the victoria rennie review DATA-DRIVEN INSIGHTS INTO SALES, LISTINGS, & PRICING TRENDS FOR 19 SUB-MARKETS IN GREATER VICTORIA
published April 2024
table of contents
02 INTRO
03 WHAT YOU NEED TO KNOW
04 FEATURED LISTINGS
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.
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
Westshore Peninsula
Gulf Islands
Malahat
Central Saanich
Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com
Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com
Colwood
Esquimalt Langford Metchosin
North Saanich
Oak Bay
Saanich East Saanich West
Sidney Sooke
Victoria
Victoria West
View Royal
50 AREA MAPS
Copyright © April 8, 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 April 8, 2024. All data from the Victoria Real Estate Board & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information shouldtakestepsastherecipientmaydeemnecessarytoverifytheinformationpriortoplacinganyrelianceupontheinformation.Theinformationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfromarennieand associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 2
homebuyers in victoria , like the bank of canada , are on hold Greater Victoria’s housing market saw a slow start to spring with the lowest sales count for March in over a decade. Conversely, inventory has grown to its highest level for the month in almost as long.
We noted last month that relative affordability for buyers has been eroded in Greater Victoria of late, with benchmark prices for all home types and interest rates higher than they were a year ago. It shouldn’t come as a surprise then, that buyers are opting to wait on the sidelines rather than purchase in the current environment. As inflation is back within the Bank of Canada’s target range and the economy responding to high rates in myriad ways, the expectation amongst economists and consumers alike is that interest rate cuts are on the horizon. But with the Bank of Canada opting to hold its policy rate at 5.00% at its April 10th meeting, there won’t be any rate relief before June, suggesting the slow start to spring could carry on toward the start of summer.
March is typically a busy time for residential real estate in Greater Victoria. The onset of spring, and accompanying warmer weather, often brings buyers and sellers alike out of their winter slumber and engaging with the housing market at a greater pace than the previous months. And while sales and listings were indeed higher in March than February, the increases were atypical for the season as high interest rates continue to weigh on the market. Sales were up last month compared to February, but by just 22% to 537. This increase was about a third less than the typical seasonal gain of 32%. March’s total was also 4% less than the same month last year, 25% below the past 10-year March average, and the lowest sales count for the month since 2014.
Inventory, meanwhile, increased to a greater level than is typical for March as there were 1,894 MLS listings available at the end of last month. Not only was this up 15% from February, it was 33% higher than last March and 16% above the long- run March average. It was also the highest total for any March going back to 2015. In spite of these readings for March—that is, above-average inventory and below- average sales counts—the months-of- inventory (MOI) measure for the region declined to 3.5 last month, maintaining it squarely in sellers’ market territory. (Note that an MOI of less than 5 reflects conditions more favourable to sellers; a 5-8 MOI reflects balanced conditions; and an MOI over 8 reflects a buyers’ market.) And while the MOI measure for March appears relatively low, it notably is still the highest total MOI for any March since 2015.
