Monthly Market Update September 2026 Edition A look at the most recent real estate statistics proudly presented by
We’re Better Together Stay up-to-date with home sales and the latest statistics in the Victoria area market.
Monthly Market Update September 2026 August 2026 | A closer look at where the market is heading
What Does This Mean for Victoria?
A Market That’s Slowly Finding Its Footing
Victoria is following a similar pattern.
If you've been wondering whether the Victoria real estate market is starting to turn a corner, there are some encouraging signs.
There were slightly more sales, while new listings were a little lower. With fewer properties coming onto the market, the balance between buyers and sellers shifted slightly.
We’re not seeing a dramatic shift, and we’re certainly not back to the fastpaced market of a few years ago. But sales are gradually improving, new listings have eased, and the balance between buyers and sellers is beginning to change. In other words, the market is moving — just at a measured pace. A Little More Confidence Across Canada The Canadian economy had a surprisingly strong second quarter, growing at an annualized rate of 3.3%. Growth was supported by stronger exports, household spending and business investment. While trade uncertainty with the U.S. continues to be a concern, the stronger economic numbers suggest that Canadian businesses and consumers are adapting. That growing confidence is also showing up in real estate. Across Canada, home sales increased for the fourth consecutive month, while new listings declined for the third month in a row. Perhaps most importantly, the national home price index recorded its first monthly increase in more than a year. Prices are still below where they were a year ago, but the year-over-year decline has been steadily narrowing. That’s a sign that the market may be slowly stabilizing.
Different property types are behaving differently. Single-family home sales were relatively unchanged from June. Condo sales saw a modest improvement after a particularly slow June. Overall, sales continue to show a gradual upward trend. At the same time, inventory remains higher than it was last August, although we're seeing less choice in certain property categories. This is something we'll be watching closely over the coming months.
Buyers: You Still Have Options For buyers, the current market offers something we haven't seen consistently in recent years: time to think. There is still choice in many areas, and buyers don't necessarily need to rush into a purchase simply because they are concerned about missing out. That said, the market is gradually becoming more active. If you're considering buying, now is a good time to: •
Get your financing organized
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Understand your comfortable monthly payment
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Watch the neighbourhoods you're interested in
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Pay attention to homes that are selling — not just what's listed
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e prepared to act when the right property comes along
As activity improves, the best properties may not remain available for long. Sellers: Pricing Still Matters For sellers, the improving market is encouraging — but buyers remain selective. A well-priced home that shows well can stand out, particularly where inventory is limited. Overpricing, however, can still result in longer days on market and fewer offers. The key is understanding what today's buyers are actually willing to pay, rather than simply looking at what a neighbour listed their home for. The market is improving, but we're not at the point where sellers can expect every home to generate multiple offers. Strategy matters. Mortgage Renewals: A Concern for Many Homeowners Mortgage renewals continue to be an important part of the conversation. Nationally, mortgage delinquency rates remain very low, but some homeowners are feeling pressure from higher monthly payments. It was just announced that for the seventh time in a row, the Bank of Canada left its policy interest rate unchanged. The prime lending rate at banks remains at 4.45%, still the lowest level since July 2022. About 38% of Canadians with an upcoming renewal expect their mortgage payment to increase, down from 57% in early 2025.hat's positive news — but about one-third of homeowners still say they feel anxious about their upcoming renewal.
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For those expecting a higher payment, 76% say it could put financial pressure on their household, with many planning to reduce discretionary spending. The good news? Nearly three-quarters of homeowners with an upcoming renewal say they don't expect to change their living arrangements. Our advice: Don't wait until renewal time. If your mortgage is coming up for renewal, start the conversation early. Understanding your options ahead of time can give you more flexibility and help avoid surprises. Another Challenge: Getting Approved We're also seeing mortgage applications become more complicated. Self-employed Canadians and business owners can have more complex income structures, and lenders are asking for more documentation than they may have in the past. Declining property values in some markets can also affect how much equity homeowners have available. This can be particularly important for condo owners, investors, rural homeowners and people who purchased pre-construction properties. The lesson is simple: start early. Whether you're buying, refinancing or renewing, having a clear picture of your finances and property value before you make a decision can make the process much easier. What We'll Be Watching As we head into the fall, there are a few things we're keeping a close eye on: 1. Will sales continue to increase? A continued rise in sales would be a strong sign that buyer confidence is returning. 2. Will inventory continue to shrink? If fewer homes come onto the market while sales increase, the balance could shift further toward sellers. 3. What happens with interest rates and mortgages? Affordability remains one of the biggest factors influencing buyer decisions. 4. Will Victoria move further toward a seller's market? July gave us the first hint of that possibility, but we'll need to see whether the trend continues.
The Bottom Line The Victoria market isn't booming — and that's okay. We're seeing something perhaps more important: gradual, sustainable improvement. Sales are moving higher. New listings have eased. Certain segments are becoming more competitive, and the overall balance is beginning to shift. For buyers, there is still opportunity and choice. For sellers, there are signs of improving conditions — but pricing and presentation remain critical. And for homeowners with upcoming mortgage renewals, planning ahead is more important than ever. The market may be changing, but the best real estate decisions are still made by looking at your individual circumstances — not simply following the headlines. Thinking About Your Next Move? Whether you're considering buying, selling, refinancing, downsizing, upsizing, or simply wondering what your home is worth in today's market, we're always happy to have a conversation. No pressure. No obligation. Just straightforward advice based on what's happening in your neighbourhood and your individual situation. Let's Talk Real Estate Have questions about the Victoria market? We'd love to hear from you. Your home is more than a number. Let's make sure you have the information you need to make your next move with confidence. As always, if you would like an update on the current value of your home or 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!