the victoria rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR 19 SUB-MARKETS IN GREATER VICTORIA
published November 2024
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
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
2 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 12, 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 All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies.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.
it ’ s good to be average again October marked the first time since April 2022 that monthly home sales in Greater Victoria were at their long-run average levels. Should this trend be maintained into 2025, this would result in a considerable increase in annual sales.
were right in line with their prior 10-year October average (of 633), the first such instance since April 2022. While both the Vancouver and Kelowna real estate markets saw considerable increases in sales in October as well (up 41% and 29% month-over-month, respectively), Victoria was the only major market in British Columbia to have seen sales activity return to typical levels. Whether the Victoria market can maintain this pace will be the real test. With affordability conditions continuing to improve over the next year (via additional Bank of Canada interest rate cuts and new mortgage insurance rules taking effect in December), we at rennie expect 2025 to be a lot more average in Greater Victoria. Should monthly sales hold at long-run average levels through 2025, we could see total annual sales rise between 15% and 20% year-over-year. For a market that has been so depressed for the better part of the last two years, average would be a considerable improvement.
In many ways, October was a pretty eventful month. First, Statistics Canada reported inflation data that, at 1.6%, solidified the end of a more than two-year quest to bring down the highest inflation in a generation. That was followed by a larger-than-normal 50-basis-point interest rate cut by the Bank of Canada, which has dropped its key policy rate from 5.00% to 3.75% in five months. Just one day later, the federal government announced a profound pivot to its immigration policy that, if fully implemented, would lead to the first decline in Canada’s population since Confederation. All the while, our neighbours (neighbors?) to the south were in the final month of campaigning toward what would be the re-election of Donald Trump. Despite all of that, a notable increase in real estate activity in Greater Victoria has
given us plenty to write about. There were 633 MLS sales in October, a 14% month- over-month increase that was quite a contrast to the typical 0.4% September- to-October decline. In fact, this was the largest September-to-October increase in 25 years of available data, a clear shift in trajectory from what has been more than two years of lackluster sales activity. Relative to October 2023, sales were up by 62%, the largest year-over-year gain since May 2021. Perhaps the most significant takeaway from last month, however, was the fact that sales were average again in Greater Victoria. Yes, you read that right—average! Average is typically not something to comment on, but considering how long it’s been since the Victoria market was moving at average levels (and how far it has strayed from average), last month was notable. Sales
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 November 12, 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.
featured listings SEARCH FOR THE HOME YOU LOVE AT RENNIE.COM
SHOAL POINT $1,299,900 | JAMES BAY 510 - 21 Dallas Road 2 Bed, 2 Bath, 1,438 SF
HOUSE FOR SALE $1,250,000 | COLWOOD CORNERS 3404 Sparrowhawk Avenue 4 Bed, 4 Bath, 2,898 SF
Raegan Hinks 250.732.3481
Haylie Leote 250.891.7442
HOUSE FOR SALE $1,199,999 | ATKINS 3278 Walfred Place 5 Bed, 3 Bath, 3,180 SF Quinn van Gylswyk 250.888.0729
THE REEVE TOWNHOME $1,035,000 | BEAVER LAKE 15 - 4355 Viewmont Avenue 3 Bed, 3 Bath, 1,587 SF
Haden Campbell 250.882.9314
BEAR MOUNTAIN $999,900 | ATKINS 608 - 2000 Hannington Road 2 Bed, 2 Bath, 1,453 SF
TOWNHOME FOR SALE $950,000 | FAIRFIELD WEST
1047 Richardson Street 2 Bed, 2 Bath, 1,499 SF
Matthew Davis PREC* 250.217.4922
Chris Gill PREC* 250.744.6956
THE BELVEDERE $700,000 | DOWNTOWN 201 - 788 Humboldt Street 2 Bed, 2 Bath, 1,280 SF
ELIZA $699,900 | ROYAL BAY 100N - 3564 Ryder Hesjedal Way 2 Bed, 2 Bath, 1,013 SF
Brett Jones 250.588.7646
Nickole Goeujon 250.686.0078
NAUTICA WEST $439,900 | HILLSIDE 212 - 2520 Wark Street 1 Bed, 1 Bath, 819 SF
GRANITE HOUSE $425,000 | SOUTH OAK BAY 411 - 2100 Granite Street 1 Bed, 1 Bath, 790 SF
Jeff Shaw 250.508.8035
John Hircock 250.881.0357
*Personal Real Estate Corporation
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 November 12, 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.
victoria real estate board DETACHED - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 4.1 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 2% VS 2023
▲ 3% VS 2023
▲ 6% VS 2023
▲ 69% VS 2023
There were 1,260 detached listings in the Victoria Real Estate Board in October, 12% below September and 6% higher than October 2023. October detached home sales increased by 16% month-over-month, to 311, and were 69% above October 2023. The months of inventory for detached in the Victoria Real Estate Board, at 4.1, reflected a sellers' market. The detached median price in October was $1,143,000, a 3% increase from September and 3% above October 2023. The average sold price was $1,273,160, 3% above last month and up 2% to October 2023.
