the Victoria rennie advance | December 2023

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

published December 2023

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 © December 1, 2023 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 December 1, 2023. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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 reaterVictoriarecorded 349 M LS salesin N ovem ber,which wasdown 8% from O ctober’s379 salesand was(again)thelowestm onthlytotalsinceJanuary.W hilethism onth-to-m onth decline in salesw assm alerthan thetypicalO ctober-to-N ovem berdrop (of16% ),transactionsw erestil 3% below thoseofoneyearagoand 34% lowerthan thelong-run N ovem beraverage. • Com pared toO ctober,N ovem ber’sdetached hom esalesweredown by7% (to170)and condo salesweredown by16% (to117),whiletownhom esaleswereup by11% (to62). • N ovem ber’ssalescountswerealso lowercom pared to lastyear’scountsfordetached hom esand condos,by6% and 9% respectively,whereastownhom eswerehigher,by24%.

GREATERVICTORIA THERENNIEADVANCE sales

NOVEMBER 2023

800

- 6% vsN ov2022

700

600

500

400

275 10 yrNovAvg

300

200

DETACHED sales

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 100 170

- 38% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

+ 24% vsN ov2022

200

150

80 10 yrNovAvg

100

TOWNHOME sales

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 23% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

- 9% vsN ov2022

100 150 200 250 300 350 400

172 10 yrNovAvg

CONDO sales

117

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 50

- 32% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

Copyright© Decem ber1,2023renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofDecem ber1,2023.Aldatafrom theVictoria RealEstateBoard& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ation shouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieand as ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

highlights • Therewere781 new M LS listingslastm onth.N otably,whilethisrepresented a19% decline com pared to O ctober,itwasles than thetypicalO ctober-to-N ovem bercontraction of21% ,with N ovem ber’snew listingssiting15% abovethepast-decadeN ovem beraverage(of678),and 14% higherthan oneyearago. • O n am onth-over-m onth basis,new listingsforal hom etypeswerelower:detached listingswere down by20% (to368),townhom elistingsweredown by14% (to130),and condolistingswere down 20% (to283). • N ovem ber’snew listingswerehigheron ayear-over-yearbasisforal hom etypes,with detached listings5% higherthan lastN ovem ber,whiletownhom eand condolistingswere23% and 22% higher,respectively.

GREATERVICTORIA THERENNIEADVANCE new listings

NOVEMBER 2023

1,000

+ 5% vsN ov2022

800

600

363 10 yrNovAvg

400

368

DETACHED new listings

200

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

+ 1% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

+ 23% vsN ov2022

250

200

150

97 10 yrNovAvg

130

100

TOWNHOME new listings

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

+ 34% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

500

+ 22% vsN ov2022

400

300

218 10 yrNovAvg

283

200

CONDO new listings

100

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

+ 30% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

●

highlights • Therewere2,041 activeM LS listingslastm onth— down 5% com pared toO ctober,butbyles than thetypicalseasonalcontraction of10%.Totallistingsattheend oflastm onth were20% abovethepast-decadeN ovem beraverage(of1,706),and were29% higherthan oneyearago. • O n am onth-over-m onth basis,inventoryforground-oriented hom esdeclined:detached hom e inventorywasdown by10% and townhom einventorywasdown 2%;m eanwhile,condoinventory wasup 3%.O n ayear-over-yearbasis,detached,townhom e,and condo inventorieswereal higher (by21% ,20% ,and 48% ,respectively). • O veral conditionswerebalanced in N ovem ber,with therebeing5.8 m onthsofinventory(M O I) supplyingthem arket.Thedetached and condosegm entswerebalanced,with M O Isof6.3 and 5.8,respectively,whilethetownhom esegm entfavoured selers,with an M O Iof4.6.

GREATERVICTORIA THERENNIEADVANCE inventory

NOVEMBER 2023

2,500

+ 21% vsN ov2022

2,000

1,500

991 10 yrNovAvg

1,000

1,074

DETACHED inventory

500

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

+ 8% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

600

+ 20% vsN ov2022

500

400

300

233 10 yrNovAvg

287

200

TOWNHOME inventory

100

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

+ 34% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

1,000

+ 48% vsN ov2022

800

600

680

482 10 yrNovAvg

400

CONDO inventory

200

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

+ 41% vs10yrN ovAvg

● November ﹍ 10 yrN ovem berAverage

●

highlights • O n am onth-over-m onth basis,G reaterV ictoriarecorded an increasein m edian sold prices,by 1.7% (averaged acros hom etypes).Them edian sold priceroseforboth detached hom es(by0.4%) and townhom es(by8%)butfelforcondos(by4%). • O n ayear-over-yearbasis,m edian sold priceswerehigherby5% ,on average,acros types.In N ovem ber,them edian sold pricewashigherfordetached hom esby7% and fortownhom esby 12%,whilethem edian sold priceforcondoswas3% lower. •

GREATERVICTORIA THERENNIEADVANCE median prices

NOVEMBER 2023

$1,400,000

G reaterV ictoria

$1,200,000

$1,125,000

$1,000,000

$800,000

$600,000

+ 7% vsN ov2022

DETACHED median salesprice

$400,000

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0 $200,000

● November

$1,000,000

G reaterV ictoria

$800,000

$845,000

$600,000

+ 12% vsN ov2022

$400,000

TOWNHOME median salesprice

$200,000

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

● November

$600,000

G reaterV ictoria

$500,000

$520,000

$400,000

$300,000

- 3% vsN ov2022

$200,000

CONDO median salesprice

$100,000

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

● November

●

The rennie intelligence team comprises our in-house demographer, senior economist, and market analysts. Together, we empower our developer clients, rennie advisors, institutional advisory clients, and the entire rennie team with comprehensive data and a trusted market perspective. With data as the backbone to our thoughtful real estate practice, we help our clients form and execute sound, well-considered plans to help them achieve their goals. the data behind rennie

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