the victoria rennie review | March 2024

the victoria rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR 19 SUB-MARKETS IN GREATER VICTORIA

published March 2024

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 Region. 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 40 42 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 © March 7, 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 7, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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

time to buy? expanding supply at an eight-year high Housing inventory in Greater Victoria grew in February, reaching a level not seen for the month since 2016. Even with greater options available to buyers though, overall conditions remained in sellers’ market territory.

maintaining it squarely in sellers’ market territory. (Note that an MOI of less than 5 reflects conditions more favourable to sellers; a 5-8 MOI reflects balanced conditions; and an MOI over 8 reflects a buyers’ market.) With March now upon us (yippee), and with it the green shoots of a spring market, the recent trends of increasing sales, new listings, and inventory are likely to continue for the foreseeable future. And with inflation now back inside the Bank of Canada’s target range of 1-3% (at 2.9% as of January), all eyes will be on the March 19th inflation data release, followed by the April 10th Bank of Canada rate announcement. If the Bank opts to hold its policy rate again at its next meeting, expect the trajectory of the market to continue as we’ve seen so far in 2024. If the Bank surprises the market and cuts, however, bet on the pace of activity picking up as spring rolls on.

After a challenging 2023, which was bogged down by generationally-high interest rates, activity has been increasing in Greater Victoria as buyers and sellers alike are beginning to re-engage with the residential real estate market—to a degree. The challenge for potential homebuyers? Not only are interest rates higher than they were a year ago, so too are home values across the region. On the positive side for buyers, however, is that the availability of homes expanded this past February to a level not seen for any prior February in almost a decade. To wit, there were 1,720 MLS listings available at the end of last month, which was 29% higher than in the same month last year, 13% above the long-run February average, and the most of any February since 2016. Further, inventory expanded between January and February to a greater degree (11%) than what is typical (7%).

One factor driving the expansion of inventory levels has been the inflow of new listings, with February’s 937 representing a 12% increase over January’s count (comparable to the typical seasonal increase of 11%). It was also 30% higher than in February 2023 and 8% above the past 10-year February average. As mentioned, sales increased last month, although the overall count was rather modest relative to history: while the 427 MLS sales in Greater Victoria in February was up by 29% from the previous month, they were 1.2% less than in February 2023 and 25% below the past-decade February average. In spite of these readings for February— that is, above-average inventory and below-average sales counts—the months-of-inventory (MOI) measure for the region declined to 4.0 last month,

Copyright © March 7, 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 7, 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. 3

victoria real estate board DETACHED - FEBRUARY 2 0 2 4

MONTHS OF INVENTORY 4.2 SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 0.4% VS 2023

▲ 23% VS 2023

▲ 7% VS 2023

▼ 4% VS 2023

There were 876 detached listings in the Victoria Real Estate Board in February, 13% above January and 23% higher than February 2023. February detached home sales increased by 30% month-over-month, to 211, and were 7% above February 2023. The months of inventory for detached in the Victoria Real Estate Board, at 4.2, reflected a sellers' market. The detached median price in February was $1,154,895, a 9% increase from January and 0.4% above February 2023. The average sold price was $1,259,059, 2% above last month and down 4% to February 2023.

THIS MONTH No.

PREVIOUS MONTH No.

PREVIOUS YEAR

No. 197 713

% Change

% Change

TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE

211 876

-4% 0.4% 15% 7% 23%

162 776

2% 9% -13% 30% 13%

$1,259,059 $1,154,895 4.2

$1,229,122 $1,061,250 4.8

$1,312,481 $1,150,000 362%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

1,227

45

1,113

1,074

1,187

1,108

1,019

876

784

918

816

798

713

776

372

289

258

24

227

185

318

311

211

197

272

21

183

162

136

$1.20M $1.19M $1.19M $1.19M $1.19M $1.21M

$1.15M $1.08M

$1.15M

$1.12M $1.15M

$1.08M $1.06M

Feb-23

Jan-24

Feb-24

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET < 5

BALANCED 5 - 8

BUYERS' MARKET 8+

● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY

160

140

24+

120

100

80

60

8.2

7.8

7.7

40

4.9

4.3

4.2

20

2.6

2.5

1.8

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

3 13 4.3

22 40 1.8

52 134 2.6

53 134 2.5

35 147 4.2

12 98 8.2

16 78 4.9

10 77 7.7

6 47 7.8

2 108 54.0

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 March 7, 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. 4 ●

victoria real estate board TOWNHOME - FEBRUARY 2 0 2 4

MONTHS OF INVENTORY 3.0 SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 10% VS 2023

