Market Trends and Insights

What Does the Bank of Canada’s October 2026 Rate Hike Mean for Victoria Buyers and Sellers? Canada's first interest rate increase in over three years brings new considerations for Greater Victoria homebuyers, sellers, and homeowners. After more than a year of unchanged interest rates, the Bank of Canada has made a move that could influence housing decisions across Greater Victoria. On October 28, 2026, the central bank increased its overnight lending rate by 25 basis points, bringing it to 2.50% from 2.25%. For buyers, the increase means potentially higher mortgage payments and slightly reduced borrowing power. For sellers, it introduces another consideration into a housing market where buyers already have more properties to choose from. But does a quarter-point interest rate increase significantly change Victoria's real estate market? Not necessarily. The real impact depends on mortgage financing, local housing inventory, and the circumstances of individual buyers and sellers. Why Did the Bank of Canada Raise Interest Rates? The October increase was the Bank of Canada's first rate hike since July 2023, reflecting growing concerns about inflation. Higher energy prices and increased business costs have contributed to inflation remaining above the Bank's 2% target. The central bank is concerned that these pressures could spread into other parts of the economy, making inflation more difficult to control. At the same time, Canada's economy has demonstrated greater resilience than previously expected, giving policymakers more room to increase borrowing costs. The Bank now projects inflation will average approximately 3% in 2027 before returning toward its 2% target in the middle of 2028. Although further increases remain possible, the Bank has emphasized that future decisions will depend on incoming economic information. For Canadian homeowners and prospective buyers, this means interest rates remain an important consideration when planning their next move. How Much More Could a Mortgage Cost After the Rate Hike? A 0.25 percentage-point increase might sound relatively small, but its impact becomes more noticeable when applied to larger mortgage balances. Consider a buyer purchasing a home in Greater Victoria with a $600,000 mortgage amortized over 25 years. If their mortgage interest rate increased from an illustrative 4.50% to 4.75%, the monthly payments on an adjustable-payment mortgage would change approximately as follows: Mortgage Scenario Monthly Payment $600,000 at 4.50% $3,335 $600,000 at 4.75% $3,421 Monthly Difference +$86 Annual Difference +$1,032 Illustrative calculation assuming monthly compounding and a 25-year amortization. Actual payments depend on mortgage terms, compounding, payment structure, and lender. That additional $86 per month may not completely change someone's purchasing plans, but it adds to other homeownership expenses such as property taxes, utilities, insurance, and maintenance. For buyers already approaching the upper end of their approved budget, the increase deserves careful consideration. Will Fixed and Variable Mortgage Rates Both Increase? Not necessarily. The type of mortgage matters. Variable-rate mortgages are more directly affected by changes to the Bank of Canada's overnight rate. Following the October announcement, National Bank increased its prime lending rate to 4.70%, effective October 29, 2026. Other lenders may have their own rates and terms. For homeowners with adjustable-payment variable-rate mortgages, higher interest rates generally result in larger payments. Homeowners with fixed-payment variable mortgages may see their monthly payments remain unchanged, but a larger portion of each payment could go toward interest rather than reducing their mortgage balance. Fixed-rate mortgages work differently. Existing fixed-rate mortgage holders generally maintain their contracted interest rate until their term expires. New fixed mortgage rates are influenced more directly by Government of Canada bond yields, lender funding costs, and competition, rather than moving automatically with every Bank of Canada announcement. This distinction is important for buyers deciding between mortgage options and homeowners approaching renewal. What Does the Rate Increase Mean for Victoria Homebuyers? For buyers considering purchasing in Victoria, Saanich, Langford, Colwood, or elsewhere in Greater Victoria, the rate increase introduces two considerations: monthly affordability and mortgage qualification. Higher borrowing costs can reduce the maximum mortgage amount some households qualify for. At federally regulated lenders, uninsured mortgage applicants generally need to qualify at the greater of their contract rate plus two percentage points or 5.25%. As mortgage rates change, buyers may need to revisit their pre-approval and confirm their purchasing budget. However, borrowing costs are only one part of the decision. Greater Victoria entered November with more housing inventory than a year earlier, providing buyers with additional opportunities to compare properties. For example, buyers considering a condominium in downtown Victoria may find themselves comparing several similar properties, while someone searching for a detached family home in a particular Saanich neighbourhood may have fewer alternatives. Rather than reacting to the rate announcement alone, buyers should consider their monthly budget, available listings, recent comparable sales, and long-term housing needs. A lower purchase price can sometimes offset higher borrowing costs, but only when the numbers work for the individual buyer. How Is Greater Victoria's Real Estate Market Performing? The October interest rate announcement arrived as Greater Victoria's housing market was showing signs of improved sales activity. According to the Victoria Real Estate Board's October 2026 statistics: 573 properties sold, up 23.8% from September but down 7.1% year over year. 3,594 active listings remained available at month-end, approximately 5% more than October 2025. $1,288,600 was the MLS® Home Price Index benchmark for a single-family home in the Victoria Core, up 0.7% year over year. $533,900 was the Victoria Core condominium benchmark, down 2.8% year over year. These figures point to a market with continued buyer activity, meaningful housing selection, and different pricing trends across property types. Importantly, because the Bank of Canada's announcement occurred on October 28, the October statistics should not be interpreted as showing the effects of the rate hike. Any change in buyer behaviour resulting from the announcement may take time to appear in sales activity and housing prices. What Does the Interest Rate Increase Mean for Victoria Home Sellers? For homeowners thinking about selling, higher mortgage rates can influence how buyers approach a purchase. When financing becomes more expensive, some buyers may reconsider their budget, adjust their preferred property type, or take longer to make a decision. That does not mean demand disappears. Greater Victoria recorded a substantial month-over-month increase in sales during October, demonstrating that buyers remain active even in a more cautious environment. The difference is that buyers have more alternatives. Sellers should pay particular attention to the number of comparable listings competing for the same buyers, how long those properties have been available, and what similar homes have recently sold for. For example, a condominium seller in Langford may face competition from newer developments and existing resale listings. Meanwhile, a detached homeowner in an established Victoria neighbourhood may be competing within a much smaller selection of comparable properties. These differences can influence pricing, marketing, and negotiation strategies more than a single national interest rate announcement. In a market offering buyers greater choice, pricing a property appropriately from the beginning becomes increasingly important. Should Buyers Wait for Interest Rates to Come Down? Trying to predict the direction of interest rates can make an already complicated homebuying decision more difficult. The Bank of Canada's October announcement demonstrates how quickly expectations can change. Earlier in 2026, discussions focused largely on when interest rates might decrease. Persistent inflation has now shifted that conversation toward the possibility of additional increases. For prospective buyers, waiting may be reasonable if their finances, employment circumstances, or down payment are not yet where they need to be. However, waiting solely for lower rates introduces uncertainty. Mortgage rates could change, housing prices could move, and the number of available properties may look different several months from now. The better question is whether purchasing a particular property makes financial and personal sense under current conditions. A comfortable monthly payment, appropriate emergency savings, and a home that meets long-term needs are more reliable starting points than attempting to predict the next rate announcement. What Should Homeowners With Upcoming Mortgage Renewals Do? For existing homeowners, the October announcement is another reason to review mortgage renewal dates and current financing arrangements. Those approaching renewal should understand how their potential new interest rate compares with their existing contract. Even homeowners with fixed-rate mortgages may experience a payment adjustment when their term expires. It may be helpful to speak with a mortgage professional before the renewal date to compare available products, assess payment scenarios, and determine whether changes to the mortgage structure make sense. For homeowners considering selling, downsizing, or purchasing another property, understanding the mortgage balance, renewal conditions, and any potential prepayment penalties can help establish a realistic plan. Will the October Rate Hike Cause Victoria Home Prices to Fall? There is no reliable way to conclude that a single 0.25 percentage-point increase will cause Greater Victoria home prices to decline. Higher borrowing costs can reduce purchasing power and influence housing demand. However, property values also depend on available inventory, employment conditions, household finances, and demand within individual neighbourhoods. October's market statistics already show why this distinction matters. Detached home benchmark prices in the Victoria Core were slightly higher than a year ago, while condominium benchmarks were lower. That difference existed before the October rate announcement could materially influence completed sales. Moving forward, changes in mortgage rates may add pressure to certain market segments, particularly where affordability is already stretched or inventory is plentiful. Other properties may continue to attract interest because of their location, condition, limited supply, or suitability for buyers' needs. What Happens Next for Greater Victoria Real Estate? The Bank of Canada's next scheduled interest rate announcement is December 9, 2026. Until then, buyers, sellers, and homeowners will be watching inflation, economic conditions, and the response of mortgage lenders. For Greater Victoria, the more useful indicators will include whether sales activity continues to recover, how inventory changes heading into winter, and whether prices respond differently across neighbourhoods and property types. The October rate increase is worth paying attention to, but it is only one part of the housing market. The strongest real estate decisions come from understanding how borrowing costs, property values, and personal circumstances fit together. Thinking About Buying or Selling in Greater Victoria? Whether you're preparing to purchase your first home, considering a move, or wondering how current market conditions affect your property's value, understanding the numbers is a good place to start. At Faber Real Estate Group, we help buyers and sellers evaluate local market conditions and make informed decisions based on their individual goals. Interest rates may influence affordability, but the right real estate strategy depends on more than the latest announcement. Curious how October's rate increase and current housing market conditions relate to your neighbourhood or the value of your home? We'd be happy to take a closer look.   Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧 [email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.” Connect with Faber Real Estate Group Sources and further reading Bank of Canada — October 28, 2026 Rate Announcement Victoria Real Estate Board — October 2026 Market Statistics Financial Consumer Agency of Canada — Interest on Mortgages OSFI — Minimum Qualifying Rate for Uninsured Mortgages Published November 2026. Mortgage examples are illustrative and do not constitute lending or financial advice.

