the rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR 19 SUB-MARKETS IN GREATER VICTORIA
published October 2023
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. This report examines the market stats by sub-market, provides updates on current rennie projects, and more.
NEIGHBOURHOOD PROFILES
07 10 13 16 17 18 19 21 24 27 28 29 31 34 37 41 43 45 46
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
49 AREA MAPS
Copyright © 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 13, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
the focus is on supply: inventory reaches a four-year high Market dynamics have shifted in Greater Victoria’s housing market, due mainly to high interest rates. Decreasing sales and increasing new listings have combined to expand inventory to a level not seen since 2019.
activity to 453 MLS sales throughout Greater Victoria in September—the lowest monthly total since February, and the fourth consecutive monthly decline in sales. And while the typical seasonal pattern is fewer sales in September than in August, last month’s decrease of 14% far outpaces the typical decline of 8%. Additionally, September’s sales count was 29% less than the past-decade average. (For what it’s worth, last month’s sales were actually 9% higher than one year ago—though sales through the latter half of 2022 were historically low.) Don’t be surprised if current conditions extend through the balance of 2023 and into 2024, with situational buyers far outnumbering opportunistic ones and a growing number of owners (including investors) putting their homes on the market. For better or worse, Greater Victoria’s market—like most others across the country—will ultimately be guided by the path of inflation and interest rates for the foreseeable future. On that note, we’re keen to continue to follow the region’s housing market as it evolves in the months and years ahead, and for the opportunity to share our perspectives and insights along the way.
The intelligence division at rennie is excited to introduce this first edition of the Victoria rennie review—a monthly report that presents the latest MLS data for detached homes, townhomes, and condos in the Greater Victoria Area, along with its regions and MLS areas. We’ll produce this report and (if you choose) send it right to your inbox each and every month going forward. As with the Vancouver rennie review, we hope you find it to be a consistently useful tool for gauging how Victoria’s housing market is evolving each month. And just like other markets in British Columbia (and across the country), Greater Victoria’s housing market has been evolving in direct proportion to the Bank of Canada’s unprecedented rate-tightening cycle, with interest rates now at their highest level in two decades. It’s these generationally-high interest rates that are keeping buyers on the sidelines while more sellers put their homes
on the market, and that in turn have caused inventory to expand to its highest level in four years. Let’s get to the numbers: there were 1,216 new MLS listings in September, which was up 23% from August. Not only does this outpace the typical seasonal increase of 9%, it’s 13% higher than one year ago, and 19% more than the past 10-year September average. With new listings up and sales down (we’ll get to the latter in a moment), inventory has—substantially—grown of late, with there being 2,176 homes available for purchase at the end of September. This represents a 14% expansion from August (versus the typical 2% decline), was 18% higher than one year ago, and now sits 1.5% above the past-decade September average. On the demand side of the market, what amounts to prohibitively-high borrowing costs for many would-be buyers restricted
Copyright © 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 13, 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. 3
victoria real estate board DETACHED - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 5.4 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 7% VS 2022
▲ 9% VS 2022
▲ 18% VS 2022
▲ 8% VS 2022
There were 1,227 detached listings in the Victoria Real Estate Board in September, 11% above August and 18% higher than September 2022. September detached home sales decreased by 12% month-over-month, to 227, and were 8% above September 2022. The months of inventory for detached in the Victoria Real Estate Board, at 5.4, reflected a balanced market. The detached median price in September was $1,210,000, a 1.8% increase from August and 9% above September 2022. The average sold price was $1,355,621, 1.1% below last month and up 7% to September 2022.
