the victoria rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR 19 SUB-MARKETS IN GREATER VICTORIA
published October 2024
table of contents
02 INTRO
Each month, we release the rennie review, a detailed look at the real estate marketplace in Greater Victoria Region. This report examines the market stats by sub-market, provides updates on current rennie projects, and more.
03 WHAT YOU NEED TO KNOW
04 FEATURED LISTINGS
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
Roman Melzer MARKET ANALYST
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Westshore Peninsula
Gulf Islands
rmelzer@rennie.com
Malahat
Central Saanich
Colwood
Esquimalt Langford Metchosin
North Saanich
Oak Bay
Saanich East Saanich West
Sidney Sooke
Victoria
Victoria West
View Royal
50 AREA MAPS
54 GLOSSARY
2 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 October 9, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.
a bumper crop of sales in september Home sales in Greater Victoria increased from August to September for just the fourth time in 25 years, a sign that buyers are already responding to interest rate cuts.
The positive news on the supply front is that strong new listings activity in September pushed active MLS listings higher by 7% to 2,708. This was 35% above the prior 10-year September average (of 2,001) and, barring slightly higher inventory in June, this marked the most inventory in the region since August 2015 (2,792). Prospective buyers have ample options to consider when looking for their ideal home, which is quite a contrast to conditions over the past decade. Finally, with inflation under control and a shift in focus by the Bank of Canada toward supporting the labour market and the economy, more interest rate cuts are expected through the remainder of 2024 and into 2025. The decline in interest rates to-date has already led to material savings and increased purchasing power for borrowers (see last month’s Victoria rennie review for details), and further cuts will make it a little easier still for buyers to find that next home.
The real estate market has been a challenging space of late. Buyers have had to juggle generationally-high interest rates with home prices near their highest levels ever. The cooling effect this has had on demand has made it harder for sellers to part with their homes, and caught in the middle are all of the stakeholders involved in delivering and selling much-needed housing who have had a tough time doing so. Focus too much on these challenges, however, and you may have missed some of the positive currents moving through Greater Victoria’s housing market of late. There were 554 MLS sales last month, which was an increase of 3% from August following three consecutive months of declines. A small bump like this might not sound like much, but it’s notable when considering that this was just the fourth time in the last 25 years that sales increased from August to September (they typically fall by 9%). Perhaps this is evidence
that the three interest rate cuts from the Bank of Canada have already started to pull some buyers off the sidelines. Additionally, sales in September were higher by 16% compared to a year ago marking the third consecutive month of year-over-year sales increases. Notably, this trend has been entirely absent in other major BC markets. On that note, relative to Vancouver and Kelowna, Victoria sales have fared the best throughout these challenging market conditions. Year-to- date, there have been 5,142 sales in Greater Victoria, which was up 3% from the 4,977 sales tallied through the first nine months of 2023 (note that current year-to-date sales do remain 18% below the past-decade average of 6,292 sales). In contrast, year-to-date sales in Vancouver and Kelowna were down 6% and 13% from 2023, respectively. Relative to their prior 10-year averages, they were down 23% and 32%, respectively.
3 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 October 9, 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.
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HOUSE FOR SALE $2,000,000 | ESQUIMALT 470 Constance Avenue 4 Bed, 2 Bath, 3,711 SF
SHOAL POINT $1,299,900 | JAMES BAY 510 - 21 Dallas Road 2 Bed, 2 Bath, 1,438 SF
Brett Jones 250.588.7646
Raegan Hinks 250.732.3481
HOUSE FOR SALE $1,244,900 | ATKINS 3278 Walfred Place 5 Bed, 3 Bath, 3,180 SF
420 LINDEN $774,900 | FAIRFIELD EAST 604 - 420 Linden Avenue 2 Bed, 2 Bath, 1,407 SF
Quinn van Gylswyk 250.888.0729
Chris Gill PREC* 250.744.6956
ELIZA $679,900 | COLWOOD CORNERS 305N - 3564 Ryder Hesjedal Way 2 Bed, 2 Bath, 941 SF
THE MONDRIAN $525,000 | DOWNTOWN 909 - 1090 Johnson Street 1 Bed, 1 Bath, 780 SF
Nickole Goeujon 250.686.0078
Haylie Leote 250.891.7442
THE YATES ON YATES $515,000 | DOWNTOWN 309 - 848 Yates Street 1 Bed, 1 Bath, 698 SF
NAUTICA WEST $439,900 | HILLSIDE 212 - 2520 Wark Street 1 Bed, 1 Bath, 819 SF
Matthew Davis PREC* 250.217.4922
Jeff Shaw 250.508.8035
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 October 9, 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.
