the victoria rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR 19 SUB-MARKETS IN GREATER VICTORIA
published June 2024
table of contents
02 INTRO
03 WHAT YOU NEED TO KNOW
04 FEATURED LISTINGS
05 VICTORIA REAL ESTATE BOARD
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.
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
Colwood
Esquimalt Langford Metchosin
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
North Saanich
Oak Bay
Saanich East Saanich West
Sidney Sooke
Victoria
Victoria West
View Royal
50 AREA MAPS
54 GLOSSARY
Copyright © June 10, 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 10, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
victoria ’ s inventory story Greater Victoria’s housing market distinguished itself from its peer markets with relatively strong sales activity in May and another wave of new listings. Though still a sellers’ market, supply-demand conditions are the loosest they’ve been in years.
With new homes coming to market at a near-record pace, active listings reached 2,678 at the end of May, the highest level since August 2015 (2,792 listings) and 28% above the prior 10-year May average of 2,094 listings (versus 19% in Vancouver and 37% in Kelowna). This translated to 3.5 months of inventory (MOI) and, although that signaled conditions in favour of sellers, these were by far the loosest conditions seen in the month of May in nearly a decade (excluding the pandemic year of 2020). For example, MOI was 2.2 in May 2023, 1.9 in 2022, and just 1.1 in 2021. May typically stands as the peak of the spring housing market, but challenging affordability and macroeconomic conditions made for varied results across BC’s three major markets. Though sales were still soft relative to historical levels, Victoria outperformed its peers by a considerable margin. On top of that, new listings and inventory growth far outpaced its peers, lifting the supply of homes from acute tightness in recent years and offering more options for buyers.
The Greater Victoria housing market distinguished itself from other primary markets in British Columbia in May, with relatively strong sales activity and a sustained expansion of new listings near their highest level in two decades. There were 762 MLS sales during the month, an 18% month-over-month increase that far outpaced the typical 7% increase between April and May. This was quite notable considering a smaller 5% month-over-month increase in Kelowna, and a 1.8% decline in Vancouver that spelled an early end to the spring housing market in that region. Looking beyond stronger month-to-month momentum, Victoria’s sales activity in May relative to historical levels also outperformed its peer markets. Sales were down just 0.9% year-over-year (versus 17% in both Vancouver and Kelowna) and were 10% below the prior 10-year May average (versus
20% in Vancouver and 26% in Kelowna). Despite considerable affordability headwinds challenging buyers across all major markets in BC, sales activity in Victoria was the most resilient by a wide margin. All of that said, the bigger story in May was a continued strong expansion in new listings. There were 1,674 new listings in May, the third most for a single month since January 2000 (that’s 293 months!). Only May 2008 and April 2010 saw more homes come to market at 1,745 and 1,681, respectively. This far outpaced other major BC markets at 24% above the prior 10-year May average versus 17% in Kelowna and 8% in Vancouver. Notably, new condo listings in Victoria were furthest above average in May at 46% versus 21% for townhomes and 14% for detached. The province’s new short-term rental restrictions came into effect on May 1st and, so far, they appear to be having an outsized impact on Victoria’s housing market.
