the victoria rennie advance | July 2024

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

published July 2024

table of contents

The rennie advance is a summary of the latest sales, listings, and price trends in Greater Victoria. It is produced at the beginning of each month and it reflects the latest market data. On behalf of the rennie intelligence team, we hope you find it useful and informative.

02 INTRO

03 SALES

04 NEW LISTINGS

05 INVENTORY

Ryan Berlin SENIOR ECONOMIST VICE PRESIDENT, INTELLIGENCE rberlin@rennie.com

Ryan Wyse LEAD ANALYST & MARKET INTELLIGENCE MANAGER rwyse@rennie.com

06 MEDIAN PRICES

07 RENNIE INTELLIGENCE

Copyright © July 2, 2024 rennie group of companies. All rights reserved. This material may not be reproduced or distributed, in whole or in part, without the prior written permission of the rennie group of companies. Current as of July 2, 2024. All data from the Victoria Real Estate Board & Rennie. While the information and data contained herein has been obtained from sources deemed reliable, accuracy cannot be guaranteed. rennie group of companies does not assume responsibility or liability for any inaccuracies. The recipient of the information should take steps as the recipient may deem necessary to verify the information prior to placing any reliance upon the information. The information contained within this report should not be used as an opinion of value, such opinions should and can be obtained from a rennie and associates advisor. All information is subject to change and any property may be withdrawn from the market at any time without notice or obligation to the recipient from rennie group of companies. E.&O.E. 2

highlights • Therewere625 M LS salesin G reaterVictoriain June,an 18% contraction from M aythatwasfar greaterthan thetypicalM ay-to-Junedeclineof4%.Condosalesweredown them ostfrom M ay (-24% to189sales)folowed bytownhom es(-20% to75)and detached hom es(-15% to325). • Saleswere24% below theprior10-yearJuneaverage(821 sales).ExcludingJune2022 when resale activityfel to 611 sales,thiswastheslowestJunesince2011 (599).D etached hom esaleswerethe furthestbelow averageat26%,folowed bycondosat23% and townhom esat16%. • Year-to-datetherehavebeen 3,414 salesin G reaterV ictoria,up just0.1% versusthefirsthalfof 2023 (3,411 sales)but19% below theprior10-yearaverage(4,233).Thisisasm alerdrop than Vancouver(22%)and Kelowna(31%).

GREATERVICTORIA THERENNIEADVANCE sales

JUNE 2024

800

+ 5% vsJun 2023

700

600

500

400

440 10 yrJun Avg

300

325

200

DETACHED sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 100

- 26% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

- 15% vsJun 2023

200

150

89 10 yrJun Avg

100

TOWNHOME sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

- 16% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

- 23% vsJun 2023

100 150 200 250 300 350 400

244 10 yrJun Avg

189

CONDO sales

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0 50

- 23% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

Copyright© July3,2024ren iegroupofcom panies.Alrightsreserved.Thism aterialm aynotbereproducedordistributed,inwholeorinpart,withoutthepriorwritenperm is ionoftherenniegroupofcom panies.CurentasofJuly3,2024.Aldatafrom theVictoriaRealEstate Board& Rennie.W hiletheinform ationanddatacontainedhereinhasbe nobtainedfrom sourcesde m edreliable,ac uracycannotbeguarante d.renniegroupofcom paniesdoesnotas um eresponsibiltyorliabiltyforanyinac uracies.Therecipientoftheinform ationshould takestepsastherecipientm ayde m neces arytoverifytheinform ationpriortoplacinganyrelianceupontheinform ation.Theinform ationcontainedwithinthisreportshouldnotbeusedasanopinionofvalue,suchopinionsshouldandcanbeobtainedfrom arennieandas ociates advisor.Alinform ationissubjecttochangeandanypropertym aybewithdrawnfrom them arketatanytim ewithoutnoticeorobligationtotherecipientfrom renniegroupofcom panies.E.&O.E.