4
victoria real estate board DETACHED - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 5.3 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 16% VS 2023
▲ 19% VS 2023
▼ 9% VS 2023
▼ 8% VS 2023
There were 1,429 detached listings in the Victoria Real Estate Board in September, 4% above August and 16% higher than September 2023. September detached home sales increased by 10% month-over-month, to 269, and were 19% above September 2023. The months of inventory for detached in the Victoria Real Estate Board, at 5.3, re*ected a balanced market.
THIS MONTH No. $1,231,175 $1,110,000 5.3 269 1,429
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,355,621 $1,210,000 5.4 227 1,227
19% 16%
$1,272,440 $1,148,000 5.6 244 1,373
-3% -3% -6% 10% 4%
The detached median price in September was $1,110,000, a 3% decrease from August and 8% below September 2023.
-9% -8% -1.7%
The average sold price was $1,231,175, 3% below last month and down 9% to September 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,494
35
1,400
1,429
33
1,449
1,221
1,186
1,373
1,227
1,073
1,005
876
797
23
776
381
294
281
185
269
332
227
137
318
244
213
184
162
$1.23M $1.17M $1.20M
$1.21M
$1.17M $1.15M $1.11M
$1.15M $1.15M
$1.12M $1.15M
$1.08M $1.06M
Sep-23
Aug-24
Sep-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
250
24+
200
17.2
150
12.6
10.5
100
6.2
5.3
5.0
50
3.9
3.5
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
3 16 5.3
27 94 3.5
77 213 2.8
62 239 3.9
41 254 6.2
29 145 5.0
10 126 12.6
11 116 10.5
5 86 17.2
4 140 35.0
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 October 9, 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 4.2 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 4% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.5% VS 2023
▲ 2.0% VS 2023
▲ 28% VS 2023
▼ 3% VS 2023
There were 263 townhome listings in the Victoria Real Estate Board in September, 15% above August and 28% higher than September 2023. September townhome sales decreased by 17% month-over-month, to 63, and were 3% below September 2023. The months of inventory for townhomes in the Victoria Real Estate Board, at 4.2, re*ected a sellers' market. The townhome median price in September was $770,000, a 0.4% increase from August and 2.0% above September 2023. The average sold price was $818,790, 1.4% below last month; the average PSF sale price was $551, down 3% 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
$551 $818,790 $770,000 4.2 63 263
$529 $814,365 $755,000 3.2 65 205
4% 0.5% 2% 32% -3% 28%
$566 $830,720 $767,000 3.0 76 228
-3% -1.4% 0.4% 39% -17% 15%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
34
263
264
261
221
31
210
242
241
203
228
205
199
176
163
24
94
78
76
72
52
85
65
63
77
75
43
37
35
$845K
$805K
$790K
$790K
$794K
$770K
$770K
$767K
$755K
$750K
$750K
$720K
$694K
Sep-23
Aug-24
Sep-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.
