the victoria rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR 19 SUB-MARKETS IN GREATER VICTORIA
published September 2024
table of contents
02 INTRO
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.
03 WHAT YOU NEED TO KNOW
04 FEATURED LISTINGS
05 VICTORIA REAL ESTATE BOARD
NEIGHBOURHOOD PROFILES
08 11 14 17 18 19 20 22 25 28 29 30 32 35 38 41 43 46 47
Victoria Core
Roman Melzer MARKET ANALYST
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Westshore Peninsula
Gulf Islands
rmelzer@rennie.com
Malahat
Central Saanich
Colwood
Esquimalt Langford Metchosin
North Saanich
Oak Bay
Saanich East Saanich West
Sidney Sooke
Victoria
Victoria West
View Royal
50 AREA MAPS
54 GLOSSARY
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 September 9, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.
to buy, or not to buy ( yet ) Victoria hasn’t had this much inventory heading into the fall since 2015. Will buyers take advantage of this choice and the material savings from three Bank of Canada rate cuts, or wait for more cuts? The answer to that will define the fate of this fall market.
three rate cuts have resulted in a $42,000 increase in purchasing power (i.e., they can now buy a $612,000 condo with the same monthly payment). So why would anyone consider making a purchase this fall with so many more interest rate cuts on the horizon? The answer is inventory. With 2,527 active MLS listings across Greater Victoria at the end of August, buyers have not had this much choice heading into the fall since 2015 (when there were 2,792 listings). Put another way, total inventory is 25% above the prior 10-year August average (of 2,016), with condo inventory leading at 47% above average versus 18% for both townhomes and detached homes. That inventory won’t be around for long though. Real estate activity is very seasonal and we know from history that a combination of more sales and fewer new listings in the fall (as well as more de-listings) means that inventory will decline significantly between now and year-end. Over the past 10 years, that decline has ranged between 16% and 55% (the average is 36%). How would-be buyers weigh more inventory today versus more interest rate cuts tomorrow will ultimately define the fall market.
August is already a slow time for real estate activity in Greater Victoria, and given today’s challenging affordability conditions with high interest rates and elevated home prices, this past August was no different. There were 538 MLS sales in August, and though this was up for the second consecutive year (from 525 in August 2023 and 481 in 2022), it was still 22% below the prior 10-year August average (of 690). Outside of the past two years, you’d have to go back to 2012 to find a slower August. Keep in mind that the population of Greater Victoria has grown by about 90,000 residents since then (or about 25%), so in per-capita terms, sales this August were exceptionally slow. Rather than mull over the August that was not, perhaps the best use of this space is to discuss what might be coming in the months ahead. Real estate activity typically ramps up in the fall with kids back in school and summer holidays in the rearview mirror.
What’s different this year, however, is that buyers are heading into the fall market with some extra confidence courtesy of three 25-basis-point interest rate cuts by the Bank of Canada. It’s only been about two months since the Bank officially began easing rates, but the cumulative impact of the rate wind- down to-date is notable. For example, if we assume 20% down on a benchmark condo in the region priced at $570,000 (that is, a $456,000 mortgage) and a variable-rate insured mortgage at the prime rate minus 100 basis points, then each of the past three interest rate cuts has resulted in a decrease in monthly mortgage payments of about $70. All told, that’s roughly $2,500 in cumulative annual savings relative to just a few months ago. Alternatively, if we assume that our would-be buyer is comfortable making the roughly $3,000 monthly payment that they would have prior to the Bank of Canada’s first interest rate cut, then the past
3 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 September 9, 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.