Copyright © June 10, 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 10, 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 3 BED, 2,013 SF
HOUSE FOR SALE $2,300,000 | ARBUTUS 933 Matticks Wood Lane 5 BED, 3,513 SF
Raegan Hinks 250.732.3481
Brett Jones 250.588.7646
HOUSE FOR SALE $2,295,000 | ARBUTUS 4373 Wildflower Lane 6 BED, 5,172 SF Matthew Davis PREC* 250.217.4922
HOUSE FOR SALE $1,888,000 | COLWOOD CORNERS 679 MEDALIST AVENUE 4 BED, 4,232 SF
Cathie Jeffrey 250.857.2283
HOUSE FOR SALE $1,880,000 | COLWOOD CORNERS 3917 Olympian Way 4 BED, 2,565 SF
HOUSE FOR SALE $999,999 | VICTORIA 2849 Cedar Hill Road 6 BED, 2,613 SF
Chris Gill PREC* 250.744.6956
Jeff Shaw 250.508.8035
TOWNHOME FOR SALE $929,900 | BRENTWOOD BAY 2849 7062 Central Saanich Road 3 BED, 1,681 SF
SHOAL POINT $915,000 | VICTORIA 507 - 21 Dallas Road 2 BED, 1,214 SF
Jake Duvall 250.589.3612
Haden Campbell 250.882.9314
TOWNHOME FOR SALE $787,000 | COLWOOD CORNERS 31 - 350 Latoria Boulevard 3 BED, 1,830 SF
ARIA $675,000 | VICTORIA S308 737 Humboldt St 1 BED , 879 SF
John Hircock 250.881.0357
Flora Stanley 250.588.7646
4 Copyright © June 10, 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 10, 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 - MAY 2 0 2 4
MONTHS OF INVENTORY 3.7 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 2% VS 2023
▲ 52% VS 2023
▲ 3% VS 2023
▼ 0.9% VS 2023
There were 1,399 detached listings in the Victoria Real Estate Board in May, 15% above April and 52% higher than May 2023. May detached home sales increased by 20% month-over-month, to 383, and were 3% above May 2023. The months of inventory for detached in the Victoria Real Estate Board, at 3.7, reflected a sellers' market.
THIS MONTH No. $1,339,757 $1,175,000 3.7 383 1,399
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 372 918
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
2% -0.9% 48% 3% 52%
$1,334,802 $1,236,000 3.8 319 1,220
0.4% -5% -4% 20% 15%
The detached median price in May was $1,175,000, a 5% decrease from April and 0.9% below May 2023.
$1,312,107 $1,185,750 2.5
The average sold price was $1,339,757, 0.4% above last month and up 2% to May 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
23
1,399
1,227
22
1,220
1,186
1,113
1,073
1,019
1,108
19
918
1,004
876
797
776
383
372
281
258
227
185
319
311
272
213
184
162
137
$1.24M $1.18M
$1.19M $1.19M $1.19M $1.19M $1.21M
$1.15M $1.15M
$1.12M $1.15M
$1.08M $1.06M
May-23
Apr-24
May-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
250
11.9
11.6
200
8.2
8.2
150
100
3.9
3.4
3.2
2.4
2.5
2.0
50
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
7 17 2.4
22 86 3.9
99 199 2.0
88 217 2.5
82 262 3.2
35 119 3.4
12 143 11.9
15 123 8.2
10 82 8.2
13 151 11.6
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 June 10, 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 - MAY 2 0 2 4
MONTHS OF INVENTORY 2.8 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 7% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.7% VS 2023
▲ 56% VS 2023
▲ 8% VS 2023
▼ 3% VS 2023
There were 264 townhome listings in the Victoria Real Estate Board in May, 10% above April and 56% higher than May 2023. May townhome sales increased by 11% month-over-month, to 94, and were 8% above May 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 2.8, reflected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$509 $826,582 $804,787 2.8 94 264
$547 $856,195 $799,000 1.9 87 169
-7% -3% 0.7% 45% 8% 56%
$537 $829,259 $770,000 2.8 85 240
11% 10%
The townhome median price in May was $804,787, a 5% increase from April and 0.7% above May 2023. The average sold price was $826,582, 0.3% below last month; the average PSF sale price was $509, down 5% to last month.
