Monthly Market Update
Monthly Market Update
February 2026
January Market Snapshot: More Choice, Slower Sales
The Greater Victoria real estate market got off to a slower start in January, with 339 properties sold, down nearly 20% from January last year. Condominium sales were down 25%, while single-family home sales declined just over 21%.
This slowdown follows a familiar seasonal pattern we’ve seen in recent years. What’s different in 2026 is the amount of inventory available.
At the end of January, there were 2,624 active listings, almost 10% more than a year ago. With more homes on the market and fewer sales, Greater Victoria is currently sitting on the edge between a balanced market and a buyer’s market. Buyers have more choice, while sellers need to price carefully and present their homes well.
This trend is even more noticeable in the Vancouver Region, which recorded its fewest sales in three years in January. At the same time, months of inventory reached its highest level since 2012, placing all home types firmly in buyer’s market territory.
Despite the slower pace, activity picked up toward the end of the month. Well-priced properties are still selling, and in some cases, multiple offers are returning. With listings continuing to rise, buyers can expect strong selection heading into the spring market.
On the economic front, the Bank of Canada held interest rates steady, noting rates are near the right level to manage inflation while the economy adjusts to ongoing trade uncertainty. Mortgage arrears have edged higher nationally but remain low overall, with more than 99% of Canadians still current on their payments. Across BC, prices have softened slightly, particularly in Vancouver and the Lower Mainland, while most of the province remains balanced. The average home price in BC is approximately $952,000, with about 5.4 months of inventory.
Bottom line: the market is calmer, more predictable, and offering more choice. Whether you’re buying or selling, strategy and local knowledge matter more than ever.
If you’re thinking about making a move or just curious about what’s happening in your neighbourhood, we’d be happy to chat. Whether you’re considering selling, buying, or simply keeping an eye on the market, we can help you understand where things stand and what your best options are.
Michele Holmes, Mark Rice PREC
and
Eric Smith PREC Coldwell Banker Oceanside Real Estate
Helping clients on the Saanich Peninsula and across Greater Victoria make confident, informed decisions in every market.
