September 2026 Victoria Real Estate Market Update Click Here For Full-Screen Market Snapshot September 2026 by Andy McGheeSales Rebound, Inventory Stays Healthy, and Buyers Remain
Dated: September 9 2026
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September 2026 Victoria Real Estate Market UpdateClick Here For Full-Screen Market Snapshot September 2026 by Andy McGhee
September is here, and with the fall market getting underway, Greater Victoria is entering the season from a stronger position than the quieter summer headlines might suggest.
August sales were considerably stronger than they were a year ago. Inventory remains healthy. Buyers still have meaningful choice. And although some benchmark prices continue to show softness, particularly for detached homes, the market as a whole remains firmly within balanced territory.
What I find most interesting this month is the combination.
Sales increased 12.6% from last August, yet buyers still appear to be taking their time and comparing their options carefully.
That is a very different market from the low-inventory years when stronger sales almost automatically translated into bidding wars and upward pressure on prices.
Today, there are buyers. There are sellers. There is inventory. And increasingly, the properties that perform best are the ones where price, condition, location and presentation line up with what buyers can find elsewhere.

A total of 591 properties sold in August. Single-family and condominium sales both posted double-digit year-over-year gains, while townhome sales declined slightly.
A total of 591 properties sold across the Victoria Real Estate Board region in August, up 12.6% from the 525 properties sold in August 2025.
Sales did decline 12.2% from July, but some seasonal cooling in August is hardly unusual. What stands out far more to me is that VREB described August sales activity as the strongest seen in five years.
The differences between property types are also worth paying attention to:
Property Type |
| August 2026 Sales |
| Change vs. August 2025 |
Single-family homes |
| 309 |
| +15.3% |
Condominiums |
| 175 |
| +15.1% |
Townhomes |
| 63 |
| -4.5% |
Single-family and condominium sales both increased substantially from last August.
Townhomes moved in the other direction, with sales down modestly year-over-year and considerably from July.
Once again, there is no single Greater Victoria real estate market.
The experience of someone shopping for a detached home in Oak Bay can look very different from someone comparing condos in Langford or townhomes in Saanich.
There were 3,662 active listings on the Victoria Real Estate Board MLS® at the end of August.
That was down 4.8% from July, when 3,847 properties were available, but still 1.7% higher than August 2025.
That distinction matters.
Inventory is no longer climbing at the pace we saw earlier this year, but buyers are still shopping in a market with considerably more selection than existed during the extreme inventory shortages of the pandemic years.
The benefit for buyers is obvious. More inventory means more opportunities to compare location, condition, layouts, renovations, strata finances, lot usability and overall value before committing.
For sellers, the same inventory creates competition.
Your property is not being evaluated in isolation. Buyers are looking at what else they can purchase for the same money.

The local sales-to-active-listings ratio remains around 20%, keeping Greater Victoria within balanced territory.
For context:
Below 17%: sustained downward pressure on prices, generally considered a buyer's market
17% to 28%: balanced market
Above 28%: sustained upward pressure on prices, generally considered a seller's market
August remains comfortably inside that balanced range.
That helps explain why we can have stronger sales, good inventory, and relatively restrained price movement at the same time.
This is where August becomes particularly interesting.
The Victoria Core single-family benchmark slipped again, while the Core condominium benchmark increased and townhomes remained above last year's level.
For detached homes, several municipalities are still showing meaningful year-over-year benchmark declines.
Some of the larger changes included:
Highlands: -9.0%
Esquimalt: -8.0%
View Royal: -6.5%
Victoria West: -5.6%
Saanich West: -4.9%
Gulf Islands: -4.0%
But there were also areas moving higher:
Colwood: +2.4%
Malahat & Area: +1.8%
Langford: +0.9%
Victoria: +0.2%
That variation is important. A broad headline saying "Victoria prices are down" does not tell you what is happening with every property or every municipality.
Benchmark Price: $1,301,800
Year-over-Year Change: -1.2%
Month-over-Month Change: -0.7%
Total Single-Family Sales: 309
Average Sale Price: $1,312,501
Median Sale Price: $1,149,900
Average Days on Market: 46 days
List-to-Sale Price Ratio: 97%

