the victoria rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR 19 SUB-MARKETS IN GREATER VICTORIA
published July 2024
table of contents
02 INTRO
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.
03 WHAT YOU NEED TO KNOW
04 FEATURED LISTINGS
05 VICTORIA REAL ESTATE BOARD
NEIGHBOURHOOD PROFILES
08 11 14 17 18 19 20 22 25 28 29 30 32 35 38 41 43 46 47
Victoria Core
Roman Melzer MARKET ANALYST
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Westshore Peninsula
Gulf Islands
rmelzer@rennie.com
Malahat
Central Saanich
Colwood
Esquimalt Langford Metchosin
North Saanich
Oak Bay
Saanich East Saanich West
Sidney Sooke
Victoria
Victoria West
View Royal
50 AREA MAPS
54 GLOSSARY
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 July 8, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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
more choice , whether buyers want it or not Greater Victoria has consistently had the tightest supply conditions among BC’s major markets since 2016, but a recent increase in inventory, combined with depressed sales activity, means buyers don’t have to go inland for more housing options.
above its prior 10-year average, a product of challenging economic conditions and new government regulations that have had considerable impacts on condo investors. On the other side of the ledger, MLS sales of 644 were down 15% month-over-month, about 4.5 times greater than the typical 4% May-to-June decline. Oak Bay (-58%), Saanich West (-32%), and Langford (-21%) were among a group of notable outliers with the biggest declines in monthly sales. All told, sales across the region were 22% below their prior 10-year June average (of 821). Prospective homebuyers in Victoria haven’t had this much flexibility in a decade. Depressed sales activity means they have less competition from other buyers, and higher inventory means they have more options to mull over. This could all change with a few more interest rate cuts by the Bank of Canada (which could come as soon as July 24th), but for now at least, Victorians don’t have to go inland to find more options.
Here’s a fun real estate fact that you can share with your friends, family, and clients: Greater Victoria has had the tightest supply conditions among BC’s three biggest housing markets for the better part of the past decade. One way to measure this is by using the months of inventory (MOI) metric, which takes total active listings at the end of the month and divides it by sales in said month. We looked at historical MOI in BC’s three primary markets and found that Victoria has had the tightest supply conditions (i.e., the lowest MOI) in every month since April 2016, or 99 consecutive months. The region had an average MOI of just 2.7 over this period versus 4.1 in the Vancouver Region and 5.2 in the Central Okanagan. Housing supply conditions are tightest on the island, and ease as you go inland.
typically reaching its lowest point during the spring (when sales activity is highest), and rising through the summer/ fall to its peak later in the year. As such, it is important to be consistent when comparing MOI between markets and when comparing MOI across time for the same market. Greater Victoria’s overall MOI climbed to 4.3 in June (from 3.5 in May), which was considerably higher than the previous 10-year June average of 2.7. In fact, this was the highest level for the month of June since 2014 (5.6). We’ve touched on it extensively in recent Victoria rennie reviews, but rising inventory has been a big driver of upward MOI. Active MLS listings reached 2,791 in June, up 4% month-over-month and 31% above the prior 10-year June average (of 2,133). Condo inventory was especially high at 54%
The MOI metric is extremely seasonal,
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 July 8, 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 listing SEARCH FOR THE HOME YOU LOVE AT RENNIE.COM
HOUSE FOR SALE $1,888,000 | COLWOOD CORNERS 679 Medalist Avenue 4 BED, 4,232 SF
HOUSE FOR SALE $1,769,900 | COLWOOD CORNERS 3909 Olympian Way 4 BED, 4,257 SF
Cathie Jeffrey 250.857.2283
John Hircock 250.881.0357
HOUSE FOR SALE $1,599,900 | ATKINS 2601 Savory Road 5 BED, 2,651 SF Mike Pearce PREC* 250.514.3550
TOWNHOME $1,500,000 | VICTORIA 118 - 1720 Fairfield Road 3 BED, 1,829 SF
Chris Gill PREC* 250.744.6956
HOUSE FOR SALE $989,900 | VICTORIA 2849 Cedar Hill Road 6 BED, 2,613 SF
TOWNHOME $929,900 | BRENTWOOD BAY 7062 Central Saanich Road 3 BED, 1,681 SF
Jeff Shaw 250.508.8035
Jake Duvall 250.589.3612