THIS MONTH No. $1,273,160 $1,143,000 4.1 311 1,260
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,245,325 $1,115,000 6.4 184 1,186
2% 3% -37% 69% 6%
$1,231,175 $1,110,000 5.3 269 1,432
3% 3% -24% 16% -12%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,496
1,432
37
1,402
35
1,452
1,222
1,375
1,260
1,186
1,073
29
1,006
876
797
776
381
294
281
311
185
332
137
318
184
269
244
213
162
$1.23M $1.17M
$1.20M $1.17M $1.15M
$1.15M $1.15M
$1.12M $1.15M
$1.11M $1.14M
$1.08M $1.06M
Oct-23
Sep-24
Oct-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
250
17.9
200
150
9.6
100
8.3
6.5
5.7
4.4
50
2.8
2.4
2.3
1.7
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
6 10 1.7
36 82 2.3
72 174 2.4
78 217 2.8
52 229 4.4
23 131 5.7
17 111 6.5
11 106 9.6
9 75 8.3
7 125 17.9
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 12, 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 - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 3.0 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 8% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 3% VS 2023
▲ 3% VS 2023
▲ 20% VS 2023
▲ 93% VS 2023
There were 252 townhome listings in the Victoria Real Estate Board in October, 5% below September and 20% higher than October 2023. October townhome sales increased by 32% month-over-month, to 83, and were 93% above October 2023. The months of inventory for townhomes in the Victoria Real Estate Board, at 3.0, reflected a sellers' market. The townhome median price in October was $775,000, a 0.6% increase from September and 3% above October 2023. The average sold price was $826,354, 0.9% above last month; the average PSF sale price was $551, 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
$551 $826,354 $775,000 3.0 83 252
$511 $803,567 $749,900 4.9 43 210
8% 3% 3% -38% 93% 20%
$551 $818,790 $770,000 4.2 63 264
-0.1% 0.9% 0.6% -28% 32% -5%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
264
36
252
264
261
221
242
241
203
228
210
31
199
176
163
94
22
78
76
72
83
52
85
77
75
63
43
37
35
$845K
$805K
$790K
$790K
$794K
$770K
$770K
$775K
$767K
$750K
$750K
$720K
$694K
Oct-23
Sep-24
Oct-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.
60
15
14.0
4+ bdrms
50
31
40
41
3 bdrms
134
30
5.3
20
4.3
27
3.5
2 bdrms
2.9
2.8
83
2.0
10
1.3
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 4 17 4.3 21 41 2.0 21 58 2.8 15 43 2.9 7 37 5.3 11 38 3.5 3 4 1.3 1 14 14.0
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 November 12, 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 - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 4.4 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 8% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 28% VS 2023
▲ 36% VS 2023
▼ 7% VS 2023
▼ 5% VS 2023
There were 848 condo listings in the Victoria Real Estate Board in October, 1.6% above September and 28% higher than October 2023. October condo sales increased by 1.6% month-over-month, to 192, and were 36% above October 2023. The months of inventory for condos in the Victoria Real Estate Board, at 4.4, reflected a sellers' market. The condo median price in October was $510,823, a 5% decrease from September and 5% below October 2023. The average sold price was $587,441, 3% below last month; the average PSF sale price was $658, down 3% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 141 660
% Change
No. 189 835
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
192 848
-8% -7% -5% -6% 36% 28%
1.6% 1.6%
$658 $587,441 $510,823 4.4
$717 $634,763 $540,000 4.7
$680 $602,615 $540,000 4.4
-3% -3% -5% 0%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
35
848
855
849
835
829
681
669
761
746
30
660
27
579
536
537
247
213
189
181
154
192
125
200
197
141
182
117
104
$559K
$550K
$545K
$544K
$547K
$542K
$540K
$540K
$530K
$525K
$525K
$520K
$511K
Oct-23
Sep-24
Oct-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
16.0
4+ bdrms
300
9
3 bdrms
200
8.7
32
8.3
5.0
107
100
4.0
3.8
2 bdrms
546
1.9
0
76
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 11 n/a 33 64 1.9 94 377 4.0 42 212 5.0 11 96 8.7 6 23 3.8 2 32 16.0 4 33 8.3
<2 bdrms
270
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 12, 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 - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 2.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 94% VS 2023
▼ 3% VS 2023
▼ 8% VS 2023
- VS 2023
There were 406 detached listings in the Victoria Core in October, 14% below September and 8% lower than October 2023. October detached home sales increased by 13% month-over-month, to 140, and were 94% above October 2023. The months of inventory for detached in the Victoria Core, at 2.9, reflected a sellers' market. The detached median price in October was $1,200,000, a 1.8% decrease from September and no change to October 2023. The average sold price was $1,375,363, 3% above last month and down 3% to October 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
