the victoria rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR 19 SUB-MARKETS IN GREATER VICTORIA
published May 2024
table of contents
02 INTRO
03 WHAT YOU NEED TO KNOW
04 FEATURED LISTINGS
Each month, we release the rennie review, a detailed look at the real estate marketplace in Greater Victoria. This report examines the market stats by sub-market, provides updates on current rennie projects, and more.
05 VICTORIA REAL ESTATE BOARD
NEIGHBOURHOOD PROFILES
08 11 14 17 18 19 20 22 25 28 29 30 32 35 38 41 43 46 47
Victoria Core
Westshore Peninsula
Gulf Islands
Malahat
Central Saanich
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
Colwood
Esquimalt Langford Metchosin
North Saanich
Oak Bay
Saanich East Saanich West
Sidney Sooke
Victoria
Victoria West
View Royal
50 AREA MAPS
Copyright © May 8, 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 May 8, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
short-term rental restrictions help buoy new listings in victoria Like its larger neighbour across the Salish Sea, the Greater Victoria market was defined by flat sales, a sharp spike in new listings, and supply conditions that have eased to levels not seen in several years.
and February, year-to-date sales of 1,894 are tracking 4% higher than 2023 (1,827 sales). While positive in the sense that the market is maintaining traction amidst elevated borrowing costs, sales activity has been no match for the rise in new listings, causing inventory levels to climb. There were 2,207 active MLS listings at the end of April, a 53% rise from the previous year (1,444 in April 2023) and 24% above the prior- decade April average (1,784 listings). This marked the highest inventory level in a single month since July 2019 (2,284 listings) and the highest inventory for this time of year since April 2015 (2,872 listings). Of the three home types, condo inventory was the furthest above average. There were 744 active condo listings in April, up 56% year-over-year (from 476 in April 2023) and 42% above the past 10-year April average (522 listings). Taken in aggregate, the combination of stagnant sales and rising inventory has eased supply dynamics in the Greater Victoria region from the exceptionally tight conditions witnessed in recent years. Still, with 3.7 months of inventory (MOI) on hand, this is a market that favours sellers. But when considering MOIs of 2.4, 1.3, and 1.1 in each of the last three Aprils, buyers are welcoming a more healthy variety of housing options compared to years past.
Market dynamics in BC’s two largest housing markets largely mirrored each other in April. Like the Vancouver Region, the Greater Victoria market was defined by flat sales, a sharp spike in new listings, and supply conditions that have eased to levels not seen in several years (though still firmly in sellers’ market territory). Starting with what was the most notable trend, new listings activity expanded at an exceptional clip this month, correlating with BC’s new short-term rental restrictions that came into effect on May 1st. We covered in detail in both the Vancouver rennie review and a recent article how new for-sale listings in Vancouver (especially condo), as well as 1-bedroom and furnished rental apartment listings (those units most likely to be used as short-term rentals), accelerated at rates well beyond normal for this time of year. Of course there were other factors at play as well, namely changes to the capital gains inclusion rate and general financial
pressures from higher interest rates, but the short-term rental restrictions were likely a leading catalyst. Greater Victoria was not exempt from this confluence of factors. New MLS listings climbed to 1,398 in April, marking a 28% month-over-month increase (from 1,091 in March). In fact, we parsed the data back to 2000 and found this to be the largest March- to-April increase on record, and well above the typical 4% March-to-April expansion seen between 2000-2023. Honing in on April specifically, new listings were 20% above the past 10-year average for the month (1,162 listings), while new condo listings of 467 were 34% above the norm (348 listings). The number of MLS sales in April (604) were virtually unchanged from the prior year (603 in April 2023) though they were still 19% below the prior-decade April average of 747 sales. Thanks to strong activity in January