●

highlights • D espitedeclining 17% m onth-over-m onth,new listingsin Junerem ained elevated at1,390.This wasthem ostnew listingsin them onth ofJunesince2012,when therewere1,414. • N ew listingswere12% abovetheprior10-yearJuneaverage(1,236 listings).N ew townhom e listingswerethefurthestaboveaverageat26% (to161),folowed bycondosat24% (to425)and detached hom esat5% (to720). • N ew listingswereup 17% year-over-yearwith al hom etypesseeing an increase:townhom eswere up 30%,and bothdetached hom esand condoswereup 15%.

GREATERVICTORIA THERENNIEADVANCE new listings

JUNE 2024

1,000

+ 15% vsJun 2023

800

720

600

685 10 yrJun Avg

400

DETACHED new listings

200

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 5% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

+ 30% vsJun 2023

250

200

150

161

128 10 yrJun Avg

100

TOWNHOME new listings

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 26% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

600

+ 15% vsJun 2023

500

400

425

300

343 10 yrJun Avg

200

CONDO new listings

100

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 24% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

●

highlights • ActiveM LS listingscontinued tobuild in June,up 4% m onth-over-m onth to2,792 (from 2,678 in M ay).Thiswasthem ostactivelistingsin anym onth sinceAugust2015 (2,792 listings)and the m ostforthem onth ofJunesince2015(3,158). • Inventorywas31% abovetheprior10-yearJuneaverage(2,133 listings).Condoinventorywas furthestaboveaverageat54% (to 853 listings),townhom eswere34% higher(to 262),and detached hom eswere22% higher(to1,493). • Them arketrem ained favourabletoselersin Junewith 4.5 m onthsofinventory(M O I),up from 3.5 in M ay.Al segm entsofthem arketcontinued tofavourselers,with adetached M O Iof4.6,a condoM OIof4.5,andatownhom eM OIof3.5.

GREATERVICTORIA THERENNIEADVANCE inventory

JUNE 2024

2,500

+ 47% vsJun 2023

2,000

1,500

1,493

1,227 10 yrJun Avg

1,000

DETACHED inventory

500

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 22% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

600

+ 61% vsJun 2023

500

400

300

196 10 yrJun Avg

262

200

TOWNHOME inventory

100

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 34% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

1,000

+ 73% vsJun 2023

800

853

600

555 10 yrJun Avg

400

CONDO inventory

200

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 0

+ 54% vs10yrJun Avg

﹍ 10yrJuneAverage

● June

●

highlights • Them edian sold pricein G reaterV ictoriadecreased by 0.6% (averaged acros hom etypes) between M ayand June.Them edian sold pricefordetached hom eswasup 3% m onth-over-m onth (to$1.2m ilion),townhom em edian pricesfel5% (to$750k),and condom edian priceswereup 0.5% (to$549k). • Com pared to lastyear,m edian sold pricesweredown by2% (averaged acros hom etypes)with townhom esseeingthebiggestdeclineat6% and m edian condopricesfaling1.8%.In contrast, detached hom em edian priceswereup 1.3%. •

GREATERVICTORIA THERENNIEADVANCE median prices

JUNE 2024

$1,400,000

G reaterV ictoria

$1,200,000

$1,000,000

$800,000

$600,000

+ 1.3% vsJun 2023

DETACHED median salesprice

$400,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0 $200,000

● June

$1,000,000

G reaterV ictoria

$800,000

$750,000

$600,000

- 6.3% vsJun 2023

$400,000

TOWNHOME median salesprice

$200,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● June

$600,000

G reaterV ictoria

$549,900

$500,000

$400,000

$300,000

- 1.8% vsJun 2023

$200,000

CONDO median salesprice

$100,000

2014 2015 2016 2017 2018 2019 2020 2021 2022 2023 2024 $0

● June

●

the data behind rennie

Our rennie intelligence team comprises our senior economist, market analysts, and business intelligence analysts. Together, they empower individuals, organizations, and institutions with data-driven market insight and analysis. Experts in real estate dynamics, urban land economics, the macroeconomy, shifting demographics, and data science, their industry-leading data acquisition, analytical systems, and strategic research supports a comprehensive advisory service and forms the basis of frequent reports and public presentations, covering the Vancouver, Kelowna, Victoria, and Seattle marketplaces. Their thoughtful and objective approach embodies the core values of rennie.

Reach out to your rennie representative to learn more and to receive these publications on a regular basis, or visit us at intelligence.rennie.com

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