featured listings SEARCH FOR THE HOME YOU LOVE AT RENNIE.COM
HOUSE FOR SALE $1,249,900 | ATKINS 3278 Walfred Place 5 Bed, 3 Bath, 3,180 SF Quinn Van Gylswyk 250.888.0729
HOUSE FOR SALE $1,200,000 | ARBUTUS 1080 San Marino Crescent 4 Bed, 2 Bath, 3,214 SF
Haylie Leote 250.891.7442
HOUSE FOR SALE $1,149,000 | ARBUTUS 3191 Carman Street 3 Bed, 2 Bath, 1,710 SF
TOWNHOME FOR SALE $949,900 | ARBUTUS 43 - 901 Kentwood Lane 3 Bed, 3 Bath , 2,432 SF
Haden Campbell 250.882.9314
Matthew Davis PREC* 250.217.4922
TOWNHOME FOR SALE $929,900 | BRENTWOOD BAY 7062 Central Saanich Road 3 Bed, 2 Bath, 1,681 SF
TOWNHOME FOR SALE $779,900 | ATKINS 921 Whirlaway Crescent 4 Bed, 4 Bath, 1,912 SF
Jake Duvall 250.589.3612
Mike Pearce PREC* 250.514.3550
860 VIEW $724,900 | DOWNTOWN 705 - 860 View Street 2 Bed, 3 Bath, 1,125 SF
TOWNHOME FOR SALE $550,000 | BEAVER LAKE 18 - 4140 Interurban Road 2 Bed, 2 Bath, 1,501 SF
Chris Gill PREC* 250.744.6956
Brett Jones 250.588.7646
MIDTOWN PLACE $500,000 | HILLSIDE 304 - 2515 Dowler Place 2 Bed, 1 Bath, 857 SF
HOUSE FOR SALE $459,000 | YOUBOU 10190 Youbou Road 3 Bed, 2 Bath, 2,638 SF Samantha Armstrong 250.818.9539
Jeff Shaw 250.508.8035
4 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 September 9, 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.
victoria real estate board DETACHED - AUGUST 2 0 2 4
MONTHS OF INVENTORY 5.6 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 24% VS 2023
▼ 7% VS 2023
▼ 3% VS 2023
▼ 5% VS 2023
There were 1,372 detached listings in the Victoria Real Estate Board in August, 5% below July and 24% higher than August 2023. August detached home sales decreased by 17% month-over-month, to 245, and were 5% below August 2023. The months of inventory for detached in the Victoria Real Estate Board, at 5.6, reflected a balanced market.
THIS MONTH No. $1,279,287 $1,150,000 5.6 245 1,372
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,370,259 $1,188,500 4.3 258 1,108
-7% -3% 30% -5% 24%
$1,334,671 $1,172,500 4.9 294 1,448
-4% -1.9% 14% -17% -5%
The detached median price in August was $1,150,000, a 1.9% decrease from July and 3% below August 2023.
The average sold price was $1,279,287, 4% below last month and down 7% to August 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,493
33
1,399
32
1,372
1,448
1,227
1,220
1,186
1,073
1,108
27
1,004
876
797
776
381
294
281
227
185
258
245
332
137
318
213
184
162
$1.23M
$1.19M $1.21M
$1.17M $1.20M $1.17M $1.15M
$1.15M $1.15M
$1.12M $1.15M
$1.08M $1.06M
Aug-23
Jul-24
Aug-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
250
24+
24+
200
150
11.4
100
8.8
5.7
50
4.5
4.5
4.0
3.7
3.8
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 18 4.5
22 82 3.7
56 225 4.0
59 222 3.8
51 230 4.5
24 137 5.7
11 125 11.4
12 106 8.8
3 87 29.0
3 140 46.7
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 September 9, 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 TOWNHOME - AUGUST 2 0 2 4
MONTHS OF INVENTORY 3.0 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 7% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 3% VS 2023
▲ 2% VS 2023
▲ 25% VS 2023
▲ 13% VS 2023
There were 229 townhome listings in the Victoria Real Estate Board in August, 5% below July and 25% higher than August 2023. August townhome sales decreased by 3% month-over-month, to 76, and were 13% above August 2023. The months of inventory for townhomes in the Victoria Real Estate Board, at 3.0, reflected a sellers' market. The townhome median price in August was $767,000, a 3% decrease from July and 2% above August 2023. The average sold price was $830,720, 1.3% below last month; the average PSF sale price was $566, up 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