Greater Victoria Real Estate Market Update: October 2026 Sales activity rebounds as Greater Victoria returns to a more balanced housing market. Greater Victoria's real estate market picked up in October 2026, with more homes selling compared to September, inventory remaining above last year's levels, and prices moving differently across property types. According to the Victoria Real Estate Board (VREB), 573 properties sold across the region, a 23.8% increase from September but 7.1% fewer than October 2025. After September's slower activity pushed the region into buyer's market territory, October marked a return to more balanced conditions. For buyers, that means continued selection and opportunities to compare properties. For sellers, it reinforces the importance of competitive pricing and presentation. October 2026 Market Statistics at a Glance Market Indicator October 2026 Year-over-Year Change Total Property Sales 573 -7.1% Single-Family Home Sales 303 -13.4% Condominium Sales 135 -15.1% Active Listings 3,594 +5.0% Victoria Core Detached Benchmark $1,288,600 +0.7% Victoria Core Condo Benchmark $533,900 -2.8% Source: Victoria Real Estate Board, October 2026. Sales and inventory reflect the VREB region. Benchmark prices are for the Victoria Core. Sales Activity Rebounds From September October brought a noticeable improvement in market activity. The 573 sales represented 110 more transactions than September's 463, bringing activity close to the previous five-year October average of 581 sales. However, sales remained below October 2025 levels, particularly for detached homes and condominiums. This suggests that while buyers became more active in October, the market has not returned to the more competitive conditions experienced in previous years. Instead, transactions are taking place in an environment where buyers have more alternatives and can evaluate purchases with greater care. Housing Inventory Remains Higher Than Last Year Greater Victoria finished October with 3,594 active MLS® listings, approximately 5% more than the same time last year. Although inventory declined by 5.7% compared to September, buyers still have more properties to consider than they did a year ago. Another 1,138 new listings entered the market throughout October, slightly exceeding the five-year October average of 1,060. For buyers, this additional inventory can mean more flexibility when comparing homes, negotiating terms, and completing due diligence. For sellers, it means understanding the competition matters. A home is not simply competing against recent sales. It is also competing against every comparable property currently available. Victoria Home Prices: Detached Homes Hold Steady While Condos Soften October's benchmark prices tell two different stories. The MLS® Home Price Index benchmark for a single-family home in the Victoria Core reached $1,288,600, an increase of 0.7% compared to October 2025. Condominiums experienced a different result. The Victoria Core benchmark condominium price declined 2.8% year over year to $533,900. Compared to September, the detached benchmark increased by $8,500, while the condominium benchmark declined by $13,900. These differences highlight why it is difficult to describe Greater Victoria's housing market with a single price trend. Detached homes in established neighbourhoods may face different levels of competition than condominiums in areas with significant new construction or a larger selection of comparable listings. Benchmark prices also represent typical properties within a particular market segment. They are not the same as average or median selling prices, nor do they establish the value of an individual home. What Does October's Market Mean for Buyers? For buyers considering a home in Victoria, Saanich, Langford, Colwood, or elsewhere in Greater Victoria, October's market continues to offer opportunities for thoughtful decision-making. Higher inventory means buyers may have more options across different neighbourhoods and property types. However, greater choice does not necessarily mean every seller is prepared to negotiate significantly. Well-priced homes in desirable locations can still attract strong interest. The most effective approach is to understand recent comparable sales, assess the property's condition, confirm financing, and consider the long-term suitability of the purchase. Rather than focusing exclusively on whether prices might rise or fall next month, buyers should consider whether a particular property makes sense for their financial circumstances and future plans. What Does October's Market Mean for Sellers? For homeowners thinking about selling, October demonstrated that buyers are still active. The increase in transactions from September is encouraging, but the higher inventory levels mean sellers need to approach the market with realistic expectations. Pricing a home based solely on what a neighbour sold for earlier in the year may not reflect current competition. Buyers are comparing homes carefully, particularly when several similar listings are available. A successful selling strategy starts with understanding recent sales, current inventory, property condition, and the features that distinguish a home within its neighbourhood. Pricing and presentation should work together to give buyers a clear reason to consider the property. Is Greater Victoria in a Buyer's or Seller's Market? October's results point to a more balanced Greater Victoria real estate market, following September's brief shift into buyer's market territory. A balanced market generally means neither buyers nor sellers have a clear advantage across the entire region. However, conditions can vary significantly. A detached home in Oak Bay, a condominium in downtown Victoria, and a newer townhome in Langford may each face different levels of demand, inventory, and competition. That is why neighbourhood-specific information matters more than broad market headlines when making real estate decisions. Looking Ahead: What Can We Expect From Victoria's Housing Market? As Greater Victoria moves into the final months of 2026, October's results offer some perspective. Sales activity improved, inventory remains healthy, and prices continue to respond differently depending on the type of property. The coming months will help establish whether October's rebound reflects a more sustained improvement in demand or simply a stronger month following September's slowdown. For now, the market continues to provide opportunities for both buyers and sellers who understand their local conditions and approach decisions with realistic expectations. Thinking About Buying or Selling in Greater Victoria? Every neighbourhood has its own market conditions, and the regional statistics only tell part of the story. Whether you're considering selling your current home, purchasing your first property, or exploring opportunities in a different neighbourhood, our team at Faber Real Estate Group is here to help you understand the numbers and what they mean for your next move. Curious how October's market conditions relate to your neighbourhood or the value of your home? We'd be happy to take a closer look.   Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧 [email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.” Connect with Faber Real Estate Group Source: Victoria Real Estate Board — October 2026 MLS® Statistics. Market information reflects data released November 2, 2026.

