the victoria rennie advance | February 2025

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

published February 2025

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 06 MEDIAN PRICES 07 RENNIE INTELLIGENCE

Roman Melzer MARKET ANALYST

Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com

Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com

rmelzer@rennie.com

Copyright © 2025 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 February 4, 2025. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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. 2

highlights • Therewere404 M LS salesin G reaterVictoriain January,up 19% from January2024.This m arked theseventh consecutivem onth wheresaleswerehigherthan thesam em onth in the previousyear. • Al hom etypessaw salesup year-over-year,led bytownhom es(+60%,to56)and folowed by condos(+21%,to141)and detached hom es(+12%,to181). • Saleswere4% below theprior10-yearJanuaryaverageof420.Thiswasthefourth consecutive m onth with salesatorneartheirlong-run m onthlyaverage.D etached hom essalesweighed on activityat10% below average,whilecondo saleswere0.2% below averageand townhom esales were10% above.

GREATERVICTORIA THERENNIEADVANCE sales

JANUARY2025

800

+ 12% vsJan 2024

700

600

500

400

200 10 yr Jan Avg

300

200

DETACHED sales

181

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

- 10% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

+ 60% vsJan 2024

200

150

51 10 yr Jan Avg

100

TOWNHOME sales

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

+ 10% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

+ 21% vsJan 2024

100 150 200 250 300 350 400

141 10 yr Jan Avg

141

CONDO sales

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

- 0.2% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

Copyright© 2025renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofFebruary4,2025.Aldatafrom theVictoriaRealEstateBoard& Rennie. W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakestepsastherecipientm ay de m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochange andanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 3 ●

highlights • Forthefirsttim esince2014,therewerem orethan 1,000new M LS listingsin them onth of Januaryin G reaterVictoria.N ew listingsof1,049 wereup 23% from thesam em onth lastyear and 34% abovetheprior10-yearJanuaryaverageof782. • Al hom etypessaw new listingsup on ayear-over-yearbasis,led bytownhom es(+50%,to141) and folowed bydetached hom es(+25%,to474)and condos(+16%,to383). • N ew townhom elistingswerethefurthestabovetheirprior10-yearJanuaryaverage(+59%), folowed bycondos(+43%)and detached hom es(+25%).

GREATERVICTORIA THERENNIEADVANCE new listings

JANUARY2025

1,000

+ 25% vsJan 2024

800

600

378 10 yr Jan Avg

400

474

DETACHED new listings

200

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

+ 25% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

+ 50% vsJan 2024

250

200

150

89 10 yr Jan Avg

141

100

TOWNHOME new listings

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

+ 59% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

600

+ 16% vsJan 2024

500

400

383

300

268 10 yr Jan Avg

200

CONDO new listings

100

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

+ 43% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

highlights • Strongnew listingsactivityhelped push activeM LS listings15% higherm onth-over-m onth, alm ostthreetim esm orethan thetypical6% D ecem ber-to-January increase.A t1,753,thisw asthe m ostavailableinventoryforthem onth ofJanuarysince2016 (1,755 listings). • Totalinventorywasup 10% from January2024,with al hom etypesseeingm oreactivelistings than thesam em onth lastyear.Activecondo listingswereup them ostyear-over-year(+22% ,to 654),folowed bytownhom elistings(+5%,to184)and detached hom elistings(+3%,to797). • Activelistingsrem ained wel abovetypicalJanuarylevelsat28% higherthan thepast10-year averageof1,372.Condoinventorywasthefurthestaboveaverage(+63%),folowed by townhom es(+32%)and detached hom es(+9%).

GREATERVICTORIA THERENNIEADVANCE inventory

JANUARY2025

2,500

+ 3% vsJan 2024

2,000

1,500

729 10 yr Jan Avg

1,000

DETACHED inventory

797

500

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

+ 9% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

600

+ 5% vsJan 2024

500

400

300

140 10 yr Jan Avg

200

TOWNHOME inventory

184

100

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

+ 32% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

1,000

+ 22% vsJan 2024

800

600

654

401 10 yr Jan Avg

400

CONDO inventory

200

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

+ 63% vs10yrJan Avg

﹍ 10 yrJanuaryAverage

● January

highlights • Them edian sold pricein G reaterV ictoriadecreased by 0.6% (averaged acros hom etypes) betw een D ecem berand January.Them edian sold pricefordetached hom esincreased 5% (to $1.2 m ilion),townhom epricesweredown 6% (to$738k),and condopricesfel0.4% (to$548k). • Com pared to lastyear,m edian sold priceswereup by4% (averaged acros hom etypes)with detached hom esseeing thebiggestincreaseat8%.Townhom epriceswereup 2% year-over-year, whilem edian condopriceswereup 0.6%. •

GREATERVICTORIA THERENNIEADVANCE median prices

JANUARY2025

$1,400,000

G reaterV ictoria

$1,200,000

$1,150,000

$1,000,000

$800,000

$600,000

+ 8% vsJan 2024

DETACHED median salesprice

$400,000

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

● January

$1,000,000

G reaterV ictoria

$800,000

$737,500

$600,000

+ 2% vsJan 2024

$400,000

TOWNHOME median salesprice

$200,000

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

● January

$600,000

G reaterV ictoria

$548,000

$500,000

$400,000

$300,000

+ 0.6% vsJan 2024

$200,000

CONDO median salesprice

$100,000

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

● January

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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