the victoria rennie advance | October 2024

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

published October 2024

table of contents

The rennie advance is a summary of the latest sales, listings, and price trends in Greater Victoria. It is produced at the beginning of each month and it reflects the latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.

02 INTRO 03 SALES 04 NEW LISTINGS 05 INVENTORY 06 MEDIAN PRICES 07 RENNIE INTELLIGENCE

Roman Melzer MARKET ANALYST

Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com

Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com

rmelzer@rennie.com

Copyright © 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of October 2, 2024. All data from the Victoria Real Estate Board & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 2

highlights • Therewere547 M LS salesin G reaterVictoriain Septem ber,up 1.7% m onth-over-m onth versusa typicalAugust-to-Septem berdeclineof8% .O verthepast10 years,saleshaveincreased onlyonce between Augustand Septem ber(up 1.6% in Septem ber2020). • Salesw erealso up 15% relativeto Septem ber2023 (477 sales),m arking thethird consecutive m onth wheresaleswerehigheron ayear-over-yearbasis.Theannualincreasewasdriven by condos(+21%,to188)and detached hom es(+16%,to263),whiletownhom esalesdeclined (-5%, to 62). • Totalsalesw erestil 14% below theirprior10-yearSeptem beraverage(of635).D etached sales werethefurthestbelow average(-19%),folowed bytownhom es(-11%)and condos(-6%).

GREATERVICTORIA THERENNIEADVANCE sales

SEPTEMBER 2024

800

+ 16% vsSep 2023

700

600

500

400

325 10 yrSep Avg

300

200

DETACHED sales

263

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

- 19% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

- 5% vsSep 2023

200

150

70 10 yrSep Avg

100

TOWNHOME sales

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

- 11% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

+ 21% vsSep 2023

100 150 200 250 300 350 400

201 10 yrSep Avg

188

CONDO sales

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

- 6% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofOctober2,2024.Aldatafrom theVictoriaRealEstateBoard& Ren ie. W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakestepsastherecipientm ay de m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochange andanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 3 ●

highlights • N ew M LS listingsof1,333 in Septem berspiked 40% m onth-over-m onth,fargreaterthan the typical10% August-to-Septem berincrease.Thiswasthefourth-m ostofanym onth thisyear.N ew listingspeaked in Aprilat1,674. • N ew listingswere28% higherthan theprior10-yearSeptem beraverage(of1,044).N ew condo listingswerethefurthestaboveaverage(+45%,to460),folowed bytownhom es(+37%,to153) and detached hom es(+17%,to646). • N ew listingswereup 9% on ayear-over-yearbasiswith new townhom elistingsup 25% versusa 20% increaseforcondosand a0.8% increasefordetached hom es.

GREATERVICTORIA THERENNIEADVANCE new listings

SEPTEMBER 2024

1,000

+ 0.8% vsSep 2023

800

600

646

551 10 yrSep Avg

400

DETACHED new listings

200

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

+ 17% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

+ 25% vsSep 2023

250

200

150

153

112 10 yrSep Avg

100

TOWNHOME new listings

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

+ 37% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

600

+ 20% vsSep 2023

500

460

400

300

317 10 yrSep Avg

200

CONDO new listings

100

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

+ 45% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

highlights • A ctiveM LS listingsincreased 7% m onth-over-m onth aftertw o consecutivem onthly declinesto reach 2,708 in Septem ber.Thehigh-waterm ark forinventorythisyearwasJuneat2,792 listings. Priortothen,inventoryhasn’tbeen thishigh sinceAugust2015. • Inventorywas35% aboveitsprior10-yearSeptem beraverage(of2,001),led bycondos(+60%,to 836),and folowed bytownhom es(+35%,to264)and detached hom es(+25%,to1,430). • Them arketwasbalanced with 5.0 m onthsofinventory(M O I),up from 4.7 in August.Thecondo and townhom esegm entscontinued to favourselerswith M O Isof4.4 and 4.3,respectively,while detached wasbalanced with an M O Iof5.6.

GREATERVICTORIA THERENNIEADVANCE inventory

SEPTEMBER 2024

2,500

+ 17% vsSep 2023

2,000

1,500

1,430

1,140 10 yrSep Avg

1,000

DETACHED inventory

500

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

+ 25% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

600

+ 29% vsSep 2023

500

400

300

195 10 yrSep Avg

264

200

TOWNHOME inventory

100

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

+ 35% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

1,000

+ 37% vsSep 2023

800

836

600

521 10 yrSep Avg

400

CONDO inventory

200

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

+ 60% vs10yrSep Avg

● Septem ber ﹍ 10 yrSeptem berAverage

highlights • Them edian sold pricein G reaterV ictoriadecreased by 1.1% (averaged acros hom etypes) between Augustand Septem ber.Them edian sold pricefordetached hom esdeclined 3% (to$1.11 m ilion),townhom epriceswereup 0.7% (to$770k),and condopricesdeclined 0.4% (to$540k). • Com pared to lastyear,m edian sold pricesweredown by3% (averaged acros hom etypes)with detached hom esseeingthebiggestdeclineat8% and m edian condo pricesfaling3%.In contrast, townhom em edian priceswereup 2.0%. •

GREATERVICTORIA THERENNIEADVANCE median prices

SEPTEMBER 2024

$1,400,000

G reaterV ictoria

$1,200,000

$1,110,000

$1,000,000

$800,000

$600,000

- 8% vsSep 2023

DETACHED median salesprice

$400,000

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

● Septem ber

$1,000,000

G reaterV ictoria

$800,000

$770,000

$600,000

+ 2% vsSep 2023

$400,000

TOWNHOME median salesprice

$200,000

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

● Septem ber

$600,000

G reaterV ictoria

$540,000

$500,000

$400,000

$300,000

- 3% vsSep 2023

$200,000

CONDO median salesprice

$100,000

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

● Septem ber

the data behind rennie

Our rennie intelligence team comprises our senior economist, market analysts, and business intelligence analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in real estate dynamics, urban land economics, the macroeconomy, shifting demographics, and data science, their industry-leading data acquisition, analytical systems, and strategic research supports a comprehensive advisory service and forms the basis of frequent reports and public presentations, covering the Vancouver, Kelowna, Victoria, and Seattle marketplaces. Their thoughtful and objective approach embodies the core values of rennie.

Reach out to your rennie representative to learn more and to receive these publications on a regular basis, or visit us at intelligence.rennie.com

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