Copyright © April 8, 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 April 8, 2024. All data from the Victoria Real Estate Board & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information shouldtakestepsastherecipientmaydeemnecessarytoverifytheinformationpriortoplacinganyrelianceupontheinformation.Theinformationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfromarennieand associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 3
featured listings SEARCH FOR THE HOME YOU LOVE AT RENNIE.COM
SHOAL POINT $2,590,000 | VICTORIA 631 - 21 Dallas Road 4 BED, 2,013 SF
HOUSE FOR SALE $2,450,000 | ARBUTUS 933 Matticks Wood Lane 5 BED, 3,513 SF
Raegan Hinks 250.732.3481
Brett Jones 250.588.7646
HOUSE FOR SALE $1,888,000 | COLWOOD CORNERS 679 Medalist Avenue 4 BED, 4,232 SF
THE FALLS $1,475,000 | VICTORIA 1506 - 707 Courtney Street 2 BED, 1,154 SF
Cathie Jeffrey 250.857.2283
Mike Pearce PREC* 250.514.3550
HOUSE FOR SALE $1,350,000 | COLWOOD CORNERS 3359 Curlew Street 4 BED, 2,780 SF
HOUSE FOR SALE $1,300,900 | COLWOOD CORNERS 3393 Aloha Avenue 4 BED, 2,525 SF
Chris Gill PREC* 250.744.6956
Jeff Shaw 250.508.8035
ELIZA $699,900 | COLWOOD CORNERS 300S - 3564 Ryder Hesjedal Way 2 BED, 908 SF
TOWNHOME FOR SALE $675,000 | BRENTWOOD BAY 6 - 7847 East Saanich Road 4 BED, 1,665 SF
Nickole Goeujon 250.686.0078
Jake Duvall 250.589.3612
HOUSE FOR SALE $575,000 | PORT ALBERNI 5028 Montrose Street 4 BED, 2,239 SF
THE PONDS LANDING $550,000 | ATKINS 217 - 1335 Bear Mountain Parkway 2 BED, 835 SF
Amy Francoeur PREC* 250.857.6704
D Kevin Jones PREC* 778.677.8277
4 Copyright © April 8, 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 April 8, 2024. All data from the Victoria Real Estate Board & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information shouldtakestepsastherecipientmaydeemnecessarytoverifytheinformationpriortoplacinganyrelianceupontheinformation.Theinformationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfromarennieand associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E.
victoria real estate board DETACHED - MARCH 2 0 2 4
MONTHS OF INVENTORY 3.6 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 6% VS 2023
▲ 7% VS 2023
▲ 28% VS 2023
▼ 3% VS 2023
There were 1,005 detached listings in the Victoria Real Estate Board in March, 15% above February and 28% higher than March 2023. March detached home sales increased by 32% month-over-month, to 281, and were 3% below March 2023. The months of inventory for detached in the Victoria Real Estate Board, at 3.6, reflected a sellers' market.
THIS MONTH No. $1,307,361 $1,150,000 3.6 281 1,005
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 289 784
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
6% 7% 32% -3% 28%
213 876
4% 0% -13% 32% 15%
The detached median price in March was $1,150,000, a 0% change from February and 7% above March 2023.
$1,255,621 $1,150,000 4.1
$1,229,229 $1,075,110 2.7
The average sold price was $1,307,361, 4% above last month and up 6% to March 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
1,227
24
1,113
1,073
1,186
1,108
1,005
21
1,019
918
19
876
784
816
797
776
372
258
227
289
281
185
318
311
272
213
184
162
137
$1.20M $1.19M $1.19M $1.19M $1.19M $1.21M
$1.15M $1.15M
$1.12M $1.15M
$1.08M
$1.08M $1.06M
Mar-23
Feb-24
Mar-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
23.6
150
100
11.6
50
6.0
5.9
4.8
4.1
2.0
2.0
1.9
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+
MOI INVENTORY SALES
0 18 n/a
22 44 2.0
74 143 1.9
81 164 2.0
41 170 4.1
22 105 4.8
15 89 5.9
16 96 6.0
5 58 11.6
5 118 23.6
Copyright © 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of April 8, 2024. All data from Victoria Real Estate Board & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 5 ●
victoria real estate board TOWNHOME - MARCH 2 0 2 4
MONTHS OF INVENTORY 2.9 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 1.2% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 7% VS 2023
▲ 6% VS 2023
▲ 30% VS 2023
▲ 4% VS 2023
There were 221 townhome listings in the Victoria Real Estate Board in March, 11% above February and 30% higher than March 2023. March townhome sales increased by 4% month-over-month, to 75, and were 4% above March 2023. The months of inventory for townhomes in the Victoria Real Estate Board, at 2.9, reflected a sellers' market. The townhome median price in March was $790,000, a 0.0% increase from February and 6% above March 2023. The average sold price was $823,879, 3% below last month; the average PSF sale price was $521, 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
$521 $823,879 $790,000 2.9 75 221
$515 $771,421 $746,448 2.4 72 170
1.2% 7% 6% 25% 4% 30%
$538 $845,132 $789,737 2.8 72 199
-3% -3% 0% 7% 4% 11%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
210
22
221
205
203
21
175
199
169
19
170
183
177
163
163
152
89
87
72
65
75
72
52
78
71
67
43
37
35
$845K
$799K
$800K
$790K
$790K
$785K
$746K
$750K
$755K
$750K
$742K
$720K
$694K
Mar-23
Feb-24
Mar-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.
