the victoria rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR 19 SUB-MARKETS IN GREATER VICTORIA
published January 2024
table of contents
02 INTRO
03 WHAT YOU NEED TO KNOW
04 VICTORIA REAL ESTATE BOARD
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.
NEIGHBOURHOOD PROFILES
07 10 13 16 17 20 21 23 26 29 30 31 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
53 AREA MAPS
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 January 22, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
sales counts fail to grow as activity reaches a decade-low Greater Victoria’s housing market experienced its seventh consecutive month of declining sales counts to finish the year, capping the fewest annual sales in a decade. With above-average inventory to start the year, a change in narrative could be on the horizon.
for the month and 31% higher than in December 2022. And while December typically posts the lowest inventory count for any month in the year, last month’s total listings were actually higher than in each of the first four months of 2023. As we begin 2024, the Bank of Canada will continue to play an outsized role in our local housing markets, with the timing and speed of rate cuts being an important factor. As monetary loosening begins, we can reasonably expect some of the sidelined demand to return to the market, boosting sales counts. But in addition, an above-average inventory level to start the year could also prove to be a catalyst for sales counts down the road, as buyers will have relatively more options available to them.
We noted in the last edition of the rennie review that sales counts had been on the decline in Greater Victoria for six consecutive months, and given that December typically sees relatively few sales and listings, a seventh consecutive month was likely. Well, that scenario did indeed play out to finish 2023, with sales counts declining through to the end of the year as buyers did not engage much with the residential real estate market, particularly in the second half of the year as high interest rates loomed large. There were 287 MLS sales in Greater Victoria in December, which was a 24% decline from November and, again, the seventh consecutive monthly drop. It was equal to last December’s depressed count and was 26% less than the past-decade average for the month. On an annual
basis, there were 5,885 sales throughout the region in 2023, which was 9% fewer than in 2022, 23% fewer than the past- decade average, and the lowest annual count since 2013. On the new listings front, December’s total of 323 was down 59% from November—a greater month-to-month decline than the typical 48%—and was 9% below the past 10-year average. On an annual basis, new listings fell by 1.9% between 2022 and 2023, to 11,014. This was 4% fewer than the past-decade average, and the lowest annual total since 2018. The result of decade-low sales activity even amongst below-average new listings was elevated inventory in December. Total listings at the end of the year were 18% higher than the long-run average
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 January 22, 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
victoria real estate board DETACHED - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 5.9 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 8% VS 2022
▲ 3% VS 2022
▲ 22% VS 2022
▼ 2% VS 2022
There were 798 detached listings in the Victoria Real Estate Board in December, 26% below November and 22% higher than December 2022. December detached home sales decreased by 26% month-over-month, to 136, and were 2% below December 2022. The months of inventory for detached in the Victoria Real Estate Board, at 5.9, reflected a balanced market. The detached median price in December was $1,080,000, a 6% decrease from November and 3% above December 2022. The average sold price was $1,321,118, 3% above last month and up 8% to December 2022.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 139 652
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
136 798
8% 3% 25% -2% 22%
$1,279,277 $1,150,000 5.8 185 1,074
1.1% -26% -26%
$1,321,118 $1,080,000 5.9
$1,228,418 $1,050,000 469%
3% -6%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,227
47
1,113
1,074
1,187
1,108
1,019
784
918
37
37
816
798
652
713
675
372
289
258
227
185
318
311
272
139
136
197
183
117
$1.20M $1.19M $1.19M $1.19M $1.19M $1.21M
$1.15M $1.08M
$1.12M $1.15M $1.08M
$1.05M $1.07M
Dec-22
Nov-23
Dec-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
140
24+
120
100
80
13.3
12.9
12.7
60
8.4
7.3
40
3.7
20
3.1
2.9
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 11 n/a
18 55 3.1
41 117 2.9
34 125 3.7
11 140 12.7
12 88 7.3
7 59 8.4
3 73 24.3
3 40 13.3
7 90 12.9
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 January 22, 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.