$566 $830,720 $767,000 3.0 76 229
$530 $805,663 $749,900 2.7 67 183
10% 13% 25%
$542 $841,386 $794,000 3.1 78 241
-3% -2% -3% -5%
7% 3% 2%
4% -1.3%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
34
264
261
221
31
229
210
242
241
205
203
183
199
176
163
94
78
72
65
76
18
52
85
67
77
75
43
37
35
$845K
$805K
$790K
$790K
$794K
$770K
$767K
$750K
$755K
$750K
$750K
$720K
$694K
Aug-23
Jul-24
Aug-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
5
5.0
50
4+ bdrms
4.8
26
40
3.5
3.1
37
3.0
2.8
3 bdrms
30
123
2.3
1.4
20
32
2 bdrms
78
10
0
2 2
<2 bdrms
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 8 11 1.4 18 42 2.3 18 56 3.1 13 36 2.8 6 30 5.0 8 38 4.8 3 9 3.0 2 7 3.5
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 September 9, 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 real estate board CONDO - AUGUST 2 0 2 4
MONTHS OF INVENTORY 4.2 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 1.0% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 51% VS 2023
▲ 9% VS 2023
▼ 3% VS 2023
▼ 1.4% VS 2023
There were 760 condo listings in the Victoria Real Estate Board in August, 8% below July and 51% higher than August 2023. August condo sales decreased by 15% month-over-month, to 182, and were 9% above August 2023. The months of inventory for condos in the Victoria Real Estate Board, at 4.2, reflected a sellers' market. The condo median price in August was $542,250, a 3% increase from July and 1.4% below August 2023. The average sold price was $597,694, 2.0% above last month; the average PSF sale price was $686, down 0.2% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 167 504
% Change
No. 213 829
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
182 760
-1% -3% -1.4% 38% 9% 51%
-0.2% 2% 3% 7% -15% -8%
$686 $597,694 $542,250 4.2
$693 $616,591 $550,000 3.0
$687 $586,200 $525,000 3.9
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
31
855
849
30
829
760
681
669
660
746
610
579
504
536
537
19
248
213
181
156
154
182
125
167
200
197
141
117
104
$559K
$559K
$550K
$550K
$545K
$544K
$546K
$542K
$540K
$530K
$525K
$525K
$520K
Aug-23
Jul-24
Aug-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.
350
24.0
300
4+ bdrms
250
2
200
3 bdrms
31
150
100
108
2 bdrms
5.7
5.2
4.8
459
3.9
50
3.1
0
72
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 11 n/a 17 66 3.9 107 336 3.1 39 204 5.2 12 68 5.7 0 22 n/a 1 24 24.0 6 29 4.8
<2 bdrms
270
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 September 9, 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 DETACHED - AUGUST 2 0 2 4
MONTHS OF INVENTORY 4.2 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 12% VS 2023
▲ 3% VS 2023
▼ 11% VS 2023
▼ 5% VS 2023
There were 446 detached listings in the Victoria Core in August, 13% below July and 12% higher than August 2023. August detached home sales decreased by 19% month-over-month, to 105, and were 3% above August 2023. The months of inventory for detached in the Victoria Core, at 4.2, reflected a sellers' market.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 102 400
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
105 446
-11% -5% 8% 3% 12%
129 511
-3% -0.4% 7% -19% -13%
The detached median price in August was $1,265,000, a 0.4% decrease from July and 5% below August 2023.