BELLA PARK $569,900 | COLWOOD CORNERS 115 - 3582 Ryder Hesjedal Way 1 BED, 700 SF
TOWNHOME FOR SALE $550,000 | BEAVER LAKE 18 - 4140 Interurban Road 2 BED, 1,501 SF
Nickole Goeujon 250.686.0078
Brett Jones 250.588.7646
THE YATES ON YATES $514,900 | DOWNTOWN 309 848 Yates St 1 BED, 698SF
BRAEMORE COURT $299,000 | WEST DUNCAN 110 - 330 Brae Rd 1 BED, 829SF
Matthew Davis PREC* 250.217.4922
Haden Campbell 250.882.9314
4 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 July 8, 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 - JUNE 2 0 2 4
MONTHS OF INVENTORY 4.5 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.3% VS 2023
▲ 47% VS 2023
▲ 6% VS 2023
▼ 0.4% VS 2023
There were 1,494 detached listings in the Victoria Real Estate Board in June, 7% above May and 47% higher than June 2023. June detached home sales decreased by 13% month-over-month, to 331, and were 6% above June 2023.
THIS MONTH No. $1,283,111 $1,200,000 4.5 331 1,494
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
The months of inventory for detached in the Victoria Real Estate Board, at 4.5, re*ected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,288,897 $1,185,000 3.3 311 1,019
-0.4% 1.3% 38% 6% 47%
$1,328,745 $1,170,000 3.7 381 1,399
-3% 3% 23% -13% 7%
The detached median price in June was $1,200,000, a 3% increase from May and 1.3% above June 2023.
The average sold price was $1,283,111, 3% below last month and down 0.4% to June 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
24
1,494
1,399
1,227
1,220
1,186
1,113
21
1,073
1,019
1,108
19
876
1,004
797
776
381
281
258
331
227
311
185
137
319
272
213
184
162
$1.24M $1.17M $1.20M
$1.19M $1.19M $1.19M $1.21M
$1.15M $1.15M
$1.12M $1.15M
$1.08M $1.06M
Jun-23
May-24
Jun-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
300
250
24+
200
19.0
150
10.0
100
8.5
7.3
50
4.2
3.8
3.5
3.2
2.6
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 20 10.0
29 94 3.2
64 226 3.5
89 229 2.6
71 273 3.8
32 133 4.2
20 146 7.3
15 128 8.5
5 95 19.0
4 150 37.5
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 July 8, 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 - JUNE 2 0 2 4
MONTHS OF INVENTORY 3.4 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 5% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 60% VS 2023
▼ 5% VS 2023
▼ 7% VS 2023
▼ 13% VS 2023
There were 261 townhome listings in the Victoria Real Estate Board in June, 1.5% below May and 60% higher than June 2023. June townhome sales decreased by 18% month-over-month, to 77, and were 13% below June 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 3.4, re*ected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$524 $798,418 $750,000 3.4 77 261
$550 $843,933 $804,198 1.9 88 163
-5% -5% -7% 83% -13% 60%
$509 $826,582 $804,787 2.8 94 265
3% -3% -7% 20% -18% -1.5%
The townhome median price in June was $750,000, a 7% decrease from May and 7% below June 2023. The average sold price was $798,418, 3% below last month; the average PSF sale price was $524, up 3% to last month.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
27
261
265
210
243
24
205
203
199
221
175
183
163
176
163
94
88
72
65
77
15
52
85
75
71
67
43
37
35
$845K
$804K
$805K
$790K
$790K
$785K
$770K
$750K
$755K
$750K
$750K
$720K
$694K
Jun-23
May-24
Jun-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
70
8
10.0
4+ bdrms
26
60
50
43
3 bdrms
40
5.5
141
5.1
4.4
4.0
30
3.5
26
2.5
20
2.0
2 bdrms
88
10
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 5 22 4.4 18 36 2.0 29 73 2.5 7 36 5.1 10 35 3.5 4 40 10.0 2 8 4.0 2 11 5.5
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 July 8, 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 - JUNE 2 0 2 4
MONTHS OF INVENTORY 4.4 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 3% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 73% VS 2023
▼ 12% VS 2023
▼ 1.8% VS 2023
▼ 20% VS 2023
There were 855 condo listings in the Victoria Real Estate Board in June, 0.8% above May and 73% higher than June 2023. June condo sales decreased by 21% month-over-month, to 196, and were 20% below June 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 245 494
% Change
No. 249 848
% Change
The months of inventory for condos in the Victoria Real Estate Board, at 4.4, re*ected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
196 855
-3% -12% -1.8% 116% -20% 73%
4% -4% 0.5% 28% -21% 0.8%
The condo median price in June was $549,900, a 0.5% increase from May and 1.8% below June 2023. The average sold price was $585,560, 4% below last month; the average PSF sale price was $693, up 4% to last month.