THIS MONTH No. $1,355,621 $1,210,000 5.4 227 1,227
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,269,758 $1,107,000 496% 210 1,041
7% 9% 9% 8% 18%
$1,370,259 $1,188,500 4.3 258 1,108
-1.1% 1.8% 26% -12% 11%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
29
1,227
1,113
27
1,041
1,108
886
1,019
954
784
918
23
816
713
675
652
372
289
258
221
181
318
312
227
210
273
197
139
117
$1.20M $1.19M $1.19M $1.20M $1.19M $1.21M
$1.15M $1.08M
$1.11M $1.07M $1.06M $1.05M $1.07M
Sep-22
Aug-23
Sep-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
200
18.3
150
14.2
100
8.6
6.5
6.5
5.1
4.5
50
3.6
3.5
2.6
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 13 2.6
21 75 3.6
40 203 5.1
57 200 3.5
42 191 4.5
22 143 6.5
15 98 6.5
12 103 8.6
4 73 18.3
9 128 14.2
Copyright © 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 13, 2023. 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 - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 3.6 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 8% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 7% VS 2022
▲ 5% VS 2022
▲ 7% VS 2022
▲ 39% VS 2022
There were 282 townhome listings in the Victoria Real Estate Board in September, 10% above August and 7% higher than September 2022. September townhome sales decreased by 6% month-over-month, to 79, and were 39% above September 2022. The months of inventory for townhomes in the Victoria Real Estate Board, at 3.6, reflected a sellers' market. The townhome median price in September was $775,000, a 0.3% decrease from August and 5% above September 2022. The average sold price was $852,609, 1.0% above last month; the average PSF sale price was $545, up 5% 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
$545 $852,609 $775,000 3.6 79 282
$504 $795,046 $735,000 461% 57 263
8% 7% 5% -23% 39% 7%
$520 $844,383 $777,250 3.0 84 256
5% 1% -0.3% 17% -6% 10%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
28
282
253
263
239
232
256
216
247
211
237
212
188
21
174
122
19
112
89
75
71
99
79
55
90
84
57
50
47
$847K
$825K
$799K
$790K
$777K
$775K
$765K
$765K
$760K
$760K
$755K
$735K
$669K
Sep-22
Aug-23
Sep-23
▶ 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.
70
9
8.3
4+ bdrms
60
61
50
6.3
37
40
3 bdrms
160
4.3
4.2
4.1
30
2.8
2.4
31
20
1.7
2 bdrms
58
10
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 7 12 1.7 18 44 2.4 16 68 4.3 14 39 2.8 10 42 4.2 8 33 4.1 3 19 6.3 3 25 8.3
3
Copyright © 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 13, 2023. 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 - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 3.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 5% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 5% VS 2022
▲ 2% VS 2022
▲ 25% VS 2022
▲ 17% VS 2022
There were 610 condo listings in the Victoria Real Estate Board in September, 21% above August and 25% higher than September 2022. September condo sales decreased by 7% month-over-month, to 156, and were 17% above September 2022. The months of inventory for condos in the Victoria Real Estate Board, at 3.9, reflected a sellers' market. The condo median price in September was $558,500, a 1.5% increase from August and 2% above September 2022. The average sold price was $655,056, 6% above last month; the average PSF sale price was $699, up 0.9% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 133 488
% Change
No. 167 504
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
156 610
17% 25%
0.9% 6% 1.5% 30% -7% 21%
$699 $655,056 $558,500 3.9
$665 $620,981 $545,000 367%
5% 5% 2% 7%
$693 $616,591 $550,000 3.0
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
21
610
494
487
19
476
470
460
488
504
415
18
484
475
413
360
254
245
200
164
155
208
129
156
191
133
167
103
94
$570K
$560K
$555K
$555K
$559K
$550K
$548K
$550K
$545K
$545K
$537K
$525K
$508K
Sep-22
Aug-23
Sep-23
▶ 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
6.8
4+ bdrms
6.4
1
6.0
200
5.2
6
150
4.0
3 bdrms
20
3.2
2.8
100
2.3
86
2 bdrms
50
339
0
64
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 80 253 3.2 36 188 5.2 9 61 6.8 9 21 2.3 3 12 4.0 5 32 6.4 1 6 6.0 13 37 2.8
<2 bdrms
250
Copyright © 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 13, 2023. 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 - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 4.2 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 15% VS 2022
