the victoria rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR 19 SUB-MARKETS IN GREATER VICTORIA
published January 2025
table of contents
02 INTRO
Each month, we release the rennie review, a detailed look at the real estate marketplace in Greater Victoria. 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
MARKET AREA 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
2 Copyright © 2025 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 13, 2025. 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.
victoria sees its first annual sales increase in 3 years The Greater Victoria market saw its first increase in annual sales last year since 2021, spurred by a wave of interest rate cuts in the second half of 2024. As such, sales in the second half of the year were quite a contrast to the first half.
Though the seasonality in residential real estate activity typically sees active listings drop sharply towards the end of the year, stronger sales through the fall put additional downward pressure on inventory. There were 1,525 active listings at the end of 2024 and, though this was still 18% higher than the prior 10-year average for December (1,294 listings), it was down 5% relative to the same time last year (1,611 listings). This was the first time since April 2022 where inventory in Greater Victoria was lower than the same month in the prior year. Supporting this trend of stronger sales activity into the new year are adjustments to mortgage insurance rules that recently came into effect. As of December 15th, buyers can put lower down payments and secure cheaper insured mortgage financing on homes priced up to $1.5 million, up from $1.0 million previously. Additionally, first-time homebuyers and all buyers of newly-built homes will be able to access amortizations of up to 30 years on insured mortgages, up from 25 years previously. These new mortgage rules, alongside an expectation of further declines in borrowing costs, should continue to support sales activity near long-run monthly levels into 2025.
The Greater Victoria market finished 2024 on a strong footing with sales coming in at or near their long-run monthly average in each of the final three months of the year. There were 385 sales across the region in December, which was just 2% below the prior 10-year December average of 395 sales. Relative to December 2023, sales were up 30% to mark the sixth consecutive month where sales were higher than the same month in the prior year. This string of year-over-year sales gains correlates with the wave of interest rate cuts delivered by the Bank of Canada in the back half of last year. Between June and December, the Bank cut a cumulative 175 basis points from its key policy rate, bringing it down to 3.25% from a more than two-decade high of 5.00%. This decline in the policy rate, in tandem with an easing in government bond yields, put downward pressure on mortgage rates and significantly improved purchasing power heading into
the fall housing market. As a result, sales in October came in 62% higher than October 2023, followed by a 41% year-over-year gain in November. All told, sales in the last six months of 2024 were 24% higher than the same period in 2023. In the first six months of the year, sales were up just 0.6%. Thanks to stronger activity in the second half of the year, the Victoria market saw its first annual sales increase since 2021. There were 6,707 sales in 2024, an 11% increase from total sales in 2023 (which was a decade-low at 6,053). There were other factors that helped contribute to the increased activity, including more than two years of pent-up demand and inventory that hovered around a decade-high for much of the year. But the easing in borrowing costs was certainly the key to unlocking buying activity. By our estimates, buyers using variable rate financing have seen a roughly 19% increase in purchasing power since June.
3 Copyright © 2025 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 13, 2025. 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.
featured listings SEARCH FOR THE HOME YOU LOVE AT RENNIE.COM
HOUSE FOR SALE $2,275,000 | ARBUTUS 3710 Crestview Road 5 Bed, 5 Bath, 3,721 SF
HOUSE FOR SALE $1,250,000 | BEAVER LAKE 562 Baker Street 4 Bed, 2 Bath, 3,902 SF
Brett Jones 250.588.7646
Jeff Shaw 250.508.8035
TOWNHOME FOR SALE $900,000 | VICTORIA 1047 Richardson Street 2 Bed, 2 Bath, 1,499 SF
TOWNHOME FOR SALE $885,000 | ATKINS 1166 Olivine Mews 3 Bed, 4 Bath, 2,054 SF
Chris Gill PREC* 250.744.6956
Raegan Hinks 250.732.3481
CHERRY BANK $775,000 | VICTORIA 302 - 828 Rupert Terrace 1 Bed, 2 Bath, 1,207 SF
ROYAL BAY $709,900 | COLWOOD CORNERS 407S - 3564 Ryder Hesjedal Way 2 Bed, 2 Bath, 941 SF
Haylie Leote 250.891.7442
Nickole Goeujon 250.686.0078
BELLA PARK $639,900 | COLWOOD CORNERS 305 - 3582 Ryder Hesjedal Way 2 Bed, 2 Bath, 850 SF
MERMAID WHARF $540,000 | VICTORIA 521 - 409 Swift Street 1 Bed, 1 Bath, 943 SF
Dane Skinner 250.710.4974
Robin Gooch 778.679.1632
Copyright © 2025 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 13, 2025. 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.