$693 $585,560 $549,900 4.4
$713 $663,168 $560,000 2.0
$663 $611,982 $547,000 3.4
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
24
855
23
848
681
669
660
745
610
18
579
494
536
537
504
484
249
245
181
156
154
196
125
200
191
167
141
117
104
$560K
$559K
$559K
$555K
$550K
$545K
$544K
$547K
$550K
$540K
$530K
$525K
$520K
Jun-23
May-24
Jun-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
24+
24+
4+ bdrms
300
2
3 bdrms
200
25
10.0
7.3
111
100
2 bdrms
498
4.2
4.0
3.9
3.2
0
83
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 10 10.0 22 70 3.2 100 394 3.9 54 216 4.0 12 87 7.3 5 21 4.2 1 27 27.0 1 30 30.0
<2 bdrms
332
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 July 8, 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 - JUNE 2 0 2 4
MONTHS OF INVENTORY 3.1 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 46% VS 2023
▲ 17% VS 2023
▼ 4% VS 2023
- VS 2023
There were 516 detached listings in the Victoria Core in June, 0.8% above May and 46% higher than June 2023. June detached home sales decreased by 10% month-over-month, to 167, and were 17% above June 2023. The months of inventory for detached in the Victoria Core, at 3.1, re(ected a sellers' market.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 143 354
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
167 516
-4% 0% 25% 17% 46%
185 512
-6% -3% 12% -10% 0.8%
The detached median price in June was $1,275,000, a 3% decrease from May and no change to June 2023.
$1,353,211 $1,275,000 3.1
$1,446,302 $1,315,000 2.8
$1,412,278 $1,275,000 2.5
The average sold price was $1,353,211, 6% below last month and down 4% to June 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
21
516
453
512
442
19
398
397
435
400
354
316
360
15
268
260
185
140
167
143
109
154
86
111
102
97
77
72
66
$1.34M $1.32M $1.27M
$1.27M $1.25M $1.34M $1.30M
$1.20M $1.20M $1.20M $1.15M $1.20M $1.21M
Jun-23
May-24
Jun-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
100
24+
80
60
11.3
40
6.8
20
4.2
2.5
2.5
1.9
1.4
0.9
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 1 n/a
9 8 0.9
27 39 1.4
43 82 1.9
40 98 2.5
21 53 2.5
13 55 4.2
9 61 6.8
4 45 11.3
1 74 74.0
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 July 8, 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 - JUNE 2 0 2 4
MONTHS OF INVENTORY 3.5 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 7% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 2.0% VS 2023
▲ 59% VS 2023
▼ 3% VS 2023
▼ 47% VS 2023
There were 97 townhome listings in the Victoria Core in June, 4% above May and 59% higher than June 2023.