Detached homes produced one of August's strongest sales stories.
Sales increased 15.3% year-over-year, from 268 transactions last August to 309 this August.
Yet the Victoria Core benchmark moved in the opposite direction, falling from $1,317,200 to $1,301,800.
That combination tells me buyer demand is certainly present, but buyers remain price-conscious.
Homes are selling, but strong sales activity is not automatically supporting higher benchmark values across every neighbourhood.
The average single-family residential property took 46 days to sell, the same as August 2025, while the average selling price represented approximately 97% of list price.
For sellers, this is a market where details matter.
A beautifully maintained home with an updated mechanical system, useful suite, good parking, functional outdoor space and a desirable location can behave very differently from a competing property that requires significant work.
For buyers, the increased sales numbers are a reminder not to become overly complacent. There may be more choice, but desirable detached homes that are priced properly can still attract attention quickly.
Benchmark Price: $553,600
Year-over-Year Change: +0.9%
Month-over-Month Change: +0.9%
Total Condo Sales: 175
Average Sale Price: $625,363
Median Sale Price: $512,500
Average Days on Market: 54 days
List-to-Sale Price Ratio: 97%

Condominiums were another strong sales performer in August.
A total of 175 condos sold, up 15.1% from August 2025.
What is particularly interesting is that the Core condo benchmark also moved higher, reaching $553,600, up 0.9% both year-over-year and from July.
That does not mean every condo market strengthened.
The Westshore regional condo benchmark was down 3.8% year-over-year, with Colwood down 5.6% and Langford down 3.8%. Meanwhile, the Peninsula regional benchmark increased 3.3%, led in part by Sidney's 3.8% gain.
Again, location matters.
The average condo took 54 days to sell, compared with 44 days last August. The list-to-sale ratio also slipped from 98% to 97%.
That is worth highlighting.
More condos sold than a year ago, and the Core benchmark increased, but buyers are still taking longer to make decisions.
For condo buyers, I continue to believe the building deserves just as much scrutiny as the unit.
Strata fees, contingency reserve funding, insurance, depreciation reports, upcoming projects, special levies, parking, storage, rental rules, pet bylaws and building maintenance can materially change the value proposition between two otherwise similar condos.
For sellers, having the strata documentation ready and presenting a clean, well-maintained unit can remove uncertainty and make it easier for a buyer to move forward.
Benchmark Price: $856,300
Year-over-Year Change: +1.7%
Month-over-Month Change: -0.1%
Total Townhome Sales: 63
Average Sale Price: $843,966
Median Sale Price: $742,450
Average Days on Market: 53 days
List-to-Sale Price Ratio: 99%

