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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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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