▲ 10% VS 2022
▲ 21% VS 2022
▲ 15% VS 2022
There were 453 detached listings in the Victoria Core in September, 13% above August and 21% higher than September 2022. September detached home sales increased by 7% month-over-month, to 109, and were 15% above September 2022. The months of inventory for detached in the Victoria Core, at 4.2, reflected a sellers' market. The detached median price in September was $1,299,000, a 3% decrease from August and 10% above September 2022. The average sold price was $1,569,635, 0.2% below last month and up 15% to September 2022.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
109 453
$1,360,789 $1,180,000 394% 95 374
15% 10% 6% 15% 21%
102 400
6% 7% 13%
$1,569,635 $1,299,000 4.2
$1,572,778 $1,335,500 3.9
-0.2% -3%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
23
453
398
22
22
374
400
310
297
354
323
314
282
258
233
219
161
144
139
118
151
109
95
112
102
94
73
58
52
$1.25M $1.25M $1.30M $1.27M $1.25M $1.34M $1.30M $1.17M $1.21M
$1.18M $1.18M
$1.12M $1.10M
Sep-22
Aug-23
Sep-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
70
12.0
60
50
40
7.0
5.9
30
4.7
3.9
3.9
20
3.3
3.2
2.7
2.0
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
1 2 2.0
3 10 3.3
16 63 3.9
26 69 2.7
21 67 3.2
13 61 4.7
9 35 3.9
8 47 5.9
3 36 12.0
9 63 7.0
Copyright © 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 13, 2023. 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 - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 2.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 7% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.8% VS 2022
▲ 11% VS 2022
▲ 57% VS 2022
▼ 8% VS 2022
There were 104 townhome listings in the Victoria Core in September, 2.0% above August and 8% lower than September 2022. September townhome sales increased by 13% month-over-month, to 36, and were 57% above September 2022. The months of inventory for townhomes in the Victoria Core, at 2.9, reflected a sellers' market. The townhome median price in September was $834,950, a 3% decrease from August and 11% above September 2022. The average sold price was $913,640, 2% below last month; the average PSF sale price was $589, up 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
$589 $913,640 $834,950 2.9 36 104
$550 $897,609 $750,000 491% 23 113
7% 1.8% 11% -41% 57% -8%
$577 $935,691 $863,500 3.2 32 102
2% -2% -3% -9% 13% 2%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
28
113
102
97
104
93
77
90
88
68
77
61
59
59
39
17
46
32
45
36
42 28
40
38
15
32
23
21
16
$890K
$864K
$864K
$857K
$844K
$850K
$835K
$835K
$820K
$822K
$785K
$765K
$750K
Sep-22
Aug-23
Sep-23
▶ 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
4
6.3
4+ bdrms
28
5.7
15
5.0
5.0
16
3 bdrms
55
10
2.3
2.0
14
1.1
2 bdrms
5
0.8
21
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
5 4 0.8
7 8 1.1
3 17 5.7
7 16 2.3
4 20 5.0
5 10 2.0
2 10 5.0
3 19 6.3
Copyright © 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 13, 2023. 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 - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 3.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 5% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 11% VS 2022
▲ 3% VS 2022
▲ 21% VS 2022
▲ 17% VS 2022
There were 450 condo listings in the Victoria Core in September, 22% above August and 21% higher than September 2022. September condo sales increased by 4% month-over-month, to 116, and were 17% above September 2022. The months of inventory for condos in the Victoria Core, at 3.9, reflected a sellers' market. The condo median price in September was $562,500, a 3% increase from August and 3% above September 2022. The average sold price was $682,955, 14% above last month; the average PSF sale price was $713, up 1.5% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No. 112 370
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
116 450
$681 $613,801 $545,000 375% 99 371
17% 21%
1.5% 14% 3% 17% 4% 22%
$713 $682,955 $562,500 3.9
3% 4%
$702 $601,308 $545,000 3.3
5% 11%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
22
450
379
365
349
371
344
342
315
370
19
344
338
311
17
287
195
197
157
155
129
116
95
148
116
99
112
70
69
$569K
$560K
$565K
$563K
$553K
$545K
$545K
$550K
$545K
$540K
$543K
$520K
$503K
Sep-22
Aug-23
Sep-23
▶ 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.