-5% -0.3% 5% -0.5%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
28
264
27
220
210
240
205
203
175
198
169
183
176
163
163
88
94
72
87
16
65
52
85
75
71
67
43
37
35
$845K
$799K
$804K
$805K
$790K
$790K
$785K
$770K
$750K
$755K
$750K
$720K
$694K
May-23
Apr-24
May-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
17
11.0
4+ bdrms
70
26
10.0
60
50
51
3 bdrms
133
40
30
3.6
3.1
25
2.7
2.6
2 bdrms
2.2
20
1.9
99
10
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 6 16 2.7 19 42 2.2 22 79 3.6 22 41 1.9 10 31 3.1 13 34 2.6 1 10 10.0 1 11 11.0
6
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 June 10, 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 - MAY 2 0 2 4
MONTHS OF INVENTORY 3.4 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 4% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 79% VS 2023
▼ 8% VS 2023
▼ 1.6% VS 2023
▼ 2% VS 2023
There were 851 condo listings in the Victoria Real Estate Board in May, 14% above April and 79% higher than May 2023. May condo sales increased by 24% month-over-month, to 248, and were 2% below May 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 254 475
% Change
No. 200 748
% Change
The months of inventory for condos in the Victoria Real Estate Board, at 3.4, reflected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
248 851
-4% -8% -1.6% 83% -2% 79%
24% 14%
The condo median price in May was $546,000, a 0.5% increase from April and 1.6% below May 2023. The average sold price was $611,104, 1.2% above last month; the average PSF sale price was $663, down 1.2% to last month.
$663 $611,104 $546,000 3.4
$694 $667,429 $555,000 1.9
$671 $603,827 $543,500 3.7
-1.2% 1.2% 0.5% -8%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
24
851
23
681
670
660
748
610
494
580
18
536
537
475
504
484
245
254
248
181
156
154
125
200
191
167
141
117
104
$560K
$559K
$559K
$555K
$555K
$550K
$545K
$544K
$546K
$540K
$530K
$525K
$520K
May-23
Apr-24
May-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.
400
8.3
4+ bdrms
300
7.3
5.7
5
3 bdrms
200
4.5
22
3.3
2.7
2.1
164
100
2 bdrms
487
0
79
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 8 n/a 29 62 2.1 135 368 2.7 55 245 4.5 15 86 5.7 6 20 3.3 4 33 8.3 4 29 7.3
<2 bdrms
342
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 June 10, 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 - MAY 2 0 2 4
MONTHS OF INVENTORY 2.8 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.1% VS 2023
▲ 1.2% VS 2023
▲ 63% VS 2023
▲ 23% VS 2023
There were 512 detached listings in the Victoria Core in May, 18% above April and 63% higher than May 2023. May detached home sales increased by 20% month-over-month, to 185, and were 23% above May 2023. The months of inventory for detached in the Victoria Core, at 2.8, reflected a sellers' market.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 151 314
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
185 512
0.1% 1.2% 33% 23% 63%
154 435
20% 18%
The detached median price in May was $1,315,000, a 1.6% decrease from April and 1.2% above May 2023.
$1,446,302 $1,315,000 2.8
$1,484,551 $1,336,500 2.8
-3% -1.6% -2%
$1,444,674 $1,300,000 2.1
The average sold price was $1,446,302, 3% below last month and up 0.1% to May 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
19
512
453
442
18
398
397
435
400
316
360
354
314
268
260
12
185
143
140
151
109
154
86
111
102
97
77
72
66
$1.34M $1.32M
$1.30M $1.27M $1.25M $1.34M $1.30M
$1.20M $1.20M $1.20M $1.15M $1.20M $1.21M
May-23
Apr-24
May-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
100
12.7
80
60
8.3
8.0
40
5.0
2.8
20
2.0
1.8
1.7
1.5
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
1 1 1.0
4 11 2.8
33 50 1.5
41 70 1.7
52 92 1.8
25 50 2.0
7 58 8.3
8 64 8.0
8 40 5.0
6 76 12.7
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 June 10, 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 - MAY 2 0 2 4
MONTHS OF INVENTORY 2.3 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 8% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.5% VS 2023
▲ 3% VS 2023
▲ 26% VS 2023
▼ 9% VS 2023
There were 91 townhome listings in the Victoria Core in May, 21% above April and 26% higher than May 2023.