$1,394,182 $1,265,000 4.2
$1,439,080 $1,270,000 4.0
$1,572,778 $1,335,500 3.9
The average sold price was $1,394,182, 3% below last month and down 11% to August 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
29
453
515
512
511
442
27
446
397
435
400
316
360
22
268
260
185
167
140
109
86
153
105
102
129
97
77
72
66
$1.34M $1.30M
$1.34M $1.32M $1.27M $1.27M $1.26M
$1.20M $1.20M $1.20M $1.15M $1.20M $1.21M
Aug-23
Jul-24
Aug-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
70
24+
60
50
17.5
40
30
20
6.7
6.0
3.7
10
3.0
2.7
2.1
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
0 7 n/a
17 46 2.7
34 71 2.1
19 70 3.7
17 51 3.0
7 47 6.7
8 48 6.0
2 35 17.5
1 70 70.0
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 September 9, 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 TOWNHOME - AUGUST 2 0 2 4
MONTHS OF INVENTORY 2.3 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 0.2% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.5% VS 2023
▲ 0.8% VS 2023
▲ 7% VS 2023
▲ 27% VS 2023
There were 76 townhome listings in the Victoria Core in August, 8% below July and 7% higher than August 2023. August townhome sales decreased by 18% month-over-month, to 33, and were 27% above August 2023. The months of inventory for townhomes in the Victoria Core, at 2.3, reflected a sellers' market. The townhome median price in August was $860,000, a 0.6% increase from July and 0.8% above August 2023. The average sold price was $913,891, 1.5% above last month; the average PSF sale price was $600, up 6% 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
33 76
26 71
-0.2% 1.5% 0.8% -16% 27% 7%
40 83
6% 1.5% 0.6% 11% -18% -8%
$600 $913,891 $860,000 2.3
$602 $900,619 $853,000 2.7
$565 $900,060 $854,500 2.1
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
92
29
97
27
75
83
76
71
77
62
73
61
67
40
40
51
39
36
31
42
29
33
16
26
32
28
21
20
14
$890K
$881K
$869K
$874K
$853K
$855K
$860K
$840K
$840K
$820K
$815K
$800K
$700K
Aug-23
Jul-24
Aug-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
2
5.0
4+ bdrms
9
15
3.8
3.5
15
3 bdrms
2.6
10
39
2.0
1.7
1.5
1.4
16
5
2 bdrms
28
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 4 2.0
5 7 1.4
7 12 1.7
6 9 1.5
5 13 2.6
5 19 3.8
2 7 3.5
1 5 5.0
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 September 9, 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 ●
victoria core CONDO - AUGUST 2 0 2 4
MONTHS OF INVENTORY 4.1 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 1.7% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 39% VS 2023
▲ 12% VS 2023
▼ 1.0% VS 2023
▼ 1.3% VS 2023
There were 513 condo listings in the Victoria Core in August, 11% below July and 39% higher than August 2023. August condo sales decreased by 16% month-over-month, to 125, and were 12% above August 2023. The months of inventory for condos in the Victoria Core, at 4.1, reflected a sellers' market. The condo median price in August was $538,000, a 2% increase from July and 1.3% below August 2023. The average sold price was $595,128, 0.8% above last month; the average PSF sale price was $691, down 1.4% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 112 370
% Change
No. 149 574
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
125 513
24% 12% 39%
-16% -11%
$691 $595,128 $538,000 4.1
$702 $601,308 $545,000 3.3
$700 $590,413 $525,000 3.9
2% 7%
-1.7% -1% -1.3%
-1.4% 0.8%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
574
36
540
525
600
580
496
513
450
31
469
414
410
409
370
183
149
133
116
107
125
112
138
134
17
112
88
86
73
$572K
$563K
$558K
$557K
$549K
$550K
$545K
$543K
$541K
$538K
$520K
$525K
$500K
Aug-23
Jul-24
Aug-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.
21.0
200
4+ bdrms
150
2
3 bdrms
18
100
6.3
70
5.3
2 bdrms
5.0
50
291
3.5
3.1
0
53
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 5 n/a 14 49 3.5 72 223 3.1 25 124 5.0 9 48 5.3 0 18 n/a 1 21 21.0 4 25 6.3
<2 bdrms
204
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 September 9, 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 DETACHED - AUGUST 2 0 2 4
MONTHS OF INVENTORY 5.4 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 8% VS 2023
▲ 9% VS 2023
▲ 37% VS 2023
▲ 10% VS 2023
There were 466 detached listings in the Westshore in August, 4% below July and 37% higher than August 2023. August detached home sales increased by 2% month-over-month, to 86, and were 10% above August 2023. The months of inventory for detached in the Westshore, at 5.4, reflected a balanced market.
THIS MONTH No. $1,128,925 $1,080,000 5.4 86 466
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,047,217 $993,500 4.4 78 341
24% 10% 37%
$1,165,636 $1,082,450 5.8 84 484
-3% -0.2% -6% 2% -4%
The detached median price in August was $1,080,000, a 0.2% decrease from July and 9% above August 2023.
The average sold price was $1,128,925, 3% below last month and up 8% to August 2023.
