Victoria Real Estate Market Update – October 2026: A Balanced Market Offers Buyers More Choice

Released to media today:

The Victoria real estate market continued to show signs of balance in October 2026, with increased sales compared to September, healthy inventory levels, and relatively stable single-family home prices. While overall sales were lower than the same time last year, buyers continue to benefit from a greater selection of properties and more time to make informed purchasing decisions.

According to the Victoria Real Estate Board (VREB), 573 properties sold in October 2026, representing a 7.1% decrease from the 617 properties sold in October 2025. However, sales increased by 23.8% compared to September 2026, suggesting renewed activity as the fall market progressed.

Let's take a closer look at what these numbers mean for buyers and sellers across Greater Victoria.

October 2026 Market Highlights

Here are the key statistics from October:

• Total sales: 573 properties, down 7.1% year-over-year.

• Condominium sales: 135 units, down 15.1% compared to October 2025.

• Single-family home sales: 303 properties, down 13.4% year-over-year.

• Active listings: 3,594 properties at the end of October.

• Inventory: Up 5% compared to October 2025.

• New listings: 1,138 properties came onto the market during October.

Although sales activity has slowed compared to last year, the number of transactions was relatively close to the previous five-year October average of 581 sales. New listings also remained slightly above the five-year average of 1,060.

A Return to Balanced Market Conditions

One of the most notable developments in October was the return to balanced market conditions following September's shift into a buyer's market.

Victoria Real Estate Board Chair Fergus Kyne noted that September's market conditions demonstrated how quickly the market can change, emphasizing that one month's results do not necessarily establish a longer-term trend.

October's results reinforce the idea that Greater Victoria has experienced relatively balanced market conditions throughout much of 2026.

What does a balanced market mean?

Generally, a balanced market occurs when the supply of available homes and the number of buyers are relatively aligned. Neither buyers nor sellers have a significant advantage, resulting in more moderate competition, reasonable negotiation opportunities, and less pressure to make rushed decisions.

For buyers, this can mean:

• More properties to choose from.

• Additional time to compare homes and evaluate their options.

• Greater opportunities to negotiate price and conditions.

• Less pressure to compete in multiple-offer situations.

For sellers, pricing and presentation remain particularly important. With thousands of properties available, buyers have more options, making it essential to position a property competitively.

Housing Inventory Remains Healthy

At the end of October, there were 3,594 active listings on the Victoria Real Estate Board's Multiple Listing Service®.

This represents:

• A 5.7% decrease from September 2026.

• A 5% increase compared to October 2025, when 3,423 properties were listed.

Although inventory has declined from its peak in June, the overall number of available properties remains healthy.

The increase in housing supply compared to last year is particularly important because it gives buyers more flexibility. Rather than feeling pressured to purchase quickly, buyers can take additional time to evaluate neighbourhoods, compare asking prices, arrange inspections, and negotiate terms.

For sellers, this also means that competition is an important consideration when determining an appropriate listing price.

Victoria Home Prices: Single-Family Homes vs. Condominiums

While sales activity has moderated, benchmark prices have followed different trends depending on the property type.

The MLS® Home Price Index (HPI) provides a benchmark value representing a typical home in a particular market.

Single-Family Homes

The benchmark value for a single-family home in the Victoria Core reached $1,288,600 in October 2026.

This represents:

• A 0.7% increase compared to October 2025 ($1,280,100).

• An increase from September 2026 ($1,280,100).

Single-family home prices have demonstrated relative stability over the past year, with modest year-over-year appreciation.

Condominiums

The condominium market has experienced somewhat more price pressure.

The benchmark value for a condominium in the Victoria Core was $533,900 in October 2026.

This represents:

• A 2.8% decrease compared to October 2025 ($549,000).

• A decrease from September 2026 ($547,800).

The difference between single-family home and condominium price performance highlights why it is important to evaluate each property type separately rather than relying exclusively on overall market statistics.

For buyers considering a condominium, softer benchmark prices may present opportunities worth exploring. However, individual building conditions, strata fees, depreciation reports, contingency reserve funds, and upcoming special assessments should all be considered before making a purchase.

What Does This Mean for Buyers and Sellers?

Advice for Buyers

October's market conditions provide buyers with an opportunity to approach their home search more strategically.

With 3,594 active listings across the region, buyers have a relatively healthy selection of properties. This can create opportunities to negotiate, compare similar properties, and include appropriate subject conditions when making an offer.

However, a balanced market does not mean every property is a buyer's opportunity. Well-priced homes in desirable neighbourhoods can still attract considerable interest.

My recommendation is to focus on comparable sales, understand the property's market value, and avoid making decisions based solely on the asking price.

Advice for Sellers

For homeowners considering selling, the current market requires realistic pricing and a well-planned marketing strategy.

Buyers have more options than they did during the highly competitive markets of previous years. Overpricing a property can result in fewer showings, longer days on market, and eventual price reductions.

A competitive listing price, professional presentation, and effective marketing can make a meaningful difference.

It is also important to remember that market conditions can vary considerably between neighbourhoods and property types. A detached home in one community may experience different demand from a condominium in another.

Looking Ahead: What to Expect in the Victoria Real Estate Market

October's results suggest that Greater Victoria's housing market continues to adjust toward more sustainable and balanced conditions.

Sales activity remains close to historical averages, inventory is higher than last year, and benchmark prices are showing different trends across property types.

For the remainder of 2026, buyers and sellers should pay attention to several factors:

• Housing inventory: Whether available listings continue to provide buyers with greater selection.

• Interest rates: Changes in borrowing costs and mortgage affordability.

• Consumer confidence: How economic conditions influence purchasing decisions.

• Employment and economic conditions: Whether household financial stability supports housing demand.

• Local market conditions: Differences in demand, pricing, and inventory between neighbourhoods.

Ultimately, the broader market statistics provide a useful overview, but real estate remains highly local. Conditions in Victoria, Saanich, Langford, Colwood, and other communities can differ significantly.

Final Thoughts

The October 2026 Victoria real estate market reflects a period of adjustment rather than a dramatic shift in either direction.

With 573 properties sold, 3,594 active listings, and relatively stable single-family home prices, the market continues to offer opportunities for both buyers and sellers.

For buyers, increased inventory provides more choice and potentially greater negotiating flexibility. For sellers, understanding current market conditions and pricing strategically will be essential.

Whether you're considering buying your first home, upgrading, downsizing, or selling an investment property, having an informed understanding of your local market can help you make better decisions.

Thinking about buying or selling in Greater Victoria?

I'm Florencio Mende Jr., REALTOR®, and I'm here to help you navigate the Victoria real estate market with informed advice, local market insights, and a strategy aligned with your goals.

Feel free to reach out if you'd like to discuss your real estate plans or understand what your property may be worth in today's market.