the victoria rennie advance | January 2024

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

published January 2024

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 © January 2, 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 January1, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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

highlights • G reaterVictoriatalied only287 M LS salesin D ecem ber2023,the7th consecutivem onth of decliningsalescountsin theregion.Thiswastied forthelowestD ecem bersalescountin thepast ten years(along with 2022),and was26% below thepast-decadeD ecem beraverage. • The24% drop in saleslastm onth wasslightlyles than thetypicalN ovem ber-to-D ecem ber declineof27%.D etached hom esalesfelby28%,townhom esalesweredown 24%,and condo salesfel by18%. • Forthefulyear2023,therewere5,885M LS salesin GreaterVictoria— 9% fewerthan in 2022, 23% below thepast-decadeaverageof7,636,and thelowestannualtotalsince2013.

GREATERVICTORIA THERENNIEADVANCE sales

DECEMBER 2023

800

- 4% vsD ec2022

700

600

500

400

205 10 yrDecAvg

300

200

DETACHED sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0 100 134

- 35% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

- 6% vsD ec2022

200

150

57 10 yrDecAvg

100

TOWNHOME sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 10% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

+ 9% vsD ec2022

100 150 200 250 300 350 400

124 10 yrDecAvg

CONDO sales

102

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

- 18% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

Copyright© January2,2024renniegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftheren iegroupofcom panies.CurentasofJanuary2,2024.Aldatafrom theVictoriaReal EstateBoard& Ren ie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.ren iegroupofcom 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 • Therewere323new M LS listingslastm onth,which wasa59% declinecom pared toN ovem ber. Thedeclinewasnotablygreaterthan thetypicalN ovem ber-to-D ecem bercontraction of48%, with D ecem ber’snew listingssiting 9% below thepast-decadeD ecem beraverage(of355).That said,new listingswere13% higherthan in whatwasasluggish D ecem ber2022. • O n am onth-over-m onth basis,new listingsforal hom etypeswerelower:detached listingswere down by58% (to154),townhom elistingsweredown by60% (to52),and condolistingswere down 59% (to117). • Therewere11,014new M LS listingsin GreaterVictoriain 2023,which was1.9% fewerthan in 2022,4% below thepast-decadeaverageof11,504,and thelowestannualtotalsince2018.

GREATERVICTORIA THERENNIEADVANCE new listings

DECEMBER 2023

1,000

+ 4% vsD ec2022

800

600

178 10 yrDecAvg

400

DETACHED new listings

200

154

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 13% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

+ 11% vsD ec2022

250

200

150

55 10 yrDecAvg

100

TOWNHOME new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 6% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

500

+ 4% vsD ec2022

400

300

122 10 yrDecAvg

200

CONDO new listings

100

117

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

- 4% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

●

highlights • Therewere1,558 activeM LS listingslastm onth— down 24% com pared toN ovem ber,and by slightlym orethan thetypicalseasonalcontraction of22%.Totallistingsattheend oflastm onth were18% abovethepast-decadeD ecem beraverage(of1,323),and were31% higherthan oneyea. • O n am onth-over-m onth basis,inventoryforal hom etypesdeclined:detached hom einventory wasdown by26%,whiletownhom eand condoinventoryweredown by22% and 21% respectively. O n ayear-over-yearbasis,detached,townhom e,and condo inventorieswereal higher(by22%, 29% ,and 49% ,respectively). • O veral conditionswerebalanced in D ecem ber,with therebeing5.4 m onthsofinventory(M O I) supplyingthem arket.Thedetached and condosegm entswerebalanced,with M O Isof6.0 and 5.3,respectively,whilethetownhom esegm entfavoured selers,with an M O Iof4.4.

GREATERVICTORIA THERENNIEADVANCE inventory

DECEMBER 2023

2,500

+ 22% vsD ec2022

2,000

1,500

760 10 yrDecAvg

1,000

DETACHED inventory

798

500

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

+ 5% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

600

+ 29% vsD ec2022

500

400

300

184 10 yrDecAvg

200

224

TOWNHOME inventory

100

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

+ 22% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

1,000

+ 49% vsD ec2022

800

600

379 10 yrDecAvg

536

400

CONDO inventory

200

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 0

+ 41% vs10yrD ecAvg

● December ﹍ 10 yrD ecem berAverage

●

highlights • O n am onth-over-m onth basis,G reaterV ictoriarecorded adecreasein m edian sold pricesof7% (averaged acros hom etypes).Them edian sold pricefel forboth detached hom es(by6%)and townhom es(by17%),butroseforcondos(by1.0%). • O n ayear-over-yearbasis,m edian sold pricesw ereflat,on average,acros types.In D ecem ber, them edian sold pricewashigherfordetached hom esby3% and forcondosby4%,whilethe m edian sold pricefortownhom eswas7% lower. •

GREATERVICTORIA THERENNIEADVANCE median prices

DECEMBER 2023

$1,400,000

G reaterV ictoria

$1,200,000

$1,000,000

$1,085,000

$800,000

$600,000

+ 3% vsD ec2022

DETACHED median salesprice

$400,000

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

● December

$1,000,000

G reaterV ictoria

$800,000

$694,405

$600,000

- 7% vsD ec2022

$400,000

TOWNHOME median salesprice

$200,000

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

● December

$600,000

G reaterV ictoria

$500,000

$525,000

$400,000

$300,000

+ 4% vsD ec2022

$200,000

CONDO median salesprice

$100,000

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

● December

●

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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