the victoria rennie advance A SUMMARY OF THE LATEST SALES, LISTINGS, AND MEDIAN PRICES IN GREATER VICTORIA
published November 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 06 MEDIAN PRICES 07 RENNIE INTELLIGENCE
Roman Melzer MARKET ANALYST
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
rmelzer@rennie.com
Copyright © 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 November 4, 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 should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 2
highlights • Therewere629 M LS salesin G reaterVictoriain O ctober,a13% m onth-over-m onth increasethat w asquiteacontrastto typicaly flatsalesthistim eofyear.N otably,thisw asthelargest Septem ber-to-O ctoberincreasein ourdataset,which goesback 24 yearsto January2000. • Salesw ereup 61% relativeto O ctober2023 (391 sales),thelargestyear-over-yearincreaseofany m onth sinceM ay2021.Townhom essalessaw thelargestyear-over-yearincrease(+91%,to 82), folowed bydetached hom es(+67%,to308)and condos(+36%,to192). • Totalsaleswerejust0.6% below theirprior10-yearO ctoberaverage(of633),theclosesttheyhave been toaveragesinceApril2022.Townhom esaleswere8% aboveaverage,whilecondoand detached salesw ereboth below average,by 0.5% and 5% ,respectively.
GREATERVICTORIA THERENNIEADVANCE sales
OCTOBER 2024
800
+ 67% vsOct2023
700
600
500
400
325 10 yrOctAvg
300
308
200
DETACHED sales
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100
- 5% vs10yrOctAvg
﹍ 10 yrO ctoberAverage
● October
+ 91% vsOct2023
200
150
76 10 yrOctAvg
100
82
TOWNHOME sales
50
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
+ 8% vs10yrOctAvg
﹍ 10 yrO ctoberAverage
● October
+ 36% vsOct2023
100 150 200 250 300 350 400
193 10 yrOctAvg
192
CONDO sales
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50
- 0.5% vs10yrOctAvg
﹍ 10 yrO ctoberAverage
● October
Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber4,2024.Aldatafrom theVictoriaRealEstateBoard& Rennie. W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakestepsastherecipientm ay de m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochange andanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 3 ●
highlights • N ew M LS listingsof1,077weredown 19% m onth-over-m onth,which wasalitlem orethan the typical15% Septem ber-to-O ctoberdecrease.Stil,new listingsw erew el abovetypicalseason levelsand thiswasthethird-m ostforthem onth ofO ctoberin thepast24 years(onlyO ctober 2008 and 2020 werehigherat1,111 and 1,084 new listings,respectively). • N ew listingswere21% higherthan theprior10-yearO ctoberaverage(of892).N ew condo listings werethefurthestaboveaverage(+42%,to407),folowed bytownhom es(+30%,to130)and detached hom es(+8%,to483). • N ew listingswereup 9% on ayear-over-yearbasiswith new townhom elistingsup 18% versusa 16% increaseforcondosand a5% increasefordetached hom es.
GREATERVICTORIA THERENNIEADVANCE new listings
OCTOBER 2024
1,000
+ 5% vsOct2023
800
600
446 10 yrOctAvg
400
483
DETACHED new listings
200
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
+ 8% vs10yrOctAvg
﹍ 10 yrO ctoberAverage
● October
+ 18% vsOct2023
250
200
150
100 10 yrOctAvg
130
100
TOWNHOME new listings
50
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
+ 30% vs10yrOctAvg
﹍ 10 yrO ctoberAverage
● October
600
+ 16% vsOct2023
500
400
407
300
287 10 yrOctAvg
200
CONDO new listings
100
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
+ 42% vs10yrOctAvg
﹍ 10 yrO ctoberAverage
● October
Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber4,2024.Aldatafrom theVictoriaRealEstateBoard& Rennie. W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakestepsastherecipientm ay de m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochange andanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 4 ●
highlights • ActiveM LS listingsdecreased 7% m onth-over-m onth to 2,520,in linewith thetypical8% Septem ber-to-O ctoberdecline. • Inventorywas36% aboveitsprior10-yearO ctoberaverage(of1,849),led bycondos(+68%,to 850),and folowed bytownhom es(+40%,to251)and detached hom es(+23%,to1,257). • Them arketfavoured selersin O ctoberwith 4.0 m onthsofinventory(M O I),down from 4.9 in Septem ber.Thetownhom esegm entwasthetightestwith an M O Iof3.1,folowed bydetached hom esat4.1and condosat4.4.
GREATERVICTORIA THERENNIEADVANCE inventory
OCTOBER 2024
2,500
+ 6% vsOct2023
2,000
1,500
1,025 10 yrOctAvg
1,257
1,000
DETACHED inventory
500
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
+ 23% vs10yrOctAvg
﹍ 10 yrO ctoberAverage
● October
600
+ 20% vsOct2023
500
400
300
179 10 yrOctAvg
200
251
TOWNHOME inventory
100
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
+ 40% vs10yrOctAvg
﹍ 10 yrO ctoberAverage
● October
1,000
+ 29% vsOct2023
800
850
600
505 10 yrOctAvg
400
CONDO inventory
200
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0
+ 68% vs10yrOctAvg
﹍ 10 yrO ctoberAverage
● October
Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber4,2024.Aldatafrom theVictoriaRealEstateBoard& Rennie. W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakestepsastherecipientm ay de m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochange andanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 5 ●
highlights • Them edian sold pricein G reaterV ictoriadecreased by 0.8% (averaged acros hom etypes) between Septem berand O ctober.Them edian sold pricefordetached hom esincreased 4% (to $1.15m ilion),townhom epricesweredown 0.3% (to$768k),and condopricesdeclined 6% (to $509k). • Com pared to lastyear,m edian sold priceswereup by0.1% (averaged acros hom etypes)with detached hom esseeingthebiggestincreaseat4%,folowed bytownhom eat2%.In contrast, m ediancondopricesweredown6%. •
GREATERVICTORIA THERENNIEADVANCE median prices
OCTOBER 2024
$1,400,000
G reaterV ictoria
$1,200,000
$1,149,750
$1,000,000
$800,000
$600,000
+ 4% vsOct2023
DETACHED median salesprice
$400,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0 $200,000
● October
$1,000,000
G reaterV ictoria
$800,000
$767,900
$600,000
+ 2% vsOct2023
$400,000
TOWNHOME median salesprice
$200,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0
● October
$600,000
G reaterV ictoria
$500,000
$509,145
$400,000
$300,000
- 6% vsOct2023
$200,000
CONDO median salesprice
$100,000
2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0
● October
Copyright© 2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofNovem ber4,2024.Aldatafrom theVictoriaRealEstateBoard& Rennie. W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshouldtakestepsastherecipientm ay de m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociatesadvisor.Alinform ationissubjecttochange andanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E. 6 ●
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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 November 4, 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 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
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