What Should Buyers and Sellers Expect From Victoria’s Fall 2026 Real Estate Market? The Greater Victoria real estate market entered fall 2026 with a noticeable shift in favour of buyers. Inventory is elevated, sales slowed sharply in September, and buyers generally have more time and more properties to choose from than they did earlier in the year. Sellers can still achieve strong results, but pricing, presentation, and understanding the conditions within your specific neighbourhood have become increasingly important. The biggest takeaway is simple: this is not one Greater Victoria market. A well-priced detached home in Saanich can behave very differently from a downtown Victoria condo, a Langford townhome, or a property in Sooke. If you are comparing different areas, our Greater Victoria Neighbourhood Guide breaks down communities throughout Victoria, Saanich, the Westshore, Sooke and surrounding areas. Understanding those local differences matters more than any single market headline. Is Victoria BC Currently a Buyer’s Market? The September numbers moved Greater Victoria into buyer’s market territory, according to the Victoria Real Estate Board. A total of 463 properties sold in September 2026, down 16.4% from September 2025 and 21.7% from August. At the same time, the number of active listings climbed to 3,811, up 4.1% from August and 3.2% from the same time last year. VREB noted that inventory outpaced sales by a degree the region has not experienced in years. Excluding the unusual conditions at the beginning of the pandemic, September marked the first time Victoria had entered buyer’s market territory since January 2015. VREB also cautioned that one month does not necessarily establish a longer-term trend. That does not mean every buyer suddenly has unlimited negotiating power. It means the balance between supply and demand has changed. Buyers are generally facing less competition, while sellers are competing more directly with other available properties. Victoria Real Estate Market September 2026 at a Glance September recorded: 463 total residential sales 239 single-family home sales 137 condominium sales 3,811 active listings Single-family home sales declined 17.3% compared with September 2025, while condo sales declined 11%. That combination matters. Higher inventory gives buyers more alternatives. Lower sales activity means those listings are being absorbed more slowly. Together, those conditions tend to create more negotiating room for buyers and make accurate pricing increasingly important for sellers. For additional context on how changing market conditions affect a move, see our guide on how to buy or sell with confidence in Greater Victoria. Are Victoria Home Prices Falling? Some prices have softened, but the numbers do not point to the same trend across every property type. The MLS® Home Price Index benchmark for a single-family home in the Victoria Core was $1,280,100 in September 2026, down 2% from $1,306,500 in September 2025. It was also down from $1,301,800 in August. For condominiums, the Victoria Core benchmark was $547,800, up 1% from September 2025 but down from $553,600 in August. This is an important distinction. A buyer’s market does not automatically mean prices fall dramatically. Market conditions often change before prices do. Properties may first take longer to sell, experience fewer competing offers, require price adjustments, or sell with more buyer-friendly terms. VREB also cautions against using one month of market data to determine the value of an individual property. The condition, location, price range, property type and immediate competition can all change the picture. What We Expect From the Victoria Real Estate Market This Fall Based on current conditions, we expect October and November to remain favourable for prepared buyers, particularly if inventory stays elevated and sales activity remains subdued. However, there is an important seasonal factor working in the opposite direction. Greater Victoria typically sees inventory decline as the market moves closer to winter. VREB specifically noted that qualified buyers shopping now may have a wider selection than they will later in the year. That creates an interesting window. Buyers currently have relatively strong selection and negotiating conditions. If inventory begins falling through November and December, there may be fewer homes available even if overall demand remains relatively soft. For sellers, we do not expect the remainder of fall to reward aggressive pricing. Instead, homes that are well positioned against their direct competition are likely to have the clearest advantage. What Does the Fall Market Mean for Victoria Home Buyers? For buyers, this may be one of the more interesting periods we have seen in Greater Victoria in several years. More inventory gives buyers the ability to compare properties instead of feeling pressured to make a decision simply because there are few alternatives. It may also create greater flexibility around negotiations. Depending on the property, buyers may have more opportunity to negotiate: Purchase price Completion and possession dates Included items Financing conditions Inspection conditions Other terms that may have been more difficult to secure in a highly competitive market But a slower market is not a reason to stop paying attention to good properties. Well-priced, well-maintained homes can still attract strong interest. The goal should not simply be to find the seller willing to accept the biggest discount. A better question is: Which property offers the strongest combination of price, condition, location, future resale potential and terms? That is where increased choice can become a real advantage. If you are preparing to purchase, learn more about buying a home with Faber Real Estate Group. Should Buyers Wait for Victoria Home Prices to Drop Further? There is no reliable way to know whether a specific home will cost less several months from now. Waiting can make sense when your finances, employment, down payment, or personal timeline are not ready. Waiting simply because the overall market has become more buyer-friendly is a different decision. If prices soften further but the home you want is no longer available, inventory falls, or borrowing costs change, the result may not necessarily be better. For qualified buyers, fall 2026 is less about trying to perfectly time the bottom of the market and more about using the current conditions to make a disciplined purchase. What Does the Fall Market Mean for Victoria Home Sellers? For sellers, the strategy has changed. When inventory is limited, buyers have fewer alternatives. When nearly 3,800 properties are available across the VREB region, your home has to compete more directly for attention. That makes the first few weeks of a listing especially important. Buyers can quickly compare your property against competing homes based on: Price Condition Location Layout Renovations Outdoor space Parking Strata costs Age Overall presentation Overpricing a property simply to “leave room to negotiate” can have the opposite effect. It may cause buyers to focus on better-positioned alternatives. The strongest fall selling strategy starts with understanding the current competition, not simply looking at what a similar property sold for six months ago. We explored this strategy further in our guide to selling your home faster when buyers have more choice. If you are considering selling, you can also learn more about selling your home with Faber Real Estate Group. Should You Sell Your Victoria Home This Fall or Wait Until Spring? There is no universal answer. Spring normally brings more buyers into the market, but it can also bring significantly more competing listings. Fall often has fewer total buyers, but those who remain active may have stronger motivation and clearer timelines. Your decision should depend on: Why you are selling Your desired timeline What type of property you own Where the property is located Your property's current competition Whether you are also buying another home For someone selling and buying in the same market, softer conditions can actually create an interesting trade-off. You may need to be more realistic when selling your current home, but you could gain negotiating power when purchasing the next one. Looking at both sides of the move together often gives a much clearer picture than focusing only on the sale price of your existing home. What Role Will Interest Rates Play This Fall? Interest rates remain one of the biggest variables affecting buyer confidence and purchasing power. As of October 8, 2026, the Bank of Canada’s target for the overnight rate is 2.25%, where it has remained since late 2025. A stable Bank of Canada rate does not necessarily mean mortgage rates will remain unchanged. Fixed mortgage rates are influenced by bond markets and broader economic expectations, while variable-rate products are more directly connected to movements in the Bank of Canada policy rate. For buyers, that makes mortgage planning just as important as negotiating the purchase price. A lower purchase price is valuable, but the overall affordability of a home also depends on your financing, down payment, monthly carrying costs, property taxes, strata fees where applicable, and long-term plans. Is the Victoria Real Estate Market Expected to Recover? The broader provincial outlook points toward gradual improvement rather than a sudden rebound. BCREA’s third-quarter forecast projects BC residential sales to decline 1.2% in 2026 before increasing 7.5% in 2027. BCREA has described the expected recovery as slow and gradual, while noting that active listings remain near their highest levels since 2015. That does not mean Victoria will follow the provincial forecast exactly. Greater Victoria has its own supply, affordability, employment, demographic, and neighbourhood dynamics. It does suggest that buyers and sellers should be cautious about assuming the market will suddenly return to the competitive conditions experienced during the pandemic years. Why Victoria’s Micro-Markets Matter More Than the Headline One of the biggest mistakes buyers and sellers can make is treating Greater Victoria as a single market. Consider the differences between: Victoria Oak Bay Saanich View Royal Langford Colwood Sidney Sooke Then consider the differences between a detached home, condo, townhome, new construction property, waterfront home, or entry-level property. Each can have a different level of inventory, buyer demand, price sensitivity, and negotiating power. Even within the same municipality, two neighbourhoods can behave differently. Our Greater Victoria Neighbourhood Guide can help you compare communities, while our guide to up-and-coming neighbourhoods in Greater Victoria looks more closely at areas attracting buyer attention. That is why the question should not simply be: “Is Victoria a buyer’s market?” A better question is: “What are the market conditions for the type of property I am buying or selling, in the neighbourhood and price range I am considering?” That answer is considerably more useful. Our Fall 2026 Victoria Real Estate Market Forecast For the remainder of fall, we expect Greater Victoria to remain a market where buyers generally have more choice and negotiating power, while sellers need to compete more carefully on price, condition and presentation. Inventory will be the number to watch. If listings begin their normal seasonal decline while sales stabilize, the gap between supply and demand could narrow heading into winter. If sales remain subdued while inventory stays unusually high, buyer-friendly conditions could continue. Either way, September should not be viewed as proof that every home in Greater Victoria is suddenly worth less. It is evidence that the market has changed, and strategies need to change with it. For buyers, that means using increased choice to make better decisions rather than rushing. For sellers, it means understanding your competition, pricing from current evidence, and making sure your home gives buyers a clear reason to choose it. Frequently Asked Questions About the Victoria BC Real Estate Market Is Victoria BC a buyer’s market in fall 2026? Yes. Based on September 2026 data, the Victoria Real Estate Board reported that Greater Victoria had moved into buyer’s market territory. However, VREB also cautioned that one month does not establish a longer-term trend, and conditions can vary significantly by neighbourhood, property type and price range. Are Victoria BC home prices going down? Some segments have softened. The September 2026 benchmark price for a single-family home in the Victoria Core was down 2% year over year, while the condominium benchmark remained 1% higher than September 2025. Both benchmarks declined compared with August 2026. Is fall 2026 a good time to buy a home in Victoria? For qualified buyers, current conditions provide more inventory and generally less competition than Victoria has experienced in tighter markets. Whether it is the right time personally depends on your finances, timeline, property requirements and long-term plans. Start with our Greater Victoria homebuyer resources if you are preparing to purchase. Is fall a good time to sell a home in Victoria? It can be. Motivated buyers remain active during the fall, but sellers are currently facing more competition from other listings. Accurate pricing, strong presentation and understanding your specific market segment are particularly important. Learn more about our approach to selling homes in Greater Victoria. Will Victoria real estate prices fall in 2027? No one can predict future Victoria home prices with certainty. BCREA currently forecasts a gradual improvement in provincial home sales in 2027, but local prices will depend on inventory, buyer demand, mortgage rates, economic conditions and the specific Greater Victoria micro-market. Thinking About Buying or Selling in Greater Victoria? Market headlines are useful for context, but the decision that matters is what is happening in your specific neighbourhood, property type and price range. If you are considering buying or selling in Greater Victoria this fall, our team can provide a current market analysis based on the properties you are actually competing with or considering. Contact Faber Real Estate Group to discuss your next move and build a strategy around today’s market conditions.   Megan W.., 5-Star Review, via Google “As first-time home buyers, we couldn't have asked for a better realtor than Zach Parsons and the Faber Real Estate Group! From day one, Zach made us feel completely supported. He answered every question with patience, gave honest advice, and never made us feel pressured. We put our full trust in him, and he absolutely did not disappoint."   Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧 [email protected] ℹ️ Scott Faber PREC ℹ️ Cal Faber PREC Vanessa Wood, Zachary Parsons, Sophie Taylor Building Lasting Relationships, One Home at a Time.