70
60
9
11.0
4+ bdrms
39
50
40
33
6.6
3 bdrms
145
30
4.4
3.8
20
3.0
19
2.7
2 bdrms
2.2
78
10
0
2
<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 11 2.2 11 48 4.4 24 64 2.7 7 46 6.6 3 33 11.0 11 42 3.8 2 6 3.0 0 13 n/a
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 October 9, 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 4.4 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 3% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 37% VS 2023
▲ 21% VS 2023
▼ 8% VS 2023
▼ 3% VS 2023
There were 836 condo listings in the Victoria Real Estate Board in September, 10% above August and 37% higher than September 2023. September condo sales increased by 3% month-over-month, to 188, and were 21% above September 2023. The months of inventory for condos in the Victoria Real Estate Board, at 4.4, re*ected a sellers' market. The condo median price in September was $541,250, a 0.2% decrease from August and 3% below September 2023. The average sold price was $604,384, 1.1% above last month; the average PSF sale price was $681, down 0.7% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 156 610
% Change
No. 182 761
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
188 836
-3% -8% -3% 14% 21% 37%
6% 3% 10%
$681 $604,384 $541,250 4.4
$699 $655,056 $558,500 3.9
$686 $597,694 $542,250 4.2
-0.7% 1.1% -0.2%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
30
836
855
849
829
681
669
660
761
26
746
610
579
536
537
18
248
213
181
154
188
125
156
200
197
182
141
117
104
$559K
$559K
$550K
$545K
$544K
$546K
$542K
$540K
$541K
$530K
$525K
$525K
$520K
Sep-23
Aug-24
Sep-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.
24+
4+ bdrms
300
2
200
3 bdrms
34
10.0
100
7.5
124
6.9
6.5
2 bdrms
5.2
513
3.6
3.1
0
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 10 10.0 24 75 3.1 98 354 3.6 43 223 5.2 13 90 6.9 4 26 6.5 1 28 28.0 4 30 7.5
62
<2 bdrms
289
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 October 9, 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 3.8 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2023
▲ 14% VS 2023
▼ 15% VS 2023
▼ 6% VS 2023
There were 470 detached listings in the Victoria Core in September, 5% above August and 4% higher than September 2023. September detached home sales increased by 18% month-over-month, to 124, and were 14% above September 2023. The months of inventory for detached in the Victoria Core, at 3.8, re(ected a sellers' market.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 109 453
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
124 470
-15% -6% -9% 14% 4%
105 447
-4% -3% -11% 18% 5%
The detached median price in September was $1,222,500, a 3% decrease from August and 6% below September 2023.
$1,337,639 $1,222,500 3.8
$1,394,182 $1,265,000 4.3
$1,569,635 $1,299,000 4.2
The average sold price was $1,337,639, 4% below last month and down 15% to September 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
29
29
516
513
512
442
470
453
397
447
436
316
361
22
268
260
185
167
140
124
153
86
109
129
105
97
77
72
66
$1.34M $1.32M
$1.30M
$1.27M $1.27M $1.26M $1.22M
$1.20M $1.20M $1.20M $1.15M $1.20M $1.21M
Sep-23
Aug-24
Sep-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
80
22.3
60
40
11.7
9.4
9.0
20
3.4
3.1
3.0
2.6
1.3
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
3 9 3.0
33 44 1.3
29 76 2.6
24 81 3.4
18 56 3.1
5 47 9.4
6 54 9.0
3 35 11.7
3 67 22.3
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 October 9, 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 4.1 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 1.1% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 9% VS 2023
▲ 12% VS 2023
▲ 30% VS 2023
▼ 21% VS 2023
There were 95 townhome listings in the Victoria Core in September, 27% above August and 30% higher than September 2023. September townhome sales decreased by 30% month-over-month, to 23, and were 21% below September 2023. The months of inventory for townhomes in the Victoria Core, at 4.1, re(ected a sellers' market. The townhome median price in September was $920,000, a 7% increase from August and 12% above September 2023. The average sold price was $942,443, 3% above last month; the average PSF sale price was $584, down 3% 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
23 95
29 73
1.1% 9% 12% 64% -21% 30%
33 75
-3% 3% 7% 82% -30% 27%
$584 $942,443 $920,000 4.1
$578 $864,173 $820,000 2.5
$600 $913,891 $860,000 2.3
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
92
27
95
97
75
83
73
77
75
22
62
61
21
67
40
40
51
39
36
33
31
42
29
32
23
28
21
20
14
$920K
$890K
$881K
$874K
$869K
$860K
$855K
$840K
$840K
$820K
$815K
$800K
$700K
Sep-23
Aug-24
Sep-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.