Copyright © May 8, 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 May 8, 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
featured listings SEARCH FOR THE HOME YOU LOVE AT RENNIE.COM
SHOAL POINT $2,590,000 | VICTORIA 631 - 21 Dallas Road 4 BED, 2,013 SF
HOUSE FOR SALE $1,888,000 | COLWOOD CORNERS 679 Medalist Avenue 4 BED, 4,232 SF
Raegan Hinks 250.732.3481
Cathie Jeffrey 250.857.2283
THE FALLS $1,475,000 | VICTORIA 1506 - 707 Courtney Street 2 BED, 1,154 SF
HOUSE FOR SALE $1,450,000 | ARBUTUS 5095 Catalina Terrace 4 BED, 2,946 SF
Mike Pearce PREC* 250.514.3550
Brett Jones 250.588.7646
HOUSE FOR SALE $1,200,000 | ARBUTUS 4020 Cumberland Road 2 BED, 2,377 SF
TOWNHOME FOR SALE $1,199,900 | VICTORIA 29 - 416 Dallas Road 2 BED, 2,846 SF
Chris Gill PREC* 250.744.6956
Matthew Davis PREC* 250.217.4922
HOUSE FOR SALE $999,999 | VICTORIA 2849 Cedar Hill Road 6 BED, 2,613 SF
TOWNHOME FOR SALE $959,900 | SONGHEES 3 - 775 Central Spur Road 2 BED, 1,152 SF
Jeff Shaw 250.508.8035
D Kevin Jones PREC* 778.677.8277
HOUSE FOR SALE $839,900 | 17 MILE 6557 Noblewood Place 3 BED, 1,720 SF
ELIZA $719,900 | COLWOOD CORNERS 214S - 3564 Ryder Hesjedal Way 2 Bed, 1,002 SF
John Hircock 250.881.0357
Haden Campbell 250.882.9314
4 Copyright © May 8, 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 May 8, 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.
victoria real estate board DETACHED - APRIL 2 0 2 4
MONTHS OF INVENTORY 3.8 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.7% VS 2023
▲ 3% VS 2023
▲ 49% VS 2023
▲ 0.3% VS 2023
There were 1,219 detached listings in the Victoria Real Estate Board in April, 21% above March and 49% higher than April 2023. April detached home sales increased by 14% month-over-month, to 319, and were 0.3% above April 2023. The months of inventory for detached in the Victoria Real Estate Board, at 3.8, re(ected a sellers' market.
THIS MONTH No. $1,334,802 $1,236,000 3.8 319 1,219
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 318 816
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
0.7% 3% 49% 0.3% 49%
$1,300,325 $1,150,000 3.6 281 1,004
14% 21%
The detached median price in April was $1,236,000, a 7% increase from March and 3% above April 2023.
3% 7% 7%
$1,325,028 $1,200,000 2.6
The average sold price was $1,334,802, 3% above last month and up 0.7% to April 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,227
23
1,219
1,113
1,073
1,186
21
1,108
20
1,019
1,004
918
816
876
797
776
372
281
258
318
319
227
185
311
272
213
184
162
137
$1.24M
$1.20M $1.19M $1.19M $1.19M $1.19M $1.21M
$1.15M $1.15M
$1.12M $1.15M
$1.08M $1.06M
Apr-23
Mar-24
Apr-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
200
24+
150
100
9.3
6.3
6.3
50
5.0
4.2
3.2
2.9
2.9
2.6
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 19 6.3
19 60 3.2
61 179 2.9
80 205 2.6
76 221 2.9
31 129 4.2
17 107 6.3
20 99 5.0
7 65 9.3
5 135 27.0
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 May 8, 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 TOWNHOME - APRIL 2 0 2 4
MONTHS OF INVENTORY 2.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 3% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 5% VS 2023
▲ 4% VS 2023
▲ 61% VS 2023
▲ 9% VS 2023
There were 244 townhome listings in the Victoria Real Estate Board in April, 10% above March and 61% higher than April 2023. April townhome sales increased by 13% month-over-month, to 85, and were 9% above April 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for townhomes in the Victoria Real Estate Board, at 2.9, re(ected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$537 $829,259 $770,000 2.9 85 244
$552 $787,895 $741,950 1.9 78 152
-3% 5% 4% 47% 9% 61%
$521 $823,879 $790,000 3.0 75 222
3% 0.7% -3% -3% 13% 10%
The townhome median price in April was $770,000, a 3% decrease from March and 4% above April 2023. The average sold price was $829,259, 0.7% above last month; the average PSF sale price was $537, up 3% to last month.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