Townhomes continue to produce an interesting mix of signals.
Sales declined 4.5% year-over-year, from 66 to 63, and were down 23.2% from July.
At the same time, the Victoria Core benchmark remained 1.7% higher than August 2025, while the overall VREB townhouse benchmark was up approximately 1.3%.
The Core benchmark was essentially flat from July.
Victoria itself posted a 4.0% year-over-year townhouse benchmark increase, while Sidney increased 2.5%, Saanich East increased 1.8%, and Langford increased 1.2%. Victoria West, however, was down 4.7%.
Townhomes sold in an average of 53 days, while successful sales averaged approximately 99% of asking price.
That continues to make townhomes a fascinating middle ground.
They provide more space and privacy than many condos while often remaining more attainable than detached homes. That combination can support pricing even when transaction volumes fluctuate.
Total Manufactured Home Sales: 20
Average Sale Price: $359,540
Median Sale Price: $382,950
Average Days on Market: 52 days
List-to-Sale Price Ratio: 95%
Manufactured-home sales increased from 14 last August to 20 this August, a 42.9% increase.
As always, percentages can look dramatic when the underlying number of transactions is small.
The average selling price declined compared with last year, but I would be very cautious about interpreting that as a 20-plus-percent decline in the value of an individual manufactured home. The mix of parks, locations, lease arrangements, home sizes and individual properties can shift these averages substantially from one month to another.
Buyers should pay particular attention to pad fees, park rules, age restrictions, lease terms, financing availability, insurance and resale considerations.
Units Sold: 8
Average Sale Price: $641,000
Average Days on Market: 89 days
List-to-Sale Price Ratio: 91%
Residential lot sales doubled from four last August to eight this August.
The average days on market dropped from 158 to 89 days, although this remains a segment where individual transactions can heavily influence monthly statistics. Statistics Digest.pdfPDF
Land buyers are ultimately purchasing development potential.
Zoning, servicing, permitted density, setbacks, site conditions, environmental requirements, municipal approvals, construction costs and financing all need to be understood before the asking price alone can tell you whether a lot represents good value.
Property Type | August 2026 HPI Benchmark | Height of Recent Cycle* | Peak Period | Change From Peak |
Single-family detached | $1,301,800 | $1,464,400 | June 2022 | -11.1% |
Condo apartment | $553,600 | $643,100 | June 2022 | -13.9% |
Townhouse | $856,300 | Approx. $913,700 | May 2022 | -6.3% |
*past 10 years
These comparisons continue to provide useful context.
Greater Victoria housing values have not returned to the extraordinary peak conditions of early 2022, particularly in the detached and condominium segments.
At the same time, the market has not experienced a uniform correction. Different property types and municipalities have followed very different paths.
The busiest detached-home districts in August were:
Saanich East continues to be the dominant detached market by volume, reflecting its combination of established neighbourhoods, school catchments, lot sizes, proximity to UVic and access to both downtown Victoria and major shopping areas.
Langford remains another major centre of activity, with considerably more variety in housing age and price point.
Victoria and Victoria West continue to dominate condominium sales, but Saanich East and Langford together accounted for another 66 transactions.
That matters when looking at Greater Victoria condo averages. The regional statistics combine some very different products, from older downtown buildings to newer Westshore developments and waterfront or luxury units.
Langford moved back into the lead for townhome activity after Saanich East led the segment in July.
The Westshore continues to play an important role in this category because buyers can often find newer construction, garages, family-oriented layouts and comparatively accessible pricing.
All district sales figures above are drawn from the August VREB monthly sales summary.
September's market gives buyers something valuable: choice without an absence of demand.
That distinction is important.
August's 12.6% year-over-year increase in overall sales shows that buyers are participating. But the days-on-market numbers and healthy inventory tell us they are not necessarily rushing.
The August averages were:
Single-family residential: 46 days
Condo apartments: 54 days
Row/townhouses: 53 days
Manufactured homes: 52 days
Residential lots: 89 days
The real advantage for buyers right now is not simply negotiating a lower price.
It is having enough inventory and enough time to make a more informed decision.
August also contains an encouraging message for sellers.
Buyers are out there.
The 12.6% year-over-year increase in sales is difficult to ignore.
But those buyers have options, and that makes positioning extremely important.
The August list-to-sale price ratios were:
Single-family residential: 97%
Condos: 97%
Row/townhouses: 99%
Manufactured homes: 95%
Residential lots: 91%
For detached homes, major systems, suites, parking, usable outdoor space, renovations and location may significantly affect the outcome.
For condos and townhomes, the building's financial and physical condition can be as important as anything inside the front door.
The goal is not simply to get your property onto MLS®.
The goal is to make it the property that makes the most sense when a buyer compares their choices.
Bank of Canada policy rate: 2.25%
Most recent Bank of Canada decision: September 2, 2026
Canada CPI inflation: 3.0% year-over-year in July 2026
Canada unemployment rate: 6.4% in August 2026
The Bank of Canada held its policy rate at 2.25% again on September 2. The Bank noted that the economy and inflation had been evolving broadly in line with its July forecast, while also pointing to greater uncertainty from energy prices, geopolitical developments and changing U.S. trade policy. Bank of Canada
Headline CPI inflation reached 3.0% in July, although inflation excluding gasoline was 2.2%. Canada's unemployment rate was unchanged at 6.4% in August, even as employment declined by approximately 42,000 during the month. Statistics Canada
For homebuyers, the important takeaway is that financing conditions have become considerably more predictable than they were during the rapid rate increases earlier in the decade, but affordability remains a very personal calculation.
Purchase price, down payment, mortgage qualification, property taxes, strata fees, insurance, maintenance and everyday living costs all matter.
That is why I continue to recommend getting properly pre-approved before seriously shopping.
Knowing what the bank will lend you is useful.
Knowing what monthly payment actually fits comfortably into your life is more important.
For homeowners approaching renewal, I would also begin reviewing options before the renewal notice arrives. Mortgage structure, prepayment privileges, penalties and flexibility can matter just as much as the advertised interest rate.
The latest provincial BCREA statistics available in the material provided cover July 2026, providing useful context for what was happening outside Greater Victoria.
Across British Columbia, 6,561 residential properties sold in July, down 6.7% from July 2025. The provincial average residential MLS® price was $929,619, down 1.3% year-over-year, and sales remained 18.8% below the ten-year July average.
In the BCREA dataset:
Victoria: 642 sales, -1.7%, average price $996,510, +3.1%
Greater Vancouver: 2,061 sales, -9.4%, average price $1,213,589, -2.2%
Fraser Valley: 1,025 sales, -7.3%, average price $964,108, -5.8%
Vancouver Island: 685 sales, -12.4%, average price $770,386, -0.2%
BCREA's broader market update also shows how uneven conditions have been around the province, with the Lower Mainland remaining relatively weak while several Interior and northern markets have behaved differently. Housing Market Update BCREA.pdfPDF
The larger point remains the same:
BC does not have one housing market.
Even the use of average prices demonstrates why context matters. Victoria's BCREA average price increased 3.1% year-over-year in July, while the underlying HPI measures showed much more subdued price movement.
Average price can change simply because a different mix of expensive or inexpensive homes happened to sell.
That is why I prefer the MLS® HPI when trying to understand changes in underlying property values.