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 5% VS 2023

▲ 3% VS 2023

▲ 26% VS 2023

▲ 23% VS 2023

There were 265 townhome listings in the Victoria Real Estate Board in February, 12% above January and 26% higher than February 2023. February townhome sales increased by 67% month-over-month, to 87, and were 23% above February 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 February was $819,000, a 10% increase from January and 3% above February 2023. The average sold price was $895,875, 8% above last month; the average PSF sale price was $555, up 13% 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

$555 $895,875 $819,000 3.0 87 265

$506 $852,882 $799,000 297% 71 211

10% 5% 3% 2% 23% 26%

$490 $832,454 $742,000 4.6 52 237

13% 8% 10% -33% 67% 12%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

46

293

253

286

265

282

232

256

216

237

237

211

224

212

122

112

89

79

87

67

99

71

90

84

21

21

56

52

52

$847K

$840K

$825K

$819K

$799K

$790K

$780K

$777K

$775K

$760K

$755K

$742K

$693K

Feb-23

Jan-24

Feb-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.

70

11

60

7.3

4+ bdrms

57

50

5.7

47

40

3 bdrms

3.9

142

30

2.9

2.8

2.4

27

20

1.4

2 bdrms

1.3

61

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

5

5 7 1.4

13 31 2.4

23 66 2.9

17 48 2.8

6 34 5.7

12 47 3.9

8 10 1.3

3 22 7.3

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 March 7, 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 CONDO - FEBRUARY 2 0 2 4

MONTHS OF INVENTORY 3.8 SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 1.7% VS 2023

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 0.2% VS 2023

▲ 40% VS 2023

▼ 4% VS 2023

▼ 6% VS 2023

There were 579 condo listings in the Victoria Real Estate Board in February, 8% above January and 40% higher than February 2023. February condo sales increased by 32% month-over-month, to 154, and were 6% below February 2023. The months of inventory for condos in the Victoria Real Estate Board, at 3.8, reflected a sellers' market. The condo median price in February was $530,000, a 3% decrease from January and 4% below February 2023. The average sold price was $585,370, 1.8% below last month; the average PSF sale price was $659, down 0.1% to last month.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No. 164 413

% Change

No. 117 537

% Change

TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

154 579

1.7% 0.2% -4% 49% -6% 40%

-0.1% -1.8% -3% -18% 32% 8%

$659 $585,370 $530,000 3.8

$648 $584,120 $549,500 252%

$660 $596,331 $545,000 4.6

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

42

610

681

660

579

494

476

470

536

537

504

484

475

413

28

254

245

200

156

23

164

207

125

154

191

167

140

117

104

$570K

$560K

$555K

$555K

$559K

$550K

$550K

$545K

$543K

$545K

$525K

$530K

$520K

Feb-23

Jan-24

Feb-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.

250

23.0

4+ bdrms

200

150

2

3 bdrms

25

100

101

6.4

6.0

2 bdrms

5.4

50

4.7

333

4.0

3.2

1.6

0

51

<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 77 244 3.2 35 163 4.7 10 64 6.4 5 27 5.4 3 18 6.0 1 23 23.0 1 4 4.0 22 36 1.6

<2 bdrms

221

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 March 7, 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 core DETACHED - FEBRUARY 2 0 2 4

MONTHS OF INVENTORY 3.3 SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 22% VS 2023

▲ 3% VS 2023

▼ 5% VS 2023

▼ 1.0% VS 2023

There were 316 detached listings in the Victoria Core in February, 22% above January and 22% higher than February 2023. February detached home sales increased by 26% month-over-month, to 97, and were 3% above February 2023. The months of inventory for detached in the Victoria Core, at 3.3, reflected a sellers' market. The detached median price in February was $1,200,000, a 4% increase from January and 1.0% below February 2023. The average sold price was $1,346,180, 7% above last month and down 5% to February 2023.