The Victoria fall real estate market 2026 is shaping up to be active but balanced. August sales were stronger than a year ago, inventory remains healthy, and buyers continue to have enough choice to be selective. That combination matters. We are seeing more activity, but not the conditions that would suggest a return to the highly competitive market of a few years ago. If current trends continue, this fall could create opportunities on both sides: buyers should continue to have selection, while properly priced and well-presented homes can still attract strong interest. What Are Current Victoria Real Estate Trends Telling Us? According to the Victoria Real Estate Board’s August 2026 market report, 591 properties sold across Greater Victoria in August, 12.6% more than August 2025. Single-family home sales increased 15.3% year over year, while condominium sales increased 15.1%. At the same time, there were 3,662 active listings at the end of August. That was 1.7% more than a year earlier, even after inventory declined 4.8% from July. VREB described current conditions as a stable, balanced market. The important part is the combination: Sales are stronger than last year Inventory remains relatively healthy Buyers still have choices Good properties are selling Overpriced listings can still sit That gives us a useful starting point for what the fall market may look like. Will the Victoria Fall Real Estate Market 2026 Be Busier? We expect September and October to remain active, particularly if the momentum from August carries forward. Fall often brings buyers and sellers back into the market after summer travel and vacations. This year, that seasonal shift is starting from a stronger sales base than we saw at the same time last year. However, stronger activity does not automatically mean a seller's market. With more than 3,600 active listings at the end of August, buyers still have alternatives. That means the better description may be: More activity, without widespread urgency. Earlier this summer, we looked at this decision from the buyer's perspective in Should Victoria Buyers Buy Now or Wait Until Fall?. The same principle still applies: waiting only makes sense if something about your personal situation or the available market is likely to improve. Buyers Should Still Have Good Selection Inventory has been one of the defining features of the 2026 Victoria market. Buyers have considerably more opportunity to compare properties than they did during the extremely tight markets of previous years. That means buyers can spend more time comparing: Location Price Property condition Floor plan Strata fees Parking and storage Renovation requirements Days on market Recent comparable sales More inventory does not mean every property is negotiable. However, it does mean buyers often have an alternative if one seller's price or terms do not make sense. For buyers trying to establish a realistic budget before shopping this fall, our guide on how much income you need to buy a home in Victoria breaks down several common Greater Victoria price points and mortgage qualification scenarios. Well-Priced Homes Could Still Sell Quickly One of the biggest misconceptions about a balanced market is that everything sells slowly. That is not what we are seeing. A well-priced home in a desirable location can still generate strong activity, particularly when it compares favourably with competing listings. Consider two similar properties. One launches at a price supported by recent comparable sales, is professionally presented, and is easy for buyers to view. The other enters the market above recent sales because the seller wants to "leave room to negotiate." Buyers now have enough inventory to recognize the difference. Instead of negotiating with the overpriced seller, they may simply buy the better-valued property. This is why the Victoria fall real estate market 2026 could feel competitive for some sellers and slow for others at exactly the same time. Do We Expect Victoria Home Prices to Rise This Fall? A major short-term price increase is not the trend we would plan around. Current conditions point more toward relative price stability than either a rapid increase or significant correction. Healthy inventory limits some of the pressure that normally drives prices quickly higher. At the same time, stronger year-over-year sales suggest there is still meaningful demand in the market. That creates a middle ground. Rather than focusing on whether "Victoria prices" are moving up or down, buyers and sellers should pay closer attention to their specific segment. A detached home in Oak Bay can behave differently from: A downtown Victoria condo A Langford townhouse A new-build condo A family home in Colwood An older Saanich property requiring renovations Greater Victoria is not one market. It is a collection of smaller markets that can behave differently at the same time. Could Condos See More Activity This Fall? Condos are one segment worth watching closely. VREB reported 175 condominium sales in August, up 15.1% from August 2025. That does not guarantee the condo market will strengthen throughout the fall, but the year-over-year improvement is encouraging. Condo buyers are still able to compare similar listings based on factors such as: Strata fees Building condition Depreciation reports Parking Storage Orientation Floor plan Building age Upcoming assessments Location As a result, individual units can perform very differently even within the same building. A good floor plan, desirable exposure, parking, storage, reasonable strata fees, and competitive pricing can matter more than broad condo-market headlines. What Do Interest Rates Mean for the Fall Market? Interest rates remain another important piece of the fall outlook. On September 2, the Bank of Canada held its policy interest rate at 2.25%. The rate has remained at that level since late 2025. For buyers, that provides more stability than a market where borrowing costs are changing rapidly. However, economic uncertainty has not disappeared. The Bank of Canada continues to monitor inflation, economic growth, tariffs, energy prices, and broader global conditions. That means buyers should be careful about building their purchase strategy around predictions of significantly lower mortgage rates. A better approach is to buy based on a monthly payment you can comfortably manage today. What Does BCREA Expect From the B.C. Housing Market? The broader provincial outlook also supports the idea of a gradual market recovery rather than a dramatic surge. In its 2026 Third Quarter Housing Forecast, the British Columbia Real Estate Association forecast B.C. MLS® residential sales to decline 1.2% overall in 2026 before increasing 7.5% in 2027. That forecast reinforces an important point. The market does not need to boom for conditions to improve. A period of stable prices, healthy inventory and gradually improving sales activity can create a healthier environment for both buyers and sellers. Expect More Negotiation on Listings That Have Been Sitting Fall could provide good negotiating opportunities, but buyers need to know where to look. A new listing that is priced correctly may leave very little room for negotiation. A property that has been on the market for 40, 60 or 90 days may be a different conversation. Buyers should look for: Longer days on market Previous price reductions Vacant properties Sellers with specific timing needs Listings competing against several similar homes Properties requiring renovations or updates Price is also not the only part of an offer worth negotiating. Our guide to what buyers should negotiate beyond the purchase price looks at deposits, subjects, possession dates, included items, due diligence periods and other terms that can materially affect a purchase. What Could Change the Victoria Fall Real Estate Market 2026? There are three major trends we will be watching throughout the fall. 1. Inventory If sales remain strong while fewer new listings reach the market, conditions could gradually become more competitive. Inventory also typically declines as we move toward winter, so the relationship between new listings and sales will matter more than either number on its own. 2. Interest Rates Mortgage affordability will continue to influence buyer purchasing power. Even modest changes in mortgage rates can affect monthly payments and the price range buyers are comfortable considering. 3. Buyer Confidence Real estate decisions are not based on numbers alone. Employment, economic uncertainty, trade conditions, inflation and consumer confidence can all affect whether buyers decide to move forward or wait. These forces are one reason we prefer using current market evidence rather than making aggressive predictions about where prices will be several months from now. What Should Buyers Expect This Fall? For buyers, this fall could offer a useful balance between selection and activity. There should still be opportunities to compare listings, conduct proper due diligence and negotiate when a property has been sitting. However, buyers should not assume every listing will eventually reduce its price. When a well-priced home appears in a desirable location, being prepared matters. Before actively shopping, buyers should ideally have: Financing organized A comfortable monthly budget established Target neighbourhoods identified Clear priorities An understanding of recent comparable sales A strategy for writing an offer if the right property appears You can also explore our current Greater Victoria developments if new construction or pre-sale opportunities are part of your search. What Should Sellers Expect This Fall? Sellers may benefit from increased fall activity, but buyers are unlikely to overlook poor positioning simply because more people are searching. Before listing, sellers should understand: What is currently for sale nearby What recently sold Which competing listings reduced their prices How their home compares in condition Which price range reaches the largest buyer pool Whether similar homes are selling or sitting The first few weeks of a listing remain extremely important. A seller who starts too high may spend the strongest period of buyer attention chasing the market downward later. Our Victoria Fall Real Estate Market 2026 Outlook Based on the trends available today, we expect the fall market to be characterized by: Steady sales activity Healthy buyer selection Relatively stable prices Continued buyer selectiveness Strong activity around well-priced homes More negotiating power on stale or overpriced listings Gradually declining inventory as winter approaches Significant differences between neighbourhoods and property types The strongest signal from the current market is not that buyers or sellers clearly have the upper hand. Instead, the advantage increasingly belongs to whoever understands the specific property and micro-market better. Planning a Move in Greater Victoria This Fall? Market statistics are a useful starting point, but they do not tell you whether a specific home in Langford, Saanich, Oak Bay, Victoria, Colwood or View Royal is priced correctly. If you are considering buying or selling this fall, our team can break the market down by neighbourhood, property type, price range, recent comparable sales and current competition. You can also learn more about our approach on our Buy With Us page or Sell With Us page. The fall market may create opportunities, but the best strategy is not trying to predict every move the market will make. It is understanding today's conditions well enough to recognize a good decision when it appears.   Cammie J., 5-Star Review, via Google “I can’t say enough good things about working with Scott and Sophie at Faber Real Estate Group. Their communication was fantastic from start to finish, and they patiently worked with us for six months while we looked for a very specific type of house in a specific area of town. We found our perfect house because Scott knew it was coming on the market, which speaks to their experience and local knowledge. They were professional, responsive, informed, and always followed through. They also continued to support us after the sale, helping with contacts, moving-day details, paperwork, and making sure everything went smoothly. They made the whole experience feel positive and well supported. I cannot recommend Scott and Sophie enough.!”   Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧 [email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.”