20
4
12.0
4+ bdrms
13
15
9.0
11
3 bdrms
55
10
5.0
3.3
8
5
2.6
2 bdrms
2.5
2.3
27
0
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 12 12.0 6 14 2.3 3 10 3.3 2 18 9.0 8 21 2.6 2 5 2.5 0 10 n/a 1 5 5.0
<2 bdrms
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 October 9, 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 4.5 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 3% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 23% VS 2023
▲ 6% VS 2023
▼ 8% VS 2023
▼ 2% VS 2023
There were 555 condo listings in the Victoria Core in September, 8% above August and 23% higher than September 2023. September condo sales decreased by 1.6% month-over-month, to 123, and were 6% above September 2023. The months of inventory for condos in the Victoria Core, at 4.5, re(ected a sellers' market. The condo median price in September was $550,000, a 2% increase from August and 2% below September 2023. The average sold price was $627,638, 5% above last month; the average PSF sale price was $688, down 0.4% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 116 450
% Change
No. 125 514
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
123 555
-3% -8% -2% 16% 6% 23%
-0.4% 5% 2% 10% -1.6% 8%
$688 $627,638 $550,000 4.5
$713 $682,955 $562,500 3.9
$691 $595,128 $538,000 4.1
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
600
574
36
540
525
555
580
496
514
450
469
28
414
410
409
183
149
133
107
19
123
116
138
134
125
112
88
86
73
$572K
$563K
$558K
$557K
$549K
$550K
$550K
$543K
$541K
$538K
$520K
$525K
$500K
Sep-23
Aug-24
Sep-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.
250
24+
4+ bdrms
200
150
1
3 bdrms
22
100
79
6.5
2 bdrms
5.8
50
5.3
316
4.3
3.9
3.4
3.0
0
43
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 3 3.0 17 57 3.4 60 232 3.9 26 137 5.3 10 58 5.8 4 17 4.3 1 25 25.0 4 26 6.5
<2 bdrms
217
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 October 9, 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 7.1 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 8% VS 2023
▲ 26% VS 2023
▲ 32% VS 2023
▼ 1.4% VS 2023
There were 496 detached listings in the Westshore in September, 7% above August and 26% higher than September 2023. September detached home sales decreased by 18% month-over-month, to 70, and were 32% above September 2023. The months of inventory for detached in the Westshore, at 7.1, re(ected a balanced market. The detached median price in September was $1,025,000, a 5% decrease from August and 1.4% below September 2023. The average sold price was $1,137,094, 3% above last month and up 8% to September 2023.