Nationally, Canadian home sales increased another 0.5% month-over-month in July, while the National Composite MLS® HPI increased 0.1% from June, its first monthly increase since November 2024. The non-seasonally adjusted national HPI remained 3.3% below July 2025. CreaStats
You may notice that the national comparison figures are one month behind Victoria’s local statistics. This is simply due to differences in reporting schedules, as national data takes additional time to compile from real estate boards across Canada. The figures shown reflect the most current national data available at the time of writing.
The numbers still say no.
Greater Victoria remains within the range considered a balanced market.
In fact, August's stronger year-over-year sales make the picture slightly more complicated than simply saying buyers are gaining control.
Buyers have leverage in the form of selection, time and information.
What they do not necessarily have is unlimited negotiating power.
A poorly positioned property can sit on the market and eventually require a price adjustment.
A property that checks the right boxes and enters the market at a compelling price can still attract significant attention.
That is what a balanced market looks like.
Neither side automatically controls the transaction.
The property itself, along with its price and competition, increasingly determines who has the leverage.
For sellers, I think the most useful question continues to be:
"What else can a buyer purchase today for the same money?"
That question may tell you more about your property's market position than simply looking at what the neighbour sold for six months ago.
The fall market is now beginning, and September should give us a clearer indication of whether August's stronger sales were simply a late-summer bump or the beginning of more sustained activity.
There are three things I will be watching closely.
First, inventory.
August ended with 3,662 active listings. If new listings increase significantly in September while sales remain steady, buyers may regain even more choice.
Second, whether August's stronger sales persist.
A 12.6% year-over-year increase is significant. If that momentum continues through September and October, it would reinforce the argument that Greater Victoria's market is healthier than some of the softer price statistics might imply.
Third, the divide between detached and attached benchmark prices.
The Core detached benchmark remains lower than last year, while both condo and townhouse benchmarks finished August above their August 2025 levels.
If that divergence continues, it will be another reminder that discussing "Victoria prices" as one number does not tell us nearly enough.
For now, I would describe Greater Victoria as a healthy, balanced market with active buyers, good inventory and considerably more selectivity than we experienced during the low-inventory years.
If you are curious about what these numbers mean for your home, your neighbourhood, or the particular type of property you are considering, reach out.
I'm always happy to dig into the numbers that actually matter to your situation.