7.0
4+ bdrms
150
1
5.6
5.1
5
100
3 bdrms
3.7
9
3.2
3.2
2.2
63
50
2 bdrms
236
0
48
<$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 11 35 3.2 56 180 3.2 25 128 5.1 8 45 5.6 9 20 2.2 3 11 3.7 4 28 7.0
<2 bdrms
204
Copyright © 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 13, 2023. 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 - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 7.4 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2022
▲ 24% VS 2022
▲ 1.9% VS 2022
▼ 6% VS 2022
There were 393 detached listings in the Westshore in September, 15% above August and 24% higher than September 2022. September detached home sales decreased by 32% month-over-month, to 53, and were 1.9% above September 2022. The months of inventory for detached in the Westshore, at 7.4, reflected a balanced market. The detached median price in September was $1,040,000, a 5% increase from August and 4% above September 2022. The average sold price was $1,051,599, 0.4% above last month and down 6% to September 2022.
THIS MONTH No. $1,051,599 $1,040,000 7.4 53 393
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,121,725 $999,450 612% 52 318
-6% 4% 21% 1.9% 24%
$1,047,217 $993,500 4.4 78 341
0.4% 5% 70% -32% 15%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
40
393
332
307
305
318
341
281
236
276
30
255
247
241
229
24
116
80
78
58
55
89
82
81
53
52
27
42
40
$1.14M
$1.14M
$1.13M
$995K $1.07M $1.04M
$1.06M $1.06M
$999K
$994K $1.04M
$978K
$918K
Sep-22
Aug-23
Sep-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
80
13.0
60
7.6
6.9
40
4.6
20
2.5
1.5
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
2 3 1.5
11 28 2.5
11 84 7.6
16 73 4.6
10 69 6.9
3 39 13.0
0 39 n/a
0 26 n/a
0 15 n/a
0 17 n/a
Copyright © 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 13, 2023. 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 - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 5.3 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 1.1% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 8% VS 2022
▲ 4% VS 2022
▼ 1.3% VS 2022
▼ 0.9% VS 2022
There were 132 townhome listings in the Westshore in September, 13% above August and 8% higher than September 2022. September townhome sales decreased by 40% month-over-month, to 25, and were 4% above September 2022. The months of inventory for townhomes in the Westshore, at 5.3, reflected a balanced market. The townhome median price in September was $732,000, a 2% decrease from August and 0.9% below September 2022. The average sold price was $743,259, 6% below last month; the average PSF sale price was $477, up 0.3% 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
$477 $743,259 $732,000 5.3 25 132
$483 $753,027 $738,625 508% 24 122
4% 4% 8%
$476 $794,909 $747,450 2.8 42 117
0.3% -6% -2% 90% -40% 13%
-1.1% -1.3% -0.9%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
27
132
123
122
118
118
122
130
130
26
108
117
111
102
21
91
43
42
39
36
30
25
41
24
25
24
30
26
18
$795K
$759K
$754K
$747K
$739K
$735K
$732K
$713K
$712K
$720K
$719K
$665K
$608K
Sep-22
Aug-23
Sep-23
▶ 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.