140 406
$1,416,223 $1,200,000 6.1 72 442
-3% 0% -53% 94% -8%
124 472
3% -1.8% -24% 13% -14%
$1,375,363 $1,200,000 2.9
$1,337,639 $1,222,500 3.8
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
29
472
28
517
514
513
442
397
448
406
437
23
316
362
268
260
185
167
140
124
140
153
86
129
72
105
97
77
66
$1.34M $1.32M
$1.27M $1.27M $1.26M $1.22M $1.20M
$1.20M $1.20M $1.20M $1.15M $1.20M $1.21M
Oct-23
Sep-24
Oct-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
80
14.0
60
40
6.7
5.6
4.5
4.0
20
3.3
1.5
1.4
0.3
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
9 3 0.3
27 38 1.4
43 65 1.5
24 79 3.3
11 50 4.5
10 40 4.0
7 47 6.7
5 28 5.6
4 56 14.0
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 November 12, 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 - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 3.1 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 20% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 41% VS 2023
▲ 70% VS 2023
▼ 4% VS 2023
▼ 7% VS 2023
There were 106 townhome listings in the Victoria Core in October, 10% above September and 41% higher than October 2023. October townhome sales increased by 48% month-over-month, to 34, and were 70% above October 2023. The months of inventory for townhomes in the Victoria Core, at 3.1, reflected a sellers' market. The townhome median price in October was $784,625, a 15% decrease from September and 7% below October 2023. The average sold price was $865,940, 8% below last month; the average PSF sale price was $604, 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
$604 $865,940 $784,625 3.1 34 106
20 75
20% -4% -7% -17% 70% 41%
23 96
-15% -25% 48% 10%
$501 $898,360 $840,000 3.8
$584 $942,443 $920,000 4.2
3% -8%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
33
106
97
96
92
83
75
77
62
75
61
67
40
40
39
21
51
36
20
33
31
42
34
32
28
20
23
21
14
$920K
$890K
$881K
$874K
$869K
$860K
$855K
$840K
$840K
$815K
$800K
$785K
$700K
Oct-23
Sep-24
Oct-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
5
11.0
4+ bdrms
11
20
9.0
8.7
17
15
3 bdrms
59
4.0
10
12
2.6
2 bdrms
2.0
1.8
35
5
1.1
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 1 11 11.0 1 9 9.0 6 11 1.8 11 12 1.1 5 13 2.6 5 20 4.0 3 26 8.7 2 4 2.0
1
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 12, 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 - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 4.6 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 12% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 13% VS 2023
▲ 14% VS 2023
▼ 6% VS 2023
▼ 6% VS 2023
There were 560 condo listings in the Victoria Core in October, 1.1% above September and 13% higher than October 2023. October condo sales decreased by 1.6% month-over-month, to 122, and were 14% above October 2023. The months of inventory for condos in the Victoria Core, at 4.6, reflected a sellers' market. The condo median price in October was $514,450, a 6% decrease from September and 6% below October 2023. The average sold price was $610,495, 2% below last month; the average PSF sale price was $658, down 4% to last month.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 107 496
% Change
No. 124 554
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
122 560
-12% -6% -6% -1% 14% 13%
-4% -2% -6% 3% -1.6% 1.1%
$658 $610,495 $514,450 4.6
$744 $647,194 $549,000 4.6
$686 $624,754 $549,950 4.5
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
600
574
37
554
540
525
560
580
496
514
31
469
29
414
410
409
183
149
133
122
107
138
134
125
124
112
88
86
73
$572K
$558K
$557K
$549K
$550K
$550K
$543K
$541K
$538K
$520K
$525K
$514K
$500K
Oct-23
Sep-24
Oct-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
15.0
4+ bdrms
200
150
7
3 bdrms
19
7.3
7.0
100
4.7
4.3
4.3
68
2 bdrms
50
2.9
334
0
47
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 4 n/a 19 55 2.9 56 242 4.3 30 129 4.3 8 58 7.3 3 14 4.7 2 30 15.0 4 28 7.0
<2 bdrms
207
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 12, 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 - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 4.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 2% VS 2023
▲ 9% VS 2023
▲ 16% VS 2023
▲ 69% VS 2023
There were 447 detached listings in the Westshore in October, 10% below September and 16% higher than October 2023. October detached home sales increased by 30% month-over-month, to 91, and were 69% above October 2023. The months of inventory for detached in the Westshore, at 4.9, reflected a sellers' market. The detached median price in October was $1,060,500, a 3% increase from September and 9% above October 2023. The average sold price was $1,082,250, 5% below last month and up 2% to October 2023.
