This is the September 2026 edition of our monthly Greater Victoria market snapshot, built from the numbers released by the Victoria Real Estate Board on October 1, 2026. In short: 463 properties sold across the region, active listings rose to 3,811 at month end, and the board described the market as having moved into buyer's market territory. We refresh this page every month as each new report lands, so you always have a straight, current read on where the local market actually sits.
The Headline Numbers for September 2026
Properties Sold
463
Down 16.4 per cent from September 2025, when 554 properties sold, and 21.7 per cent fewer than August 2026.
Active Listings
3,811
At the end of September: up 4.1 per cent from August 2026 and up 3.2 per cent from the 3,694 active listings recorded a year earlier.
Sales-to-Listings Ratio
12%
Sales of 463 against 3,811 active listings put the ratio below the 17 to 28 per cent band that marks a balanced market, into buyer's market territory.
The VREB region covers Greater Victoria, from the Saanich Peninsula through Victoria, Saanich, Oak Bay, Esquimalt, and the West Shore communities.
Sales and Benchmarks by Property Type
The September slowdown was broad-based, with single-family homes, condominiums, and townhomes all selling below their year-ago pace. Townhomes were the softest category on a percentage basis.
| Property Type | Sales, September 2026 | Year over Year | Benchmark Price |
|---|---|---|---|
| Single-family homes | 239 | Down 17.3% | $1,280,100 (Victoria core) |
| Condominiums | 137 | Down 11% | $547,800 (Victoria core) |
| Townhomes | 53 | Down 26.4% | n/a |
| All residential (MLS HPI composite) | n/a | n/a | $856,300 (Greater Victoria, August 2026) |
Benchmark prices for single-family homes and condominiums are the MLS Home Price Index figures for the Victoria core. A Victoria core single-family home benchmarked at $1,306,500 in September 2025, so the current $1,280,100 is down 2.0 per cent year over year. The composite benchmark of $856,300 shown is the August 2026 figure, the latest verified composite; the September composite was not available in the figures we were able to verify. Source: Victoria Real Estate Board.
September closed with inventory levels outpacing sales to a degree we haven't seen in many years. The numbers indicate that the Victoria housing market has ventured into buyer's market territory. Excluding the months from the start of the pandemic, this is the first time we've seen a buyer's market.
What a Buyer's Market Means for You
The sales-to-active-listings ratio sat below the balanced band in September, and the board itself described the market as buyer's market territory. In plain language: buyers have more choice and more room to negotiate, and sellers need to price and present with care.
For buyers
- More choice. With 3,811 active listings at month end, you can compare more neighbourhoods and properties before committing.
- Room to negotiate. With sales slower and inventory higher, there is more leverage on the buyer side of the table.
- Softer single-family prices. The Victoria core single-family benchmark eased 2.0 per cent year over year, though condos ticked up.
- Stay ready anyway. The best-priced homes in the strongest neighbourhoods still move. Here's a look at how long homes actually take to sell here.
For sellers
- Price it right from day one. With more inventory and slower sales, buyers have options, so first-weekend pricing matters more. Our day-one pricing guide explains why this matters more than ever.
- Presentation matters. Tidy yards, fresh paint, honest disclosure, and good photos give buyers a reason to choose your place.
- Be patient but realistic. Sales ran 16.4 per cent below last September, so homes can take longer to sell than they did a year ago.
- Work with a local team. We watch these reports monthly and know what is moving on the ground in your neighbourhood.
Frequently Asked Questions
The questions buyers and sellers ask us most, answered with the September 2026 numbers where the data supports it and honestly where it doesn't.
Is Victoria a buyer's or seller's market right now?
A buyer's market. The sales-to-active-listings ratio sat around 12 per cent in September 2026, below the 17 to 28 per cent band that marks a balanced market, and the Victoria Real Estate Board itself described the market as having moved into buyer's market territory.
What is the average home price in Victoria?
By property type, a single-family home in the Victoria core benchmarked at $1,280,100 in September 2026 and a condominium at $547,800. The composite benchmark across all residential property stood at $856,300 in August 2026, the latest verified composite figure.
Is the Victoria market cooling?
Yes, noticeably. Sales were down 16.4 per cent from September 2025, and the board said inventory outpaced sales to a degree not seen in many years, moving the market into buyer's market territory.
What does a balanced market mean?
A balanced market means sales and listings are in rough equilibrium, often measured by a sales-to-active-listings ratio between about 17 and 28 per cent. In practical terms, buyers have choice and time, sellers still see steady demand, and negotiation matters more than speed. September sat below that band, tilting the balance toward buyers.
Are homes selling quickly in Victoria?
Slower than a year ago. Sales ran 16.4 per cent below September 2025, and with roughly 3,811 active listings at month end, well-priced homes in strong neighbourhoods still moved while overpriced or awkward-to-show ones sat longer.
How does Victoria compare to Vancouver?
Victoria remains noticeably more affordable than Vancouver for comparable homes. The trade-off is island access, with a ferry or flight between the two, and our cost of living guide digs deeper into the comparison.
Are benchmark prices rising or falling in Victoria?
Mixed, depending on the property type. The Victoria core single-family benchmark of $1,280,100 in September 2026 was down 2.0 per cent from a year earlier, while the condo benchmark of $547,800 was up 1.0 per cent.
Where These Numbers Come From
All figures on this page come from the Victoria Real Estate Board's monthly MLS statistics report for September 2026, released on October 1, 2026. Benchmark prices are the MLS Home Price Index numbers published by the board. The Happy Homes Team updates this page monthly with fresh numbers as each report is released; the edition month is always stated in the title.
Planning a move soon? The team reads these reports closely every month and watches listings move on the ground. A conversation is free, honest, and pressure-free.
Meet the Team Behind the Numbers
We're Anna Hakim and Perry Fanthorpe of the Happy Homes Team at eXp Realty, the AI Certified Agents who put this page together every month. Numbers are useful. The life you build on top of them is the part we care about most.
Anna Hakim
Realtor, AI Certified Agent
Anna's years in massage therapy and emotional trauma healing taught her to read what people need before they say it. Warm, patient, and intuitive, she helps clients find the neighbourhood and the home that genuinely fit.
Perry Fanthorpe
Realtor, AI Certified Agent
Born and raised in Victoria, Perry makes sure things actually happen. Construction insight, mortgage-helper strategy, and the follow-through to keep every detail on track from first showing to closing day.
Homes with soul. Strategy with heart.
We combine high-level strategy, cutting-edge technology, and real human connection: a premium boutique experience without the pretense. A conversation is free, honest, and pressure-free. More about Anna and Perry here.
What Do These Numbers Mean for Your Home?
Whether you're buying, selling, or just curious where your home sits in this market, we'd love to talk it through. No scripts, no pressure, just local knowledge from a team that lives here.
Or start with a free home valuation estimate.