●
4
victoria real estate board TOWNHOME - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 4.3 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 7% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 29% VS 2022
▼ 0.8% VS 2022
▼ 8% VS 2022
▼ 4% VS 2022
There were 224 townhome listings in the Victoria Real Estate Board in December, 22% below November and 29% higher than December 2022. December townhome sales decreased by 22% month-over-month, to 52, and were 4% below December 2022. The months of inventory for townhomes in the Victoria Real Estate Board, at 4.3, reflected a sellers' market. The townhome median price in December was $693,203, a 17% decrease from November and 8% below December 2022. The average sold price was $755,704, 13% below last month; the average PSF sale price was $507, 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
$507 $755,704 $693,203 4.3 52 224
$474 $761,652 $754,900 322% 54 174
7% -0.8% -8% 34% -4% 29%
$525 $869,362 $840,000 4.3 67 286
-3% -13% -17% 0.9% -22% -22%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
43
293
253
286
282
232
256
216
211
237
224
212
174
188
122
29
28
112
89
79
71
67
99
90
84
54
52
56
47
$847K
$840K
$825K
$799K
$790K
$780K
$777K
$775K
$760K
$755K
$755K
$693K
$669K
Dec-22
Nov-23
Dec-23
▶ 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
50
10.8
4+ bdrms
52
9.0
40
28
3 bdrms
6.2
30
114
5.6
4.0
20
15
2 bdrms
1.5
55
1.3
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 8 10 1.3 19 29 1.5 5 54 10.8 9 36 4.0 5 31 6.2 5 28 5.6 1 9 9.0 0 27 n/a
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 January 22, 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 CONDO - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 5.2 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 1.3% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.0% VS 2022
▲ 3% VS 2022
▲ 49% VS 2022
▲ 11% VS 2022
There were 536 condo listings in the Victoria Real Estate Board in December, 21% below November and 49% higher than December 2022. December condo sales decreased by 17% month-over-month, to 104, and were 11% above December 2022. The months of inventory for condos in the Victoria Real Estate Board, at 5.2, reflected a balanced market. The condo median price in December was $525,000, a 1.0% increase from November and 3% above December 2022. The average sold price was $547,646, 9% below last month; the average PSF sale price was $650, down 5% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No. 125 681
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
104 536
$642 $547,563 $507,500 383% 94 360
1.3% 0% 3% 35% 11% 49%
-17% -21%
$650 $547,646 $525,000 5.2
$685 $601,232 $520,000 5.4
-5% -9% 1% -5%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
34
610
681
660
494
476
470
536
28
504
415
484
475
413
360
254
245
21
200
164
156
208
125
191
167
104
140
94
103
$570K
$560K
$555K
$555K
$559K
$550K
$548K
$550K
$543K
$525K
$525K
$520K
$508K
Dec-22
Nov-23
Dec-23
▶ 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.
200
13.0
4+ bdrms
12.5
150
1
7.9
3 bdrms
7.1
22
100
3.9
62
3.5
50
2 bdrms
2.7
293
0
41
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 55 215 3.9 22 157 7.1 7 55 7.9 2 25 12.5 1 13 13.0 0 23 n/a 2 7 3.5 15 41 2.7
<2 bdrms
221
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 January 22, 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 core DETACHED - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 4.1 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 17% VS 2022
▲ 10% VS 2022
▲ 22% VS 2022
▲ 14% VS 2022
There were 268 detached listings in the Victoria Core in December, 32% below November and 22% higher than December 2022. December detached home sales decreased by 23% month-over-month, to 66, and were 14% above December 2022. The months of inventory for detached in the Victoria Core, at 4.1, reflected a sellers' market. The detached median price in December was $1,203,500, a 0.3% increase from November and 10% above December 2022. The average sold price was $1,513,815, 7% above last month and up 17% to December 2022.