Understanding how tariffs affect Victoria real estate starts with recognizing that tariffs do not directly determine home prices. Instead, they can influence the cost of building and renovating homes, inflation, interest rates, consumer confidence, and ultimately how much housing gets built. That distinction matters following Canada's latest round of counter-tariffs, which took effect September 8, 2026. Canada has imposed tariffs of 15%, 25%, and 50% on approximately $27.6 billion of U.S. imports in response to new U.S. trade measures. The affected categories include steel, aluminum, appliances, electronics, and other products that can intersect directly with residential construction and renovation. For Greater Victoria, the biggest question is not whether tariffs will immediately push resale prices higher or lower. It is how these additional costs and economic uncertainty could affect buyers, builders, and future housing supply. How Could Tariffs Affect Victoria Real Estate? The short answer is that tariffs could create upward pressure on construction costs while simultaneously creating downward pressure on housing demand. That means their effect on real estate is not necessarily one-directional. Potential impacts include: Higher costs for some construction materials More expensive appliances and building components Increased renovation costs Greater uncertainty for developers Possible delays or cancellations of new projects Additional inflation pressure Mortgage-rate uncertainty More cautious buyers and businesses The result depends on which of these forces becomes strongest. 1. New Homes Could Become More Expensive to Build This is probably the most direct connection between tariffs and housing. Canada's newest counter-tariffs include various steel and aluminum products, as well as appliances and electronics. Some steel and aluminum products used in structures, windows, doors, framing components, and other building applications are subject to tariffs as high as 50%. See Canada's September 2026 counter-tariff measures Builders do not necessarily absorb those costs themselves. Over time, higher material and equipment costs can be reflected through: Higher new-home prices Changes to finishing packages Reduced developer margins Project redesigns Longer construction timelines Fewer projects moving forward That is particularly relevant in Langford, Colwood, Saanich, Victoria, and other growing parts of Greater Victoria, where new condominiums and townhomes play an important role in increasing housing supply. Buyers interested in new construction can also explore our current Greater Victoria developments to compare new-build opportunities already available in the region. 2. Construction Costs Were Already Rising Tariffs are arriving in a construction environment where costs have already been moving higher. Statistics Canada reported that residential building construction costs across 15 Canadian metropolitan areas increased 0.5% during the second quarter of 2026 and 2.3% year over year. Statistics Canada also specifically identified retaliatory tariffs, supply-chain disruption, fuel costs, and trade uncertainty as pressures affecting builders. Statistics Canada: Building Construction Price Indexes, Q2 2026 The September tariffs therefore do not create the construction-cost issue from scratch. They add another layer of uncertainty to an industry already dealing with elevated labour, financing, transportation, and material costs. 3. Renovations Could Cost More Too The effect is not limited to brand-new developments. Homeowners planning renovations could also see higher costs for certain: Appliances Windows and doors Metal products Electrical components Fixtures Construction equipment Imported building materials This may change the calculation for both buyers and sellers. For example, buyers comparing a renovated home with a property requiring $100,000 in improvements may place greater value on the move-in-ready option if renovation costs become harder to predict. We have already seen Greater Victoria buyers becoming more selective about property condition. That makes understanding how maintenance and upgrades affect home value increasingly important. 4. Could Tariffs Push Mortgage Rates Higher? This is where the effect becomes less predictable. Tariffs can increase the cost of imported goods, which can contribute to inflation. Higher or persistent inflation can make it harder for the Bank of Canada to lower interest rates. On September 2, 2026, the Bank of Canada held its policy rate at 2.25%. The Bank specifically warned that new U.S. tariffs and Canadian counter-tariffs could raise business costs and eventually feed into consumer prices. Bank of Canada September 2026 interest-rate decision However, tariffs can also weaken economic growth. If businesses invest less, hiring slows, or consumers become more cautious, weaker economic conditions can create pressure in the opposite direction. That creates an unusual situation: tariffs can be inflationary while also slowing economic growth. For real estate buyers, that means trying to predict mortgage rates solely from tariff headlines is unlikely to be useful. Instead, focus on what you can afford under current financing conditions. Our guide on how much income you need to buy a home in Victoria provides a useful starting point. 5. Tariffs Could Slow New Housing Supply One of the more important long-term questions is whether higher development costs result in fewer homes being built. Canada Mortgage and Housing Corporation already expects new housing construction to weaken, particularly in British Columbia and Ontario, due to high construction costs, weaker demand, and unsold inventory. CMHC's summer 2026 outlook expects housing starts to decline further as developers respond to these conditions. CMHC Summer 2026 Housing Market Outlook Tariffs could add another hurdle. If the cost of completing a project rises while buyers remain price-sensitive, fewer developments may meet the financial thresholds developers need to proceed. That matters because reducing construction today can create a supply issue several years from now. 6. Will Tariffs Cause Victoria Home Prices to Rise? Not necessarily. This is one of the most important points when discussing how tariffs affect Victoria real estate. Higher construction costs can support higher replacement costs for housing, but that does not automatically mean resale prices rise. Home prices are also affected by: Mortgage rates Employment Household income Population growth Available inventory Buyer confidence Housing supply Local demand Greater Victoria currently has substantially more choice than buyers experienced during the pandemic-era market. The Victoria Real Estate Board reported 591 sales during August 2026, up 12.6% from August 2025. At the same time, there were 3,662 active listings, 1.7% more than a year earlier. VREB described current conditions as stable and balanced. Victoria Real Estate Board August 2026 statistics That means tariffs are entering a market that currently has reasonable inventory and more buyer choice, rather than an extremely supply-constrained seller's market. For more local context, read our Victoria Real Estate Market Outlook. Could Move-In-Ready Homes Become More Attractive? Potentially. If renovation and material costs continue increasing, buyers may become even more conscious of the cost of improving a property after possession. Imagine comparing two homes: Home A: $950,000 and recently renovated. Home B: $875,000 but requires a kitchen, windows, appliances, flooring, and other improvements. The $75,000 price difference may initially make Home B appear like the better value. However, if renovation costs increase or become difficult to estimate, the financial advantage may disappear quickly. The better question is not simply which home costs less today. It is which home offers the better total cost of ownership over the next several years. Buyers should also remember that price is only one part of an offer. Our guide to what buyers should negotiate beyond the purchase price explains some of the other terms that can matter. What Should Victoria Buyers Do? Buyers should avoid making major decisions based on tariff headlines alone. Instead: Understand your current financing Compare new construction with resale Get realistic estimates before buying a renovation project Consider the age and condition of major systems and appliances Maintain additional room in your budget for unexpected costs Evaluate properties based on current market value rather than predicted future appreciation A well-priced property that fits your budget and long-term plans can still make sense regardless of short-term trade policy. What Should Victoria Sellers Do? Sellers should pay close attention to property condition. If renovation costs rise, buyers may become more sensitive to homes requiring substantial work. That does not mean every seller needs to renovate before listing. In many cases, spending heavily before selling is unnecessary. Instead, sellers should understand which improvements are likely to influence buyer perception and which projects are unlikely to provide an adequate return. Pricing remains especially important in a balanced market where buyers have alternatives. What Should Buyers of New Construction Watch? People buying new construction or pre-sales should pay particular attention to: Developer track record Construction timelines Disclosure statements Contract provisions Deposit schedules Completion estimates Financing at completion Included appliances and finishes Potential changes permitted under the contract Rising construction costs do not mean every development will experience problems. However, they make understanding the financial strength of the project and the purchase agreement even more important. What Tariffs Mean for Victoria Real Estate Going Forward The biggest mistake would be assuming tariffs automatically mean Victoria home prices are heading higher. The relationship is more complicated. When considering how tariffs affect Victoria real estate, watch three areas closely: Construction costs: Are materials and appliances becoming meaningfully more expensive? Mortgage rates: Does tariff-related inflation make further rate reductions more difficult? Housing supply: Do higher development costs result in fewer new projects moving forward? Those factors will tell us far more than any single tariff announcement. Greater Victoria entered this latest period of trade uncertainty with relatively healthy inventory and balanced market conditions. That gives buyers more room to compare options, while sellers need to remain realistic about price, condition, and competition. Making a Real Estate Decision in an Uncertain Market Tariffs are another variable buyers and sellers need to understand, but they should not become the entire strategy. Real estate remains highly local. A well-priced home in Oak Bay may respond differently from a new condo in Langford, a townhouse in Colwood, or a renovation property in Saanich. If you are considering buying, selling, or purchasing new construction in Greater Victoria, we can help you look beyond the headlines and compare current inventory, recent sales, financing considerations, and local market conditions before you make a decision.   Debbie J., 5-Star Review, via Google “We recently purchased a new condo in Langford with help from Scott Faber @ Faber Real Estate Group/Royal LePage! Scott was very knowledgeable & helpful! Making a smooth transition from beginning to completion! He is always quick to respond with all our inquiries & continues to be available for us! We are loving our new home! We would recommend reaching out to Scott for all your real estate needs! Thank you Scott!” Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧 [email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.”