28
244
222
210
205
203
175
169
199
183
177
152
163
163
19
18
88
87
72
85
65
78
52
75
71
67
43
37
35
$845K
$799K
$804K
$790K
$790K
$785K
$770K
$750K
$755K
$750K
$742K
$720K
$694K
Apr-23
Mar-24
Apr-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
8
5.3
4+ bdrms
5.0
29
50
4.4
40
3.3
51
3.2
3.1
3.0
3 bdrms
131
30
1.8
20
26
2 bdrms
79
10
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 5 16 3.2 14 43 3.1 34 60 1.8 14 42 3.0 7 31 4.4 6 32 5.3 2 10 5.0 3 10 3.3
5
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 May 8, 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 real estate board CONDO - APRIL 2 0 2 4
MONTHS OF INVENTORY 3.7 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 1.7% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 56% VS 2023
▼ 4% VS 2023
▼ 0.3% VS 2023
▼ 3% VS 2023
There were 744 condo listings in the Victoria Real Estate Board in April, 12% above March and 56% higher than April 2023. April condo sales increased by 10% month-over-month, to 200, and were 3% below April 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 207 476
% Change
No. 181 667
% Change
The months of inventory for condos in the Victoria Real Estate Board, at 3.7, re(ected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
200 744
-1.7% -4% -0.3% 62% -3% 56%
-2% -5% -3% 0.9% 10% 12%
The condo median price in April was $543,500, a 3% decrease from March and 0.3% below April 2023. The average sold price was $603,827, 5% below last month; the average PSF sale price was $671, down 2.0% to last month.
$671 $603,827 $543,500 3.7
$682 $630,606 $545,000 2.3
$684 $632,459 $559,000 3.7
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
24
24
744
681
667
660
610
21
494
578
536
536
476
504
484
475
254
245
181
207
156
154
200
125
191
167
141
117
104
$560K
$559K
$559K
$555K
$555K
$550K
$545K
$545K
$544K
$540K
$530K
$525K
$520K
Apr-23
Mar-24
Apr-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.
300
10.5
4+ bdrms
250
7.5
200
7.0
5
3 bdrms
21
150
5.0
4.6
3.8
100
2.9
136
2.8
2 bdrms
432
50
0
59
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 5 5.0 21 58 2.8 108 313 2.9 47 214 4.6 12 84 7.0 5 19 3.8 2 21 10.5 4 30 7.5
<2 bdrms
291
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 May 8, 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 DETACHED - APRIL 2 0 2 4
MONTHS OF INVENTORY 2.8 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 5% VS 2023
▲ 7% VS 2023
▲ 54% VS 2023
▼ 4% VS 2023
There were 434 detached listings in the Victoria Core in April, 21% above March and 54% higher than April 2023. April detached home sales increased by 10% month-over-month, to 154, and were 4% below April 2023. The months of inventory for detached in the Victoria Core, at 2.8, re&ected a sellers' market.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 161 282
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
154 434
5% 7% 61% -4% 54%
140 360
3% 11% 10% 10% 21%
The detached median price in April was $1,336,500, a 11% increase from March and 7% above April 2023.
$1,484,551 $1,336,500 2.8
$1,444,677 $1,206,000 2.6
$1,408,095 $1,250,000 1.8
The average sold price was $1,484,551, 3% above last month and up 5% to April 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
434
18
398
453
397
17
442
16
400
316
360
354
314
282
268
260
143
140
161
154
109
151
86
111
102
97
77
72
66
$1.34M
$1.25M $1.30M $1.27M $1.25M $1.34M $1.30M
$1.20M $1.20M $1.20M $1.15M $1.20M $1.21M
Apr-23
Mar-24
Apr-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
80
70
18.0
60
50
40
30
5.5
20
4.1
3.7
3.7
2.3
10
1.8
1.8
1.5
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
0 1 n/a
4 7 1.8
18 41 2.3
33 60 1.8
51 75 1.5
15 55 3.7
11 41 3.7
12 49 4.1
6 33 5.5
4 72 18.0
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 May 8, 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 TOWNHOME - APRIL 2 0 2 4
MONTHS OF INVENTORY 2.2 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 0.9% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 9% VS 2023
▲ 1.3% VS 2023
▲ 39% VS 2023
▼ 3% VS 2023
There were 78 townhome listings in the Victoria Core in April, 16% above March and 39% higher than April 2023.
