the victoria rennie advance | September 2024

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

published September 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 06 MEDIAN PRICES 07 RENNIE INTELLIGENCE

Roman Melzer MARKET ANALYST

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

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

rmelzer@rennie.com

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 September 4, 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 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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. 2

highlights • Therewere530 M LS salesin G reaterVictoriain August,thefourth consecutivem onthlydecline and thefew estsinceFebruary (465 sales).Salespeaked in M ay at760. • Totalsalescam ein 23% below theirprior10-yearAugustaverage(of690).D etached saleswere thefurthestbelow average(-32% to243),folowed bycondos(-15% to180)and townhom es(-6% to 73). • W hilesalesw eresoftrelativeto theirlong-run A ugustaverage,they w ereactualy up forthe second Augustin arow.Therewere481M LS salesin August2022and 525in August2023.

GREATERVICTORIA THERENNIEADVANCE sales

AUGUST2024

800

- 6% vsAug2023

700

600

500

400

357 10 yrAugAvg

300

200

DETACHED sales

243

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

- 32% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

+ 9% vsAug2023

200

150

78 10 yrAugAvg

100

TOWNHOME sales

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

- 6% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

+ 8% vsAug2023

100 150 200 250 300 350 400

211 10 yrAugAvg

180

CONDO sales

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

- 15% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofSeptem ber4,2024.Aldatafrom theVictoriaRealEstateBoard& Rennie. W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakestepsastherecipientm ay de m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochange andanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 3 ●

highlights • N ew M LS listingsof953 in Augustwerein linewith theprior10-yearAugustaverage,m arking theend ofseveralm onthsofaboveaveragenew listingsactivity. • Lookingatdiferenthom etypes,new condolistingsof309 were8% abovetheirprior10-year Augustaverage.N ew townhom elistingswerealso aboveaverage(+4% to 111),whilenew detached hom elistingsof471 were6% below average. • N ew listingsweredown 4% on ayear-over-yearbasiswith new detached listingsdown 6% versusa 4% declineforcondosand a5% increasefortownhom es.

GREATERVICTORIA THERENNIEADVANCE new listings

AUGUST2024

1,000

- 6% vsAug2023

800

600

502 10 yrAugAvg

400

471

DETACHED new listings

200

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

- 6% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

+ 5% vsAug2023

250

200

150

107 10 yrAugAvg

100

111

TOWNHOME new listings

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

+ 4% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

600

- 4% vsAug2023

500

400

300

286 10 yrAugAvg

309

200

CONDO new listings

100

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

+ 8% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

highlights • ActiveM LS listingsdeclined forthesecond consecutivem onth to2,527 in August,down 6% m onth-over-m onth and down 9% from them ostrecentpeakof2,791in June. • Inventoryrem ained elevated at25% abovetheprior10-yearAugustaverage(of2,016),led by condos(+47% to760),and folowed bytownhom es(+19% to229)and detached hom es(+18% to 1,372). • Them arketrem ained favourabletoselersin Augustwith 4.8 m onthsofinventory(M O I),up from 4.4 in July.Thecondoand townhom esegm entscontinued tofavourselerswith M O Isof4.2 and 3.1,respectively,whiledetached wasbalanced with an M O Iof5.7.

GREATERVICTORIA THERENNIEADVANCE inventory

AUGUST2024

2,500

+ 24% vsAug2023

2,000

1,500

1,160 10 yrAugAvg

1,372

1,000

DETACHED inventory

500

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

+ 18% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

600

+ 25% vsAug2023

500

400

300

193 10 yrAugAvg

200

229

TOWNHOME inventory

100

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

+ 19% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

1,000

+ 51% vsAug2023

800

760

600

518 10 yrAugAvg

400

CONDO inventory

200

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

+ 47% vs10yrAugAvg

﹍ 10yrAugustAverage

● August

highlights • Them edian sold pricein G reaterV ictoriadecreased by 0.1% (averaged acros hom etypes) between Julyand August.Them edian sold pricefordetached hom esand townhom esweredown m onth-over-m onth by1.3% (to$1.16 m ilion)and 1.9% (to$775k),respectively,whilecondo m edian priceswereup 3% (to$540k). • Com pared to lastyear,m edian sold pricesweredown by0.3% (averaged acros hom etypes)with detached hom esseeingthebiggestdeclineat3% and m edian condopricesfaling1.8%.In contrast,townhom em edian priceswereup 3%. •

GREATERVICTORIA THERENNIEADVANCE median prices

AUGUST2024

$1,400,000

G reaterV ictoria

$1,200,000

$1,155,000

$1,000,000

$800,000

$600,000

- 3% vsAug2023

DETACHED median salesprice

$400,000

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

● August

$1,000,000

G reaterV ictoria

$800,000

$775,000

$600,000

+ 3% vsAug2023

$400,000

TOWNHOME median salesprice

$200,000

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

● August

$600,000

G reaterV ictoria

$540,000

$500,000

$400,000

$300,000

- 1.8% vsAug2023

$200,000

CONDO median salesprice

$100,000

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

● August

the data behind rennie

Our rennie intelligence team comprises our senior economist, market analysts, and business intelligence analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in real estate dynamics, urban land economics, the macroeconomy, shifting demographics, and data science, their industry-leading data acquisition, analytical systems, and strategic research supports a comprehensive advisory service and forms the basis of frequent reports and public presentations, covering the Vancouver, Kelowna, Victoria, and Seattle marketplaces. Their thoughtful and objective approach embodies the core values of rennie.

Reach out to your rennie representative to learn more and to receive these publications on a regular basis, or visit us at intelligence.rennie.com

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