the Victoria rennie advance | November 2023

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

published November 2023

table of contents

The rennie advance is a summary of the latest sales, listings, and price trends in Greater Victoria. It is produced at the beginning of each month and it reflects the latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.

02 INTRO

03 SALES

04 NEW LISTINGS

05 INVENTORY

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

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

06 MEDIAN PRICES

07 RENNIE INTELLIGENCE

Copyright © November 2, 2023 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 November 2, 2023. All data from the Victoria Real Estate Board & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information shouldtakestepsastherecipientmaydeemnecessarytoverifytheinformationpriortoplacinganyrelianceupontheinformation.Theinformationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfromarennieand associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 2

highlights • G reaterVictoriarecorded 363 M LS salesin O ctober,which wasdown 21% from Septem ber’s462 salesand wasthelowestm onthlytotalsinceJanuary.Thism onth-to-m onth changeran counterto thetypicalSeptem ber-to-O ctoberincreasein sales(of1.2% ),w ith O ctober’ssales20% below those ofoneyearago,and 43% lowerthan thelong-run O ctoberaverage. • Com pared toSeptem ber,O ctober’sdetached hom esalesweredown by23% (to174),townhom e salesweredown by34% (to52),and condosalesweredown by12% (to137). • O ctober’ssalescountsforal hom etypeswerealso lowercom pared to lastyear’scounts:by21% fordetached hom es,by31% fortownhom es,and by12% forcondos.

GREATERVICTORIA THERENNIEADVANCE sales

OCTOBER 2023

800

- 21% vsOct2022

700

600

500

400

334 10 yrOctAvg

300

200

DETACHED sales

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 100 174

- 48% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

- 31% vsOct2022

200

150

100 10 yrOctAvg

100

TOWNHOME sales

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 48% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

- 12% vsOct2022

100 150 200 250 300 350 400

192 10 yrOctAvg

CONDO sales

137

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 50

- 29% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

Copyright© Novem ber2,2023ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber2,2023.Aldatafrom theVictoria RealEstateBoard & Rennie.W hiletheinform ationand datacontained hereinhasbe nobtained from sourcesde m ed reliable,ac uracycannotbeguarante d.ren iegroup ofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ation shouldtakestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom aren ieand as ociatesadvisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

highlights • Therewere960 new M LS listingslastm onth,which wasa19% decreasecom pared toSeptem ber. Thiswasoverand abovethetypicalSeptem ber-to-O ctoberdeclineof14%,though lastm onth’s new listingswerestil 10% m orethan thepast-decadeO ctoberaverage(of875),and 12% higher than oneyearago. • O n am onth-over-m onth basis,new listingsforal hom etypeswerelower:detached listingswere down by28% (to461),townhom elistingsweredown by8% (to151),and condolistingswere down 9% (to348). • O ctober’snew listingswerehigheron ayear-over-yearbasisforal hom etypes,with detached listings8% higherthan lastO ctober,whiletownhom eand condolistingswere8% and 19% higher, respectively.

GREATERVICTORIA THERENNIEADVANCE new listings

OCTOBER 2023

1,000

+ 8% vsOct2022

800

600

448 10 yrOctAvg

400

461

DETACHED new listings

200

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

+ 3% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

+ 8% vsOct2022

250

200

150

134 10 yrOctAvg

151

100

TOWNHOME new listings

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

+ 13% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

500

+ 18.8% vsOct2022

400

348

300

274 10 yrOctAvg

200

CONDO new listings

100

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

+ 27% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

●

highlights • Therewere2,141 activeM LS listingslastm onth,which was(onceagain)thehighestofanym onth since Septem ber2019.Com pared toSeptem ber,inventoryincreased in O ctober(by1.0%)com pared tothetypical seasonalpatern ofan 8% decrease.Totallistingsattheend oflastm onth were9% abovethepast-decade O ctoberaverage(of1,956),and were27% higherthan oneyearago. • O n am onth-over-m onth basis,inventoryform ulti-fam ilyhom esexpanded:townhom einventorywasup 3% and condoinventorywasup 8%;m eanwhile,detached hom einventorywasdown 3%.O n ayear-over-year basis,detached,townhom e,and condo inventorieswereal higher(by25%,18%,and 36%,respectively). • O veral conditionswerebalanced in O ctober,with therebeing5.9 m onthsofinventory(M O I)supplyingthe m arket.Thedetached and townhom esegm entswerebalanced,with M O Isof6.8 and 5.6,respectively,while thecondosegm entfavoured selers,with an M O Iof4.8.Al hom etypessaw an expansion ofM O Iin O ctober versusSeptem ber.

GREATERVICTORIA THERENNIEADVANCE inventory

OCTOBER 2023

2,500

+ 25% vsOct2022

2,000

1,500

1,097 10 yrOctAvg

1,000

1,188

DETACHED inventory

500

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

+ 8% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

600

+ 18% vsOct2022

500

400

300

263 10 yrOctAvg

292

200

TOWNHOME inventory

100

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

+ 13% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

1,000

+ 35.7% vsOct2022

800

600

661

528 10 yrOctAvg

400

CONDO inventory

200

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

+ 25% vs10yrOctAvg

﹍ 10 yrO ctoberAverage

● October

●

highlights • O n am onth-over-m onth basis,G reaterV ictoriarecorded adeclinein m edian sold prices,by 3% (averaged acros hom etypes).Them edian sold priceforeach hom etypefel:fordetached hom es by5%,fortownhom esby0.3%,and forcondosby3.2%. • O n ayear-over-yearbasis,m edian sold priceswerehigherby2% ,on average,acros types.In O ctober,them edian sold pricewashigherfordetached hom esby7% and fortownhom esby1%, whilethem edian sold priceforcondoswas1.0% lower. •

GREATERVICTORIA THERENNIEADVANCE median prices

OCTOBER 2023

$1,400,000

G reaterV ictoria

$1,200,000

$1,145,000

$1,000,000

$800,000

$600,000

+ 7% vsOct2022

DETACHED median salesprice

$400,000

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0 $200,000

● October

$1,000,000

G reaterV ictoria

$800,000

$772,500

$600,000

+ 1% vsOct2022

$400,000

TOWNHOME median salesprice

$200,000

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

● October

$600,000

G reaterV ictoria

$540,000

$500,000

$400,000

$300,000

- 1% vsOct2022

$200,000

CONDO median salesprice

$100,000

2013 2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 $0

● October

●

The rennie intelligence team comprises our in-house demographer, senior economist, and market analysts. Together, we empower our developer clients, rennie advisors, institutional advisory clients, and the entire rennie team with comprehensive data and a trusted market perspective. With data as the backbone to our thoughtful real estate practice, we help our clients form and execute sound, well-considered plans to help them achieve their goals. the data behind rennie

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