Monthly Market Update October 2026 Edition A look at the most recent real estate statistics proudly presented by
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Monthly Market Update October 2026 Victoria Real Estate Market Update September 2026
At the end of September, there were 3,811 active listings on the Victoria MLS® system.
A Market Shift Worth Paying Attention To
That is:
As we move into the fall market, the Greater Victoria real estate market is showing a noticeable change from the conditions we experienced earlier this year.
4.1% higher than August 2026
September brought fewer sales, more inventory and greater choice for buyers. In fact, the Victoria market has moved into buyer’s market territory for the first time since January 2015, excluding the unusual pandemic period. While one month does not establish a long-term trend, the September numbers are significant and worth watching closely. Sales Slow in September There were 463 properties sold throughout the Victoria Real Estate Board region in September. That represents: •
16.4% fewer sales than September 2025
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21.7% fewer sales than August 2026
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One of the slowest September sales periods in recent years
Single-family home sales were particularly affected, with 239 homes sold, down 17.3% from September 2025. Condominium sales were also lower, with 137 units sold, an 11% decline compared with September of last year. More Choice for Buyers At the same time that sales have slowed, the number of homes available for sale has increased.
3.2% higher than September 2025 This combination of increased inventory and slower sales has shifted the balance of the market toward buyers. For buyers who are financially qualified and ready to make a move, this can create opportunities that were much harder to find when inventory was tighter.
There is currently more selection, less competition and potentially more negotiating room on the right properties. However, buyers should also remember that inventory typically decreases as we move into the winter months, meaning some of today's selection may not be available later in the season. What Is Happening With Prices? The market is not moving uniformly across all property types. In the Victoria Core, the benchmark price for a single-family home was: $1,280,100 in September 2026 That was down 2% from September 2025, and down from August's benchmark of $1,301,800. For condominiums, the September 2026 benchmark was: $547,800 That was 1% higher than September 2025, although it was also down from August's $553,600 benchmark. •
This is an important reminder that "the Victoria market" is really a collection of different markets. Location, property type, price range, condition and buyer demand can all have a significant impact on how a particular property performs.
What Does This Mean for Sellers? For sellers, today's market requires a little more strategy. With buyers having more choices, pricing a property correctly from the beginning is more important than ever. The days of simply putting a property on the market and expecting multiple offers may not apply to every property or neighbourhood. A successful sale may depend on: •
Accurate current market valuation
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Realistic pricing
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Strong presentation and marketing
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Understanding competing inventory
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Being prepared to negotiate
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Having a strategy specific to your property's location and segment
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As the Victoria Real Estate Board has noted, sellers should have a conversation with their REALTOR® about the current market value of their particular property and how their expectations compare with today's conditions. What Does This Mean for Buyers? For buyers, the current environment may offer a welcome change. More inventory means more opportunities to find the right property, rather than feeling pressured to make a decision simply because there are very few homes available. Qualified buyers may find: More choice + less competition = greater negotiating opportunity That doesn't mean every property is a bargain, nor does it mean prices will necessarily fall significantly. It means buyers have more options and, in many cases, more time to carefully evaluate a purchase. Our Takeaway The September numbers tell us something important: The market is changing. We have more inventory, fewer sales and greater choice for buyers. Sellers need to be realistic and strategic, while qualified buyers may find that the current market provides opportunities that haven't been available for some time. At the same time, we would caution against making decisions based solely on headlines or broad market statistics. Every property has its own market. A waterfront home, a condominium downtown, a family home in the suburbs and a rural property can all be experiencing very different levels of demand. Whether you are considering buying, selling, downsizing, investing or simply wondering what your property is worth today, having current, property-specific information is more valuable than ever. The real estate market remains highly local. National trends may influence sentiment, but neighbourhood-by-neighbourhood conditions often tell a very different story. Whether you are considering buying, selling, downsizing, investing, or simply exploring your options, decisions should be based on your personal goals, timing, and financial situation rather than waiting for the perfect headline.
Let's Talk Real Estate As always, if you would like an update on the current value of your home or would like to discuss your real estate plans, we would be happy to help.
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.
Want to learn more? Contact one of our experienced agents today!