8% 9%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
515
35
466
427
484
32
465
393
385
373
30
320
341
346
291
288
111
87
54
56
86
78
43
41
90
87
84
61
53
$1.10M $1.03M $1.06M $1.08M $1.08M
$1.02M $1.06M
$994K $1.04M
$990K
$980K
$973K
$960K
Aug-23
Jul-24
Aug-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
100
24+
80
19.0
17.0
60
11.0
40
7.0
5.1
20
4.4
3.8
2.7
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
1 7 7.0
13 35 2.7
24 105 4.4
17 87 5.1
23 88 3.8
4 44 11.0
2 34 17.0
1 25 25.0
1 19 19.0
0 22 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 September 9, 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 TOWNHOME - AUGUST 2 0 2 4
MONTHS OF INVENTORY 3.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 10% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 26% VS 2023
▼ 4% VS 2023
▼ 6% VS 2023
▼ 21% VS 2023
There were 106 townhome listings in the Westshore in August, 3% below July and 26% higher than August 2023. August townhome sales remained the same month-over-month, at 27, and were 21% below August 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for townhomes in the Westshore, at 3.9, reflected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$527 $715,405 $680,000 3.9 27 106
34 84
10% -4% -6% 59% -21% 26%
$502 $744,359 $745,000 4.0 27 109
5% -4% -9% -3% 0% -3%
The townhome median price in August was $680,000, a 9% decrease from July and 6% below August 2023. The average sold price was $715,405, 4% below last month; the average PSF sale price was $527, up 5% to last month.
$478 $746,365 $724,703 2.5
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
45
122
120
103
102
115
99
106
111
94
109
84
90
87
34
44
31
34
36
27
34
27
11
21
23
22
15
14
13
$790K
$772K
$761K
$738K
$745K
$741K
$745K
$732K
$730K
$725K
$725K
$685K
$680K
Aug-23
Jul-24
Aug-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.
35
3
30
7.0
4+ bdrms
14
5.7
25
14
20
4.1
3 bdrms
62
15
2.5
1.7
8
10
2 bdrms
29
5
0
2
<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 5 1.7
11 27 2.5
8 33 4.1
3 17 5.7
0 10 n/a
2 14 7.0
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 September 9, 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 ●
westshore CONDO - AUGUST 2 0 2 4
MONTHS OF INVENTORY 4.2 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 4% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 6% VS 2023
▲ 71% VS 2023
▲ 16% VS 2023
▼ 1.6% VS 2023
There were 181 condo listings in the Westshore in August, 1.6% below July and 71% higher than August 2023. August condo sales decreased by 2% month-over-month, to 43, and were 16% above August 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in the Westshore, at 4.2, reflected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$645 $536,591 $535,000 4.2 43 181
$622 $545,074 $505,000 2.9 37 106
47% 16% 71%
$628 $515,039 $516,000 4.2 44 184
3% 4% 4% 0.7% -2% -1.6%
The condo median price in August was $535,000, a 4% increase from July and 6% above August 2023. The average sold price was $536,591, 4% above last month; the average PSF sale price was $645, up 3% to last month.
4% -1.6% 6%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
213
28
27
179
181
184
148
23
125
121
121
145
111
106
90
83
50
44
35
43
27
37
42
40
33
27
24
20
20
$567K
$545K
$544K
$536K
$530K
$533K
$531K
$535K
$516K
$511K
$505K
$500K
$492K
Aug-23
Jul-24
Aug-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.
80
17.0
4+ bdrms
60
3 bdrms
11
40
6.9
28
2 bdrms
20
122
2.6
0
15
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 6 n/a 1 17 17.0 34 87 2.6 8 55 6.9 0 14 n/a 0 1 n/a 0 1 n/a
<2 bdrms
48
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 September 9, 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 DETACHED - AUGUST 2 0 2 4
MONTHS OF INVENTORY 6.0 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 6% VS 2023
▲ 2% VS 2023
▲ 17% VS 2023
▼ 35% VS 2023
There were 145 detached listings in the Peninsula in August, 5% below July and 17% higher than August 2023. August detached home sales decreased by 35% month-over-month, to 24, and were 35% below August 2023. The months of inventory for detached in the Peninsula, at 6.0, reflected a balanced market.