May townhome sales increased by 8% month-over-month, to 39, and were 9% below May 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for townhomes in the Victoria Core, at 2.3, reflected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
39 91
43 72
-8% 0.5% 3% 39% -9% 26%
36 75
-8% -2% 9% 12% 8% 21%
The townhome median price in May was $874,000, a 9% increase from April and 3% above May 2023. The average sold price was $892,112, 2% below last month; the average PSF sale price was $541, down 8% to last month.
$541 $892,112 $874,000 2.3
$588 $888,098 $848,000 1.7
$585 $910,539 $800,500 2.1
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
22
91
21
75
71
67
72
75
73
62
61
60
66
53
40
51
43
36
39
31
42
29
32
31
26
11
21
20
14
$890K
$881K
$869K
$874K
$853K
$848K
$838K
$840K
$840K
$820K
$800K
$800K
$700K
May-23
Apr-24
May-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.
8
8.0
4+ bdrms
9
15
6.0
19
3 bdrms
4.5
10
43
3.0
3.0
2.1
11
1.8
5
2 bdrms
1.1
39
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
2 6 3.0
4 7 1.8
4 18 4.5
15 16 1.1
5 15 3.0
7 15 2.1
1 6 6.0
1 8 8.0
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 June 10, 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 - MAY 2 0 2 4
MONTHS OF INVENTORY 3.3 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 4% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 75% VS 2023
▼ 5% VS 2023
▼ 1.8% VS 2023
▼ 7% VS 2023
There were 602 condo listings in the Victoria Core in May, 11% above April and 75% higher than May 2023.
May condo sales increased by 36% month-over-month, to 182, and were 7% below May 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 195 344
% Change
No. 134 542
% Change
The months of inventory for condos in the Victoria Core, at 3.3, reflected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
182 602
-4% -5% -1.8% 87% -7% 75%
-1% 2% -3% -18% 36% 11%
The condo median price in May was $540,375, a 3% decrease from April and 1.8% below May 2023. The average sold price was $627,790, 2% above last month; the average PSF sale price was $677, down 1.0% to last month.
$677 $627,790 $540,375 3.3
$707 $664,107 $550,000 1.8
$684 $614,004 $557,000 4.0
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
24
602
542
23
525
496
450
470
349
414
410
410
344
370
17
338
197
195
182
133
116
107
155
134
112
112
88
86
73
$572K
$569K
$563K
$558K
$557K
$550K
$553K
$549K
$545K
$543K
$540K
$520K
$500K
May-23
Apr-24
May-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
10.3
4+ bdrms
200
150
4
6.5
3 bdrms
12
5.3
100
4.3
2.8
121
2.5
2.2
2 bdrms
50
338
0
57
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 4 n/a 25 54 2.2 92 233 2.5 39 168 4.3 13 69 5.3 6 17 2.8 3 31 10.3 4 26 6.5
<2 bdrms
252
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 June 10, 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 - MAY 2 0 2 4
MONTHS OF INVENTORY 4.2 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 68% VS 2023
▼ 4% VS 2023
▼ 3% VS 2023
▼ 4% VS 2023
There were 465 detached listings in the Westshore in May, 9% above April and 68% higher than May 2023. May detached home sales increased by 23% month-over-month, to 111, and were 4% below May 2023. The months of inventory for detached in the Westshore, at 4.2, reflected a sellers' market.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 116 276
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
111 465
-4% -3% 76% -4% 68%
$1,146,222 $1,102,000 4.7 90 427
-0.5% -7% -12% 23% 9%
The detached median price in May was $1,030,000, a 7% decrease from April and 3% below May 2023.