4
victoria real estate board DETACHED - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 3.8 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 3% VS 2023
▲ 34% VS 2023
▼ 3% VS 2023
▼ 13% VS 2023
There were 690 detached listings in the Victoria Real Estate Board in December, 31% below November and 13% lower than December 2023. December detached home sales decreased by 26% month-over-month, to 184, and were 34% above December 2023. The months of inventory for detached in the Victoria Real Estate Board, at 3.8, reflected a sellers' market. The detached median price in December was $1,105,000, a 4% decrease from November and 3% above December 2023. The average sold price was $1,279,083, 0.9% above last month and down 3% to December 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 137 797
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
184 690
-3% 3% -36% 34% -13%
$1,268,017 $1,150,000 4.1 247 1,003
0.9% -4% -8% -26% -31%
$1,279,083 $1,105,000 3.8
$1,316,662 $1,075,000 5.8
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,495
1,433
47
1,402
1,452
1,260
1,222
1,375
42
40
1,003
876
1,006
797
776
690
381
311
294
281
332
318
184
269
244
247
137
213
162
$1.23M $1.17M $1.20M
$1.17M $1.15M $1.11M $1.14M $1.15M $1.11M
$1.15M $1.15M
$1.08M $1.06M
Dec-23
Nov-24
Dec-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
120
24+
100
80
60
8.9
40
6.3
6.2
4.9
4.3
20
2.3
2.2
2.0
1.6
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
5 8 1.6
17 34 2.0
44 101 2.3
49 110 2.2
29 126 4.3
8 71 8.9
12 59 4.9
10 62 6.2
7 44 6.3
3 75 25.0
Copyright © 2025 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 13, 2025. 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 - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 3.1 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 6% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 15% VS 2023
▲ 13% VS 2023
▲ 32% VS 2023
▼ 7% VS 2023
There were 152 townhome listings in the Victoria Real Estate Board in December, 28% below November and 7% lower than December 2023.
December townhome sales decreased by 37% month-over-month, to 49, and were 32% above December 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 3.1, reflected a sellers' market. The townhome median price in December was $785,000, a 3% increase from November and 13% above December 2023. The average sold price was $847,066, 2% above last month; the average PSF sale price was $555, down 1.2% to last month.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$555 $847,066 $785,000 3.1 49 152
$523 $733,854 $694,405 4.4 37 163
6% 15% 13% -30% 32% -7%
$562 $829,151 $760,000 2.7 78 210
-1.2% 2% 3% 15% -37% -28%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
265
254
41
264
39
261
210
242
241
37
199
229
221
163
176
152
94
83
78
78
76
72
85
77
75
49
63
37
35
$805K
$794K
$790K
$790K
$785K
$775K
$770K
$767K
$770K
$760K
$750K
$720K
$694K
Dec-23
Nov-24
Dec-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.
