the victoria rennie advance | June 2024

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

published June 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 © June 3, 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 June 3, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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 • Therewere741M LS salesin GreaterVictoriain M ay.Thiscountwasup 15% versusApril,which ism orethan doublethetypicalApril-to-M ayincreaseof7%.Salesofdetached hom eswereup the m ostat19% (to381sales),condosaleswere19% higher(to237),and townhom esaleswereup 7% (to 91). • Relativeto theprior10-yearM ayaverage,saleswerestil down 13% (from an averageof851). D etached hom eswerethefurthestbelow averageat17%,whiletownhom eand condosaleswere below averagebyam orem odest5% and 3%,respectively.Bar ing2020,thiswastheslowestM ay since2014 (728 sales). • O n ayear-over-yearbasis,salesweredown 4%,driven bya7% declinein condo sales.Townhom e saleswereup 5% from lastyearand detached hom eswereup 2%.

GREATERVICTORIA THERENNIEADVANCE sales

MAY 2024

800

+ 2% vsM ay2023

700

600

500

400

457 10 yrM ayAvg

381

300

200

DETACHED sales

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

- 17% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

+ 5% vsM ay2023

200

150

96 10 yrM ayAvg

100

TOWNHOME sales

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

- 5% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

- 7% vsM ay2023

100 150 200 250 300 350 400

245 10 yrM ayAvg

237

CONDO sales

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

- 3% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

Copyright© June3,2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofJune3,2024.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.

●

highlights • N ew listingscontinued torisein M ay,with 1,670 hom escom ingtom arket— an increaseof13% m onth-over-m onth (from 1,476 in April)thatoutpaced thetypical9% April-to-M ayincrease.This m arked them ostnew listingsin anym onth sinceApril2010 (1,681 new listings)and them ost new listingsforthem onth ofM aysince2008(1,745). • N ew listingsin M aywere24% higherthan theprior10-yearM ayaverage(1,351 new listings). N otably,new condolistingswerethefurthestaboveaverageat46% (to548),folowed by townhom esat19% (to166),and detached hom esat14% (to862). • N ew listingswereup year-over-yearforal hom etypes:condoswereup 52%,detached hom es 28%,and townhom es13%.

GREATERVICTORIA THERENNIEADVANCE new listings

MAY 2024

1,000

+ 28% vsM ay2023

800

862

600

755 10 yrM ayAvg

400

DETACHED new listings

200

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

+ 14% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

+ 13% vsM ay2023

250

200

150

166

140 10 yrM ayAvg

100

TOWNHOME new listings

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

+ 19% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

600

+ 52% vsM ay2023

500

548

400

300

376 10 yrM ayAvg

200

CONDO new listings

100

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

+ 46% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

●

highlights • ActiveM LS listingscontinued tobuild in M ay,up 14% m onth-over-m onth to2,678 (from 2,348 in April).Thiswasthem ostactivelistingsin anym onth sinceAugust2015 (2,792 listings)and the m ostforthem onth ofM aysince2015(3,084). • Relativeto thelong-run averageforM ay,inventorywas28% higheroveral.Condo inventorywas furthestaboveaverageat52% (to 850 listings),townhom eswere36% higher(to 263),and detached hom eswere17% higher(to1,399). • W ith thegrow th in salesand inventory rising in tandem w ith each other,them arketrem ained in selers’m arketter itorywith m onthsofinventory(M O I)flatat3.6.Al hom etypescontinued to favourselers:detached (3.7 M O I),townhom es(2.9),and condos(3.6).

GREATERVICTORIA THERENNIEADVANCE inventory

MAY 2024

2,500

+ 52% vsM ay2023

2,000

1,500

1,193 10 yrM ayAvg

1,399

1,000

DETACHED inventory

500

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

+ 17% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

600

+ 56% vsM ay2023

500

400

300

193 10 yrM ayAvg

263

200

TOWNHOME inventory

100

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

+ 36% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

1,000

+ 79% vsM ay2023

800

850

600

558 10 yrM ayAvg

400

CONDO inventory

200

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

+ 52% vs10yrM ayAvg

﹍ 10 yrM ayAverage

● May

●

highlights • Them edian sold pricedecreased by0.6% (averaged acros hom etypes)between Apriland M ayin G reaterVictoria.Them edian sold pricefordetached hom esweighed down theaveragewith a m onth-over-m onth decreaseof4.9% (to$1.18 m ilion),whiletownhom em edian pricesclim bed 2.5% (to$790K),and condom edian priceswereup 0.6% (to$545K). • Com pared to lastyear,m edian sold pricesweredown by1.3% (averaged acros hom etypes)with al hom etypesseeing declines:detached (-0.8%),townhom e(-1.2%),and condo (-1.8%). •

GREATERVICTORIA THERENNIEADVANCE median prices

MAY 2024

$1,400,000

G reaterV ictoria

$1,200,000

$1,175,000

$1,000,000

$800,000

$600,000

- 0.8% vsM ay2023

DETACHED median salesprice

$400,000

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

● May

$1,000,000

G reaterV ictoria

$800,000

$789,574

$600,000

- 1.2% vsM ay2023

$400,000

TOWNHOME median salesprice

$200,000

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

● May

$600,000

G reaterV ictoria

$545,000

$500,000

$400,000

$300,000

- 1.8% vsM ay2023

$200,000

CONDO median salesprice

$100,000

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

● May

●

the data behind rennie

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

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

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