THIS MONTH No. $1,346,180 $1,200,000 3.3 97 316

PREVIOUS MONTH No.

PREVIOUS YEAR

No.

% Change

% Change

TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE

$1,410,742 $1,212,500 274% 94 258

-5% -1% 19% 3% 22%

$1,260,092 $1,150,000 3.4 77 260

7% 4% -4% 26% 22%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

42

398

453 442

397

400

297

354

316

314

258

282

268

260

161

143

139

109

151

86

97

94

111

20

102

77

72

66

18

$1.25M $1.25M $1.30M $1.27M $1.25M $1.34M $1.30M $1.21M

$1.20M $1.20M $1.20M $1.15M $1.20M

Feb-23

Jan-24

Feb-24

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET < 5

BALANCED 5 - 8

BUYERS' MARKET 8+

● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY

50

6.5

6.4

40

4.0

3.8

3.7

30

2.6

20

1.7

1.5

10

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 1 0.5

2 8 4.0

22 32 1.5

28 48 1.7

14 52 3.7

9 34 3.8

11 29 2.6

5 32 6.4

4 26 6.5

0 54 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 March 7, 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 TOWNHOME - FEBRUARY 2 0 2 4

MONTHS OF INVENTORY 1.8 SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 9% VS 2023

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 4% VS 2023

▲ 6% VS 2023

▲ 42% VS 2023

▲ 44% VS 2023

There were 84 townhome listings in the Victoria Core in February, 15% above January and 42% higher than February 2023. February townhome sales increased by 109% month-over-month, to 46, and were 44% above February 2023. The months of inventory for townhomes in the Victoria Core, at 1.8, reflected a sellers' market. The townhome median price in February was $892,000, a 8% increase from January and 6% above February 2023. The average sold price was $955,946, 3% below last month; the average PSF sale price was $582, up 11% 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

46 84

32 59

9% 4% 6% -1% 44% 42%

22 73

11% -3% 8% -45% 109% 15%

$582 $955,946 $892,000 1.8

$535 $918,783 $843,500 184%

$525 $984,580 $827,450 3.3

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

102

23

97

107

94

104

21

21

93

84

90 61

68

77

73

59

69

59

46

36

36

45

40

32

38

32

27

23

22

$890K

$890K

$892K

$857K

$864K

$863K

$856K

$844K

$850K

$835K

$835K

$822K

$827K

Feb-23

Jan-24

Feb-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.

9

8.0

4+ bdrms

15

23

19

10

3 bdrms

38

2.0

2.0

17

1.9

5

2 bdrms

1.3

1.2

1.2

21

0

1

<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

0 1 n/a

6 8 1.3

10 12 1.2

9 17 1.9

5 10 2.0

10 12 1.2

4 8 2.0

2 16 8.0

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 March 7, 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 CONDO - FEBRUARY 2 0 2 4

MONTHS OF INVENTORY 3.7 SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 4% VS 2023

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 4% VS 2023

▲ 32% VS 2023

▼ 0.5% VS 2023

▼ 13% VS 2023

There were 409 condo listings in the Victoria Core in February, 0.2% below January and 32% higher than February 2023. February condo sales increased by 27% month-over-month, to 112, and were 13% below February 2023. The months of inventory for condos in the Victoria Core, at 3.7, reflected a sellers' market. The condo median price in February was $542,500, a 3% decrease from January and 0.5% below February 2023. The average sold price was $608,562, 1.1% below last month; the average PSF sale price was $685, up 1.0% to last month.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No. 129 311

% Change

No.

% Change

TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

112 409

4% 4% -0.5% 51% -13% 32%

$679 $615,619 $557,500 4.7 88 410

1% -1.1% -3% -22% 27% -0.2%

$685 $608,562 $542,500 3.7

$661 $587,777 $545,000 241%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

496

525

47

450

409

349

414

344

410

342

370

311

344

338

31

195

197

157

116

107

129

155

148

112

112

88

86

20

73

$569K

$565K

$563K

$553K

$558K

$545K

$550K

$545K

$549K

$543K

$543K

$520K

$500K

Feb-23

Jan-24

Feb-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.