April townhome sales increased by 13% month-over-month, to 36, and were 3% below April 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for townhomes in the Victoria Core, at 2.2, re&ected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
36 78
37 56
-0.9% 9% 1.3% 43% -3% 39%
32 67
5% 3% -8% 3% 13% 16%
The townhome median price in April was $800,500, a 8% decrease from March and 1.3% above April 2023. The average sold price was $910,539, 3% above last month; the average PSF sale price was $585, up 5% to last month.
$585 $910,539 $800,500 2.2
$591 $835,314 $790,000 1.5
$559 $883,225 $869,000 2.1
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
22
78
72
71
67
75
73
62
61
61
67
52
56
53
17
40
16
43
37
42
36
31
29
32
31
26
21
20
14
$890K
$881K
$869K
$853K
$848K
$838K
$840K
$840K
$820K
$800K
$800K
$790K
$700K
Apr-23
Mar-24
Apr-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.
16
2
14
3.8
4+ bdrms
3.5
9
12
3.0
3.0
2.8
2.6
2.5
10
20
3 bdrms
8
41
6
14
0.5
4
2 bdrms
26
2
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
2 7 3.5
4 11 2.8
12 6 0.5
4 15 3.8
5 13 2.6
5 15 3.0
2 6 3.0
2 5 2.5
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 May 8, 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 ●
victoria core CONDO - APRIL 2 0 2 4
MONTHS OF INVENTORY 4.0 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 4% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 3% VS 2023
▲ 57% VS 2023
▼ 6% VS 2023
▼ 9% VS 2023
There were 539 condo listings in the Victoria Core in April, 15% above March and 57% higher than April 2023.
April condo sales increased by 0.8% month-over-month, to 134, and were 9% below April 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 148 344
% Change
No. 133 468
% Change
The months of inventory for condos in the Victoria Core, at 4.0, re&ected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
134 539
-4% -6% 3% 73% -9% 57%
-3% -6% -3% 14% 0.8% 15%
The condo median price in April was $557,000, a 3% decrease from March and 3% above April 2023. The average sold price was $614,004, 6% below last month; the average PSF sale price was $684, down 3% to last month.
$684 $614,004 $557,000 4.0
$710 $650,318 $542,500 2.3
$707 $652,824 $572,000 3.5
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
525
26
539
496
450
24
468
22
349
414
409
408
344
370
344
338
197
195
133
148
116
107
134
155
112
112
88
86
73
$572K
$569K
$563K
$558K
$557K
$550K
$553K
$549K
$543K
$545K
$543K
$520K
$500K
Apr-23
Mar-24
Apr-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.
200
10.0
4+ bdrms
9.7
150
2
3 bdrms
5.7
5.3
11
100
3.8
3.7
2.6
92
2.0
50
2 bdrms
308
0
40
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 2 2.0 19 50 2.6 58 216 3.7 36 138 3.8 12 68 5.7 3 16 5.3 2 20 10.0 3 29 9.7
<2 bdrms
220
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 May 8, 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 DETACHED - APRIL 2 0 2 4
MONTHS OF INVENTORY 4.7 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 67% VS 2023
▲ 11% VS 2023
▼ 4% VS 2023
▼ 3% VS 2023
There were 427 detached listings in the Westshore in April, 23% above March and 67% higher than April 2023. April detached home sales increased by 3% month-over-month, to 90, and were 11% above April 2023. The months of inventory for detached in the Westshore, at 4.7, re&ected a sellers' market.
THIS MONTH No. $1,146,222 $1,102,000 4.7 90 427
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,188,897 $1,140,000 3.1 81 255
-4% -3% 51% 11% 67%
$1,121,026 $989,900 4.0 87 346
2% 11% 19% 3% 23%
The detached median price in April was $1,102,000, a 11% increase from March and 3% below April 2023.