3
40
20.0
4+ bdrms
28
30
14.0
14
3 bdrms
85
10.5
20
8
2 bdrms
4.0
10
19
3.3
1.5
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 20 20.0 1 14 14.0 2 21 10.5 0 3 n/a 0 1 n/a 2 3 1.5 8 26 3.3 11 44 4.0
Copyright © 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 13, 2023. 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 - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 4.6 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 7% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 52% VS 2022
▲ 50% VS 2022
▼ 1.2% VS 2022
▼ 2% VS 2022
There were 125 condo listings in the Westshore in September, 18% above August and 52% higher than September 2022. September condo sales decreased by 27% month-over-month, to 27, and were 50% above September 2022. The months of inventory for condos in the Westshore, at 4.6, reflected a sellers' market. The condo median price in September was $530,000, a 5% increase from August and 2% below September 2022. The average sold price was $537,530, 1.4% below last month; the average PSF sale price was $651, up 5% 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
$651 $537,530 $530,000 4.6 27 125
18 82
50% 52%
$622 $545,074 $505,000 2.9 37 106
5% -1.4% 5% 62% -27% 18%
$609 $544,061 $542,500 456%
7% -1.2% -2% 1.6%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
27
125
117
110
96
106
89
84
99
82
20
65
76
63
45
43
37
16
45
25
20
27
26
18
24
22
18
16
15
$573K
$565K
$560K
$560K
$543K
$539K
$530K
$525K
$499K
$505K
$491K
$484K
$457K
Sep-22
Aug-23
Sep-23
▶ 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
11.0
4+ bdrms
50
7.5
40
3 bdrms
9
30
3.5
20
16
2 bdrms
2.0
2.0
83
10
0
11
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 11 11.0 0 2 n/a 1 2 2.0 1 2 2.0 18 63 3.5 6 45 7.5
<2 bdrms
33
Copyright © 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 13, 2023. 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 - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 4.3 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.8% VS 2022
▲ 14% VS 2022
▲ 3% VS 2022
▼ 10% VS 2022
There were 128 detached listings in the Peninsula in September, 3% above August and 14% higher than September 2022. September detached home sales decreased by 19% month-over-month, to 30, and were 3% above September 2022. The months of inventory for detached in the Peninsula, at 4.3, reflected a sellers' market. The detached median price in September was $1,252,500, a 5% decrease from August and 0.8% above September 2022. The average sold price was $1,368,500, 17% below last month and down 10% to September 2022.
THIS MONTH No. $1,368,500 $1,252,500 4.3 30 128
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,517,650 $1,242,400 386% 29 112
-10% 0.8% 10% 3% 14%
$1,651,103 $1,325,000 3.4 37 124
-17% -5% 27% -19% 3%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
31
128
125 124
108
106
112
112
91
90
68
21
33 68
65
47
62
37
17
28
27
30
29
34
33
28
27
15
14
$1.55M
$1.38M
$1.34M $1.25M
$1.26M $1.33M $1.25M
$1.24M
$1.21M $1.24M
$1.07M $1.13M
$1.07M
Sep-22
Aug-23
Sep-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
30
11.0
25
20
8.0
15
5.0
10
3.8
2.9
2.7
1.9
5
1.0
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
2 2 1.0
2 10 5.0
9 17 1.9
7 20 2.9
4 15 3.8
3 8 2.7
2 16 8.0
1 11 11.0
0 29 n/a
Copyright © 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 13, 2023. 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 - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 2.1 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 7% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 6% VS 2022
▲ 13% VS 2022
▲ 38% VS 2022
▲ 180% VS 2022
There were 29 townhome listings in the Peninsula in September, 32% above August and 38% higher than September 2022. September townhome sales increased by 75% month-over-month, to 14, and were 180% above September 2022. The months of inventory for townhomes in the Peninsula, at 2.1, reflected a sellers' market. The townhome median price in September was $868,125, a 11% increase from August and 13% above September 2022. The average sold price was $901,789, 16% above last month; the average PSF sale price was $598, up 8% 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 29
$557 $851,400 $770,000 420% 5 21
-51% 180% 38%
$551 $780,615 $781,500 2.8 8 22
8% 16% 11% -25% 75% 32%
$598 $901,789 $868,125 2.1
7% 6% 13%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
31
15
29
29
25
25
13
23
21
21
21
12
22
22
17
19
14
16
15
10
13
9
11
6
8
8
5
4
4
$983K
$913K
$904K
$900K
$900K
$888K
$868K
$810K
$792K
$782K
$770K
$731K
$671K
Sep-22
Aug-23
Sep-23
▶ 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.