Becoming a Landlord in Victoria: What New Homeowners Should Know in 2026 Becoming a landlord in Victoria can be an effective way to offset homeownership costs, build long-term equity, or turn an existing property into an income-producing asset. However, the rental market has shifted, which means new landlords need to approach pricing and planning differently than they may have a year ago. Current rental data shows that Victoria's median rent has fallen to approximately $2,092 per month, down 12.7% year over year. That is roughly $419 less per month than renters were paying during the higher-priced rental environment of 2025. For homeowners considering renting out a condo, secondary suite, or entire property, those numbers highlight an important point: becoming a landlord in Victoria is still an opportunity, but realistic expectations matter. Victoria Rents Have Cooled Victoria remains one of Canada's more expensive rental markets. At approximately $2,092 per month, the city's median rent is around 7.8% higher than the national median of $1,940. However, the direction of the market matters just as much as the headline rent. After rents reached approximately $2,500 per month during the 2025 peak, tenants now appear to have somewhat more negotiating power and choice. New landlords therefore cannot necessarily assume that a property will rent immediately simply because it is located in Victoria. Pricing, condition, location, parking, storage, pet policies, utilities, and overall presentation can all influence how quickly a rental attracts a qualified tenant. What Are Different Properties Renting For? Current median asking rents provide a useful starting point: Studio: approximately $1,719/month 1 bedroom: approximately $1,986/month 2 bedroom: approximately $2,650/month 4+ bedrooms: approximately $5,750/month Apartments account for roughly 91.5% of the rentals represented in the current data, giving renters significant choice within the condo and apartment market. That competition matters for anyone purchasing a condo with plans to rent it out. Two similar one-bedroom condos may generate very different levels of tenant interest depending on whether one includes parking, storage, air conditioning, a balcony, in-suite laundry, or a better location. Don't Base Your Mortgage Decision on the Highest Rent You See Online One of the biggest mistakes a first-time landlord can make is building their financial plan around an optimistic rental number. Seeing another unit advertised for $2,300 per month does not necessarily mean your property will achieve the same result. Instead, look at several comparable rentals and consider: Location and neighbourhood Bedroom and bathroom count Square footage and floor plan Parking Storage In-suite laundry Outdoor space Building age and amenities Pet restrictions Utilities included Overall condition and finishes It may be better financially to secure a strong tenant at a competitive rent than to leave a property vacant for several weeks while trying to achieve an additional $100 or $150 per month. For example, losing one month of $2,000 rent while holding out for another $100 per month would take roughly 20 months of the higher rent just to recover that vacancy. Rental Income Is Not the Same as Rental Profit A property renting for $2,100 per month does not automatically generate $2,100 of monthly profit. New landlords should account for expenses such as: Mortgage payments Property taxes Strata fees Home insurance Landlord insurance Repairs and maintenance Property management Utilities, when included Periods of vacancy Appliance replacement Unexpected repairs Creating a reserve fund can make owning a rental property considerably less stressful. Eventually, something will need replacing or repairing. Planning for those expenses before they occur is much easier than dealing with them unexpectedly. Condo Owners Need to Look Beyond the Unit For condo owners, becoming a landlord involves more than simply finding a tenant. The building itself matters. Before purchasing a condo that may eventually become a rental, review the strata documents carefully and understand any applicable rental, pet, parking, move-in, and insurance requirements. It is also important to consider whether the building will appeal to renters. A well-designed one-bedroom condo near transit, employment, shopping, recreation, and everyday services may perform differently from a larger property that requires tenants to drive everywhere. Convenience often carries significant value in the rental market. Consider Your Tenant When Buying the Property Investors sometimes focus almost entirely on what they personally like about a home. A better question is: Who would realistically rent this property? A studio near downtown may appeal to students or young professionals. A two-bedroom condo with parking could appeal to couples, roommates, or small families. A home with a legal or secondary suite may allow an owner to live upstairs while using rental income from the suite to offset monthly ownership costs. Understanding the likely tenant helps you evaluate whether the property's layout, location, amenities, and price make sense as an investment. A Softer Rental Market Can Reward Better Landlords Falling rents do not necessarily mean owning rental property is a poor investment. Instead, they can shift the advantage toward landlords who offer well-maintained properties at realistic prices. When tenants have more options, the properties that stand out are often the ones that are: Clean and well maintained Professionally presented Competitively priced Conveniently located Clearly advertised Managed responsibly Good tenants are also evaluating landlords. A professional rental experience can encourage longer tenancies, fewer vacancies, and a healthier landlord-tenant relationship. Think Long Term For many homeowners, rental income is only one component of the investment. A property may also provide: Mortgage principal repayment Long-term property appreciation Flexibility to move while retaining the property Rental income Potential future redevelopment or renovation opportunities That is why buying solely based on today's rental income can be shortsighted. The stronger question is whether the property makes sense financially today while still fitting your longer-term real estate strategy. Thinking About Becoming a Landlord in Victoria? Before buying a property specifically for rental purposes, it helps to understand both sides of the equation: what the property is likely to cost and what tenants are realistically willing to pay. With Victoria's median rent currently around $2,092 per month and rents down approximately 12.7% compared with last year, conservative planning is especially important. We can help you compare properties based not only on purchase price, but also expected rental demand, layout, location, strata considerations, resale potential, and long-term value. Sometimes the best rental property is not the one with the highest advertised rent. It is the one that gives you the strongest combination of consistent demand, manageable ownership costs, and long-term flexibility. Ready to Explore Rental Property Options? If you are considering purchasing your first investment property, buying a home with a secondary suite, or turning your current property into a rental, we can help you look at the numbers before making the decision.   Darren L. 5-Star Review, via Google “Fabulous job from Cal, Scott and Vanessa. They were professional, have strong negotiating skills and had a proactive strategy as the house sold very quickly (within a day the offer was accepted) and for the asking price. Highly recommending the Faber Group if you’re buy or selling. Truly a group that is there to put the client first and foremost.”   Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧 [email protected] Scott Faber PREC Cal Faber PREC Vanessa Wood, Zachary Parsons, Sophie Taylor Building Lasting Relationships, One Home at a Time.  