The average sold price was $1,146,222, 2% above last month and down 4% to April 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
29
427
393
385
373
332
320
307
25
346
341
24
291
288
255
276
116
87
78
90
81
56
54
89
82
61
53
41
43
$1.14M
$1.14M
$1.10M
$1.06M $1.06M
$1.02M $1.06M
$994K $1.04M
$990K
$973K
$980K
$960K
Apr-23
Mar-24
Apr-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
100
19.0
17.5
80
60
40
5.7
20
3.9
3.5
3.1
2.8
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
0 8 n/a
8 22 2.8
28 87 3.1
25 97 3.9
16 91 5.7
10 35 3.5
2 35 17.5
1 19 19.0
0 14 n/a
0 19 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 May 8, 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 TOWNHOME - APRIL 2 0 2 4
MONTHS OF INVENTORY 3.4 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 0.1% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 2% VS 2023
▲ 3% VS 2023
▲ 92% VS 2023
▲ 24% VS 2023
There were 121 townhome listings in the Westshore in April, 8% above March and 92% higher than April 2023. April townhome sales increased by 16% month-over-month, to 36, and were 24% above April 2023. The months of inventory for townhomes in the Westshore, at 3.4, re&ected a sellers' market. The townhome median price in April was $745,000, a 3% decrease from March and 3% above April 2023. The average sold price was $749,558, 5% below last month; the average PSF sale price was $487, up 0.0% 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
$487 $749,558 $745,000 3.4 36 121
29 63
0.1% 2% 3% 55% 24% 92%
$487 $789,120 $772,000 3.6 31 112
0% -5% -3% -7% 16% 8%
$487 $731,611 $725,000 2.2
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
38
121
112
103
102
99
94
81
90
73
87
84
81
63
34
31
21
36
28
26
29
11
23
22
21
16
15
14
13
$790K
$772K
$761K
$748K
$746K
$738K
$745K
$732K
$725K
$725K
$725K
$705K
$685K
Apr-23
Mar-24
Apr-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.
4
14.0
40
4+ bdrms
19
30
23
3 bdrms
68
20
5.0
4.2
9
2 bdrms
3.0
2.6
10
33
1.7
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 1 14 14.0 0 1 n/a 3 5 1.7 6 25 4.2 17 45 2.6 7 21 3.0 2 10 5.0
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 May 8, 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 ●
westshore CONDO - APRIL 2 0 2 4
MONTHS OF INVENTORY 2.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 0.9% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 50% VS 2023
▲ 14% VS 2023
▼ 5% VS 2023
▼ 4% VS 2023
There were 144 condo listings in the Westshore in April, 2% below March and 50% higher than April 2023.
April condo sales increased by 52% month-over-month, to 50, and were 14% above April 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in the Westshore, at 2.9, re&ected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$621 $537,337 $530,500 2.9 50 144
44 96
0.9% -5% -4% 32% 14% 50%
$628 $555,654 $533,000 4.5 33 147
-1.3% -3% -0.5% -35% 52% -2%
The condo median price in April was $530,500, a 0.5% decrease from March and 4% below April 2023. The average sold price was $537,337, 3% below last month; the average PSF sale price was $621, down 1.3% to last month.
$615 $564,598 $552,500 2.2
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
25
144
147
125
121
121
23
117
111
110
106
96
99
90
83
17
43
50
37
44
35
27
33
27
26
24
22
20
20
$567K
$560K
$553K
$545K
$539K
$536K
$530K
$533K
$531K
$505K
$500K
$492K
$457K
Apr-23
Mar-24
Apr-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.
80
70
8.8
4+ bdrms
60
50
1
3 bdrms
40
10
3.5
30
37
20
1.8
2 bdrms
87
10
0
12
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 3 n/a 2 7 3.5 42 76 1.8 5 44 8.8 0 13 n/a 1 0 n/a 0 1 n/a
<2 bdrms
47
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 May 8, 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 DETACHED - APRIL 2 0 2 4
MONTHS OF INVENTORY 3.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 32% VS 2023
▲ 11% VS 2023
▼ 0.6% VS 2023
▼ 6% VS 2023
There were 120 detached listings in the Peninsula in April, 12% above March and 32% higher than April 2023. April detached home sales increased by 82% month-over-month, to 31, and were 11% above April 2023. The months of inventory for detached in the Peninsula, at 3.9, re%ected a sellers' market.