One of my favourite parts of putting together this newsletter is having the opportunity to introduce readers to the people behind some of Greater Victoria's independent businesses.
This month, I am excited to feature Île Sauvage Brewing, a small independent brewery in Victoria's Rock Bay neighbourhood owned and operated by Ian Ibbotson.
Île Sauvage has developed a reputation for doing things a little differently. The brewery is particularly well known for its wild ales and sour beers, but with 21 taps, Ian and his team deliberately avoid putting themselves into one category. Their lineup can range from lagers and pilsners to IPAs, stouts, saisons and experimental releases.
What ties it all together is curiosity, creativity and a genuine connection to Victoria's craft-beer community. Re: Business Spotlight Opportunity – Île Sauvage Brewing
Île Sauvage is a small, independent Victoria brewery that likes to do things a little differently.
Although they are probably best known for sour and wild beers, they produce a broad range of styles. The common thread is experimentation, interesting ingredients and making beer the team genuinely enjoys drinking.
The tasting room also gives the brewery a strong neighbourhood and community feel.
For Ian, it began with a love of beer and the desire to make the types of beers he wanted to drink.
At the time, wild and sour beers were less common in Victoria, and the opportunity existed to bring something different to the local craft-beer scene.
Opening Île Sauvage was a leap of faith that involved long days, plenty of work and more stress than anticipated, but remaining small has allowed the brewery to continue experimenting while staying closely connected with its customers.

The name reflects Vancouver Island itself.
There is something rugged and wild about the Island, while at the same time it is home to a remarkably strong community and creative culture.
That combination fits the brewery well. The goal is to create beer with a little bit of a wild side while keeping it approachable and enjoyable.
The team does not want to put itself into a box.
Traditional brewing styles provide a starting point, but Île Sauvage enjoys experimenting with fermentation, yeast, fruit, hops, barrel aging and local ingredients.
Ian also emphasizes balance. The goal is not to make something sour merely for the sake of being sour. A good sour should still be balanced enough that you want another glass.
Ian recommends starting with the Melon à Trois Gose, which features watermelon, honeydew and Hüll Melon hops.
For someone ready to go a little further, the Raspberry Sour provides a fruit-forward balance between tartness and raspberry.

Local and seasonal ingredients play a significant role.
Île Sauvage has worked with Island-grown malted barley, Sitka spruce tips and local fruit, along with ingredients such as corn, strawberries, kiwi, rhubarb and beets.
That seasonality gives the brewing team a constant reason to experiment and develop new releases.
According to Ian, the local community is one of the biggest reasons Île Sauvage is still here.
Customers have become regulars and friends, while other local businesses, restaurants, breweries and community organizations have supported them along the way.
The brewery tries to return that support by hosting events, supporting local causes and providing a comfortable place where people can come together.

There is plenty happening.
Upcoming sour releases include a Fraise Berliner Weisse and a new Orange Coconut Sour, along with a Festbier planned around the end of Oktoberfest.
The brewery also regularly hosts comedy, pub quizzes and live music, with neighbours Pizzeria Prima Strada popping up to serve Neapolitan pizza.
And Ian makes one point particularly clear.
Even if sour beer is not your thing, there are 21 taps for a reason.
The goal is to make interesting beer while still making sure there is something for almost everyone.
Île Sauvage is another great example of what makes Victoria's independent business community so interesting.
There is creativity behind the product, but there is also a commitment to place, neighbourhood and community.