The Victoria real estate market in August 2026 is entering the second half of summer with plenty of inventory, steady buyer activity, and more room for negotiation in certain parts of the market. July gave us a useful starting point. A total of 673 properties sold across the Victoria Real Estate Board region, while 3,847 active listings remained available at the end of the month. Sales slowed slightly from June, but buyers remained active. So, what could August bring? The most likely scenario is not a dramatic market shift. Instead, we expect many of the trends seen through early summer to continue: buyers remaining selective, inventory gradually tightening, and properly priced homes continuing to outperform listings that miss the market. August Market Outlook at a Glance Based on July's market conditions, August could bring: Slightly fewer new listings as summer continues Continued selection for buyers across many property types More negotiation opportunities on homes that have been sitting Stronger activity around well-priced and well-presented properties Continued competition among condo sellers Relatively stable financing conditions heading into September August is also likely to remain highly dependent on the individual neighbourhood, property type, and price range. Inventory Could Begin to Tighten One number worth watching closely is inventory. Greater Victoria ended July with 3,847 active listings, down from the 4,054 listings available at the end of June. That does not mean buyers are suddenly running out of options. However, it may signal the beginning of the normal late-summer shift as fewer homeowners choose to launch listings during vacation season. If new listings slow while buyers remain active, some of the best properties could face stronger competition. For buyers waiting for significantly more selection later in August, there is no guarantee that will happen. Buyers May Continue to Have Negotiating Room More inventory has changed the way many buyers approach the market. Rather than feeling pressure to make an offer simply because a suitable home becomes available, buyers can often compare multiple properties and determine where the strongest value exists. That can create opportunities to negotiate beyond the purchase price, including: Possession dates Included items Repairs Subject periods Deposits Closing timelines However, negotiation power depends heavily on the property. A home that has been sitting for several weeks with limited activity may offer considerably more flexibility than a well-priced property that has just reached the market. Internal link: What Buyers Should Negotiate Beyond the Purchase Price The Best Homes Could Still Sell Quickly More inventory does not automatically mean every home will sit on the market. One of the clearest patterns we continue to see is the difference between properties that are positioned properly and those that are not. Buyers have more choices, which means they can quickly compare price, condition, location, layout, and overall value. Homes that check several of those boxes can still generate strong interest. Meanwhile, an overpriced property may sit even when similar homes nearby are selling. Condo Sellers May Face More Competition The condo market remains one area worth watching closely in August. July saw 209 condo sales, down 7.1% from July 2025. By comparison, single-family home sales increased year over year. That difference does not mean condos are performing poorly everywhere. Instead, buyers often have more comparable options available within the same building, neighbourhood, or price range. For condo sellers, small differences can matter. Floor plan, orientation, parking, storage, strata condition, fees, building reputation, and asking price can all influence which unit a buyer chooses. Internal link: Why Condos Are Facing More Competition in Victoria Right Now Prices Are Likely to Remain Relatively Stable The Victoria Core benchmark price for a single-family home was $1,311,000 in July, down from $1,326,500 in June. The benchmark condo price reached $548,600, compared with $549,200 in June. Those movements point toward a market experiencing some price pressure rather than a sharp correction. For August, buyers and sellers should pay more attention to recent comparable sales than broad regional headlines. Greater Victoria is made up of many smaller markets. A detached home in Saanich East can behave differently from a condo in downtown Victoria or a townhouse in Langford. Interest Rates Should Provide Some Stability Financing will continue to influence buyer confidence. The Bank of Canada held its policy interest rate at 2.25% on July 15, and there is no scheduled rate announcement during August. The next decision is scheduled for September 2, 2026. That does not mean mortgage rates cannot change during August, since fixed mortgage rates are influenced by bond markets rather than directly following the Bank of Canada overnight rate. Still, the absence of a Bank of Canada decision during the month removes one potential source of uncertainty for buyers actively shopping now. What August Means for Buyers August could be a useful window for buyers who are prepared but patient. There is still enough inventory in many parts of Greater Victoria to compare options, while some sellers who listed earlier in the summer may become more open to negotiating. The key is separating a genuine opportunity from a property that is simply priced poorly. Before making an offer, look at: Recent comparable sales Current competing listings Days on market Previous price adjustments Property condition Monthly ownership costs Potential upcoming repairs Long-term resale considerations The goal is not simply to get a discount. It is to buy the right property at terms that make sense. What August Means for Sellers For sellers, August is less about waiting for the market to do the work and more about positioning your property correctly. Buyers currently have enough selection to recognize when something feels overpriced. A strong August listing strategy should consider the homes currently competing for the same buyer, not simply what similar properties sold for several months ago. Presentation also matters. When buyers have choices, photography, condition, floor plan, maintenance, staging, and pricing all contribute to the first impression. Should You Buy or Sell in August? There is no universal answer. August may make sense for a buyer who finds the right property and has room to negotiate. It may also be a strong time for a seller whose home faces limited direct competition. For someone with flexibility, waiting for the fall market may offer different opportunities as more buyers and sellers return after summer. The better question is not whether August is a good month for real estate. It is whether current conditions are favourable for your particular property, price range, neighbourhood, and goals. Internal link: Should Victoria Buyers Act Now or Wait for the Fall Market? Planning a Move This August? If you are considering buying or selling in Greater Victoria this month, we can look beyond the regional numbers and break down what is happening in your specific market. Whether you are comparing listings, deciding when to make an offer, or trying to determine how your home should be positioned against current competition, having current neighbourhood-level information can make the decision much clearer.   Darcy M., 5-Star Review, via Google ⭐⭐⭐⭐⭐ “I highly recommend the Faber Group and particularly Zach Parsons to anyone looking to buy or sell a home in the Victoria area. Over the past year, Zach has helped my wife and I purchase two homes, and both experiences were exceptional from start to finish. Zach is obviously knowledgeable about the Greater Victoria area, and his knowledge of the Victoria real estate market is a testament to dedication to his job and his clients." Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧 [email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.”

The Victoria real estate market in July 2026 continued to give buyers plenty of choice while still producing a solid level of sales activity. A total of 673 properties sold across the Victoria Real Estate Board region in July, just 1% fewer than July 2025 and 6.4% fewer than June. At the same time, 3,847 active listings remained on the market at month-end - 3.9% more than one year earlier. (Victoria Real Estate Board) The takeaway is not that Greater Victoria has suddenly become a slow market. Instead, buyers have more options, sellers have more competition, and individual properties are behaving very differently depending on location, property type, condition, and price. July 2026 Market at a Glance According to the Victoria Real Estate Board: 673 total sales - down 1% year over year 331 single-family home sales - up 4.1% year over year 209 condo sales - down 7.1% year over year 82 townhouse sales - down 15.5% year over year 3,847 active listings - up 3.9% year over year, but down 5.1% from June Victoria Core single-family benchmark: $1,311,000 Victoria Core condo benchmark: $548,600 Victoria Core townhouse benchmark: $857,300 VREB also noted that July sales finished above the five-year average for the month, despite the greater amount of inventory available to buyers. (Victoria Real Estate Board) More Choice Is Changing Buyer Behaviour The biggest story continues to be selection. While active inventory eased from June, buyers still had more properties available than they did at the same point last year. That gives many buyers more time to compare homes rather than feeling pressured to act immediately. However, more inventory does not mean every seller is highly negotiable. Well-priced homes in desirable locations can still attract attention quickly. The difference is that buyers now have more alternatives when a property feels overpriced, needs substantial work, or does not compare favourably with competing listings. This is especially noticeable in the condo market. Condo sales fell 7.1% from July 2025, while detached home sales actually increased 4.1%. That difference reinforces why looking at Greater Victoria as one single market can be misleading. (Victoria Real Estate Board) For a closer look at this segment, read Why Condos Are Facing More Competition in Victoria Right Now. Read the condo market article Prices Continued to Soften in the Victoria Core The MLS® HPI benchmark for a single-family home in the Victoria Core reached $1,311,000 in July, down 2.8% from $1,348,400 one year earlier and down from $1,326,500 in June. For condos, the July benchmark was $548,600, down 2.2% year over year and only slightly below June's $549,200 benchmark. (Victoria Real Estate Board) These numbers suggest some price pressure, but they should not be interpreted as meaning every home has dropped by the same amount. A renovated family home in Saanich, a downtown condo, an Oak Bay character home, and a newer Langford townhouse can all face very different levels of competition. That is why understanding your specific micro-market matters more than relying on one regional number. Why Greater Victoria Real Estate Is So Micro-Market Specific What July's Market Means for Buyers For buyers, the Victoria real estate market in July 2026 offered something valuable: time to compare. In many segments, buyers can look more closely at: Recent comparable sales Competing active listings Property condition and upcoming maintenance Strata documents and financials Monthly ownership costs Days on market Price reductions Offer terms and possession dates Long-term resale potential The opportunity is not simply to negotiate the lowest price. It is to use the additional selection to find the property offering the strongest combination of price, condition, location, and long-term fit. What July's Market Means for Sellers For sellers, additional inventory means your home needs a clear reason for buyers to choose it. Pricing based solely on what a neighbour sold for six months ago can create problems. Today's buyers are comparing your property with what else they can purchase right now. Strong results are still possible, but three factors matter considerably: 1. Pricing Your asking price needs to reflect current competing inventory and recent sales. 