THIS MONTH No. $1,137,094 $1,025,000 7.1 70 496
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,051,599 $1,040,000 7.4 53 393
32% 26%
$1,107,500 $1,075,000 5.5 85 465
3% -5% 30% -18% 7%
8% -1.4% -4%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
515
37
496
427
483
465
465
385
373
31
393
320
346
291
288
24
111
87
85
54
56
43
41
70
90
87
53
84
61
$1.10M
$1.04M
$1.03M $1.06M $1.08M $1.08M $1.02M
$1.02M $1.06M
$990K
$980K
$973K
$960K
Sep-23
Aug-24
Sep-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
100
24+
80
20.0
60
12.0
10.7
40
9.5
6.5
5.0
20
3.8
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 7 n/a
9 45 5.0
26 98 3.8
16 104 6.5
10 95 9.5
4 48 12.0
3 32 10.7
1 25 25.0
0 22 n/a
1 20 20.0
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 October 9, 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 4.8 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 7% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 37% VS 2023
▲ 17% VS 2023
▼ 0.9% VS 2023
▼ 0.1% VS 2023
There were 129 townhome listings in the Westshore in September, 22% above August and 37% higher than September 2023. September townhome sales remained the same month-over-month, at 27, and were 17% above September 2023. The months of inventory for townhomes in the Westshore, at 4.8, re(ected a sellers' market. The townhome median price in September was $731,000, a 8% increase from August and 0.1% below September 2023. The average sold price was $731,562, 2% above last month; the average PSF sale price was $504, down 4% 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
$504 $731,562 $731,000 4.8 27 129
23 94
17% 17% 37%
$527 $715,405 $680,000 3.9 27 106
-4% 2% 8% 22% 0% 22%
$471 $738,412 $732,000 4.1
7% -0.9% -0.1%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
122
45
129
120
103
102
99
115
111
39
109
106
94
90
87
44
27
31
36
27
34
23
11
27
27
22
15
13
14
$790K
$772K
$761K
$738K
$745K
$741K
$745K
$732K
$730K
$731K
$725K
$685K
$680K
Sep-23
Aug-24
Sep-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
40
24+
4+ bdrms
24
30
17
3 bdrms
72
20
7.5
5
2 bdrms
10
32
4.1
3.1
1.3
0
1 1
<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 28 28.0 0 10 n/a 2 15 7.5 3 4 1.3 7 29 4.1 14 43 3.1
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 October 9, 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 4.6 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 0.9% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.7% VS 2023
▲ 61% VS 2023
▲ 63% VS 2023
- VS 2023
There were 201 condo listings in the Westshore in September, 11% above August and 61% higher than September 2023. September condo sales increased by 2% month-over-month, to 44, and were 63% above September 2023. The months of inventory for condos in the Westshore, at 4.6, re(ected a sellers' market. The condo median price in September was $530,000, a 0.9% decrease from August and no change to September 2023. The average sold price was $541,527, 0.9% above last month; the average PSF sale price was $657, up 1.9% 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
$657 $541,527 $530,000 4.6 44 201
$651 $537,530 $530,000 4.6 27 125
63% 61%
$645 $536,591 $535,000 4.2 43 181
9% 2% 11%
0.9% 0.7% 0% -1.3%
1.9% 0.9% -0.9%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
213
23
201
179
184
20
181
148
121
121
145
125
111
15
90
83
50
44
35
44
27
43
42
27
40
33
24
20
20
$567K
$545K
$544K
$536K
$530K
$533K
$531K
$535K
$530K
$516K
$511K
$500K
$492K
Sep-23
Aug-24
Sep-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.
100
21.0
4+ bdrms
80
1
60
3 bdrms
11
40
32
5.2
2 bdrms
20
139
3.6
3.0
0
11
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 7 n/a 6 18 3.0 27 98 3.6 10 52 5.2 1 21 21.0 0 4 n/a 0 1 n/a
<2 bdrms
51
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 October 9, 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 5.0 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 20% VS 2023
▲ 3% VS 2023
▼ 1.3% VS 2023
▼ 0.2% VS 2023
There were 154 detached listings in the Peninsula in September, 5% above August and 20% higher than September 2023. September detached home sales increased by 29% month-over-month, to 31, and were 3% above September 2023. The months of inventory for detached in the Peninsula, at 5.0, re&ected a sellers' market. The detached median price in September was $1,249,395, a 8% decrease from August and 0.2% below September 2023. The average sold price was $1,350,913, 23% below last month and down 1.3% to September 2023.
