Market Insight Series – August 2026

Aug 7

6 min read

Updated: Aug 8

What does the current Victoria real estate market look like?

If you want to know what's happening in the Greater Victoria market as we near the end of Summer you've come to the right place! Today we're going to look at what's new in this evolving market, and what's still the same as before. If you want to see what the Market Insight for the previous month was, click here .

Here’s what’s interesting about Victoria’s real estate market right now: the market is still moving, but the rules have changed. In July, 673 properties sold across the Victoria Real Estate Board region. That’s just 1% fewer than the 680 sales recorded in July 2025, and while sales were 6.4% lower than June, July still finished above the five-year average for sales in the month.

So, buyers haven’t disappeared. Far from it. In fact, this could be the start of a new market cycle!

What has changed is the amount of choice buyers have. There were 3,847 active listings at the end of July — 3.9% more than a year ago. That extra inventory is changing how people behave. Buyers can take their time, compare properties, negotiate, and be much more selective about where they put their money. That’s a major shift from the market we saw during the pandemic.

Let’s break down what the July numbers actually tell us.

Sales Are Holding Up

The headline number is 673 sales. That’s a modest year-over-year decline, but it’s important not to look at that figure in isolation. July sales were still above the five-year average, meaning the market continues to see a meaningful level of activity. One that's holding up despite Trade tensions with the US market, and loaming tariff threats.

Beyond the macro economy, the bigger story is what buyers are choosing. Single-family home sales increased 4.1% year-over-year, with 331 homes sold. Meanwhile, condominium sales dropped 7.1%, with 209 units changing hands. That’s a pretty significant difference.

The detached market is showing stronger resilience, while condos are experiencing sustained pressure. Buyers appear to be weighing value more carefully, and that creates very different outcomes depending on the property type.

Inventory Is Changing the Game

This is probably the most important number in the report. As mentioned, there were 3,847 active listings at the end of July That’s down 5.1% from June, but still 3.9% higher than July 2025.

Think about what that means.

When there are very few homes available, buyers compete against each other. When there are thousands of homes available, properties start competing against each other.

That changes the psychology of the entire market.

Buyers have more time to investigate a property, compare it against other listings, negotiate on price, and decide whether the deal actually makes sense. For sellers, that means you can't just throw a property on the market and expect buyers to fight over it. The property has to earn attention.

Prices Are Moving Lower

Now let's talk about pricing. The benchmark price for a single-family home in the Victoria Core fell to $1,311,000 in July, down 2.8% from $1,348,400 a year earlier. It was also below June's $1,326,500 benchmark. Condos followed a similar path. The Victoria Core condo benchmark fell to $548,600, down 2.2% from $561,200 in July 2025 and slightly below June's $549,200.

These aren't dramatic declines, but they are meaningful.

We're seeing prices adjust at the same time that inventory remains elevated and buyers become more selective. That's a very different market dynamic from the rapid price growth and intense competition we saw during the pandemic years.

The Condo and Detached Markets Are Telling Different Stories

One of the most interesting takeaways from July is the growing separation between property types.

Single-family sales are up 4.1%, while condo sales are down 7.1% year-over-year. That's not a small difference. It tells us that you can't simply say, "The Victoria market is up" or "The Victoria market is down." The reality is much more specific, and right now the difference maker is product type.

Property type matters. Location matters. Pricing matters. Condition matters. And in a market with more inventory, buyers have the ability to be selective about all of it. But most importantly of all, buyers seem to be prioritizing property type. Possibly because cost of living is creating a rift between those who can afford to buy a home and those who can't. Those on the edge (i.e. first time buyers, single income, fixed income) tend to have fewer options. In a more expensive market like Victoria, that often means that those with smaller budgets like first time home buyers tend to start with a condo as their first starter home, and then ladder up from their. However, these days the challenge in affordability means that a lot of these kinds of buyers are steering clear of the real estate market, and that means that the condo market remains soft.

At the same time, those who are still active in the local real estate market are often tending to be those people with greater means (current home owners, upsizers, cashbuyers). These people are looking for greater value and better investment defensibility. That means single family detached homes, and houses with rentable suites are a lot more appealing in the current market. It also helps to explain why detached home prices have generally faired better than condo prices (although there is variance).

What This Means for Buyers

For buyers, this is a market where patience can really pay off. There are more options than there were a year ago, and that means buyers don't necessarily have to jump at the first property that looks good. You can compare. You can negotiate. You can look at the numbers and ask a very simple question: Is this property actually worth what the seller is asking?

That's a powerful position to be in. The challenge is that more choice can also create indecision and confusion. With thousands of listings available, having a clear strategy becomes just as important as having financing in place.

What This Means for Sellers

Sellers are facing a different reality. The market isn't frozen — 673 properties still sold in July — but buyers have options. And when buyers have options, they become harder to impress. That makes pricing, presentation, and preparation critical.

A property that is accurately priced, well-maintained, and presented properly can still compete. But sellers who price based on what their neighbour got six months ago may find themselves sitting on the market while buyers move on to better-value alternatives. In this environment, the goal isn't simply to get listed. The goal is to stand out. It's also good to be aware that there are different ways your listing can stand out. I saw a recent listing attempt a low pricing strategy to drive interest and competition. The home was nothing special and it needed all new flooring. Despite the low price, I wasn't expecting substantial interest in this home given the slower market, and the poor condition of the home. And yet it still went $116k over asking!

Conclusion: A Market Where Strategy Matters

July's numbers paint a pretty clear picture.

673 sales. 3,847 active listings. Single-family sales up 4.1%. Condo sales down 7.1%. Single-family benchmark prices down between 0.3% - 2.8%. Most Condo prices down between

1.8% - 2.2%. Put all of that together and you get a market that is active, but increasingly selective.

This isn't the frenzy of 2020 or 2021. Buyers aren't being forced into rushed decisions, and sellers aren't operating in a market where demand automatically overwhelms supply. We're in a more balanced environment — one where information, pricing, preparation, and negotiation actually matter.

And honestly, that's not necessarily a bad thing.

For buyers, it means more choice and more leverage. For sellers, it means you need a strategy. And for the market as a whole, it means we're moving toward a more rational relationship between supply, demand, and price.

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