Victoria Real Estate Market Update

August turned out to be a stronger month for the Victoria real estate market than many people might expect for late summer.

A total of 591 properties sold across the Victoria Real Estate Board region in August, which was 12.6% higher than August 2025. While sales were down 12.2% from July, that month-over-month decline is fairly typical for August as summer holidays tend to slow activity.

More importantly, August sales were stronger than we’ve seen in the past five years, which tells us there is still a healthy amount of buyer activity in the market.

Breaking it down further, 309 single-family homes sold, an increase of 15.3% compared with August 2025, while 175 condos sold, up 15.1% year over year. So although the market can feel slower on the ground, particularly when buyers have more choice, there are still plenty of transactions happening.

Inventory continues to be one of the biggest factors shaping the market. At the end of August, there were 3,662 active listings across the region. That was down 4.8% from July, but still 1.7% higher than the same time last year.

That level of inventory is helping keep the market relatively balanced. Buyers have enough options that they don’t necessarily feel pressured to jump on the first suitable property they see, while sellers are still benefiting from a meaningful pool of active buyers.

What I’m seeing consistently is that buyers are being selective. When there are several comparable homes available, they are paying close attention to price, condition, location, updates and overall presentation.

A property that feels slightly overpriced compared with its competition can be passed over fairly quickly, while homes that are well priced and show beautifully are still attracting strong interest.

That distinction is important because a balanced market does not mean every property behaves the same way. We can still see multiple offers on particularly desirable homes, while another property a few streets away may sit for several weeks.

What’s happening with prices?

Prices have remained remarkably stable overall.

The benchmark price for a single-family home in the Victoria Core was $1,301,800 in August, down just 0.6% from August 2025 and slightly lower than July’s benchmark of $1,311,000.

For condos, the benchmark price in the Victoria Core was $553,600, up 0.9% compared with August 2025 and also slightly higher than July.

Those numbers are a good reminder that despite higher inventory and buyers having more negotiating power than they did during the peak market years, we haven’t seen a dramatic shift in overall property values. Instead, the market has been fairly steady.

The bigger difference right now is often how long it takes to sell and how much negotiation happens between the list price and the final sale price, rather than major changes in headline benchmark values.

What this means for buyers

For buyers, there are some real advantages to the current market.

More inventory means you generally have more choice and more time to evaluate your options. In many situations, buyers can complete inspections, review documents carefully and negotiate on price or terms without feeling the same pressure that existed during the very competitive markets of a few years ago.

There can also be opportunities with homes that have been sitting on the market for a while. If a seller has already made a price adjustment or has been listed for several weeks, there may be more room to negotiate.

At the same time, I wouldn’t assume every property will be negotiable. Well-priced homes in desirable neighbourhoods — particularly attractive single-family homes — can still generate a lot of interest.

If something particularly special comes to market and the price makes sense, buyers still need to be prepared to move reasonably quickly.

The advantage right now is that you can be selective without necessarily being passive. There is usually less reason to compromise on a home that isn’t quite right, but when the right one appears, having your financing organized and understanding the comparable sales puts you in a much stronger position.

What this means for sellers

For sellers, this is a market where strategy matters a great deal.

There are buyers actively looking, as the August sales numbers clearly show, but buyers also have enough choice that they can afford to be discerning. That means the way a property is positioned from the beginning is particularly important.

Pricing should reflect not only recent sales, but also the other homes currently competing for the same buyer. Buyers are often looking at several properties within the same price range, and they will naturally compare condition, renovations, location, lot size, layout and overall presentation.

This is why I generally don’t recommend starting significantly above market value simply to “see what happens.” If buyers don’t see value early on, a home can lose momentum and eventually require a price adjustment anyway.

On the other hand, homes that are well prepared, professionally marketed and priced appropriately are still selling — and the strongest properties can absolutely attract competition.

Presentation matters too. In a market with more inventory, small details become more noticeable. Thoughtful staging, repairs, photography and making sure a home shows at its absolute best can have a meaningful impact on how buyers perceive value.

Heading into the fall market

September traditionally brings another wave of activity as buyers and sellers return from summer holidays and new listings come to market.

The big thing I’ll be watching over the next several weeks is how much new inventory arrives and how quickly buyers absorb it.

If inventory increases significantly, buyers may gain even more leverage. If new listings remain relatively limited while sales stay strong, we could see the market become a little more competitive in certain neighbourhoods and price ranges.

For now, I would characterize Greater Victoria as a stable, balanced market with active but selective buyers.

For sellers, that means pricing and presentation are key. For buyers, it means there are opportunities to take your time, negotiate strategically and wait for the right property — while still being ready to act when a particularly good one comes along.

More soon,

-Ainsley