Monthly Market Update November 2026 Edition A look at the most recent real estate statistics proudly presented by
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Monthly Market Update November 2026 Victoria Real Estate Market Update November 2026 Real Estate Newsletter
A total of 1,138 properties came onto the market during October, slightly above the five-year average.
Lest We Forget – Remembrance Day
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As we approach Remembrance Day on November 11th, we take a moment to remember and honour the brave men and women who have served our country and those who made the ultimate sacrifice for our freedom. It is also a time to reflect on the importance of peace, gratitude and the freedoms we enjoy today. We will remember them.
After September's shift towards a buyer's market, October returned to more balanced conditions. It is a good reminder that one month's statistics do not necessarily establish a trend.
Victoria Real Estate Market – October 2026 Sales in Greater Victoria rebounded sharply in October, posting the largest September-to-October increase in available data going back to 2000, with townhomes leading the way. Fewer new listings came to market than in any other month this year, and the pullback reversed September’s move to buyer-favourable conditions. Still, buyers had more inventory to choose from than in any October in more than a decade. Here is a look at the October numbers: Sales A total of 573 properties sold, down 7.1% from the 617 sales in October 2025. Sales increased 23.8% compared to September 2026. Condominium sales were down 15.1%, with 135 units sold. Single-family home sales were down 13.4%, with 303 homes sold. Listings There were 3,594 active listings at the end of October. This was down 5.7% from September but still 5% higher than October 2025.
There is still a healthy supply of homes available, giving buyers more choices and time to make decisions. However, real estate conditions can vary considerably depending on the neighbourhood, property type and price range. Some areas may still favour buyers more than others.
Home Prices – Victoria Core According to the MLS® Home Price Index:
Property Type Single-family home Condominium
October 2025 October 2026 $1,280,100 $1,288,600 $549,000 $533,900
The benchmark price of a single-family home increased by 0.7% over the past year, while condominium values decreased by 2.8%. The takeaway? The market is not moving in the same direction for all property types. Understanding the local market and pricing your home correctly remains very important. Interest Rates and the Canadian Housing Market Interest rates continue to be an important factor influencing Canada's real estate market. Recent economic reports point to a more cautious housing market, with higher mortgage rates, economic uncertainty and concerns about affordability affecting both buyers and sellers. The Canadian Real Estate Association (CREA) has revised its outlook for 2026 and is now forecasting a 5.2% decline in home sales compared to last year, with average home prices expected to change very little. Another concern is the number of Canadians facing mortgage renewals at higher interest rates than they enjoyed over the past few years. This may put additional pressure on household budgets. Mortgage stress is still relatively contained nationally, but financial pressures are becoming more noticeable in British Columbia and Ontario. For our local market, this means buyers may continue to be cautious, and sellers should be prepared for buyers who are taking more time to make decisions. Your Mortgage Coming Up for Renewal? Don't Just Sign and Return It! With many homeowners facing mortgage renewals at higher rates, mortgage professionals are recommending that borrowers start planning well in advance. One of the biggest mistakes homeowners can make is simply accepting the renewal offer that arrives in the mail without checking what else is available.
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Here are a few suggestions: 1. Start early Mortgage professionals recommend beginning the renewal process approximately four months before your mortgage comes due. Starting early gives you time to compare lenders and negotiate. 2. Shop around Don't automatically assume your current lender is offering you the best rate. Speak with a mortgage professional and compare what other lenders are offering. 3. Review your finances Before renewing, take a close look at your current mortgage balance, remaining amortization and what monthly payment you can comfortably afford. 4. Consider your future plans Are you planning to stay in your home for several years, or might you be selling in the near future? Your plans can influence which mortgage term and conditions make the most sense. 5. Understand the costs of switching Moving your mortgage to another lender may involve appraisal, legal, registration or discharge fees. Ask whether these costs can be covered by the new lender. 6. Negotiate with your current lender If you find a better rate elsewhere, give your existing lender an opportunity to match it. You may be surprised at what they are willing to offer to keep your business. The bottom line is simple: A little preparation and shopping around could save you a considerable amount of money over the life of your mortgage. Looking Ahead As we move into the final months of 2026, the Greater Victoria real estate market continues to offer opportunities for both buyers and sellers. Buyers have more properties to choose from than they have had in recent years, while sellers need to recognize that today's market requires careful pricing, good presentation and an effective marketing plan. One thing remains consistent: Real estate is local. What is happening in one neighbourhood or price range may be quite different from what is happening just a few streets away.
Whether you are considering buying, selling or simply wondering what your property might be worth in today's market, we are always happy to have a conversation. Thank you for your continued support and trust. We appreciate the opportunity to be of service to you. Warm regards, Michele Holmes & Mark Rice and Eric Smith
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