70
8
60
10.0
4+ bdrms
23
50
40
49
3 bdrms
124
30
4.4
3.5
3.0
3.0
20
2.9
17
2.1
2 bdrms
1.8
69
10
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 6 11 1.8 11 32 2.9 22 66 3.0 15 31 2.1 11 33 3.0 7 31 4.4 2 7 3.5 1 10 10.0
5
Copyright © 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of April 8, 2024. All data from Victoria Real Estate Board & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 6 ●
victoria real estate board CONDO - MARCH 2 0 2 4
MONTHS OF INVENTORY 3.7 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 4% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 0.3% VS 2023
▲ 42% VS 2023
▼ 1.9% VS 2023
▼ 10% VS 2023
There were 668 condo listings in the Victoria Real Estate Board in March, 16% above February and 42% higher than March 2023. March condo sales increased by 18% month-over-month, to 181, and were 10% below March 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 200 470
% Change
No. 154 578
% Change
The months of inventory for condos in the Victoria Real Estate Board, at 3.7, reflected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
181 668
4% 0.3% -1.9% 57% -10% 42%
18% 16%
The condo median price in March was $559,000, a 5% increase from February and 1.9% below March 2023. The average sold price was $632,459, 8% above last month; the average PSF sale price was $684, up 4% to last month.
$684 $632,459 $559,000 3.7
$660 $630,582 $570,000 2.4
$659 $585,370 $530,000 3.8
4% 8% 5% -1.7%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
28
668
610
681
660
494
578
24
476
536
536
470
504
484
475
254
18
245
200
156
154
141
181
207
125
191
167
117
104
$570K
$560K
$555K
$555K
$559K
$559K
$550K
$545K
$540K
$545K
$525K
$530K
$520K
Mar-23
Feb-24
Mar-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.
300
8.7
4+ bdrms
250
200
7
5.1
3 bdrms
150
4.7
4.6
22
4.0
100
2.9
115
1.8
2 bdrms
50
380
0
<$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 11 56 5.1 100 289 2.9 39 181 4.6 16 75 4.7 6 24 4.0 6 11 1.8 3 26 8.7
59
<2 bdrms
266
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 April 8, 2024. All data from Victoria Real Estate Board & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 7 ●
victoria core DETACHED - MARCH 2 0 2 4
MONTHS OF INVENTORY 2.6 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 7% VS 2023
▲ 21% VS 2023
▲ 1.4% VS 2023
▼ 3% VS 2023
There were 360 detached listings in the Victoria Core in March, 14% above February and 21% higher than March 2023. March detached home sales increased by 45% month-over-month, to 141, and were 1.4% above March 2023. The months of inventory for detached in the Victoria Core, at 2.6, reflected a sellers' market.
THIS MONTH No.
PREVIOUS MONTH No.
PREVIOUS YEAR
No. 139 297
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
141 360
7% -3% 19% 1.4% 21%
$1,346,180 $1,200,000 3.3 97 316
8% 0.8% -22% 45% 14%
The detached median price in March was $1,210,000, a 0.8% increase from February and 3% below March 2023.