THIS MONTH No. $1,350,913 $1,249,395 5.0 31 154
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,368,500 $1,252,500 4.3 30 128
-1.3% -0.2% 16% 3% 20%
$1,753,346 $1,352,500 6.1 24 146
-23% -8% -18% 29% 5%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
32
145
154
156
153
128
146
128
110
107
120
22
80
77
72
38
37
17
31
26
22
31
30
35
25
24
17
16
17
$1.35M
$1.30M $1.38M
$1.27M $1.35M
$1.25M $1.20M $1.29M
$1.25M
$1.25M
$1.19M
$1.18M
$1.07M
Sep-23
Aug-24
Sep-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
35
22.0
30
25
16.0
20
15
10
6.3
5.8
5
2.0
2.0
1.1
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
1 0 n/a
8 9 1.1
7 14 2.0
6 35 5.8
4 8 2.0
1 22 22.0
3 19 6.3
1 16 16.0
0 29 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 October 9, 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 1.8 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 5% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 30% VS 2023
▼ 8% VS 2023
▼ 9% VS 2023
▼ 4% VS 2023
There were 23 townhome listings in the Peninsula in September, 28% below August and 4% lower than September 2023. September townhome sales decreased by 13% month-over-month, to 13, and were 30% above September 2023. The months of inventory for townhomes in the Peninsula, at 1.8, re&ected a sellers' market. The townhome median price in September was $775,000, a 5% decrease from August and 9% below September 2023. The average sold price was $781,185, 11% below last month; the average PSF sale price was $591, up 4% 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
13 23
10 24
5% -8% -9% -26% 30% -4%
15 32
4% -11% -5% -17% -13% -28%
$591 $781,185 $775,000 1.8
$561 $846,065 $852,875 2.4
$565 $875,693 $819,900 2.1
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
44
31
33
32
30
25
24
24
24
24
24
23
23
22
15
12
13
10
10
8
24
6
8
8
3
3
7
6
15
$1.12M
$946K
$865K
$853K
$840K
$822K
$820K
$775K
$764K
$749K
$730K
$715K
$702K
Sep-23
Aug-24
Sep-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.
6
1
6.0
4+ bdrms
2
5
4
5
3 bdrms
3.0
11
3
2.0
2
6
1.0
2 bdrms
0.8
10
1
0
1
<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 n/a
3 3 1.0
4 3 0.8
3 6 2.0
1 3 3.0
1 6 6.0
0 1 n/a
0 1 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 October 9, 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 - SEPTEMBER 2 0 2 4
MONTHS OF INVENTORY 3.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 1.4% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.9% VS 2023
▲ 126% VS 2023
▲ 54% VS 2023
▼ 8% VS 2023
There were 77 condo listings in the Peninsula in September, 22% above August and 126% higher than September 2023. September condo sales increased by 43% month-over-month, to 20, and were 54% above September 2023. The months of inventory for condos in the Peninsula, at 3.9, re&ected a sellers' market. The condo median price in September was $565,000, a 25% decrease from August and 0.9% above September 2023. The average sold price was $596,125, 26% below last month; the average PSF sale price was $680, down 11% 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
20 77
13 34
1.4% -8% 0.9% 47% 54% 126%
14 63
-11% -26% -25% -14% 43% 22%
$680 $596,125 $565,000 3.9
$670 $650,207 $560,000 2.6
$766 $808,286 $752,250 4.5
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
38
77
68
66
63
58
57
46
44
29
42
49
34
37
36
22
19
20
13
11
19
9
13
7
16
14
10
8
12
$752K
$625K
$625K
$602K
$599K
$588K
$590K
$578K
$567K
$565K
$560K
$535K
$505K
Sep-23
Aug-24
Sep-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.
35
5.7
30
4+ bdrms
5.5
25
20
3 bdrms
1
15
1.9
10
13
2 bdrms
57
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 1 0 n/a 11 21 1.9 6 34 5.7 2 11 5.5 0 5 n/a 0 3 n/a 0 3 n/a
<2 bdrms
19
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 October 9, 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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