Market Insight Series – April 2026

Apr 1
3 min read

Updated: Apr 3

What does the current Victoria real estate market look like?

As part of our monthly Market Insight Series, I’m excited to continue bringing you clear, practical insights into the Victoria and Vancouver Island real estate market to help you make smarter buying and selling decisions. Below, I’ll break down the most important market numbers, explain what they actually mean, touch on broader economic factors influencing the market, and wrap up with key takeaways for buyers and sellers. If you’d like to review last month’s Market Insight, click here.

March 2026 Housing Market: Spring Momentum Builds as Sales and Inventory Rise

March 2026 recorded 579 property sales across the Victoria Real Estate Board region. That’s 5.5% fewer sales than March 2025, but a strong 24.5% increase compared to February 2026, signalling continued momentum as we move deeper into the spring market.

While year-over-year sales remain slightly lower, the steady month-over-month growth reflects a market following typical seasonal patterns, with activity building toward the late spring peak.

Now let’s dig into the details.

Condominiums

Condo sales totalled 164 units, representing an 18.8% decrease compared to March 2025.

The MLS® benchmark value for a condo in the Victoria Core declined 0.8% year-over-year, from $558,100 in March 2025 to $553,800 in March 2026. However, prices increased from February’s benchmark of $545,600, continuing a trend of gradual month-over-month improvement.

Single-Family Homes

Single-family home sales reached 285 properties sold, down 2.4% compared to March 2025.

The benchmark value for a single-family home in the Victoria Core decreased 1.1% year-over-year, from $1,344,900 in March 2025 to $1,330,200 in March 2026. This also marks an increase from February’s benchmark of $1,307,400, reinforcing signs of strengthening demand as the market moves through the spring season.

Inventory: Elevated Supply Keeps Market Conditions Balanced

Inventory continues to play a defining role in current market conditions.

At the end of March 2026, there were 3,261 active listings on the Victoria Real Estate Board MLS®—up 12.3% from February and 7.9% higher than March 2025.

This continued rise in inventory, paired with increasing sales activity, reflects a market that is tracking along a typical spring trajectory. With both supply and demand rising together, conditions remain balanced—offering opportunity without the pressure seen in more competitive markets.

The current environment is allowing for more thoughtful transactions, giving both buyers and sellers time to evaluate options, negotiate, and complete due diligence. As always, Victoria remains a market of micro-markets, meaning conditions can vary depending on location and property type.

Macro Economic Outlook & External Pressures

Broader economic forces continue to influence the direction of the market. Interest rates, global trade conditions, and consumer confidence all remain key variables shaping buyer behaviour.

However, the steady increase in activity through February and March suggests growing confidence among buyers. If current trends continue, we can expect further momentum as we approach the peak spring months, provided economic conditions remain relatively stable.

Home Buyer Considerations

For buyers, the current environment continues to offer a strategic window.

First, well-established buyers—those with secure income, solid savings, or existing equity—are well-positioned to take advantage of balanced conditions. With inventory at elevated levels and prices showing modest upward momentum, acting before peak competition could provide an advantage.

Second, for newer buyers or those in less certain financial situations, the market still offers breathing room. While activity is increasing, it remains measured rather than aggressive. This allows for more deliberate decision-making, though waiting too long into peak season could mean facing stronger competition.

Conclusion

March’s numbers reinforce that the Victoria market is following a steady and predictable seasonal pattern. While year-over-year sales and pricing remain slightly below 2025 levels, consistent month-over-month gains and rising inventory have kept the market balanced and stable.

At this stage, the market is building momentum without overheating. As we move toward the peak spring months, the key question will be whether demand continues to rise in step with inventory, maintaining this balanced dynamic.

No matter which direction the market ultimately takes, today’s environment is defined by opportunity through preparation. Buying or selling decisions should always align with your financial position and long-term goals. In markets like this, having a knowledgeable and trusted REALTOR® by your side ensures you can navigate changing conditions with clarity and confidence.

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