$1,453,424 $1,210,000 2.6
$1,361,532 $1,250,000 2.1
The average sold price was $1,453,424, 8% above last month and up 7% to March 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
20
398
453
397
442
400
360
17
316
354
16
297
314
282
268
260
161
143
141
139
109
151
86
111
102
97
77
72
66
$1.25M $1.25M $1.30M $1.27M $1.25M $1.34M $1.30M
$1.20M $1.20M $1.20M $1.15M $1.20M $1.21M
Mar-23
Feb-24
Mar-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
60
15.5
50
40
30
6.6
20
4.2
3.2
3.0
3.0
10
1.3
1.1
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
0 1 n/a
5 5 1.0
27 34 1.3
46 49 1.1
21 63 3.0
13 39 3.0
10 32 3.2
10 42 4.2
5 33 6.6
4 62 15.5
Copyright © 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of April 8, 2024. All data from Victoria Real Estate Board & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 8 ●
victoria core TOWNHOME - MARCH 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
▲ 9% VS 2023
▲ 11% VS 2023
▲ 22% VS 2023
▲ 10% VS 2023
There were 66 townhome listings in the Victoria Core in March, 8% above February and 22% higher than March 2023. March townhome sales decreased by 20% month-over-month, to 32, and were 10% above March 2023. The months of inventory for townhomes in the Victoria Core, at 2.1, reflected a sellers' market. The townhome median price in March was $869,000, a 1.4% decrease from February and 11% above March 2023. The average sold price was $883,225, 3% below last month; the average PSF sale price was $559, down 1.5% 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
32 66
29 54
11% 11% 10% 22%
40 61
-1.5% -3% -1.4% 35% -20% 8%
$559 $883,225 $869,000 2.1
$519 $810,661 $785,000 1.9
$567 $909,635 $881,000 1.5
8% 9%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
72
71
20
67
75
19
73
62
61
61
66
17
54
37 56
53
52
40
43
42
31
29
32
29
31
26
21
20
14
$890K
$881K
$869K
$853K
$848K
$838K
$840K
$840K
$820K
$800K
$790K
$785K
$700K
Mar-23
Feb-24
Mar-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
15
4.7
4+ bdrms
9
10
19
3 bdrms
35
2.0
2.0
1.5
1.2
1.1
5
10
2 bdrms
21
0
<$600K $600K-699K $700K-799K $800K-899K $900K-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES
<2 bdrms
0 2 n/a
5 6 1.2
6 12 2.0
8 9 1.1
8 16 2.0
3 14 4.7
2 3 1.5
0 4 n/a
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 April 8, 2024. All data from Victoria Real Estate Board & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 9 ●
victoria core CONDO - MARCH 2 0 2 4
MONTHS OF INVENTORY 3.5 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 4% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 3% VS 2023
▲ 1.2% VS 2023
▲ 37% VS 2023
▼ 15% VS 2023
There were 469 condo listings in the Victoria Core in March, 15% above February and 37% higher than March 2023. March condo sales increased by 19% month-over-month, to 133, and were 15% below March 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No. 157 342
% Change
No. 112 408
% Change
The months of inventory for condos in the Victoria Core, at 3.5, reflected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
133 469
4% 3% 1.2% 62% -15% 37%
3% 7% 5% -3% 19% 15%
The condo median price in March was $572,000, a 5% increase from February and 1.2% above March 2023. The average sold price was $652,824, 7% above last month; the average PSF sale price was $707, up 3% to last month.
$707 $652,824 $572,000 3.5
$681 $634,487 $565,000 2.2
$685 $608,562 $542,500 3.6
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
496
525
31
450
469
26
349
414
344
409
408
342
370
344
338
195
197
19
157
116
107
133
155
148
112
112
88
86
73
$572K
$565K
$569K
$563K
$558K
$550K
$553K
$549K
$543K
$545K
$543K
$520K
$500K
Mar-23
Feb-24
Mar-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.
