Total MLS® residential sales dollar volume was $5.2 billion, down 4.8 per cent from the same time the previous year. BC MLS® unit sales were 25.4 per cent lower than the ten-year average for the month of August.
“Provincial home sales remain well below long-term averages but have been steadily improving throughout the year,” said BCREA Chief Economist Brendon Ogmundson. “We expect a gradual recovery in sales to continue, though new tariffs and a recent spike in long term interest rates add a layer of risk to that scenario.”
Year-to-date, BC residential sales dollar volume is down 6.5 per cent to $43.26 billion, compared with the same period in 2025. Residential unit sales are down 5.5 per cent year over-year at 46,069 units, while the average MLS® residential price is down 1 per cent to $939,028.
What This Means for Victoria Buyers and Sellers
While the provincial numbers point to a slower-than-average housing market, Greater Victoria is showing a somewhat stronger trend. Local sales activity has been improving, even as benchmark prices remain relatively stable. For buyers and sellers, that creates a market where strategy and pricing matter more than simply timing the market.
For buyers, current conditions provide more room to evaluate properties carefully and negotiate. Buyers are generally not facing the same urgency seen during highly competitive markets, and there are more opportunities to compare properties, conduct due diligence, negotiate terms, and avoid overpaying. However, a balanced market does not necessarily mean Victoria homes are inexpensive. With single-family benchmark prices still around the $1.3-million range in the Victoria Core, affordability remains an important consideration.
For sellers, the improving sales activity is encouraging, but buyers remain selective. Proper pricing, presentation and preparation can make a significant difference in how quickly a property attracts attention and ultimately sells. Overpricing a home can lead to longer market times, price reductions and weaker negotiating leverage, particularly when buyers have several alternatives available.
Overall, Greater Victoria appears to be moving toward a more balanced and stable market rather than a major correction. Sales are recovering, while prices remain relatively steady. For buyers, this can mean more choice and negotiating power; for sellers, it highlights the importance of realistic pricing and strong marketing.
The biggest variable to watch heading into late 2026 and 2027 will be interest rates. Higher long-term borrowing costs could put additional pressure on affordability and slow the pace of the recovery, while lower borrowing costs could bring more buyers back into the market. For now, the Victoria market appears to offer opportunities on both sides of the transaction.