THIS MONTH No. $1,082,250 $1,060,500 4.9 91 447
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,059,707 $973,246 7.1 54 385
2% 9% -31% 69% 16%
$1,137,094 $1,025,000 7.1 70 496
-5% 3% -31% 30% -10%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
515
496
40
465
427
484
447
37
465
373
35
385
320
346
291
288
111
87
85
91
56
43
41
90
54
87
84
70
61
$1.10M $1.03M $1.06M $1.08M $1.08M
$1.02M $1.06M
$1.02M $1.06M
$990K
$980K
$973K
$960K
Oct-23
Sep-24
Oct-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
24+
24+
80
60
40
20
5.3
5.1
4.2
3.3
2.9
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
3 3 1.0
15 43 2.9
25 83 3.3
21 89 4.2
17 90 5.3
8 41 5.1
1 30 30.0
1 28 28.0
0 22 n/a
0 18 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 November 12, 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 - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 3.0 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 3% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 13% VS 2023
▲ 6% VS 2023
▲ 7% VS 2023
▲ 133% VS 2023
There were 106 townhome listings in the Westshore in October, 18% below September and 7% higher than October 2023. October townhome sales increased by 30% month-over-month, to 35, and were 133% above October 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for townhomes in the Westshore, at 3.0, reflected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$495 $792,626 $767,900 3.0 35 106
15 99
-54% 133% 7%
$504 $731,562 $731,000 4.8 27 129
-1.8% 8% 5% -37% 30% -18%
The townhome median price in October was $767,900, a 5% increase from September and 6% above October 2023. The average sold price was $792,626, 8% above last month; the average PSF sale price was $495, down 1.8% to last month.
$481 $698,818 $725,000 6.6
3% 13% 6%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
122
129
39
120
103
102
35
115
111
109
99
106
106
90
87
44
31
35
21
36
34
11
27
27
27
15
22
13
14
$790K
$772K
$768K
$761K
$738K
$745K
$741K
$745K
$730K
$731K
$725K
$685K
$680K
Oct-23
Sep-24
Oct-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
9
10.0
4+ bdrms
30
19
25
18
20
3 bdrms
57
5.0
15
3.9
3.4
8
10
2.1
2 bdrms
1.5
29
5
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 10 10.0 6 9 1.5 1 5 5.0 11 23 2.1 9 35 3.9 7 24 3.4
1
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 12, 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 - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 3.8 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 11% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 69% VS 2023
▲ 125% VS 2023
▼ 3% VS 2023
▼ 5% VS 2023
There were 205 condo listings in the Westshore in October, 2.0% above September and 69% higher than October 2023. October condo sales increased by 23% month-over-month, to 54, and were 125% above October 2023. The months of inventory for condos in the Westshore, at 3.8, reflected a sellers' market. The condo median price in October was $509,073, a 4% decrease from September and 5% below October 2023. The average sold price was $512,434, 5% below last month; the average PSF sale price was $659, up 0.3% 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
$659 $512,434 $509,073 3.8 54 205
$595 $529,662 $535,648 5.0 24 121
-25% 125% 69%
$657 $541,527 $530,000 4.6 44 201
0.3% -5% -4% -17% 23% 2%
11% -3% -5%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
213
201
42
205
179
184
181
148
121
145
111
121
90
25
83
50
44
54
35
27
43
44
41
40
24
33
20
20
15
$567K
$545K
$545K
$536K
$533K
$531K
$535K
$530K
$516K
$511K
$509K
$500K
$492K
Oct-23
Sep-24
Oct-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.