THIS MONTH No. $1,513,815 $1,203,500 4.1 66 268
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,291,671 $1,097,500 378% 58 219
17% 10% 8% 14% 22%
$1,413,887 $1,200,000 4.6 86 397
7% 0.3% -12% -23% -32%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
43
398
453
397
442
400
297
354
34
314
282
268
258
29
219
233
161
143
139
109
151
86
111
102
94
66
58
72
52
$1.25M $1.25M $1.30M $1.27M $1.25M $1.34M $1.30M $1.17M $1.21M
$1.20M $1.20M $1.20M
$1.10M
Dec-22
Nov-23
Dec-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
40
24+
30
20
10.0
8.6
10
5.4
5.3
4.0
3.3
2.0
1.9
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
4 13 3.3
15 30 2.0
18 34 1.9
8 43 5.4
9 36 4.0
4 21 5.3
1 26 26.0
2 20 10.0
5 43 8.6
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 January 22, 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 TOWNHOME - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 3.0 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 20% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 9% VS 2022
▲ 13% VS 2022
▲ 64% VS 2022
▼ 15% VS 2022
There were 69 townhome listings in the Victoria Core in December, 27% below November and 64% higher than December 2022. December townhome sales decreased by 36% month-over-month, to 23, and were 15% below December 2022. The months of inventory for townhomes in the Victoria Core, at 3.0, reflected a sellers' market. The townhome median price in December was $855,750, a 4% decrease from November and 13% above December 2022. The average sold price was $827,884, 14% below last month; the average PSF sale price was $549, down 6% 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 69
27 42
20% 9% 13% 93% -15% 64%
36 94
-6% -14% -4% 15% -36% -27%
$549 $827,884 $855,750 3.0
$456 $758,981 $760,000 156%
$585 $957,542 $889,950 2.6
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
102
41
97
107
94
104
93
90
68
77
61
59
59
69
28
36
36
42
46
32
25
45
40
38
27
32
23
27
16
$890K
$890K
$864K
$864K
$857K
$863K
$856K
$844K
$850K
$835K
$835K
$822K
$760K
Dec-22
Nov-23
Dec-23
▶ 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
3
10.0
4+ bdrms
23
15
12
3 bdrms
32
5.0
10
4.0
3.3
8
2.0
2 bdrms
5
13
1.0
0.8
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 1 4 4.0 0 20 n/a 1 2 2.0 7 7 1.0 2 10 5.0 8 6 0.8 3 10 3.3
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 January 22, 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 CONDO - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 5.7 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 1.9% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 44% VS 2022
▲ 4% VS 2022
▼ 1.0% VS 2022
▼ 0.5% VS 2022
There were 414 condo listings in the Victoria Core in December, 21% below November and 44% higher than December 2022. December condo sales decreased by 15% month-over-month, to 73, and were 4% above December 2022. The months of inventory for condos in the Victoria Core, at 5.7, reflected a balanced market. The condo median price in December was $499,888, a 4% decrease from November and 0.5% below December 2022. The average sold price was $535,640, 14% below last month; the average PSF sale price was $656, down 6% 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
$656 $535,640 $499,888 5.7 73 414
$643 $541,097 $502,500 410% 70 287
1.9% -1% -0.5% 38% 4% 44%
$700 $620,491 $520,000 6.1 86 525
-15% -21%
-4% -7%
-6% -14%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
496
525
34
33
450
349
414
344
342
315
370
344
338
287
311
195
197
22
157
129
116
107
155
148
112
73
70
86
69
$569K
$565K
$563K
$553K
$545K
$550K
$545K
$549K
$543K
$520K
$520K
$503K
$500K
Dec-22
Nov-23
Dec-23
▶ 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.
150
12.0
4+ bdrms
100
1
7.5
3 bdrms
7.0
13
4.4
50
38
2 bdrms
2.5
214
0
34
<$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 14 35 2.5 37 163 4.4 15 113 7.5 6 42 7.0 0 24 n/a 1 12 12.0 0 22 n/a
<2 bdrms
187
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 January 22, 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 ●
westshore DETACHED - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 7.0 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.1% VS 2022
▲ 0.8% VS 2022
▲ 28% VS 2022
▲ 5% VS 2022
There were 292 detached listings in the Westshore in December, 22% below November and 28% higher than December 2022. December detached home sales increased by 2% month-over-month, to 42, and were 5% above December 2022. The months of inventory for detached in the Westshore, at 7.0, reflected a balanced market. The detached median price in December was $985,000, a 3% increase from November and 0.8% above December 2022. The average sold price was $1,061,279, 3% above last month and up 1.1% to December 2022.
