August delivered the strongest sales volume Greater Victoria has witnessed in five years. While summer holidays usually slow down transaction activity, 591 properties changed hands across the region—a 12.6% increase compared to August 2025. This Victoria Real Estate Market Update September 2026 dissects a landscape where overall demand is absorbing inventory at a steady pace, condominium benchmark prices are turning the corner, and individual sub-markets are moving in entirely different directions.
We remain anchored in a balanced market, but the underlying mechanics are shifting. Inventory dipped 4.8% from July down to 3,662 active listings, yet sits 1.7% higher than this time last year. Buyers are taking their time. Sellers are adjusting to realistic absorption rates. The uniform price movements of previous years are gone, replaced by hyper-local micro-climate trends that demand regional precision.
Watch the September 2026 Real Estate Overview
In this video, I break down the 30-page VREB market report, reveal how condo values are rebounding after long regulatory suppression, and explore how sub-markets from the Westshore to the Saanich Peninsula are diverging.
The Numbers: five-year sales high and condo price recovery
August transactions outpaced last year across almost every property type. Single-family home sales jumped 15.3% year-over-year with 309 transactions. Condominium sales climbed 15.1% to 175 units. Townhomes saw a minor contraction, dropping 4.5% to 63 sales, but overall market velocity reached levels unseen since the peak of 2021.
Prices present a story of stability with subtle underlying divergence. The benchmark price for a single-family home in the Victoria Core dropped a minor 0.6% year-over-year to $1,301,800. Meanwhile, condominiums achieved a notable turnaround. After facing months of downward pressure from regulatory adjustments and elevated inventory, core condos increased 0.9% year-over-year to $553,600—climbing from $548,900 last August.
| Property sector | August 2026 sales | Sales change (YoY) | Core benchmark price | Price change (YoY) |
|---|---|---|---|---|
| Single family home | 309 | ▲ 15.3% | $1,301,800 | ▼ 0.6% |
| Condominium | 175 | ▲ 15.1% | $553,600 | ▲ 0.9% |
| Townhome | 63 | ▼ 4.5% | $836,000 | ▼ 1.9% |
REALTOR® Insights: geographic waves and sub-market divergence
Macro-level averages no longer tell the full story. To understand what your home is worth today, you must zoom into your specific municipality. The broad data suggests single-family homes are down 0.6% across Greater Victoria, but sub-market trends reveal a completely different reality on the ground.
Core single-family benchmark values eased 1.2%, while the Westshore saw detached home values rise 0.5%. Farther up the highway, the Malahat area posted a 1.8% gain. Conversely, the Gulf Islands recreational market felt the weight of shifting travel habits, dropping 4% year-over-year.
The condominium market shows an even stronger geographic wave:
- Saanich Peninsula: Condo benchmark prices surged 3.3% year-over-year.
- Victoria Core: Condo values rose nearly 1.0%, proving resilient against broader headwinds.
- Westshore: Condo benchmarks contracted 3.8% as new construction options increased buyer selection.
This variation is why blanket real estate advice fails. A condo seller in Sidney faces a seller-friendly environment, whereas a condo seller in Langford must compete aggressively on price and presentation. Greater Victoria benefits from strong structural stability. Government employment, higher education institutions, healthcare hubs, and military bases insulate our regional economy from extreme national fluctuations.
Perspective from the Victoria Real Estate Board
Official board numbers reflect a market operating with healthy balance and realistic expectations. Victoria Real Estate Board Chair Fergus Kyne highlighted this steady momentum in the latest statistical release: “Sales activity for the month was stronger than we’ve seen in five years, while inventory remained at healthy levels. These conditions continue to support our stable, balanced market. Just like in the spring, buyers continue to be selective, and homes that are well-priced and well-presented are attracting the strongest interest.”
With 3,662 active listings available, buyers have choice without feeling overwhelmed by scarcity. Sellers who price to market value are securing contracts, while overpriced listings remain overlooked.
What this means for your autumn real estate strategy
For buyers: You have room to negotiate, but quality properties are moving faster than they did earlier this summer. The 12.6% increase in sales activity demonstrates that other buyers are active in the market. Take advantage of the 3,662 active listings to conduct proper due diligence, secure financing terms, and evaluate structural condition. Pay close attention to neighborhood-specific trends; a competitive offer on the Peninsula looks very different from an offer in the Westshore.
For sellers: Demand is solid, but patience is required if your property isn’t turnkey. Condos are gaining traction, but buyers are uncompromising on price. If your single-family home sits in an area with contracting benchmarks—like parts of the Core or Gulf Islands—pricing at the leading edge of past comps will leave you stranded on the market. Precision pricing and flawless media presentation are mandatory to capture active autumn buyers.
Let’s map out your fall strategy
Succeeding in a fragmented market requires hyper-local data. Broad headlines miss the nuances happening block by block from Sidney down to Sooke.
Whether you need to review the 30-page VREB breakdown or evaluate how municipal price shifts affect your home’s equity, I am ready to guide you. Connect with me on my contact page to build your autumn real estate strategy and let’s bring your goals into focus.