200
8.0
4+ bdrms
150
5.3
6
5.0
3 bdrms
100
11
4.1
3.9
2.8
83
50
1.7
2 bdrms
258
0
44
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 3 n/a 10 50 5.0 68 193 2.8 27 110 4.1 15 58 3.9 4 21 5.3 6 10 1.7 3 24 8.0
<2 bdrms
200
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 April 8, 2024. All data from Victoria Real Estate Board & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 10 ●
westshore DETACHED - MARCH 2 0 2 4
MONTHS OF INVENTORY 4.0 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 4% VS 2023
▲ 40% VS 2023
▲ 9% VS 2023
▼ 0.5% VS 2023
There were 347 detached listings in the Westshore in March, 8% above February and 40% higher than March 2023. March detached home sales increased by 43% month-over-month, to 87, and were 9% above March 2023. The months of inventory for detached in the Westshore, at 4.0, reflected a sellers' market.
THIS MONTH No. $1,121,026 $989,900 4.0 87 347
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
$1,073,295 $995,000 3.1 80 247
4% -0.5% 29% 9% 40%
$1,182,531 $1,060,000 5.2 61 320
-5% -7% -24% 43% 8%
The detached median price in March was $989,900, a 7% decrease from February and 0.5% below March 2023.
The average sold price was $1,121,026, 5% below last month and up 4% to March 2023.
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
373
25
24
393
385
24
332
347
320
307
341
291
288
276
247
255
116
78
87
80
56
54
89
82
81
61
53
41
43
$1.14M
$1.14M
$1.06M $1.06M
$1.02M $1.06M
$995K
$994K $1.04M
$990K
$973K
$980K
$960K
Mar-23
Feb-24
Mar-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
70
16.0
60
50
40
7.2
30
5.8
20
4.3
3.7
2.1
10
1.5
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 8 n/a
11 17 1.5
34 72 2.1
19 71 3.7
12 69 5.8
5 36 7.2
2 32 16.0
4 17 4.3
0 11 n/a
0 14 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 April 8, 2024. All data from Victoria Real Estate Board & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 11 ●
westshore TOWNHOME - MARCH 2 0 2 4
MONTHS OF INVENTORY 3.6 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 0.8% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 10% VS 2023
▲ 9% VS 2023
▲ 35% VS 2023
▼ 11% VS 2023
There were 112 townhome listings in the Westshore in March, 9% above February and 35% higher than March 2023. March townhome sales increased by 41% month-over-month, to 31, and were 11% below March 2023. The months of inventory for townhomes in the Westshore, at 3.6, reflected a sellers' market. The townhome median price in March was $772,000, a 1.4% increase from February and 9% above March 2023. The average sold price was $789,120, 2% above last month; the average PSF sale price was $487, up 1.6% 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
$487 $789,120 $772,000 3.6 31 112
35 83
0.8% 10% 9% 52% -11% 35%
$479 $770,387 $761,000 4.7 22 103
1.6% 2% 1.4% -23% 41% 9%
$483 $717,093 $706,000 2.4
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
28
112
103
102
27
99
94
83
81
90
73
87
84
81
63
34
16
35
26
31
29
28
23
22
22
15
14
13
11
$790K
$772K
$761K
$753K
$746K
$738K
$732K
$725K
$725K
$725K
$706K
$705K
$685K
Mar-23
Feb-24
Mar-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
40
6.0
4+ bdrms
12
5.0
4.3
30
25
3.7
3 bdrms
66
2.4
20
1.7
1
2 bdrms
10
33
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 5 1.7
4 20 5.0
12 44 3.7
7 17 2.4
2 12 6.0
3 13 4.3
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 April 8, 2024. All data from Victoria Real Estate Board & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 12 ●
westshore CONDO - MARCH 2 0 2 4
MONTHS OF INVENTORY 4.5 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 8% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 65% VS 2023
▲ 38% VS 2023
▼ 5% VS 2023
▼ 7% VS 2023
There were 147 condo listings in the Westshore in March, 21% above February and 65% higher than March 2023. March condo sales decreased by 6% month-over-month, to 33, and were 38% above March 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in the Westshore, at 4.5, reflected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
$628 $555,654 $533,000 4.5 33 147
24 89
8% -5% -7% 20% 38% 65%
$592 $498,183 $499,900 3.5 35 121
6% 12% 7% 29% -6% 21%
The condo median price in March was $533,000, a 7% increase from February and 7% below March 2023. The average sold price was $555,654, 12% above last month; the average PSF sale price was $628, up 6% to last month.