35
5
4.3
4+ bdrms
4.0
18
30
3.6
3.1
25
3.0
31
2.6
3 bdrms
20
92
1.5
15
12
10
2 bdrms
40
5
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
2
4 6 1.5
8 25 3.1
14 36 2.6
6 26 4.3
8 24 3.0
7 25 3.6
0 2 n/a
2 8 4.0
Copyright © 2025 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 13, 2025. 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 - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 4.2 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 0.8% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 10% VS 2023
▲ 5% VS 2023
▲ 5% VS 2023
▲ 29% VS 2023
There were 562 condo listings in the Victoria Real Estate Board in December, 24% below November and 5% higher than December 2023. December condo sales decreased by 29% month-over-month, to 134, and were 29% above December 2023. The months of inventory for condos in the Victoria Real Estate Board, at 4.2, reflected a sellers' market. The condo median price in December was $550,000, a 1.9% increase from November and 5% above December 2023. The average sold price was $600,364, 1.7% below last month; the average PSF sale price was $644, up 0.5% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 104 536
% Change
No. 188 739
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
134 562
-0.8% 10% 5% -19% 29% 5%
0.5% -1.7% 1.9% 7% -29% -24%
$644 $600,364 $550,000 4.2
$650 $547,646 $525,000 5.2
$641 $610,440 $540,000 3.9
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
48
855
849
848
739
834
829
669
760
746
536
579
562
537
34
34
246
213
193
189
188
181
154
200
197
134
182
104
117
$559K
$550K
$550K
$545K
$544K
$547K
$542K
$540K
$540K
$530K
$525K
$525K
$513K
Dec-23
Nov-24
Dec-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
21.0
4+ bdrms
200
17.0
3
150
3 bdrms
19
10.7
100
7.0
94
2 bdrms
4.4
50
346
3.6
3.4
0
37
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 8 n/a 10 44 4.4 74 248 3.4 39 139 3.6 6 64 10.7 1 17 17.0 1 21 21.0 3 21 7.0
<2 bdrms
197
Copyright © 2025 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 13, 2025. 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 - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 2.5 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 1.5% VS 2023
▲ 20% VS 2023
▼ 5% VS 2023
▼ 27% VS 2023
There were 195 detached listings in the Victoria Core in December, 40% below November and 27% lower than December 2023. December detached home sales decreased by 23% month-over-month, to 79, and were 20% above December 2023. The months of inventory for detached in the Victoria Core, at 2.5, reflected a sellers' market. The detached median price in December was $1,222,000, a 0.4% increase from November and 1.5% above December 2023. The average sold price was $1,439,162, 0.0% above last month and down 5% to December 2023.
THIS MONTH No. $1,439,162 $1,222,000 2.5 79 195
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,513,815 $1,203,500 4.1 66 268
-5% 1.5% -39% 20% -27%
102 325
0% 0.4% -23% -23% -40%
$1,438,863 $1,217,500 3.2
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
43
473
517
514
513
406
448
437
36
35
325
316
362
268
260
185
167
140
140
195
124
153
129
79
105
102
66
97
77
$1.34M $1.32M
$1.27M $1.27M $1.26M $1.22M $1.20M $1.22M $1.22M
$1.20M $1.15M $1.20M $1.21M
Dec-23
Nov-24
Dec-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
40
16.0
30
20
8.3
5.2
10
3.0
2.9
2.0
1.3
1.0
0.6
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
1 1 1.0
19 11 0.6
23 29 1.3
14 40 2.9
3 25 8.3
7 21 3.0
5 26 5.2
5 10 2.0
2 32 16.0
Copyright © 2025 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 13, 2025. 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 - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 2.7 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 1.2% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 8% VS 2023
▲ 3% VS 2023
▲ 67% VS 2023
▲ 24% VS 2023
There were 70 townhome listings in the Victoria Core in December, 26% below November and 67% higher than December 2023. December townhome sales decreased by 19% month-over-month, to 26, and were 24% above December 2023. The months of inventory for townhomes in the Victoria Core, at 2.7, reflected a sellers' market. The townhome median price in December was $866,500, a 5% increase from November and 3% above December 2023. The average sold price was $855,688, 7% below last month; the average PSF sale price was $561, down 11% 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
26 70
21 42
1.2% 8% 3% 35% 24% 67%
32 95
-11% -7% 5% -9% -19% -26%
$561 $855,688 $866,500 2.7
$554 $794,588 $839,895 2.0
$632 $920,828 $825,500 3.0
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
107
49
97
97
95
92
83
77
38
76
61
70
67
40
40
39
51
36
42
34
33
32
26
26
32
21
28
23
14
$920K
$881K
$874K
$869K
$860K
$867K
$855K
$840K
$826K
$815K
$800K
$785K
$700K
Dec-23
Nov-24
Dec-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.
