Market Insight Series – March 2026

2 days ago
4 min read

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.

February 2026 Housing Market: Sales Rebound as Market Moves Back Toward Balance

February 2026 recorded 465 property sales across the Victoria Real Estate Board region. That’s 11.9% fewer sales than February 2025, but a significant 37.2% increase compared to January 2026, signalling renewed momentum heading into the spring season.

While year-over-year sales remain lower, the strong month-over-month jump suggests buyers re-engaged in February after a slower start to the year. This shift is an encouraging sign as we move toward the traditionally active spring market.

Now let’s dig into the details.

Condominiums

Condo sales totalled 154 units, representing a 19.8% decrease compared to February 2025.

The MLS® benchmark value for a condo in the Victoria Core declined 0.7% year-over-year, from $549,600 in February 2025 to $545,600 in February 2026. However, prices increased from January’s benchmark of $537,800, indicating modest upward momentum month over month.

Single-Family Homes

Single-family home sales reached 206 properties sold, down 12% compared to February 2025.

The benchmark value for a single-family home in the Victoria Core decreased 0.9% year-over-year, from $1,319,100 in February 2025 to $1,307,400 in February 2026. Notably, this represents a healthy rebound from January’s benchmark of $1,265,500, suggesting strengthening demand as we move closer to peak season.

Inventory: Elevated Supply Supporting Market Balance

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

At the end of February 2026, there were 2,903 active listings on the Victoria Real Estate Board MLS®—up 10.6% from January and 10.4% higher than February 2025.

This increase in available listings provides buyers with greater selection and helps moderate upward price pressure. While January sat on the threshold between balanced and a buyer’s market, February’s increase in sales activity has helped push the market more firmly back toward balanced conditions.

When supply and demand are aligned, opportunities exist on both sides of the table—buyers have options, and sellers benefit from steady, predictable activity.

Macro Economic Outlook & External Pressures

Broader economic forces remain a key backdrop to local real estate performance. Interest rate stability, global trade developments, and overall consumer confidence continue to influence market psychology.

Although uncertainty hasn’t fully disappeared, February’s activity suggests that many buyers are adapting to current conditions and proceeding with greater confidence. As we move into the spring market, economic clarity and sustained inventory levels will likely determine whether momentum continues building.

Home Buyer Considerations

For buyers, the current environment offers a strategic window.

First, well-established buyers—those with secure income, solid savings, or existing equity—may find this balanced market ideal. Inventory remains strong, pricing is relatively stable, and competition has not yet reached peak spring intensity. Acting before further seasonal demand builds could provide leverage.

Second, for newer buyers or those in less certain financial positions, the improving market conditions warrant careful evaluation. While the market is more active, it is not overheated. This creates room to move forward thoughtfully rather than reactively. However, if spring momentum accelerates, waiting too long could mean facing increased competition.

Conclusion

February’s numbers suggest the Victoria market is regaining rhythm. While year-over-year sales and pricing remain slightly lower, strong month-over-month growth and elevated inventory have moved conditions back toward balance.

At this stage, the market is neither surging nor declining—it is stabilizing and recalibrating. As we enter the spring season, the key question will be whether sales momentum continues building against a backdrop of strong inventory and steady economic conditions.

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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Glossary Term

Multiple Listing Service (MLS) :

A Multiple Listing Service (MLS) is a vital tool in real estate, offering a comprehensive database of property listings within a specific region. Created by real estate agents, MLS allows agents and brokers to share detailed property information. This cooperation also benefits buyers and sellers by providing access to a wide range of listings and enabling efficient market transactions. An MLS can help agents see one another’s listings and connect buyers looking for properties on the market. A local MLS can also provide prospective homebuyers with detailed information on each property for sale, including features, square footage, and listing price.

https://www.investopedia.com/terms/m/multiple-listing-service-mls.asp