$1,140,203 $1,030,000 4.2
$1,191,023 $1,058,000 2.4
The average sold price was $1,140,203, 0.5% below last month and down 4% to May 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
26
465
427
25
393
385
373
332
320
22
307
346
341
276
291
288
116
87
111
78
54
56
41
43
89
90
82
61
53
$1.14M
$1.10M $1.03M
$1.06M $1.06M
$1.02M $1.06M
$994K $1.04M
$990K
$973K
$980K
$960K
May-23
Apr-24
May-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
100
24+
22.0
80
19.0
60
11.0
11.0
40
7.8
5.7
20
2.9
2.0
2.0
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
3 6 2.0
5 39 7.8
45 88 2.0
32 93 2.9
18 102 5.7
3 33 11.0
1 41 41.0
1 22 22.0
1 19 19.0
2 22 11.0
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 June 10, 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 - MAY 2 0 2 4
MONTHS OF INVENTORY 2.8 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 7% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.4% VS 2023
▲ 5% VS 2023
▲ 68% VS 2023
▲ 69% VS 2023
There were 123 townhome listings in the Westshore in May, 3% above April and 68% higher than May 2023. May townhome sales increased by 22% month-over-month, to 44, and were 69% above May 2023. The months of inventory for townhomes in the Westshore, at 2.8, reflected a sellers' market. The townhome median price in May was $741,250, a 0.5% decrease from April and 5% above May 2023. The average sold price was $772,202, 3% above last month; the average PSF sale price was $481, down 1.3% 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
$481 $772,202 $741,250 2.8 44 123
26 73
69% 68%
$487 $749,558 $745,000 3.3 36 120
-1.3% 3% -0.5% -16% 22% 3%
$450 $761,342 $704,500 2.8
7% 1.4% 5% -0.4%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
38
123
38
120
103
102
99
111
94
81
90
87
84
73
81
44
34
31
22
28
36
26
11
23
22
21
15
14
13
$790K
$772K
$761K
$748K
$746K
$738K
$745K
$741K
$732K
$725K
$725K
$705K
$685K
May-23
Apr-24
May-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.
50
9
9.0
4+ bdrms
40
15
30
25
3 bdrms
5.0
70
20
2.8
2.5
10
2.1
2 bdrms
1.3
10
34
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
4
3 4 1.3
13 27 2.1
17 47 2.8
4 20 5.0
1 9 9.0
6 15 2.5
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 June 10, 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 - MAY 2 0 2 4
MONTHS OF INVENTORY 4.2 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 0.2% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 81% VS 2023
▼ 8% VS 2023
▼ 3% VS 2023
0.0% VS 2023
There were 179 condo listings in the Westshore in May, 23% above April and 81% higher than May 2023.
May condo sales decreased by 14% month-over-month, to 43, and were the same in May 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in the Westshore, at 4.2, reflected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$632 $546,691 $545,000 4.2 43 179
43 99
-0.2% -8% -3% 81% 0% 81%
$621 $537,337 $530,500 2.9 50 145
1.8% 1.7% 3% 44% -14% 23%
The condo median price in May was $545,000, a 3% increase from April and 3% below May 2023. The average sold price was $546,691, 1.7% above last month; the average PSF sale price was $632, up 1.8% to last month.
$633 $596,411 $560,000 2.3
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
25
179
148
22
125
145
121
121
117
20
111
110
99
106
90
83
50
37
35
43
43
27
33
27
26
24
22
20
20
$567K
$560K
$545K
$545K
$539K
$536K
$530K
$533K
$531K
$505K
$500K
$492K
$457K
May-23
Apr-24
May-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.
120
100
12.0
4+ bdrms
80
1
3 bdrms
60
9
5.8
40
3.5
30
2 bdrms
2.0
20
107
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 4 n/a 3 6 2.0 31 110 3.5 8 46 5.8 1 12 12.0 0 1 n/a
<2 bdrms
63
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 June 10, 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 - MAY 2 0 2 4
MONTHS OF INVENTORY 3.7 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 6% VS 2023
▲ 7% VS 2023
▲ 37% VS 2023
▼ 17% VS 2023
There were 145 detached listings in the Peninsula in May, 21% above April and 37% higher than May 2023. May detached home sales increased by 26% month-over-month, to 39, and were 17% below May 2023. The months of inventory for detached in the Peninsula, at 3.7, reflected a sellers' market.