3
8.0
4+ bdrms
15
7
5.7
18
5.0
10
3 bdrms
47
2.3
5
5
1.5
2 bdrms
1.3
1.2
15
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
3 4 1.3
2 10 5.0
6 9 1.5
5 6 1.2
6 14 2.3
3 17 5.7
0 2 n/a
1 8 8.0
Copyright © 2025 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 13, 2025. 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 - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 3.7 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 0.8% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 16% VS 2023
▲ 11% VS 2023
▲ 29% VS 2023
▼ 15% VS 2023
There were 351 condo listings in the Victoria Core in December, 28% below November and 15% lower than December 2023. December condo sales decreased by 27% month-over-month, to 94, and were 29% above December 2023. The months of inventory for condos in the Victoria Core, at 3.7, reflected a sellers' market. The condo median price in December was $555,000, a 3% increase from November and 11% above December 2023. The average sold price was $618,755, 0.7% below last month; the average PSF sale price was $651, down 0.6% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No. 128 487
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$651 $618,755 $555,000 3.7 94 351
$656 $535,640 $499,888 5.7 73 414
-0.8% 16% 11% -34% 29% -15%
-0.6% -0.7% 3% -1.9% -27% -28%
$654 $623,266 $536,894 3.8
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
574
50
560
553
540
600
580
487
513
469
414
410
409
351
33
33
183
149
133
128
138
134
94
125
124
123
112
73
88
$572K
$558K
$557K
$555K
$550K
$550K
$543K
$541K
$538K
$537K
$525K
$520K
$500K
Dec-23
Nov-24
Dec-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.
160
140
18.0
4+ bdrms
120
100
13.0
3
3 bdrms
80
14
60
7.0
5.3
65
5.1
40
2 bdrms
3.1
193
2.8
20
0
26
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 2 n/a 8 41 5.1 48 149 3.1 28 77 2.8 5 35 7.0 1 13 13.0 1 18 18.0 3 16 5.3
<2 bdrms
144
Copyright © 2025 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 13, 2025. 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 - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 5.1 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 12% VS 2023
▲ 9% VS 2023
▲ 23% VS 2023
▼ 8% VS 2023
There were 268 detached listings in the Westshore in December, 25% below November and 8% lower than December 2023. December detached home sales decreased by 31% month-over-month, to 53, and were 23% above December 2023. The months of inventory for detached in the Westshore, at 5.1, reflected a balanced market. The detached median price in December was $1,070,000, a 3% increase from November and 9% above December 2023. The average sold price was $1,178,648, 8% above last month and up 12% to December 2023.
