the victoria rennie advance | May 2024

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

published May 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

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

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

06 MEDIAN PRICES

07 RENNIE INTELLIGENCE

Copyright © May 1, 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 May 1, 2024. All data from the Victoria Real Estate Board & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information shouldtakestepsastherecipientmaydeemnecessarytoverifytheinformationpriortoplacinganyrelianceupontheinformation.Theinformationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfromarennieand associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 2

highlights • Therewere583 M LS salesin G reaterVictoriain April,which was22% below thepast-decade averageforthem onth (747 sales).Thism arked thesecond-lowestApriltotalsince2012 (544 sales),surpas ingonlyApril2020duringtheonsetofthepandem ic. • D etached hom esalesw erethefurthestbelow theirlong-run A prilaverageat-30% (305 sales), versus-14% forcondos(196)and -3% fortownhom es(82). • Salesactivity rose9% m onth-over-m onth,m orethan tw icethetypicalM arch-to-A prilincreaseof 4% .Therisew asrelatively consistentacros hom etypes.O n ayear-over-yearbasis,overal sales countsweredown 3% relativetoApril2023,driven bycondos(-5%)and detached hom es(-4%). Townhom esalesweretheonlyhom etypetoregisteran increase,up 5%.

GREATERVICTORIA THERENNIEADVANCE sales

APRIL2024

800

- 4% vsApr2023

700

600

500

400

433 10 yrAprAvg

300

305

200

DETACHED sales

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

- 30% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

+ 5% vsApr2023

200

150

85 10 yrAprAvg

100

TOWNHOME sales

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

- 3% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

- 5% vsApr2023

100 150 200 250 300 350 400

229 10 yrAprAvg

196

CONDO sales

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

- 14% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

Copyright© May1,2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofMay1,2024.Aldatafrom theVictoriaRealEstate Board& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociates advisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

highlights • Therewere1,398 new M LS listingsin April,m arkingthem ostnew listingsforasinglem onth sinceM ay2019(1,458)and them ostnew listingsforthem onth ofAprilsince2016(1,417). • N ew supplyto them arketac elerated 28% from M arch,farexceeding thetypical4% M arch-to-A prilincreasein new listings.Therisew asprim arily driven by a45% increasein new detached hom elistings(to781),whilecondolistingswereup 14% (to467)and townhom elistings wereup 7% (to150). • N ew listingswere20% abovethepast-decadeAprilaverage(of1,162),with al hom etypessiting abovetrend,includingcondos(+34%),townhom es(+25%),and detached hom es(+12%).On a year-over-yearbasis,new listingswereup substantialyforal hom etypesin the46-58% range.

GREATERVICTORIA THERENNIEADVANCE new listings

APRIL2024

1,000

+ 58% vsApr2023

800

781

600

695 10 yrAprAvg

400

DETACHED new listings

200

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

+ 12% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

+ 46% vsApr2023

250

200

150

120 10 yrAprAvg

150

100

TOWNHOME new listings

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

+ 25% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

500

+ 55% vsApr2023

467

400

300

348 10 yrAprAvg

200

CONDO new listings

100

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

+ 34% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

●

highlights • A ctiveM LS listingsreached 2,207 in A pril,thefirsttim ethey’veeclipsed the2,200-m ark since July2019.Thism arked thehighestinventorylevelforthem onth since2015 (2,872 listings)and was24% abovethepast-decadeaverage(1,784).Inventoryforcondosand townhom eswere43% and 35% abovetheirlong-run averages,respectively,versus13% fordetached hom es. • Inventoryexpanded year-over-yearacros al hom etypes:detached hom esby50% (to 1,220), townhom esby59% (to242),and condosby57% (to745). • W ith thegrowth in inventoryoutpacingsalesforal hom etypes,therewassom eslightupward pres ureon m onthsofinventory(M O I).Stil,al hom etypesrem ained in selers’m arketter itory: detached (4.0 M O I),townhom es(3.0),and condos(3.8).

GREATERVICTORIA THERENNIEADVANCE inventory

APRIL2024

2,500

+ 50% vsApr2023

2,000

1,500

1,083 10 yrAprAvg

1,000

1,220

DETACHED inventory

500

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

+ 13% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

600

+ 59% vsApr2023

500

400

300

179 10 yrAprAvg

200

242

TOWNHOME inventory

100

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

+ 35% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

1,000

+ 57% vsApr2023

800

745

600

522 10 yrAprAvg

400

CONDO inventory

200

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

+ 43% vs10yrAprAvg

﹍ 10 yrAprilAverage

● April

●

highlights • Them edian sold pricedecreased 0.4% (averaged acros hom etypes)betw een M arch and A prilin G reaterV ictoria.Them edian sold pricefordetached hom esincreased by 4% ,butpricesfor townhom esand condos(each falingby3%)weighed down on theaverage. • Com pared to lastyear,m edian sold priceswereup by1.5% on averageacros hom etypes.The m edian sold pricewasflatyear-over-yearfordetached hom es,whiletownhom epriceswereup (by 5%)and condopricesweredown (by0.6%). •

GREATERVICTORIA THERENNIEADVANCE median prices

APRIL2024

$1,400,000

G reaterV ictoria

$1,200,000

$1,000,000

$800,000

$600,000

- vsApr2023

DETACHED median salesprice

$400,000

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

● April

$1,000,000

G reaterV ictoria

$800,000

$770,000

$600,000

+ 5% vsApr2023

$400,000

TOWNHOME median salesprice

$200,000

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

● April

$600,000

G reaterV ictoria

$542,000

$500,000

$400,000

$300,000

- 1% vsApr2023

$200,000

CONDO median salesprice

$100,000

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

● April

●

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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