THIS MONTH No. $1,577,208 $1,340,000 3.7 39 145
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,487,278 $1,250,000 2.3 47 106
6% 7% 65% -17% 37%
$1,483,677 $1,250,000 3.9 31 120
6% 7% -4% 26% 21%
The detached median price in May was $1,340,000, a 7% increase from April and 7% above May 2023.
The average sold price was $1,577,208, 6% above last month and up 6% to May 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
23
145
128
128
125
21
21
110
107
124
120
106
112
80
77
72
47
37
31
39
26
22
34
33
30
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
May-23
Apr-24
May-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
30
9.7
9.5
25
20
15
4.3
4.0
3.8
10
3.2
2.9
5
0.5
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
1 4 4.0
11 6 0.5
6 19 3.2
8 23 2.9
4 15 3.8
2 19 9.5
4 17 4.3
0 13 n/a
3 29 9.7
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 June 10, 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 - MAY 2 0 2 4
MONTHS OF INVENTORY 4.4 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 12% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 121% VS 2023
▼ 12% VS 2023
▼ 7% VS 2023
▼ 56% VS 2023
There were 31 townhome listings in the Peninsula in May, 29% above April and 121% higher than May 2023.
May townhome sales decreased by 30% month-over-month, to 7, and were 56% below May 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for townhomes in the Peninsula, at 4.4, reflected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$519 $845,071 $840,000 4.4 7 31
16 14
-12% -12% -7% 406% -56% 121%
10 24
3% 14% 15% 85% -30% 29%
The townhome median price in May was $840,000, a 15% increase from April and 7% below May 2023. The average sold price was $845,071, 14% above last month; the average PSF sale price was $519, up 3% to last month.
$590 $955,494 $903,500 0.9
$506 $738,350 $729,500 2.4
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
21
31
25
24
24
24
24
24
23
22
16
17
16
15
14
16
11
10
10
9
8
10
6
7
8
6
5
3
3
$1.12M
$920K
$904K
$900K
$865K
$853K
$840K
$822K
$764K
$747K
$730K
$715K
$702K
May-23
Apr-24
May-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.
10
10.0
4+ bdrms
2
8
5
6
3 bdrms
13
5.0
4
2
2 bdrms
15
1.3
2
1.0
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 10 10.0 2 2 1.0 3 4 1.3 0 4 n/a 0 3 n/a 0 1 n/a 0 2 n/a 1 5 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 June 10, 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 - MAY 2 0 2 4
MONTHS OF INVENTORY 3.0 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 10% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 113% VS 2023
▲ 38% VS 2023
▼ 32% VS 2023
▼ 25% VS 2023
There were 66 condo listings in the Peninsula in May, 16% above April and 113% higher than May 2023.
May condo sales increased by 38% month-over-month, to 22, and were 38% above May 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in the Peninsula, at 3.0, reflected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
22 66
16 31
-10% -32% -25% 55% 38% 113%
16 57
-14% -16% 0.4% -16% 38% 16%
The condo median price in May was $590,000, a 0.4% increase from April and 25% below May 2023. The average sold price was $606,877, 16% below last month; the average PSF sale price was $621, down 14% to last month.
$621 $606,877 $590,000 3.0
$694 $898,781 $784,250 1.9
$720 $726,367 $587,500 3.6
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
33
66
57
46
44
42
49
33
37
23
36
31
34
20
28
27
22
13
13
16
11
17
17
9
16
13
10
8
7
$784K
$776K
$745K
$625K
$625K
$602K
$595K
$588K
$590K
$578K
$560K
$535K
$505K
May-23
Apr-24
May-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
5.0
4+ bdrms
25
3.6
20
3 bdrms
15
1
2.1
2.0
2.0
10
13
2 bdrms
42
5
0
9
<$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 1 2 2.0 0 2 n/a 1 2 2.0 11 23 2.1 8 29 3.6 1 5 5.0
<2 bdrms
23
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 June 10, 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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