THIS MONTH No. $1,061,279 $985,000 7.0 42 292
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,049,364 $977,500 573% 40 229
1.1% 0.8% 21% 5% 28%
$1,031,979 $960,000 9.1 41 374
3% 3% -24% 2% -22%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
374
57
393
386
332
307
341
48
292
236
276
255
229
247
241
40
116
80
78
58
54
89
82
81
27
42
40
53
41
$1.14M
$1.14M
$1.07M $1.04M
$1.06M $1.06M
$995K
$994K $1.04M
$985K
$978K
$973K
$960K
Dec-22
Nov-23
Dec-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
70
60
24+
50
40
30
11.7
11.0
20
5.0
10
3.4
1.9
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 3 n/a
9 17 1.9
14 47 3.4
12 60 5.0
2 64 32.0
3 35 11.7
0 24 n/a
2 22 11.0
0 8 n/a
0 12 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 January 22, 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 TOWNHOME - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 5.0 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 3% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2022
▲ 28% VS 2022
▼ 12% VS 2022
▼ 15% VS 2022
There were 115 townhome listings in the Westshore in December, 22% below November and 4% higher than December 2022. December townhome sales increased by 15% month-over-month, to 23, and were 28% above December 2022. The months of inventory for townhomes in the Westshore, at 5.0, reflected a balanced market. The townhome median price in December was $672,000, a 15% decrease from November and 15% below December 2022. The average sold price was $706,315, 10% below last month; the average PSF sale price was $485, up 14% 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
$485 $706,315 $672,000 5.0 23 115
$500 $806,496 $795,000 617% 18 111
-3% -12% -15% -19% 28% 4%
$427 $787,111 $789,328 7.4 20 147
14% -10% -15% -32% 15% -22%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
51
132
147
144
123
122
118
118
44
108
111
117
115
102
91
43
42
30
39
24
41
36
23
30
18
26
25
20
20
$795K
$789K
$759K
$754K
$747K
$732K
$735K
$713K
$712K
$720K
$719K
$672K
$608K
Dec-22
Nov-23
Dec-23
▶ 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.
40
35
5
24.0
4+ bdrms
27
30
25
12
15.0
3 bdrms
20
63
12.3
15
8.0
5
10
2 bdrms
24
5
1.6
0.8
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 3 37 12.3 1 24 24.0 1 15 15.0 2 16 8.0 0 1 n/a 4 3 0.8 12 19 1.6
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 January 22, 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 CONDO - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 4.2 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 1.0% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.1% VS 2022
▲ 17% VS 2022
▲ 84% VS 2022
▲ 11% VS 2022
There were 83 condo listings in the Westshore in December, 25% below November and 84% higher than December 2022. December condo sales decreased by 26% month-over-month, to 20, and were 11% above December 2022. The months of inventory for condos in the Westshore, at 4.2, reflected a sellers' market. The condo median price in December was $566,500, a 15% increase from November and 17% above December 2022. The average sold price was $544,925, 5% above last month; the average PSF sale price was $622, 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
20 83
18 45
1% 1.1% 17% 66% 11% 84%
$647 $520,033 $492,000 4.1 27 111
-4% 5% 15% 0.9% -26% -25%
$622 $544,925 $566,500 4.2
$616 $538,789 $484,000 250%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
37
117
111
110
125
121
96
106
89
99
83
65
76
24
45
43
37
45
27
20
20
27
26
18
24
23
22
16
15
$573K
$567K
$560K
$560K
$539K
$536K
$530K
$525K
$505K
$492K
$491K
$484K
$457K
Dec-22
Nov-23
Dec-23
▶ 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.
40
5.0
4+ bdrms
4.5
30
3.3
3.0
3 bdrms
20
8
16
10
2 bdrms
52
0
4
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 9 n/a 1 3 3.0 1 5 5.0 12 39 3.3 6 27 4.5
<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 January 22, 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 ●
peninsula DETACHED - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 4.5 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 24% VS 2022
▲ 21% VS 2022
▼ 21% VS 2022
▼ 24% VS 2022
There were 77 detached listings in the Peninsula in December, 30% below November and 24% higher than December 2022. December detached home sales decreased by 35% month-over-month, to 17, and were 21% above December 2022. The months of inventory for detached in the Peninsula, at 4.5, reflected a sellers' market. The detached median price in December was $1,175,000, a 9% decrease from November and 24% below December 2022. The average sold price was $1,498,559, 3% above last month and down 21% to December 2022.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
17 77
14 62
-21% -24% 2% 21% 24%
$1,450,400 $1,285,000 4.2 26 110
-35% -30%
$1,498,559 $1,175,000 4.5
3% -9% 7%
$1,888,500 $1,550,000 443%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
61
128
128
110
125 124
106
112
91
68
77
62
68
65
47
37
33
28
26
34
33
30
28
28
28
25
17
14
15
$1.55M
$1.38M
$1.34M $1.25M
$1.33M $1.25M
$1.26M
$1.21M $1.24M
$1.20M $1.29M
$1.18M
$1.07M
Dec-22
Nov-23
Dec-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
20
10.0
15
8.0
6.0
10
4.3
5
1.2
1.0
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
2 1 0.5
5 6 1.2
3 13 4.3
1 8 8.0
0 7 n/a
3 3 1.0
0 13 n/a
1 6 6.0
2 20 10.0
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 January 22, 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 TOWNHOME - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 7.0 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 16% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 38% VS 2022
▲ 51% VS 2022
▲ 75% VS 2022
▼ 56% VS 2022
There were 28 townhome listings in the Peninsula in December, 7% below November and 75% higher than December 2022. December townhome sales decreased by 56% month-over-month, to 4, and were 56% below December 2022. The months of inventory for townhomes in the Peninsula, at 7.0, reflected a balanced market. The townhome median price in December was $1,010,000, a 20% increase from November and 51% above December 2022. The average sold price was $937,500, 11% above last month; the average PSF sale price was $555, down 0.2% to last month.
