the victoria rennie advance | March 2024

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

published March 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 © March 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 March 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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 • February’sM LS salesin G reaterVictoria,at427,were29% higherthan in January.Although this m onth-to-m onth increasewasbelow thetypicalJanuary-to-Februaryriseof38% ,Februarydid m ark thesecond consecutivem onth-over-m onth increasein transactions. • Am ong hom etypes,tow nhom esrealized thelargestJanuary-to-February increasein sales,at58% . D etached hom eand condo salesincreased by24% and 23% ,respectively. • O n ayear-over-yearbasis,salesweredown 1.2% .Thiswasnotconsistentacros hom etypes,with detached hom esand townhom esup 2% and 15%,respectively,whilecondosweredown 12%.

GREATERVICTORIA THERENNIEADVANCE sales

FEBRUARY 2024

800

+ 2% vsFeb2023

700

600

500

400

292 10 yrFebAvg

300

200

DETACHED sales

201

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

- 31% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

+ 15% vsFeb2023

200

150

88 10 yrFebAvg

100

TOWNHOME sales

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

- 7% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

- 12% vsFeb2023

100 150 200 250 300 350 400

186 10 yrFebAvg

144

CONDO sales

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

- 22% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

Copyright© March1,2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofMarch1,2024.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 • At937,new M LS listingsin Februarywere12% higherthan in January.Thisincreasewasdriven bydetached hom esand townhom es,which increased by25% and 27%,respectively.N ew condo listingsfel by 8% in February. • Com pared to thepast-decadeaverage,new listingsw ere8% higherin February and reached their highestFebruarytotalsince2016. • Acros hom etypes,new listingswerehigherin February2024 than oneyearearlier.D etached hom eswere32% higher,townhom eswereup 37%,and condoswerehigherby24% (resultingin overal new listingsbeing up 30% year-over-year).

GREATERVICTORIA THERENNIEADVANCE new listings

FEBRUARY 2024

1,000

+ 32% vsFeb2023

800

600

464 10 yrFebAvg

400

472

DETACHED new listings

200

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

+ 2% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

+ 37% vsFeb2023

250

200

150

163

130 10 yrFebAvg

100

TOWNHOME new listings

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

+ 25% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

500

+ 24% vsFeb2023

400

300

302

271 10 yrFebAvg

200

CONDO new listings

100

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

+ 12% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

●

highlights • Com pared to January,inventorywashigherby11% in FebruaryasactiveM LS listingsreached 1,750.Thiswasam oresignificantincreasethan thetypicalJanuary-to-Februaryjum p of7%,and wasrelativelyconsistentacros hom etypes(asdetached hom einventorywasup by13%, townhom eswereup 12%,and condoswereup 8%). • O n ayear-over-yearbasis,inventorywas29% higher,with detached hom esand townhom esup by 23% and 26%,respectively,whilecondoswereup by40%. • M arketconditionsfavoured selersacros G reaterV ictoriain February,w ith therebeing 4.0 m onthsofinventory(M O I)supplying them arket.Al segm entsfavoured selers,in fact,with detached havingan M OIof4.4,townhom esat3.2,and condosat4.0.

GREATERVICTORIA THERENNIEADVANCE inventory

FEBRUARY 2024

2,500

+ 23% vsFeb2023

2,000

1,500

863 10 yrFebAvg

1,000

876

DETACHED inventory

500

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

+ 2% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

600

+ 26% vsFeb2023

500

400

300

219 10 yrFebAvg

265

200

TOWNHOME inventory

100

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

+ 21% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

1,000

+ 40% vsFeb2023

800

600

579

446 10 yrFebAvg

400

CONDO inventory

200

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

+ 30% vs10yrFebAvg

﹍ 10 yrFebruaryAverage

● February

●

highlights • Them edian sold priceincreased 6% (averaged acros hom etypes)m onth-over-m onth in G reater Victoria.Them edian sold priceincreased fordetached hom esand townhom es(by9% and 10%, respectively),whilefaling by3% forcondos. • Com pared to lastyear,m edian sold pricesweredown by0.2% on average,acros types.The m edian sold pricewashigher,on ayear-over-yearbasis,fordetached hom esand townhom es(by 0.9% and 2%,respectively),whilebeing3% lowerforcondos. •

GREATERVICTORIA THERENNIEADVANCE median prices

FEBRUARY 2024

$1,400,000

G reaterV ictoria

$1,200,000

$1,160,000

$1,000,000

$800,000

$600,000

+ 1% vsFeb2023

DETACHED median salesprice

$400,000

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

● February

$1,000,000

G reaterV ictoria

$800,000

$815,000

$600,000

+ 2% vsFeb2023

$400,000

TOWNHOME median salesprice

$200,000

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

● February

$600,000

G reaterV ictoria

$500,000

$530,000

$400,000

$300,000

- 3% vsFeb2023

$200,000

CONDO median salesprice

$100,000

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

● February

●

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

Page 1 Page 2 Page 3 Page 4 Page 5 Page 6 Page 7

Made with FlippingBook - professional solution for displaying marketing and sales documents online