. All home types saw an expansion of MOI in September versus August.
SEPTEMBER 2023
2,500
+ 18% vs Sep 2022
2,000
1,500
1,302 10 yr Sep Avg
1,283
1,000
DETACHED inventory
500
0
- 1% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
600
+ 8% vs Sep 2022
500
400
300
286 10 yr Sep Avg
283
200
TOWNHOME inventory
100
0
+ 10% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
1,000
+ 25.0% vs Sep 2022
800
600
610
555 10 yr Sep Avg
400
CONDO inventory
200
0
+ 10% vs 10yr Sep Avg
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
﹍ 10 yr September Average
● September
Copyright © October 5, 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 October 5, 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 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.
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5
GREATER VICTORIA THE RENNIE ADVANCE median prices
highlights • On a month-over-month basis, Greater Victoria saw an increase in median sold prices by 1.5% (on average across home types). Detached home and condo median sold prices both grew in September, by 3% and 1.6% respectively. Townhome prices, on the other hand, fell by 0.6% last month. • On a year-over-year basis, median sold prices were higher, by 7% on average across types. In September, the median sold price for all home types was higher, by 12% for detached homes, 5% for townhomes, and 3% for condos.
•
SEPTEMBER 2023
$1,400,000
Greater Victoria
$1,200,000
$1,190,000
$1,000,000
$800,000
$600,000
+ 12% vs Sep 2022
DETACHED median sales price
$400,000
$0 $200,000
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
● September
$1,000,000
Greater Victoria
$800,000
$770,000
$600,000
+ 5% vs Sep 2022
$400,000
TOWNHOME median sales price
$200,000
$0
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
● September
$600,000
Greater Victoria
$559,000
$500,000
$400,000
$300,000
+ 3% vs Sep 2022
$200,000
CONDO median sales price
$100,000
$0
2013
2014
2015
2016
2017
2018
2019
2020
2021
2022
2023
● September
Copyright © October 5, 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 October 5, 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 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.
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Copyright © October 4, 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 October 4, 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. 7
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