THIS MONTH No. $1,178,648 $1,070,000 5.1 53 268
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,053,124 $980,000 6.8 43 291
12% 9% -25% 23% -8%
$1,090,734 $1,043,500 4.7 77 359
-31% -25%
8% 3% 8%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
514
495
59
446
427
483
465
464
359
320
47
46
346
291
288
268
111
91
87
85
77
56
90
87
84
53
43
70
61
$1.10M $1.03M $1.06M $1.08M $1.08M
$1.02M $1.06M
$1.02M $1.06M $1.04M $1.07M
$990K
$980K
Dec-23
Nov-24
Dec-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
60
14.0
50
40
10.0
10.0
30
5.7
5.6
20
4.5
3.5
3.1
10
2.0
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
1 2 2.0
6 21 3.5
13 58 4.5
15 47 3.1
10 56 5.6
2 20 10.0
3 17 5.7
2 20 10.0
1 14 14.0
0 13 n/a
Copyright © 2025 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 13, 2025. 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 - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 4.1 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 5% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 15% VS 2023
▲ 6% VS 2023
▲ 45% VS 2023
▼ 25% VS 2023
There were 65 townhome listings in the Westshore in December, 25% below November and 25% lower than December 2023. December townhome sales decreased by 48% month-over-month, to 16, and were 45% above December 2023. The months of inventory for townhomes in the Westshore, at 4.1, reflected a sellers' market. The townhome median price in December was $724,500, a 1.0% decrease from November and 6% above December 2023. The average sold price was $772,303, 3% above last month; the average PSF sale price was $501, down 0.1% 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
16 65
11 87
-5% 15% 6% -49% 45% -25%
31 87
-0.1% 3% -1% 45% -48% -25%
$501 $772,303 $724,500 4.1
$525 $668,750 $685,000 7.9
$502 $752,314 $732,000 2.8
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
122
129
44
120
103
115
111
38
109
107
106
37
87
87
90
65
44
35
31
31
36
34
27
27
27
16
22
11
14
$772K
$768K
$761K
$745K
$741K
$745K
$738K
$730K
$731K
$732K
$725K
$685K
$680K
Dec-23
Nov-24
Dec-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.
2
20
17.0
4+ bdrms
10
15
10
3 bdrms
39
10
3
2 bdrms
5
3.1
16
2.8
2.3
1.0
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 1 17 17.0 0 7 n/a 3 7 2.3 1 1 1.0 4 11 2.8 7 22 3.1
Copyright © 2025 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 13, 2025. 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 - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 4.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 2% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 71% VS 2023
▲ 45% VS 2023
▼ 0.9% VS 2023
▼ 6% VS 2023
There were 142 condo listings in the Westshore in December, 20% below November and 71% higher than December 2023. December condo sales decreased by 34% month-over-month, to 29, and were 45% above December 2023. The months of inventory for condos in the Westshore, at 4.9, reflected a sellers' market. The condo median price in December was $534,900, a 0.9% decrease from November and 6% below December 2023. The average sold price was $539,828, 3% below last month; the average PSF sale price was $636, up 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
$636 $539,828 $534,900 4.9 29 142
20 83
18% 45% 71%
$616 $559,256 $540,000 4.0 44 178
3% -3% -0.9% 21% -34% -20%
$622 $544,925 $566,500 4.2
2% -0.9% -6%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
213
201
38
37
179
205
178
34
184
181
148
121
145
142
83
90
54
50
44
44
35
43
44
29
40
40
20
33
20
$567K
$545K
$547K
$540K
$533K
$531K
$535K
$530K
$535K
$516K
$511K
$509K
$500K
Dec-23
Nov-24
Dec-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
7.2
4+ bdrms
60
3 bdrms
40
3
3.3
3.0
21
20
2 bdrms
106
0
8
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 6 n/a 1 3 3.0 23 77 3.3 5 36 7.2 0 15 n/a 0 1 n/a 0 2 n/a 0 2 n/a
<2 bdrms
33
Copyright © 2025 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 13, 2025. 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 - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 4.4 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 14% VS 2023
▲ 18% VS 2023
▼ 5% VS 2023
▼ 0.2% VS 2023