6
6.0
4+ bdrms
4
5
4
4.0
6
3 bdrms
16
3
2.0
1.5
2
8 8
1.0
2 bdrms
0.4
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
1
0 2 n/a
2 4 2.0
1 4 4.0
5 2 0.4
4 6 1.5
1 1 1.0
1 6 6.0
0 4 n/a
Copyright © 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 13, 2023. 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 - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 2.6 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 5% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▼ 16% VS 2022
▼ 3% VS 2022
▼ 13% VS 2022
0.0% VS 2022
There were 34 condo listings in the Peninsula in September, 26% above August and no change to September 2022. September condo sales decreased by 24% month-over-month, to 13, and were 13% below September 2022. The months of inventory for condos in the Peninsula, at 2.6, reflected a sellers' market. The condo median price in September was $560,000, a 25% decrease from August and 3% below September 2022. The average sold price was $650,207, 26% below last month; the average PSF sale price was $670, down 16% 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
13 34
15 34
5% -16% -3% 15% -13% 0%
17 27
-16% -26% -25% 65% -24% 26%
$670 $650,207 $560,000 2.6
$638 $776,747 $575,000 227%
$794 $880,729 $745,000 1.6
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
35
16
34
34
33
37
32
15
29
31
24 24
28
27
25
12
20
23
18
17
14
18
16
13
15
14
13
9
6
$784K
$776K
$745K
$655K
$639K
$595K
$581K
$578K
$585K
$582K
$575K
$560K
$544K
Sep-22
Aug-23
Sep-23
▶ 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.
16
14
3.0
4+ bdrms
12
2.0
10
1
1.7
3 bdrms
8
2
6
7
4
2 bdrms
20
2
0
5
<$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 6 10 1.7 5 15 3.0 0 5 n/a 0 1 n/a 0 1 n/a 1 2 2.0
<2 bdrms
12
Copyright © 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 13, 2023. 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 - SEPTEMBER 2 0 2 3
MONTHS OF INVENTORY 7.4 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 16% VS 2022
▲ 16% VS 2022
▼ 5% VS 2022
▼ 17% VS 2022
There were 141 detached listings in the Gulf Islands in September, 1.4% below August and 5% lower than September 2022. September detached home sales remained the same month-over-month, at 19, and were 17% below September 2022. The months of inventory for detached in the Gulf Islands, at 7.4, reflected a balanced market. The detached median price in September was $1,079,000, a 8% decrease from August and 16% above September 2022. The average sold price was $1,214,684, 14% below last month and up 16% to September 2022.
THIS MONTH No. $1,214,684 $1,079,000 7.4 19 141
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,045,283 $930,000 648% 23 149
16% 16% 15% -17% -5%
$1,415,984 $1,167,500 7.5 19 143
-14% -8% -1.4% 0% -1.4%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
55
55
149
140
141
145
126
144
143
118
130
122
99
94
90
38
28
26
22
14
23
13
11
10
19
7
23
19
15
$1.48M
$1.22M
$1.17M $1.08M
$1.06M
$1.02M $1.01M
$940K
$930K
$869K
$816K
$810K
$790K
Sep-22
Aug-23
Sep-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
25
15.0
20
12.0
15
10.0
10
5.0
5.0
3.5
3.5
3.0
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
2 7 3.5
2 24 12.0
4 20 5.0
4 12 3.0
1 15 15.0
2 20 10.0
2 7 3.5
2 10 5.0
0 8 n/a
0 18 n/a
Copyright © 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 13, 2023. 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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