the victoria rennie advance | February 2024

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

published February 2024

table of contents

The rennie advance is a summary of the latest sales, listings, and price trends in Greater Victoria. It is produced at the beginning of each month and it reflects the latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.

02 INTRO

03 SALES

04 NEW LISTINGS

05 INVENTORY

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

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

06 MEDIAN PRICES

07 RENNIE INTELLIGENCE

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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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

highlights • G reaterV ictoriatalied 307 M LS salesin January,a5% increasefrom D ecem ber,and thefirst m onthly increasein salescountsin them etro areasinceM ay.Thisw asstil thesecond-low est Januarysalescountin thepastten years(after2023),and was25% below thepast-decadeJanuary average. • Theincreasein saleslastm onth,from D ecem ber’s292,wasm ostlyin linewith thetypical D ecem ber-to-Januaryincreaseof6%.D etached hom esalesand condosaleswereup,by10% and 5%,respectively,whiletownhom esalesweredown 6%. • January’ssalescountswerehighercom pared toJanuary2023’scountsforal hom etypes: detached hom esby27%,townhom esby4%,and condosby6%.

GREATERVICTORIA THERENNIEADVANCE sales

JANUARY2024

800

+ 27% vsJan2023

700

600

500

400

204 10 yr Jan Avg

300

200

DETACHED sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100 149

- 27% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

+ 4% vsJan2023

200

150

65 10 yr Jan Avg

100

TOWNHOME sales

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

- 25% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

+ 6% vsJan2023

100 150 200 250 300 350 400

140 10 yr Jan Avg

CONDO sales

109

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

- 22% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

Copyright© February1,2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofFebruary1,2024.Aldatafrom theVictoriaReal EstateBoard& Ren ie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.ren iegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ation shouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom aren ieand as ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

highlights • Therewere828 new M LS listingslastm onth,which wasa156% increasecom pared toD ecem ber. Thegrowth wasgreaterthan thetypicalD ecem ber-to-Januaryexpansion of119%,and January’s new listingswere6% abovethepast-decadeJanuaryaverage(of778).N ew listingswerealso 19% higherthan January2023and thehighestJanuarytotalsince2015. • O n am onth-over-m onth basis,new listingsforal hom etypeswerehigher:detached listingswere up by144% (to378),townhom elistingswereup by140% (to125),and condolistingswereup by 178% (to325). • January’snew listingsw erealso higheron ayear-over-yearbasisforal hom etypes,w ith detached listings17% higherthan lastJanuary,whiletownhom eand condolistingswere23% and 19% higher,respectively.

GREATERVICTORIA THERENNIEADVANCE new listings

JANUARY2024

1,000

+ 17% vsJan2023

800

600

396 10 yr Jan Avg

400

378

DETACHED new listings

200

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

- 4% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

+ 23% vsJan2023

250

200

150

120 10 yr Jan Avg

125

100

TOWNHOME new listings

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

+ 4% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

500

+ 19% vsJan2023

400

300

325

262 10 yr Jan Avg

200

CONDO new listings

100

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

+ 24% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

●

highlights • Therewere1,550 activeM LS listingslastm onth— down 0.5% com pared toD ecem ber,which ran oppositeto thetypicalseasonalexpansion of8%.Totallistingsattheend oflastm onth were9% abovethepast-decadeJanuaryaverage(of1,424),and were21% higherthan oneyearago. • O n am onth-over-m onth basis,detached hom einventorywasdown by3%,whiletownhom eand condo inventorywereup by5% and 0.2% respectively.O n ayear-over-yearbasis,detached, townhom e,and condoinventorieswereal higher(by15%,26%,and 29%,respectively). • O veral conditionswerebalanced in January,with therebeing5.0 m onthsofinventory(M O I) supplyingthem arket.Thedetached segm entwasbalanced,with an M O Iof5.2,whilethe townhom eand condo segm entsfavoured selers,with M O Isof4.8 and 4.9,respectively.

GREATERVICTORIA THERENNIEADVANCE inventory

JANUARY2024

2,500

+ 15% vsJan2023

2,000

1,500

803 10 yr Jan Avg

1,000

DETACHED inventory

777

500

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

- 3% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

600

+ 26% vsJan2023

500

400

300

201 10 yr Jan Avg

200

236

TOWNHOME inventory

100

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

+ 17% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

1,000

+ 29% vsJan2023

800

600

420 10 yr Jan Avg

537

400

CONDO inventory

200

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

+ 28% vs10yrJanAvg

﹍ 10 yrJanuaryAverage

● January

●

highlights • O n am onth-over-m onth basis,G reaterV ictoriarecorded an increasein m edian sold pricesof3% (averaged acros hom etypes).Them edian sold pricefel fordetached hom es(by1.4%) but rose fortownhom es(by7%)and condos(by3%). • O n ayear-over-yearbasis,m edian sold pricesw ereup by 4% on average,acros types.In January, them edian sold pricewaslowerfordetached hom esby0.5%,whilethem edian sold pricefor condosand townhom eswashigherby3% and 10% respectively. •

GREATERVICTORIA THERENNIEADVANCE median prices

JANUARY2024

$1,400,000

G reaterV ictoria

$1,200,000

$1,000,000

$1,060,000

$800,000

$600,000

- vsJan2023

DETACHED median salesprice

$400,000

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

● January

$1,000,000

G reaterV ictoria

$800,000

$739,000

$600,000

+ 10% vsJan2023

$400,000

TOWNHOME median salesprice

$200,000

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

● January

$600,000

G reaterV ictoria

$542,000

$500,000

$400,000

$300,000

+ 3% vsJan2023

$200,000

CONDO median salesprice

$100,000

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

● January

●

the data behind rennie

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

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

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

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