THIS MONTH No. $1,483,677 $1,250,000 3.9 31 120
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
28 91
19% 11% 32%
$1,587,906 $1,350,000 6.3 17 107
-7% -7% -38% 82% 12%
The detached median price in April was $1,250,000, a 7% decrease from March and 6% below April 2023.
$1,493,200 $1,335,000 3.3
The average sold price was $1,483,677, 7% below last month and down 0.6% to April 2023.
-0.6% -6%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
24
128 128
120
110
125
124
107
106
112
21
91
80
77
72
47
37
13
26
31
22
34
33
30
28
25
17
17
16
$1.38M
$1.34M
$1.29M
$1.27M $1.35M
$1.26M $1.33M
$1.25M $1.20M
$1.25M
$1.25M
$1.18M
$1.07M
Apr-23
Mar-24
Apr-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
25
23.0
20
15
10
9.0
9.0
5
5.0
4.2
3.3
2.3
1.0
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 2 n/a
3 7 2.3
12 12 1.0
5 21 4.2
2 18 9.0
4 13 3.3
3 15 5.0
1 9 9.0
1 23 23.0
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 May 8, 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 TOWNHOME - APRIL 2 0 2 4
MONTHS OF INVENTORY 2.4 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 14% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.9% VS 2023
▲ 9% VS 2023
▼ 5% VS 2023
▼ 17% VS 2023
There were 24 townhome listings in the Peninsula in April, 4% below March and 9% higher than April 2023. April townhome sales increased by 25% month-over-month, to 10, and were 17% below April 2023. The months of inventory for townhomes in the Peninsula, at 2.4, re%ected a sellers' market. The townhome median price in April was $729,500, a 5% decrease from March and 0.9% above April 2023. The average sold price was $738,350, 15% below last month; the average PSF sale price was $506, down 14% 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
10 24
12 22
-14% -5% 0.9% 31% -17% 9%
$587 $864,688 $764,250 3.1 8 25
-14% -15% -5% -23% 25% -4%
$506 $738,350 $729,500 2.4
$590 $777,708 $723,000 1.8
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
26
24
22
25
24
24
24
24
23
22
22
17
16
16
11
14
10
9
12
10
16
8
10
6
8
6
5
3
3
$1.12M
$920K
$904K
$900K
$865K
$853K
$822K
$764K
$747K
$730K
$723K
$715K
$702K
Apr-23
Mar-24
Apr-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.
5
2
1.5
4+ bdrms
1
1.3
4
0.8
6
3
3 bdrms
13
2
2
2 bdrms
9
1
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
1
0 1 n/a
4 3 0.8
4 5 1.3
2 3 1.5
0 4 n/a
0 3 n/a
0 3 n/a
0 2 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 May 8, 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 ●
peninsula CONDO - APRIL 2 0 2 4
MONTHS OF INVENTORY 3.6 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 16% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 13% VS 2023
▲ 1.0% VS 2023
▲ 63% VS 2023
▲ 14% VS 2023
There were 57 condo listings in the Peninsula in April, 16% above March and 63% higher than April 2023.
April condo sales increased by 23% month-over-month, to 16, and were 14% above April 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in the Peninsula, at 3.6, re%ected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
16 57
14 35
16% 13% 1% 43% 14% 63%
13 49
21% 14% 10% -5% 23% 16%
The condo median price in April was $587,500, a 10% increase from March and 1.0% above April 2023. The average sold price was $726,367, 14% above last month; the average PSF sale price was $720, up 21% to last month.
$720 $726,367 $587,500 3.6
$619 $640,071 $581,500 2.5
$597 $634,454 $535,000 3.8
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
23
23
57
22
46
44
42
49
33
35
37
36
34
31
28
20
27
13
13
16
11
14
17
16
9
13
10
8
7
$784K
$776K
$745K
$625K
$625K
$602K
$595K
$588K
$582K
$578K
$560K
$535K
$505K
Apr-23
Mar-24
Apr-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.
30
5.2
4+ bdrms
25
20
2
3.0
3 bdrms
15
2.3
10
7
2 bdrms
37
5
0
7
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 1 n/a 8 18 2.3 6 31 5.2 0 3 n/a 1 3 3.0 0 1 n/a 1 0 n/a
<2 bdrms
20
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 May 8, 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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