$584 $586,353 $572,500 3.7
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
27
147
26
125
121
121
117
111
110
23
96
106
99
89
90
83
44
43
37
35
27
33
27
26
24
24
22
20
20
$573K
$567K
$560K
$553K
$545K
$539K
$536K
$530K
$533K
$505K
$500K
$492K
$457K
Mar-23
Feb-24
Mar-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
6.0
6.0
4+ bdrms
60
1
3 bdrms
3.3
10
40
21
20
1.0
2 bdrms
92
0
11
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 0 3 n/a 1 6 6.0 24 80 3.3 7 42 6.0 0 14 n/a 1 1 1.0 0 1 n/a
<2 bdrms
45
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 April 8, 2024. All data from Victoria Real Estate Board & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 13 ●
peninsula DETACHED - MARCH 2 0 2 4
MONTHS OF INVENTORY 6.3 BALANCED MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 15% VS 2023
▲ 9% VS 2023
▲ 57% VS 2023
▼ 48% VS 2023
There were 107 detached listings in the Peninsula in March, 34% above February and 57% higher than March 2023. March detached home sales decreased by 23% month-over-month, to 17, and were 48% below March 2023. The months of inventory for detached in the Peninsula, at 6.3, reflected a balanced market.
THIS MONTH No. $1,587,906 $1,350,000 6.3 17 107
PREVIOUS MONTH No.
PREVIOUS YEAR
No.
% Change
% Change
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE
33 68
205% -48% 57%
22 80
8% 6% 73% -23% 34%
The detached median price in March was $1,350,000, a 6% increase from February and 9% above March 2023.
$1,464,536 $1,270,450 3.6
$1,386,697 $1,235,000 2.1
The average sold price was $1,587,906, 8% above last month and up 15% to March 2023.
15% 9%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
30
128 128
110
125 124
107
106
112
91
24
80
77
72
68
47
18
37
26
33
22
34
33
30
28
25
17
17
16
$1.38M
$1.34M
$1.29M
$1.27M $1.35M
$1.26M $1.33M
$1.25M $1.20M
$1.24M
$1.25M
$1.18M
$1.07M
Mar-23
Feb-24
Mar-24
▶ TOTAL LISTINGS & SALES BY PRICE RANGE
SELLERS' MARKET < 5
BALANCED 5 - 8
BUYERS' MARKET 8+
● SALES ● TOTAL INVENTORY ● MONTHS OF INVENTORY
25
23.0
20
15
10
9.0
5.5
5.3
5
5.0
4.0
2.6
0
<$600K
$600-799K
$800-999K
$1.0M-1.24M $1.25M-1.49M $1.5M-1.74M $1.75M-1.99M $2.0M-2.49M $2.5M-2.99M
$3M+
MOI INVENTORY SALES
0 2 n/a
2 8 4.0
5 13 2.6
3 16 5.3
2 11 5.5
2 10 5.0
2 18 9.0
0 6 n/a
1 23 23.0
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 April 8, 2024. All data from Victoria Real Estate Board & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 14 ●
peninsula TOWNHOME - MARCH 2 0 2 4
MONTHS OF INVENTORY 3.1 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▼ 9% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 9% VS 2023
▼ 0.3% VS 2023
▼ 14% VS 2023
0.0% VS 2023
There were 25 townhome listings in the Peninsula in March, 9% above February and 9% higher than March 2023. March townhome sales remained the same month-over-month, at 8, and were the same in March 2023. The months of inventory for townhomes in the Peninsula, at 3.1, reflected a sellers' market. The townhome median price in March was $764,250, a 7% decrease from February and 14% below March 2023. The average sold price was $864,688, 9% above last month; the average PSF sale price was $587, up 2.0% 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
$587 $864,688 $764,250 3.1 8 25
$642 $866,863 $887,500 2.9 8 23
9% 0% 9%
$576 $795,450 $822,350 2.9 8 23
9% 0% 9%
2% 9% -7%
-9% -0.3% -14%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
26
25
22
23
24
24
24
24
23
23
22
17
16
21
16
11
14
10
9
12
8
10
8
6
8
6
5
3
3
$1.12M
$920K
$904K
$900K
$888K
$865K
$853K
$822K
$764K
$747K
$723K
$715K
$702K
Mar-23
Feb-24
Mar-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.