150

21.0

4+ bdrms

2

100

3 bdrms

14

50

69

5.8

5.7

2 bdrms

4.8

4.0

222

3.3

1.6

0

41

<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 2 n/a 19 31 1.6 49 164 3.3 26 103 4.0 10 48 4.8 4 23 5.8 3 17 5.7 1 21 21.0

<2 bdrms

173

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 March 7, 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 ●

westshore DETACHED - FEBRUARY 2 0 2 4

MONTHS OF INVENTORY 5.3 BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 6% VS 2023

▲ 1.8% VS 2023

▲ 33% VS 2023

▲ 3% VS 2023

There were 320 detached listings in the Westshore in February, 11% above January and 33% higher than February 2023. February detached home sales increased by 7% month-over-month, to 60, and were 3% above February 2023. The months of inventory for detached in the Westshore, at 5.3, reflected a balanced market. The detached median price in February was $1,062,500, a 4% increase from January and 1.8% above February 2023. The average sold price was $1,185,656, 11% above last month and up 6% to February 2023.

THIS MONTH No. $1,185,656 $1,062,500 5.3 60 320

PREVIOUS MONTH No.

PREVIOUS YEAR

No.

% Change

% Change

TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE

$1,117,102 $1,043,810 416% 58 241

6% 1.8% 28% 3% 33%

$1,068,704 $1,022,500 5.1 56 288

11% 4% 4% 7% 11%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

374

40

393

386

332

307

320

341

292

288

276

241

255

247

26

25

116

80

78

56

54

89

60

58

82

81

53

41

42

$1.14M

$1.14M

$1.06M $1.06M

$1.04M

$995K

$994K $1.04M

$985K $1.02M $1.06M

$973K

$960K

Feb-23

Jan-24

Feb-24

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET < 5

BALANCED 5 - 8

BUYERS' MARKET 8+

● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY

70

22.0

60

50

40

14.0

14.0

30

8.0

8.0

20

6.1

4.2

10

3.2

2.3

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 5 n/a

7 16 2.3

20 63 3.2

14 59 4.2

11 67 6.1

2 44 22.0

2 28 14.0

2 16 8.0

1 8 8.0

1 14 14.0

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 March 7, 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 TOWNHOME - FEBRUARY 2 0 2 4

MONTHS OF INVENTORY 5.2 BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 3% VS 2023

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 1.4% VS 2023

▲ 6% VS 2023

▲ 11% VS 2023

0.0% VS 2023

There were 136 townhome listings in the Westshore in February, 12% above January and 11% higher than February 2023. February townhome sales increased by 13% month-over-month, to 26, and were the same in February 2023.

THIS MONTH No.

PREVIOUS MONTH

PREVIOUS YEAR

No.

% Change

No.

% Change

The months of inventory for townhomes in the Westshore, at 5.2, reflected a balanced market.

TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF

$480 $764,055 $758,537 5.2 26 136

$464 $753,177 $712,500 469% 26 122

3% 1.4% 6% 11% 0% 11%

$484 $759,994 $720,000 5.3 23 121

13% 12%

The townhome median price in February was $758,537, a 5% increase from January and 6% above February 2023. The average sold price was $764,055, 0.5% above last month; the average PSF sale price was $480, down 0.9% to last month.

-0.9% 0.5% 5% -0.6%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

58

132

147

136

144

123

118

122

108

121

117

115

102

91

43

42

39

23

41

36

26

26

27

30

25

23

20

20

20

$789K

$759K

$759K

$754K

$747K

$732K

$735K

$720K

$719K

$720K

$713K

$712K

$672K

Feb-23

Jan-24

Feb-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.

2

40

14.5

4+ bdrms

32

30

19

3 bdrms

81

20

5.0

5

4.0

2 bdrms

3.0

10

2.6

22

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 29 14.5 0 1 n/a 1 3 3.0 7 18 2.6 11 44 4.0 5 25 5.0 0 16 n/a

1

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 March 7, 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 CONDO - FEBRUARY 2 0 2 4

MONTHS OF INVENTORY 3.5 SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 2% VS 2023

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 1.8% VS 2023

▲ 59% VS 2023

▲ 119% VS 2023

▼ 0.4% VS 2023

There were 121 condo listings in the Westshore in February, 34% above January and 59% higher than February 2023. February condo sales increased by 75% month-over-month, to 35, and were 119% above February 2023. The months of inventory for condos in the Westshore, at 3.5, reflected a sellers' market. The condo median price in February was $499,900, a 8% decrease from January and 1.8% above February 2023. The average sold price was $498,183, 10% below last month; the average PSF sale price was $592, down 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