If you have never visited, you can find them at:
Île Sauvage Brewing Co.
2960 Bridge Street
Rock Bay, Victoria
www.ilesauvage.com
Whether you already love sour beer or have no idea where to begin, stop by, explore the tap list and see what Ian and the team have been working on.

I also wanted to give everyone an early heads-up about a community project I am incredibly excited to be involved with this fall.
Planning is underway for a Treat Accessibly Halloween Village at Mayfair Mall on October 31.
The goal is to create an outdoor trick-or-treating experience that is welcoming and accessible for children and families of all abilities, with local businesses and community organizations coming together to create an inclusive Halloween celebration.
We are working toward bringing together dozens of accessible trick-or-treat stations, music, photo opportunities and plenty of Halloween fun.
There will be much more information to share as the details are finalized, but I wanted to get it onto everyone's radar early.
I will share the full event information, participating businesses and everything families need to know as we get closer to Halloween.
Presented by Andy McGhee, Victoria REALTOR®, neighbour, and community guide.
Helping You Find Your Way Home
September is one of my favourite months in Greater Victoria.
The summer crowds begin to settle down, the weather is often still beautiful, and the calendar shifts into community fairs, cultural celebrations, harvest events and the first signs of fall.
Here are four events still coming up this month that are worth adding to your calendar.
September 11 to 13, 2026 | Bullen Park
Ribfest returns to Esquimalt for three days of barbecue, food trucks, live music and family activities.
Admission is free, and the event raises money for local charities while filling Bullen Park with food and entertainment throughout the weekend. Friday and Saturday run from 11 a.m. to 10 p.m., with Sunday continuing until 9 p.m.
September 12, 2026 | Gordon Head Recreation Centre & Lambrick Park
Celebrate the arrival of fall with lanterns, illuminated displays, cultural performances, food trucks and live entertainment.
You can bring your own lantern or purchase a $5 lantern-making kit at the event. The festival runs from 5:00 to 8:30 p.m. and is designed as a family-friendly community celebration.
Autumn Lantern Festival details
September 20, 2026 | Robert J. Porter Park & Fairfield Community Place
Fall Fairfield is a free, all-ages community celebration featuring music, arts, crafts, food and local organizations.
Running from 12 to 4 p.m., the festival celebrates the neighbourhood's businesses, artists, non-profits and community spirit as we move into the fall season.
September 30, 2026 | Royal Athletic Park
Hosted by the Songhees Nation with support from the City of Victoria, the South Island Powwow takes place on the National Day for Truth and Reconciliation.
The gathering honours survivors of Indian Residential and Day Schools and their families, the Sixties Scoop, and the children who never returned home.
The day includes the traditional Grand Entry of Nations, Indigenous song and dance, cultural performances, guest speakers, food and Indigenous vendors. Admission is free and everyone is welcome.
South Island Powwow information
👉 Click HERE to see the full list of September 2026 Victoria events
💡 Pro Tip: Bookmark my Monthly Victoria Events Guide to stay up to date on everything happening around Greater Victoria, including concerts, theatre, festivals, sporting events, farmers' markets, community fundraisers, family activities, and so much more. There's always something exciting happening in our beautiful city!

The information in this blog is provided for general informational purposes only and does not constitute financial, legal, accounting, or tax advice. Andy McGhee Personal Real Estate Corporation is a licensed REALTOR® but is not an economist, lawyer, or accountant. Market conditions, policies, and laws change quickly, and while every effort is made to ensure accuracy at the time of publication, no guarantee is made that information will remain current or be free of errors or omissions. Nothing herein creates a client-professional relationship, and this content should not be relied upon as a substitute for personalized advice. Before making decisions, seek guidance from qualified professionals in the relevant field. Andy McGhee Personal Real Estate Corporation and REMAX Sabre Realty Victoria assume no liability for actions taken or not taken based on this information. Not intended to solicit properties or clients currently under contract.
I'm a REALTOR®️ and a Licensed Plumber & Gasfitter with over two decades of experience in the residential sector. I bring specialized knowledge and expertise together to give you an unfair advantag....
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