There were 88 detached listings in the Peninsula in December, 27% below November and 14% higher than December 2023. December detached home sales decreased by 47% month-over-month, to 20, and were 18% above December 2023. The months of inventory for detached in the Peninsula, at 4.4, reflected a sellers' market. The detached median price in December was $1,172,500, a 5% decrease from November and 0.2% below December 2023. The average sold price was $1,427,606, 0.2% above last month and down 5% to December 2023.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
20 88
17 77
18% 14%
$1,424,707 $1,232,500 3.2 38 121
0.2% -5% 38% -47% -27%
$1,427,606 $1,172,500 4.4
$1,498,559 $1,175,000 4.5
-5% -0.2% -3%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
61
147
145
156
154
153
146
121
107
120
88
77
80
72
37
38
38
37
33
31
31
22
35
30
20
17
24
16
17
$1.37M
$1.35M
$1.30M $1.38M
$1.27M $1.35M
$1.25M
$1.25M
$1.23M $1.17M
$1.19M
$1.18M
$1.07M
Dec-23
Nov-24
Dec-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
18.0
15
11.0
10
9.0
5
4.0
2.8
2.0
1.7
1.0
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
1 1 1.0
0 2 n/a
3 6 2.0
7 12 1.7
4 11 2.8
0 10 n/a
1 9 9.0
2 8 4.0
1 11 11.0
1 18 18.0
Copyright © 2025 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 13, 2025. 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 - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 1.8 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 13% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 100% VS 2023
▼ 10% VS 2023
▼ 24% VS 2023
▼ 50% VS 2023
There were 11 townhome listings in the Peninsula in December, 39% below November and 50% lower than December 2023. December townhome sales decreased by 45% month-over-month, to 6, and were 100% above December 2023. The months of inventory for townhomes in the Peninsula, at 1.8, reflected a sellers' market. The townhome median price in December was $850,000, a 14% increase from November and 24% below December 2023. The average sold price was $859,167, 5% above last month; the average PSF sale price was $613, up 8% 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
$613 $859,167 $850,000 1.8 6 11
$541 $950,000 $1,120,000 7.3 3 22
13% -10% -24% -75% 100% -50%
11 18
14% 12% -45% -39%
$569 $820,140 $745,000 1.6
8% 5%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
48
31
33
32
30
25
25
24
22
24
23
23
18
35
15
12
11
10
13
8
12
11
25
8
8
3
7
6
3
$1.12M
$946K
$865K
$840K
$844K
$850K
$822K
$820K
$775K
$764K
$749K
$745K
$730K
Dec-23
Nov-24
Dec-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.
3.0
3.0
4+ bdrms
1
2.5
2.0
3
3 bdrms
5
1.5
1.0
1.0
1.0
1.0
3
2 bdrms
4
0.5
0.0
<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
2 2 1.0
1 3 3.0
0 3 n/a
2 2 1.0
1 1 1.0
Copyright © 2025 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 13, 2025. 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 - DECEMBER 2 0 2 4
MONTHS OF INVENTORY 6.1 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 15% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 6% VS 2023
▲ 81% VS 2023
▲ 10% VS 2023
▼ 13% VS 2023
There were 67 condo listings in the Peninsula in December, 8% below November and 81% higher than December 2023. December condo sales decreased by 27% month-over-month, to 11, and were 10% above December 2023. The months of inventory for condos in the Peninsula, at 6.1, reflected a balanced market. The condo median price in December was $609,900, a 1.6% decrease from November and 6% above December 2023. The average sold price was $602,791, 9% below last month; the average PSF sale price was $616, down 0.6% 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
11 67
10 37
-15% -13% 6% 65% 10% 81%
15 73
-0.6% -9% -1.6% 25% -27% -8%
$616 $602,791 $609,900 6.1
$722 $693,400 $577,500 3.7
$619 $664,027 $620,000 4.9
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
77
40
81
68
66
73
67
63
58
31
57
46
49
37
36
24
22
20
19
15
13
9
19
7
16
16
11
10
14
$752K
$625K
$620K
$610K
$599K
$588K
$590K
$578K
$567K
$565K
$565K
$535K
$505K
Dec-23
Nov-24
Dec-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
14.0
4+ bdrms
20
15
3 bdrms
2
6.7
10
4.3
8
2 bdrms
5
45
0
3
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 0 n/a 3 20 6.7 6 26 4.3 1 14 14.0 0 3 n/a 0 1 n/a 0 3 n/a
<2 bdrms
20
Copyright © 2025 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 13, 2025. 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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