$592 $498,183 $499,900 3.5 35 121

16 76

2% -0.4% 1.8% -27% 119% 59%

20 90

-5% -10% -8% -23% 75% 34%

$580 $500,281 $491,000 475%

$621 $556,015 $545,000 4.5

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

27

117

27

121

111

110

125

121

96

106

89

99

90

76

83

19

44

43

37

27

35

27

26

16

24

23

22

20

20

$573K

$567K

$560K

$553K

$545K

$539K

$536K

$530K

$505K

$500K

$492K

$491K

$457K

Feb-23

Jan-24

Feb-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

7.8

4+ bdrms

50

40

3 bdrms

10

30

20

2.3

2.0

27

1.7

2 bdrms

78

10

0

8

<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 13 n/a 0 1 n/a 0 1 n/a 1 2 2.0 3 5 1.7 26 60 2.3 5 39 7.8

<2 bdrms

33

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 March 7, 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 ●

peninsula DETACHED - FEBRUARY 2 0 2 4

MONTHS OF INVENTORY 3.6 SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 5% VS 2023

▲ 23% VS 2023

▼ 4% VS 2023

▼ 21% VS 2023

There were 80 detached listings in the Peninsula in February, 11% above January and 23% higher than February 2023. February detached home sales increased by 38% month-over-month, to 22, and were 21% below February 2023. The months of inventory for detached in the Peninsula, at 3.6, reflected a sellers' market. The detached median price in February was $1,270,450, a 18% increase from January and 5% above February 2023. The average sold price was $1,464,536, 9% above last month and down 4% to February 2023.

THIS MONTH No.

PREVIOUS MONTH No.

PREVIOUS YEAR

No.

% Change

% Change

TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE

22 80

28 65

-4% 5% 57% -21% 23%

16 72

9% 18% -19% 38% 11%

$1,464,536 $1,270,450 3.6

$1,348,902 $1,074,000 4.5

$1,525,829 $1,209,000 232%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

76

128 128

110

125

124

106

112

91

80

77

65

72

68

47

37

33

26

28

34

33

30

22

28

25

17

16

25

$1.38M

$1.34M

$1.29M

$1.27M

$1.26M $1.33M

$1.25M $1.20M

$1.25M

18

$1.21M $1.24M

$1.18M

$1.07M

Feb-23

Jan-24

Feb-24

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET < 5

BALANCED 5 - 8

BUYERS' MARKET 8+

● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY

20

21.0

15

10

7.5

7.0

5

2.7

1.5

1.5

1.3

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 3 n/a

3 4 1.3

6 9 1.5

6 9 1.5

1 7 7.0

3 8 2.7

2 15 7.5

0 4 n/a

1 21 21.0

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 March 7, 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 TOWNHOME - FEBRUARY 2 0 2 4

MONTHS OF INVENTORY 2.5 SELLERS' MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▲ 20% VS 2023

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 4% VS 2023

▲ 28% VS 2023

▲ 30% VS 2023

▼ 0.4% VS 2023

There were 32 townhome listings in the Peninsula in February, 3% above January and 28% higher than February 2023. February townhome sales increased by 333% month-over-month, to 13, and were 30% above February 2023. The months of inventory for townhomes in the Peninsula, at 2.5, reflected a sellers' market. The townhome median price in February was $899,900, a 4% increase from January and 0.4% below February 2023. The average sold price was $996,167, 17% above last month; the average PSF sale price was $622, up 37% 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 32

10 25

30% 28%

$453 $851,000 $865,000 10.3 3 31

37% 17% 4% -76% 333% 3%

$622 $996,167 $899,900 2.5

$518 $961,100 $903,500 250%

-0.4% -1.5%

20% 4%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

27

30

32

29

29

31

31

29

28

23

25

21

21

22

17

14

18

13

15

17

13

9

10

11

8

8

7

4

3

$1.01M

$913K

$904K

$900K

$900K

$900K

$888K

$868K

$865K

$840K

$782K

$731K

$730K

Feb-23

Jan-24

Feb-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.