June townhome sales decreased by 28% month-over-month, to 28, and were 47% below June 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for townhomes in the Victoria Core, at 3.5, re(ected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
28 97
53 61
201% -47% 59%
39 93
10% -0.3% -7% 45% -28% 4%
The townhome median price in June was $814,500, a 7% decrease from May and 3% below June 2023. The average sold price was $889,296, 0.3% below last month; the average PSF sale price was $597, up 10% to last month.
$597 $889,296 $814,500 3.5
$556 $872,078 $837,500 1.2
$541 $892,112 $874,000 2.4
7% 2% -3%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
93
21
97
75
71
67
78
62
17
73
61
53 61
67
40
51
39
36
13
31
42
29
28
32
31
26
21
20
14
$890K
$881K
$869K
$874K
$853K
$838K
$840K
$840K
$820K
$815K
$800K
$800K
$700K
Jun-23
May-24
Jun-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.
4
9.0
4+ bdrms
8
15
7.0
14
3 bdrms
10
4.7
50
3.5
3.0
2.3
10
5
2 bdrms
1.5
39
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
0 9 n/a
3 7 2.3
11 17 1.5
3 14 4.7
6 18 3.0
2 18 9.0
1 7 7.0
2 7 3.5
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 July 8, 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 - JUNE 2 0 2 4
MONTHS OF INVENTORY 4.2 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 3% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 66% VS 2023
▼ 9% VS 2023
▼ 0.5% VS 2023
▼ 29% VS 2023
There were 580 condo listings in the Victoria Core in June, 3% below May and 66% higher than June 2023.
June condo sales decreased by 24% month-over-month, to 139, and were 29% below June 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 197 349
% Change
No. 183 599
% Change
The months of inventory for condos in the Victoria Core, at 4.2, re(ected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
139 580
-0.5% 136% -29% 66%
3% -5% 1.7% 27% -24% -3%
The condo median price in June was $549,900, a 1.7% increase from May and 0.5% below June 2023. The average sold price was $596,078, 5% below last month; the average PSF sale price was $695, up 3% to last month.
$695 $596,078 $549,900 4.2
$716 $658,533 $552,500 1.8
$677 $628,894 $540,750 3.3
-3% -9%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
25
580
539
525
599
496
23
450
469
414
410
409
349
18
370
338
183
197
133
116
107
139
155
134
112
112
88
86
73
$572K
$569K
$563K
$558K
$557K
$553K
$549K
$550K
$545K
$543K
$541K
$520K
$500K
Jun-23
May-24
Jun-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
24+
24+
4+ bdrms
200
150
1
3 bdrms
13
100
78
6.9
2 bdrms
50
5.0
330
4.3
3.7
3.6
3.4
0
60
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 5 5.0 17 57 3.4 65 238 3.7 40 143 3.6 10 69 6.9 4 17 4.3 1 25 25.0 1 26 26.0
<2 bdrms
237
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 July 8, 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 - JUNE 2 0 2 4
MONTHS OF INVENTORY 5.9 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 68% VS 2023
▼ 2% VS 2023
▼ 0.7% VS 2023
▼ 2% VS 2023
There were 515 detached listings in the Westshore in June, 11% above May and 68% higher than June 2023.
June detached home sales decreased by 22% month-over-month, to 87, and were 2% below June 2023.
THIS MONTH No. $1,079,519 $1,055,000 5.9 87 515
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
The months of inventory for detached in the Westshore, at 5.9, re'ected a balanced market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,102,323 $1,062,000 3.4 89 307
-2% -0.7% 72% -2% 68%
111 465
-5% 2% 41% -22% 11%
The detached median price in June was $1,055,000, a 2% increase from May and 0.7% below June 2023.