6
3.0
3.0
3.0
4+ bdrms
2
5
2.0
2.0
4
4
3 bdrms
15
3
1.0
2
4
2 bdrms
7
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
1 1 1.0
2 4 2.0
2 6 3.0
0 3 n/a
1 3 3.0
1 3 3.0
0 3 n/a
1 2 2.0
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 April 8, 2024. All data from Victoria Real Estate Board & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 15 ●
peninsula CONDO - MARCH 2 0 2 4
MONTHS OF INVENTORY 3.8 SELLERS' MARKET
▶ MARKET SUMMARY
AVERAGE PRICE
AVERAGE PSF PRICE ▲ 5% VS 2023
MEDIAN PRICE
TOTAL LISTINGS
SALES
▲ 32% VS 2023
▼ 3% VS 2023
▼ 16% VS 2023
▼ 28% VS 2023
There were 49 condo listings in the Peninsula in March, 7% above February and 32% higher than March 2023.
March condo sales increased by 86% month-over-month, to 13, and were 28% below March 2023.
THIS MONTH No.
PREVIOUS MONTH
PREVIOUS YEAR
No.
% Change
No.
% Change
The months of inventory for condos in the Peninsula, at 3.8, reflected a sellers' market.
TOTAL LISTINGS TOTAL SALES MONTHS OF INVENTORY MEDIAN SOLD PRICE AVERAGE SOLD PRICE AVERAGE PRICE PSF
13 49
18 37
5% -3% -16% 83% -28% 32%
$580 $650,243 $625,000 6.6 7 46
-14% -43% 86% 7%
The condo median price in March was $535,000, a 14% decrease from February and 16% below March 2023. The average sold price was $634,454, 2% below last month; the average PSF sale price was $597, up 3% to last month.
$597 $634,454 $535,000 3.8
$570 $656,922 $638,750 2.1
3% -2%
▶ MEDIAN DAYS ON MARKET
▶ RECENT TRENDS
● SALES ● TOTAL INVENTORY ● MEDIAN PRICE
22
46
49
44
42
35
37
33
37
36
34
31
28
27 17
20
18
13
13
11
12
16
13
9
14
13
10
8
7
$784K
$776K
$745K
$639K
$625K
$625K
$602K
$595K
$582K
$578K
$560K
$535K
$505K
Mar-23
Feb-24
Mar-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
6.8
4+ bdrms
20
15
3 bdrms
1
3.0
10
2.1
2.0
11
2 bdrms
5
30
0
2
<$200K $200-$399K $400-599K $600-799K $800-999K $1.0M-1.24M $1.25M-1.49M $1.5M + MOI INVENTORY SALES 7 15 2.1 4 27 6.8 1 3 3.0 1 2 2.0 0 1 n/a 0 1 n/a
<2 bdrms
18
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 April 8, 2024. All data from Victoria Real Estate Board & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 16 ●
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