the victoria rennie advance | April 2024

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

published April 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 © April 2, 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 April 2, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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 • M LS salesin G reaterV ictoriatotaled 510 in M arch,29% below thepast-decadeaverageforthe m onth and m arked thefewestsalesin aM arch since2013.D etached hom esaleswerethefurthest below thelong-run averageat32%,versus28% forcondosand 16% fortownhom es. • Salesactivityrosefrom February,up 16% m onth-over-m onth,butthiswashalfthepaceofthe typicalexpansion betw een February and M arch (32% ).D etached hom esalesrealized thelargest increasem onth-over-m onth (25%),with sm alerincreasesforcondos(10%)and townhom es(3%). • O n ayear-over-yearbasis,salescountswere9% lower,driven bycondos(15% lower)and detached hom es(8% lower).Townhom esalesweretheonlyhom etypetowitnes an increase,up 3% relative toM arch 2023.

GREATERVICTORIA THERENNIEADVANCE sales

MARCH 2024

800

- 8% vsM ar2023

700

600

500

400

393 10 yrM arAvg

300

200

DETACHED sales

266

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

- 32% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

+ 3% vsM ar2023

200

150

88 10 yrM arAvg

100

TOWNHOME sales

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

- 16% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

- 15% vsM ar2023

100 150 200 250 300 350 400

236 10 yrM arAvg

170

CONDO sales

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

- 28% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

Copyright© April2,2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofApril2,2024.Aldatafrom theVictoriaRealEstate Board& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociates advisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

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highlights • At1,086,new M LS listingsin M arch were20% higherthan in February.Thisincreasewasdriven prim arilybynew condolistings,which wereup 34%.N ew listingsfordetached hom esand townhom esincreased m orem odestlyby13% and 10%,respectively. • N ew listingsw ere3% below theirpast-decadeM arch averagew ith detached hom esdriving that weaknes .D etached hom eswere16% below averagewhilecondosand townhom eswereabove theirlong-run averages,by16% and 15% ,respectively. • N ew listingswere13% higherin M arch than oneyearearlierwith al hom etypesseeing an increase:detached hom esby5%,townhom esby25%,and condosby20%.

GREATERVICTORIA THERENNIEADVANCE new listings

MARCH 2024

1,000

+ 5% vsM ar2023

800

600

643 10 yrM arAvg

540

400

DETACHED new listings

200

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

- 16% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

+ 25% vsM ar2023

250

200

150

119 10 yrM arAvg

137

100

TOWNHOME new listings

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

+ 15% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

500

+ 20% vsM ar2023

400

409

300

353 10 yrM arAvg

200

CONDO new listings

100

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

+ 16% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

●

highlights • ActiveM LS listingsreached 1,894 in M arch,16% abovethepast10-yearM arch average,which wasthehighestlevelforthem onth since2015(2,737).Thetrend difered byhom etypewith inventoryforcondosand townhom es38% and 28% abovetheirlong-run averages,respectively.In contrast,detached hom einventorywasjust3% aboveitslong-run averageforM arch. • Inventoryexpanded quiteconsiderablyyear-over-yearacros al hom etypes:detached hom esby 28%,townhom esby29%,and condosby42%. • M arketconditionsfavoured selersacros hom etypesin G reaterV ictoriain M arch,w ith there being 3.7 m onthsofinventory(M O I)supplying them arket.Al segm entsfavoured selers,in fact, with detached havingan M OIof3.8,townhom esat3.0,and condosat3.9.

GREATERVICTORIA THERENNIEADVANCE inventory

MARCH 2024

2,500

+ 28% vsM ar2023

2,000

1,500

974 10 yrM arAvg

1,000

1,005

DETACHED inventory

500

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

+ 3% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

600

+ 29% vsM ar2023

500

400

300

172 10 yrM arAvg

200

220

TOWNHOME inventory

100

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

+ 28% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

1,000

+ 42% vsM ar2023

800

600

669

486 10 yrM arAvg

400

CONDO inventory

200

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

+ 38% vs10yrM arAvg

﹍ 10 yrM arch Average

● March

●

highlights • Them edian sold priceincreased 0.7% (averaged acros hom etypes)m onth-over-m onth in G reater Victoria.Them edian sold priceincreased fortownhom esand condos(by0.1% and 3%, respectively),w hilefaling by 0.9% fordetached hom es. • Com pared to lastyear,m edian sold priceswereup by3% on average,acros types.Them edian sold pricewashigher,on ayear-over-yearbasis,fordetached hom esand townhom es(by6% for both hom etypes),and fel by4% forcondos. •

GREATERVICTORIA THERENNIEADVANCE median prices

MARCH 2024

$1,400,000

G reaterV ictoria

$1,200,000

$1,140,000

$1,000,000

$800,000

$600,000

+ 6% vsM ar2023

DETACHED median salesprice

$400,000

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

● March

$1,000,000

G reaterV ictoria

$800,000

$790,000

$600,000

+ 6% vsM ar2023

$400,000

TOWNHOME median salesprice

$200,000

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

● March

$600,000

G reaterV ictoria

$545,000

$500,000

$400,000

$300,000

- 4% vsM ar2023

$200,000

CONDO median salesprice

$100,000

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

● March

●

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.

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