$1,140,203 $1,030,000 4.2
The average sold price was $1,079,519, 5% below last month and down 2% to June 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
29
515
465
427
26
393
385
373
332
320
346
341
307
291
288
16
111
87
78
89
54
56
87
43
41
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
Jun-23
May-24
Jun-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
100
24+
80
15.3
60
12.5
40
7.6
20
4.2
3.5
3.1
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 7 n/a
11 39 3.5
26 108 4.2
30 92 3.1
14 106 7.6
3 46 15.3
1 48 48.0
2 25 12.5
0 22 n/a
0 22 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 July 8, 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 - JUNE 2 0 2 4
MONTHS OF INVENTORY 3.4 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 7% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 42% VS 2023
▲ 62% VS 2023
▼ 5% VS 2023
▼ 2% VS 2023
There were 115 townhome listings in the Westshore in June, 6% below May and 42% higher than June 2023.
June townhome sales decreased by 23% month-over-month, to 34, and were 62% above June 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for townhomes in the Westshore, at 3.4, re'ected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$456 $737,411 $729,625 3.4 34 115
21 81
-7% -5% -2% -12% 62% 42%
$481 $772,202 $741,250 2.8 44 122
-5% -5% -1.6% 22% -23% -6%
The townhome median price in June was $729,625, a 1.6% decrease from May and 2% below June 2023. The average sold price was $737,411, 5% below last month; the average PSF sale price was $456, down 5% to last month.
$488 $779,877 $748,000 3.9
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
38
115
122
120
103
102
99
111
94
90
81
87
84
29
81
26
44
34
31
28
34
36
21
11
23
22
15
14
13
$790K
$772K
$761K
$748K
$746K
$738K
$745K
$741K
$732K
$730K
$725K
$725K
$685K
Jun-23
May-24
Jun-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
3
15.0
4+ bdrms
40
17
30
25
3 bdrms
70
20
5.3
6
3.8
2 bdrms
3.0
2.7
10
25
1.8
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 15 15.0 3 8 2.7 12 21 1.8 12 46 3.8 3 16 5.3 3 9 3.0
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 July 8, 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 - JUNE 2 0 2 4
MONTHS OF INVENTORY 5.5 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 3% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 94% VS 2023
▲ 50% VS 2023
▼ 3% VS 2023
▼ 6% VS 2023
There were 213 condo listings in the Westshore in June, 19% above May and 94% higher than June 2023.
June condo sales decreased by 9% month-over-month, to 39, and were 50% above June 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in the Westshore, at 5.5, re'ected a balanced market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$655 $526,309 $509,000 5.5 39 213
$637 $544,000 $539,000 4.2 26 110
3% -3% -6% 29% 50% 94%
$632 $546,691 $545,000 4.2 43 179
4% -4% -7% 31% -9% 19%
The condo median price in June was $509,000, a 7% decrease from May and 6% below June 2023. The average sold price was $526,309, 4% below last month; the average PSF sale price was $655, up 4% to last month.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
22
213
21
179
148
125
17
121
121
145
117
111
110
106
90
83
50
37
35
27
39
43
26
33
27
24
22
20
20
$567K
$545K
$545K
$539K
$536K
$530K
$533K
$531K
$509K
$505K
$500K
$492K
$457K
Jun-23
May-24
Jun-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.
140
14.0
120
4+ bdrms
100
80
3 bdrms
11
60
5.9
5.1
40
25
2 bdrms
3.0
127
20
0
14
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 5 n/a 4 12 3.0 26 133 5.1 8 47 5.9 1 14 14.0 0 1 n/a 0 1 n/a
<2 bdrms
75
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 July 8, 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 - JUNE 2 0 2 4
MONTHS OF INVENTORY 4.5 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.4% VS 2023
▲ 0.4% VS 2023
▲ 39% VS 2023
▲ 6% VS 2023
There were 156 detached listings in the Peninsula in June, 8% above May and 39% higher than June 2023.
June detached home sales decreased by 8% month-over-month, to 35, and were 6% above June 2023.
THIS MONTH No. $1,540,311 $1,380,000 4.5 35 156
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
The months of inventory for detached in the Peninsula, at 4.5, re'ected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,518,909 $1,375,000 3.4 33 112
1.4% 0.4% 31% 6% 39%
$1,469,371 $1,302,500 3.8 38 145
5% 6% 17% -8% 8%
The detached median price in June was $1,380,000, a 6% increase from May and 0.4% above June 2023.