6

6.0

6.0

4+ bdrms

2

5

4

9

3 bdrms

3.0

18

3

2.0

2

3

2 bdrms

0.7

0.5

12

1

0

1

<2 bdrms

<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES

3 2 0.7

0 2 n/a

1 6 6.0

3 6 2.0

1 6 6.0

0 5 n/a

4 2 0.5

1 3 3.0

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 March 7, 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 CONDO - FEBRUARY 2 0 2 4

MONTHS OF INVENTORY 6.6 BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

AVERAGE PSF PRICE ▼ 8% VS 2023

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 1.3% VS 2023

▲ 7% VS 2023

▲ 100% VS 2023

▼ 61% VS 2023

There were 46 condo listings in the Peninsula in February, 28% above January and 100% higher than February 2023. February condo sales decreased by 22% month-over-month, to 7, and were 61% below February 2023. The months of inventory for condos in the Peninsula, at 6.6, reflected a balanced market. The condo median price in February was $625,000, a 24% increase from January and 7% above February 2023. The average sold price was $650,243, 31% above last month; the average PSF sale price was $580, up 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

$580 $650,243 $625,000 6.6 7 46

18 23

-8% 1.3% 7% 414% -61% 100%

$565 $497,333 $505,000 4.0 9 36

3% 31% 24% 64% -22% 28%

$633 $641,833 $585,000 128%

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

44

23

46

42

22

37

35

33

37

36

34

31

28

27 17

23 18

20

18

13

11

16

9

14

12

13

10

7

8

$784K

$776K

$745K

$639K

$625K

$625K

$602K

$595K

$585K

$582K

$578K

$560K

$505K

Feb-23

Jan-24

Feb-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

9.0

4+ bdrms

15

3 bdrms

5.0

1

10

3.0

5

5

2 bdrms

33

0

2

<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 2 18 9.0 4 20 5.0 0 3 n/a 1 3 3.0 0 1 n/a 0 1 n/a

<2 bdrms

12

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 March 7, 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 ●

gulf islands DETACHED - FEBRUARY 2 0 2 4

MONTHS OF INVENTORY 6.9 BALANCED MARKET

▶ MARKET SUMMARY

AVERAGE PRICE

MEDIAN PRICE

TOTAL LISTINGS

SALES

▲ 86% VS 2023

▼ 18% VS 2023

▼ 45% VS 2023

▼ 9% VS 2023

There were 90 detached listings in the Gulf Islands in February, 2% below January and 9% lower than February 2023. February detached home sales increased by 44% month-over-month, to 13, and were 86% above February 2023. The months of inventory for detached in the Gulf Islands, at 6.9, reflected a balanced market. The detached median price in February was $820,000, a 39% increase from January and 45% below February 2023. The average sold price was $1,112,423, 38% below last month and down 18% to February 2023.

THIS MONTH No.

PREVIOUS MONTH No.

PREVIOUS YEAR

No.

% Change

% Change

TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE

13 90

$1,349,500 $1,480,000 1414% 7 99

-18% -45% -51% 86% -9%

$1,786,444 $590,000 10.2 9 92

-38% 39% -32% 44% -2%

$1,112,423 $820,000 6.9

▶ MEDIAN DAYS ON MARKET

▶ RECENT TRENDS

● SALES ● TOTAL INVENTORY ● MEDIAN PRICE

157

145

144

143

141

118

130

125

122

111

121

99

90

96

92

87

28

26

22

19

13

12

11

9

23

4

13

19

7

$1.48M

$1.22M

$1.17M $1.08M

$1.03M

$1.02M $1.01M

$880K

$869K

$820K

$790K

$735K

$590K

Feb-23

Jan-24

Feb-24

▶ TOTAL LISTINGS & SALES BY PRICE RANGE

SELLERS' MARKET < 5

BALANCED 5 - 8

BUYERS' MARKET 8+

● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY

13.0

15

10.0

9.0

10

7.0

6.0

5

1.6

1.3

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 6 6.0

5 8 1.6

1 13 13.0

3 4 1.3

1 10 10.0

0 9 n/a

0 6 n/a

1 9 9.0

1 7 7.0

0 18 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 March 7, 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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