THIS MONTH No. $1,753,346 $1,352,500 6.0 24 145
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,651,103 $1,325,000 3.4 37 124
6% 2% 80% -35% 17%
$1,695,954 $1,190,000 4.1 37 152
3% 14% 47% -35% -5%
The detached median price in August was $1,352,500, a 14% increase from July and 2% above August 2023.
The average sold price was $1,753,346, 3% above last month and up 6% to August 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
34
145
156
145
152
32
128
128
124
110
107
120
80
77
72
21
38
37
31
37
26
22
35
24
30
25
17
16
17
$1.35M
$1.33M $1.25M
$1.30M $1.38M
$1.27M $1.35M
$1.25M
$1.20M $1.29M
$1.19M
$1.18M
$1.07M
Aug-23
Jul-24
Aug-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
30
11.5
25
10.0
10.0
20
15
6.0
5.3
10
2.3
2.2
5
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
5 11 2.2
6 14 2.3
5 30 6.0
1 10 10.0
2 20 10.0
3 16 5.3
0 20 n/a
2 23 11.5
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 September 9, 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 TOWNHOME - AUGUST 2 0 2 4
MONTHS OF INVENTORY 2.1 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 0.4% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 14% VS 2023
▲ 10% VS 2023
▲ 100% VS 2023
▲ 200% VS 2023
There were 32 townhome listings in the Peninsula in August, 3% below July and 100% higher than August 2023. August townhome sales increased by 88% month-over-month, to 15, and were 200% above August 2023. The months of inventory for townhomes in the Peninsula, at 2.1, reflected a sellers' market. The townhome median price in August was $819,900, a 13% decrease from July and 10% above August 2023. The average sold price was $875,693, 6% below last month; the average PSF sale price was $565, 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
15 32
$563 $766,384 $746,520 3.2 5 16
0.4% 14% 10% -33% 200% 100%
$580 $926,688 $945,750 4.1 8 33
-13% -48% 88% -3%
$565 $875,693 $819,900 2.1
-3% -6%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
25
31
24
32
33
30
25
24
24
24
24
24
23
22
15
16
12
10
10
8
6
8
8
3
3
7
6
5
9
$1.12M
$946K
$865K
$853K
$840K
$822K
$820K
$764K
$747K
$749K
$730K
$715K
$702K
Aug-23
Jul-24
Aug-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.
8
5.0
5.0
4+ bdrms
3
6
8
3 bdrms
2.5
15
2.3
4
2.0
2.0
7
2 bdrms
2
13
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
2 0 n/a
2 5 2.5
3 7 2.3
4 8 2.0
1 5 5.0
1 5 5.0
1 2 2.0
1 0 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 September 9, 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 ●
peninsula CONDO - AUGUST 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
▲ 1.0% VS 2023
▲ 133% VS 2023
▼ 8% VS 2023
▼ 18% VS 2023
There were 63 condo listings in the Peninsula in August, 7% below July and 133% higher than August 2023. August condo sales decreased by 26% month-over-month, to 14, and were 18% below August 2023. The months of inventory for condos in the Peninsula, at 4.5, reflected a sellers' market. The condo median price in August was $752,250, a 33% increase from July and 1.0% above August 2023. The average sold price was $808,286, 13% above last month; the average PSF sale price was $766, 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
14 63
17 27
183% -18% 133%
19 68
9% 13% 33% 26% -26% -7%
$766 $808,286 $752,250 4.5
$794 $880,729 $745,000 1.6
$703 $713,279 $567,000 3.6
-4% -8% 1%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
68
29
63
66
58
57
46
44
42
49
21
37
36
34
27
22
19
13
13
17
15
11
19
14
9
16
10
8
7
$752K
$745K
$625K
$625K
$602K
$599K
$588K
$590K
$578K
$567K
$560K
$535K
$505K
Aug-23
Jul-24
Aug-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.
25
24.0
4+ bdrms
20
15
3 bdrms
2
10
10
2 bdrms
5
46
4.0
2.0
1.5
0
4
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 2 0 n/a 1 24 24.0 6 24 4.0 3 6 2.0 0 3 n/a 0 3 n/a 2 3 1.5
<2 bdrms
15
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 September 9, 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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