The average sold price was $1,540,311, 5% above last month and up 1.4% to June 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
21
156
145
20
128
128
125
19
110
107
124
112
120
80
77
72
38
37
31
26
35
33
22
34
30
25
17
16
17
$1.38M
$1.33M $1.25M
$1.30M $1.38M
$1.26M
$1.27M $1.35M
$1.25M
$1.20M $1.29M
$1.18M
$1.07M
Jun-23
May-24
Jun-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
25
15.0
13.5
20
10.5
15
8.0
6.0
10
3.7
5
2.5
1.6
1.3
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 1 n/a
1 6 6.0
5 8 1.6
8 20 2.5
7 26 3.7
6 8 1.3
3 24 8.0
2 21 10.5
1 15 15.0
2 27 13.5
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 July 8, 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 - JUNE 2 0 2 4
MONTHS OF INVENTORY 2.5 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 12% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 200% VS 2023
▲ 9% VS 2023
▼ 10% VS 2023
▼ 19% VS 2023
There were 30 townhome listings in the Peninsula in June, 3% below May and 200% higher than June 2023.
June townhome sales increased by 71% month-over-month, to 12, and were 9% above June 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for townhomes in the Peninsula, at 2.5, re'ected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
12 30
11 10
-12% -10% -19% 175% 9% 200%
$519 $845,071 $840,000 4.4 7 31
14% -3% -11% -44% 71% -3%
The townhome median price in June was $749,000, a 11% decrease from May and 19% below June 2023. The average sold price was $823,867, 3% below last month; the average PSF sale price was $593, up 14% to last month.
$593 $823,867 $749,000 2.5
$671 $913,045 $920,000 0.9
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
33
30
31
25
24
24
24
24
24
23
22
17
16
12
10
10
11
9
8
10
6
8
7
15
6
5
14
3
3
$1.12M
$920K
$900K
$865K
$853K
$840K
$822K
$764K
$747K
$749K
$730K
$715K
$702K
Jun-23
May-24
Jun-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.
7
1 1
7.0
4+ bdrms
6
5
5.0
4
4
3 bdrms
13
3
2.5
2.0
7
2
2 bdrms
1.0
0.8
14
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
2
1 2 2.0
2 5 2.5
6 5 0.8
0 3 n/a
1 5 5.0
1 7 7.0
1 1 1.0
0 2 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 July 8, 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 - JUNE 2 0 2 4
MONTHS OF INVENTORY 3.2 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 9% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 76% VS 2023
▼ 30% VS 2023
▼ 23% VS 2023
▼ 10% VS 2023
There were 58 condo listings in the Peninsula in June, 12% below May and 76% higher than June 2023.
June condo sales decreased by 18% month-over-month, to 18, and were 10% below June 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in the Peninsula, at 3.2, re'ected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
18 58
20 33
-9% -30% -23% 95% -10% 76%
22 66
22% 4% 0.8% 7% -18% -12%
The condo median price in June was $594,500, a 0.8% increase from May and 23% below June 2023. The average sold price was $632,717, 4% above last month; the average PSF sale price was $757, up 22% to last month.
$757 $632,717 $594,500 3.2
$830 $908,509 $776,250 1.7
$621 $606,877 $590,000 3.0
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
66
24
58
57
46
44
42
49
17
17
33
37
36
34
22
28
27
20
18
13
13
11
17
9
16
13
10
8
7
$776K
$745K
$625K
$625K
$602K
$595K
$590K
$595K
$588K
$578K
$560K
$535K
$505K
Jun-23
May-24
Jun-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.
25
4.0
4.0
4+ bdrms
20
3.0
15
1 1
2.3
3 bdrms
10
1.0
8
2 bdrms
5
41
0
9
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 1 1.0 9 21 2.3 6 24 4.0 1 4 4.0 1 3 3.0 0 2 n/a 0 3 n/a
<2 bdrms
16
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 July 8, 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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