The Greater Victoria housing market has officially entered territory we haven't seen in over a decade. According to data released by the Victoria Real Estate Board (VREB), inventory levels outpaced sales this past September to a degree that effectively shifts local real estate dynamics into a buyer's market.
Aside from the initial anomalies at the beginning of the pandemic, this marks the first time the Victoria Core has touched a true buyer's market since January 2015. Whether you are hunting for your first home or looking to list your current property, understanding these shifting numbers is critical to planning your next financial move.
Are you trying to figure out how these new market conditions impact your purchasing power? Explore our comprehensive First-Time Home Buyer Victoria BC resource hub to learn about down payment strategies, government tax exemptions, and how to successfully navigate today's housing market.
The Big Picture: September 2026 Market Breakdown
Overall sales activity slowed as inventory rose.
Total Sales: 463 properties sold in September 2026—a 16.4% decrease year-over-year and down 21.7% from August.
Active Inventory: Active listings reached 3,811 at month's end, up 4.1% from August and 3.2% higher than the previous year.
"Excluding the months from the start of the pandemic, this is the first time we’ve seen a buyer’s market since January 2015. However, one month does not make a trend, and it’s too early to say whether market conditions have shifted for the longer term."
— Fergus Kyne, VREB Board Chair
Property Type Breakdown & MLS® HPI Benchmark Prices
The MLS® HPI evaluates core housing attributes to track pricing trends. In the Victoria Core:
Single-Family Homes: 239 sold (down 17.3% year-over-year) with a core benchmark price of $1,280,100 (down 2% from September 2025).
Condominiums: 137 sold (down 11% year-over-year) with a benchmark of $547,800 (a modest 1% increase over September 2025).
Townhomes: 53 sold with a benchmark price of $829,400.
(Data Source: Victoria Real Estate Board September 2026 Summary)
What This Means For You
For Buyers: Lower sales-to-active-listings ratios mean a wider selection of inventory and increased negotiating room during the quieter autumn months.
For Sellers: Conditions are segmented—single-family homes have cooled slightly while condos maintain year-over-year value, demanding hyper-local pricing strategies.
Ready to Navigate the Market?
Visit our First-Time Home Buyer Victoria BC page to review current listings, analyze trends, or book a consultation.
Disclaimer: Informational purposes only based on VREB data. Consult a licensed Realtor® for personal advice.
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