THIS MONTH No. $555 $937,500 $1,010,000 7.0 4 28
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$477 $679,978 $670,500 178% 9 16
294% -56% 75%
$556 $843,278 $840,000 3.3 9 30
-0.2% 11% 20% 110% -56% -7%
16% 38% 51%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
31
42
29
29
30
28
29
25
23
21
21
22
17
19
16
14
29
15
10
13
9
9
11
8
8
7
4
4
14
$1.01M
$913K
$904K
$900K
$900K
$888K
$868K
$840K
$792K
$782K
$731K
$730K
$671K
Dec-22
Nov-23
Dec-23
▶ 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
4.0
4+ bdrms
2
5
3.0
4
4
3 bdrms
15
3
2
0.5
2 bdrms
10
1
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
1 3 3.0
0 3 n/a
0 6 n/a
1 4 4.0
2 1 0.5
0 5 n/a
0 6 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 January 22, 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 CONDO - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 3.7 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 3% VS 2022
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 7% VS 2022
▲ 48% VS 2022
▲ 67% VS 2022
▼ 12% VS 2022
There were 37 condo listings in the Peninsula in December, 16% below November and 48% higher than December 2022. December condo sales decreased by 9% month-over-month, to 10, and were 67% above December 2022. The months of inventory for condos in the Peninsula, at 3.7, reflected a sellers' market. The condo median price in December was $577,500, a 8% decrease from November and 12% below December 2022. The average sold price was $693,400, 4% above last month; the average PSF sale price was $722, up 5% 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
10 37
$704 $649,317 $654,950 417% 6 25
-12% -11% 67% 48%
11 44
-8% -7% -9% -16%
$722 $693,400 $577,500 3.7
$689 $666,445 $625,000 4.0
5% 4%
3% 7%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
42
24
44
37
35
33
32
37
34
31
28
17 27
20
25
16
18
23 18
14
13
11
16
14
13
10
12
8
6
$784K
$776K
$745K
$655K
$639K
$625K
$602K
$595K
$578K
$585K
$582K
$578K
$560K
Dec-22
Nov-23
Dec-23
▶ 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.
17.0
15
4+ bdrms
10
3 bdrms
1
5
8
4.0
2 bdrms
26
2.2
0.5
0
2
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 6 13 2.2 1 17 17.0 1 4 4.0 2 1 0.5 0 1 n/a 0 1 n/a
<2 bdrms
10
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 January 22, 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 ●
gulf islands DETACHED - DECEMBER 2 0 2 3
MONTHS OF INVENTORY 24.0 BUYERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 2% VS 2022
▼ 18% VS 2022
▼ 17% VS 2022
▼ 60% VS 2022
There were 96 detached listings in the Gulf Islands in December, 14% below November and 2% higher than December 2022. December detached home sales decreased by 67% month-over-month, to 4, and were 60% below December 2022. The months of inventory for detached in the Gulf Islands, at 24.0, reflected a buyers' market. The detached median price in December was $880,000, a 15% decrease from November and 17% below December 2022. The average sold price was $870,500, 35% below last month and down 18% to December 2022.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$870,500 $880,000 24.0 4 96
10 94
-18% -17% 155% -60% 2%
$1,344,708 $1,032,000 9.3 12 111
-35% -15% 159% -67% -14%
$1,061,500 $1,060,000 940%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
99
145
144
143
141
118
88
130
111
125
122
96
94
99
90
55
28
26
22
19
13
13
12
11
7
23
10
19
4
$1.48M
$1.22M
$1.17M $1.08M
$1.06M
$1.03M
$1.02M $1.01M
$880K
$869K
$810K
$790K
$735K
Dec-22
Nov-23
Dec-23
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
17.0
15
10
6.5
6.0
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
0 5 n/a
2 13 6.5
1 17 17.0
1 6 6.0
0 12 n/a
0 7 n/a
0 6 n/a
0 10 n/a
0 5 n/a
0 15 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 January 22, 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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