120
12.0
100
4+ bdrms
80
2
3 bdrms
60
11
5.9
40
3.6
28
2 bdrms
20
150
0.6
0
24
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 7 n/a 13 8 0.6 31 111 3.6 8 47 5.9 2 24 12.0 0 5 n/a 0 1 n/a 0 2 n/a
<2 bdrms
44
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 12, 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 - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 4.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 8% VS 2023
▲ 14% VS 2023
▲ 15% VS 2023
▲ 20% VS 2023
There were 147 detached listings in the Peninsula in October, 5% below September and 15% higher than October 2023. October detached home sales decreased by 3% month-over-month, to 30, and were 20% above October 2023. The months of inventory for detached in the Peninsula, at 4.9, reflected a sellers' market. The detached median price in October was $1,370,450, a 10% increase from September and 14% above October 2023. The average sold price was $1,558,313, 15% above last month and up 8% to October 2023.
THIS MONTH No. $1,558,313 $1,370,450 4.9 30 147
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,446,192 $1,200,000 5.1 25 128
8% 14% -4% 20% 15%
$1,350,913 $1,249,395 5.0 31 154
-3% -5%
15% 10% -1.4%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
22
145
156
147
154
153
146
20
128
19
110
107
120
80
77
72
38
37
31
31
26
22
30
35
25
24
17
16
17
$1.37M
$1.35M
$1.30M $1.38M
$1.27M $1.35M
$1.25M
$1.25M
$1.20M $1.29M
$1.19M
$1.18M
$1.07M
Oct-23
Sep-24
Oct-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
30
24+
25
20
15
10
7.0
7.0
5.7
5
3.7
3.4
3.3
1.4
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 2 n/a
0 1 n/a
5 7 1.4
6 22 3.7
7 24 3.4
3 10 3.3
3 21 7.0
3 17 5.7
2 14 7.0
1 29 29.0
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 November 12, 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 - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 2.1 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 8% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 18% VS 2023
▲ 4% VS 2023
▲ 100% VS 2023
▼ 1.3% VS 2023
There were 25 townhome listings in the Peninsula in October, 9% above September and 4% higher than October 2023. October townhome sales decreased by 8% month-over-month, to 12, and were 100% above October 2023. The months of inventory for townhomes in the Peninsula, at 2.1, reflected a sellers' market. The townhome median price in October was $843,750, a 9% increase from September and 18% above October 2023. The average sold price was $856,958, 10% above last month; the average PSF sale price was $575, down 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
12 25
$623 $868,067 $714,950 4.0 6 24
-8% -1.3% 18% -48% 100% 4%
13 23
-3% 10% 9% 18% -8% 9%
$575 $856,958 $843,750 2.1
$591 $781,185 $775,000 1.8
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
45
31
44
33
32
30
25
24
24
25
24
37
24
23
23
22
15
12
10
12
13
8
6
6
8
8
3
3
7
$1.12M
$946K
$865K
$840K
$844K
$822K
$820K
$775K
$764K
$749K
$730K
$715K
$702K
Oct-23
Sep-24
Oct-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.
5
1 1
5.0
5.0
4+ bdrms
4
6
3
3 bdrms
11
1.7
1.7
2
1.5
1.0
5
2 bdrms
11
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 1 1.0
3 5 1.7
1 5 5.0
3 5 1.7
1 5 5.0
2 3 1.5
1 0 n/a
0 1 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 November 12, 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 - OCTOBER 2 0 2 4
MONTHS OF INVENTORY 5.1 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 16% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 93% VS 2023
▲ 100% VS 2023
▼ 20% VS 2023
▼ 6% VS 2023
There were 81 condo listings in the Peninsula in October, 5% above September and 93% higher than October 2023. October condo sales decreased by 20% month-over-month, to 16, and were 100% above October 2023. The months of inventory for condos in the Peninsula, at 5.1, reflected a balanced market. The condo median price in October was $564,950, a 0.0% decrease from September and 6% below October 2023. The average sold price was $664,800, 12% above last month; the average PSF sale price was $658, down 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
16 81
$780 $833,750 $601,500 5.3 8 42
-16% -20% -6% -4% 100% 93%
20 77
-3% 12% 0% 31% -20% 5%
$658 $664,800 $564,950 5.1
$680 $596,125 $565,000 3.9
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
77
38
81
68
66
63
58
57
46
44
49
27
42
37
36
22
20
19
13
11
16
9
19
7
16
14
8
10
14
$752K
$625K
$625K
$602K
$599K
$588K
$590K
$578K
$567K
$565K
$565K
$535K
$505K
Oct-23
Sep-24
Oct-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.
14.0
4+ bdrms
30
9.0
20
3 bdrms
2
11
10
3.1
2 bdrms
60
1.3
1.0
0
5
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 1 14 14.0 3 4 1.3 0 1 n/a 0 3 n/a 1 1 1.0 7 22 3.1 4 36 9.0
<2 bdrms
19
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 12, 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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