2. Presentation When buyers have several options, condition, photography, maintenance, layout, cleanliness, and overall presentation can influence which homes make the shortlist. 3. Positioning Every property has different strengths. The goal is to understand which buyer is most likely to value those strengths and build the marketing strategy around them. The Bottom Line July was not an inactive month. 673 sales and activity above the five-year July average show that buyers are still making moves. What has changed is how much choice they have while making those decisions. (Victoria Real Estate Board) For buyers, that can create better opportunities to compare, complete due diligence, and make thoughtful decisions. For sellers, it raises the importance of competitive pricing and strong presentation from the moment the property reaches the market. Most importantly, Greater Victoria remains a collection of individual micro-markets. Whether conditions favour you depends far more on your neighbourhood, property type, price range, and competition than on a single regional headline. Wondering What July's Market Means for Your Move? If you are considering buying or selling in Greater Victoria, we can break the July numbers down to the level that actually matters - your neighbourhood, property type, price range, and current competition. Contact Faber Real Estate Group for a current market analysis and a strategy based on the homes buyers and sellers are competing with today. Nicholas D., 5-Star Review, via Google ⭐⭐⭐⭐⭐ “Scott is an awesome realtor and real estate advisor. He got me all the information I needed incredibly quick and helped me make an informed buying decision. Couldn’t have done it without him and 10/10 will be recommending him to my friends and family! There are thousands of realtors on the island, but Scott and his team are by far the best” Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧 [email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.” Market statistics sourced from the Victoria Real Estate Board's August 4, 2026 July market report. VREB cautions that market statistics show broader trends and do not establish the value of an individual property. (Victoria Real Estate Board)  

Victoria condo market competition has increased because buyers have more properties to compare, condo sales have slowed, and similar listings are often competing for the same price-sensitive buyer. This does not mean every condo is difficult to sell. Well-priced homes in desirable buildings can still attract strong interest. It does mean buyers are looking more carefully at the complete package before deciding which condo offers the best value. The Short Answer Victoria condos are facing more competition because: Overall housing inventory has increased Condo sales have slowed more than detached home sales Buyers have more time to compare similar units Monthly strata costs affect affordability Building condition matters more when choices are available Newer and resale condos may compete for the same buyers In June 2026, 182 condominiums sold across the Victoria Real Estate Board region, a 26.9% decrease from June 2025. Overall active listings reached 4,054, up 7.3% year over year. The Victoria Core condo benchmark was $549,200, down 1.9% from the previous June. More Inventory Changes How Buyers Make Decisions When inventory is limited, buyers may need to decide quickly because another suitable option may not appear soon. When more listings are available, buyers can compare several condos before writing an offer. They may look at: Price and monthly payment Strata fees Parking and storage Floor plan and natural light Building age and maintenance Depreciation reports Contingency reserve funds Insurance deductibles Pet and rental bylaws Upcoming repairs or assessments This creates direct competition between listings that might not appear identical at first glance. A buyer may compare an older, larger condo in Victoria with a smaller unit in a newer building. Another may compare a walkable downtown location with a newer Westshore property offering parking, storage, and lower maintenance concerns. As explained in Why Greater Victoria Real Estate Is So Micro-Market Specific, property type, price range, location, and buyer profile can all create different market conditions within the same region. Condos Often Compete Within Narrow Price Ranges Many condo buyers are shopping within firm monthly affordability limits. A difference of $25,000 in purchase price may seem manageable, but the calculation changes when buyers add: Mortgage payments Strata fees Property taxes Insurance Utilities Parking costs Potential assessments This means a condo with a lower asking price does not automatically offer better value. A slightly more expensive unit may compete successfully if it includes secure parking, storage, a heat pump, better building maintenance, or lower expected repair costs. Practical features can become especially important when several listings offer similar square footage and finishes. Read Why Parking and Storage Matter When Buying a Condo for a closer look at how these features affect everyday use and resale appeal. The Building Matters as Much as the Unit A renovated kitchen may help a condo make a strong first impression, but buyers are also assessing the building behind it. They want to understand whether the strata has planned responsibly for future expenses. Two similar units can receive very different reactions when one building has: A healthy contingency reserve fund Clear maintenance planning A current depreciation report Reasonable strata fees Completed major projects Organized strata records The other may have deferred maintenance, unclear financial planning, or a possible special assessment. When buyers have several choices, uncertainty can quickly become a reason to move on to another listing. Resale Condos May Also Compete With Newer Homes Depending on the neighbourhood and price range, buyers may compare a resale condo with recently completed or move-in-ready new construction. Newer condos may offer modern heating and cooling, updated building systems, home warranty coverage, contemporary finishes, or electric vehicle infrastructure. Resale properties can still compete well, especially when they offer larger floor plans, established neighbourhoods, stronger walkability, lower purchase prices, or a proven strata history. The goal is not to make every condo look new. It is to clearly explain why that specific property offers value. What This Means for Condo Sellers Condo sellers need to price and position their home against what buyers can purchase today, not what a similar unit sold for during a tighter market. A strong strategy should consider: Active competing listings Recent comparable sales Price reductions in the building or neighbourhood Current days on market Strata fees and upcoming projects Parking and storage Condition and presentation The most likely buyer profile Good presentation still matters, but presentation cannot correct a price that ignores the current competition. Buyers should be able to understand the condo’s strongest advantages quickly. These might include walkability, views, outdoor space, quiet exposure, building management, recent upgrades, parking, storage, or a functional floor plan. What This Means for Condo Buyers More competition between listings can create better conditions for buyers. You may have more time to review documents, compare monthly costs, request conditions, and negotiate terms. However, not every listing will offer the same amount of flexibility. The strongest condos can still attract interest when they are: Priced accurately Located in desirable areas Well maintained Supported by strong strata records Difficult to replace within their price range The opportunity is not simply finding the lowest price. It is finding the best balance of location, condition, building quality, monthly cost, and future resale appeal. For more guidance, read Market Trends: What Buyers Should Watch in Greater Victoria. The Bottom Line Victoria condos are facing more competition because buyers have more choice and are taking more time to compare value. For sellers, this market rewards accurate pricing, strong presentation, organized strata information, and clear positioning. For buyers, it creates room to be selective and complete careful due diligence. Victoria condo market competition is not affecting every building equally. The condos that stand out are usually the ones that offer a clear reason to choose them over the alternatives.   Thinking About Buying or Selling a Condo in Victoria? Whether you are preparing to list or comparing available condos, understanding the competition within the building, neighbourhood, and price range can shape a better decision. Contact Faber Real Estate Group for a condo-specific market analysis and a clear strategy based on current listings, recent sales, building quality, and the features buyers are prioritizing right now.   Nicholas D., 5-Star Review, via Google “Scott is an awesome realtor and real estate advisor. He got me all the information I needed incredibly quick and helped me make an informed buying decision. Couldn’t have done it without him and 10/10 will be recommending him to my friends and family! There are thousands of realtors on the island, but Scott and his team are by far the best”   Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧 [email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.”

Summer can be a practical time to make a move in Greater Victoria. The days are longer, homes often show well, families may be trying to move before the school year starts, and buyers tend to have more flexibility for showings and open houses. But summer is not automatically easier. The summer real estate market Greater Victoria buyers and sellers are entering still requires preparation, realistic expectations, and a clear understanding of how your specific property type, price range, and neighbourhood are performing. According to the Victoria Real Estate Board, 719 properties sold in the region in June 2026, down 5.5% from June 2025 and slightly up from May 2026. Active listings reached 4,054 at the end of June, a 7.3% increase from the same time last year. VREB described the market as active and balanced, with more choice for buyers than in the low-inventory years. That means buyers may have more room to compare options, while sellers need to be more thoughtful about pricing, presentation, and strategy. For Buyers: More Choice Does Not Mean No Competition More listings can be helpful, but it does not mean every buyer suddenly has an easy path. The right homes can still attract strong interest, especially when they are well-priced, well-presented, and located in desirable areas. Buyers should avoid assuming that more inventory means they can move slowly on every property. Before viewing homes, it helps to be clear on: Your budget beyond the pre-approval Your preferred areas and commute Your must-haves versus nice-to-haves Your comfort level with strata fees, insurance, maintenance, or renovation work Your ideal possession timeline Your offer strategy if the right home comes up A stronger summer buying plan starts before the first showing. If you are still refining your search, our post on building a better home search plan is a helpful place to start. For Sellers: Presentation and Pricing Matter More Than Season Summer can help a listing feel bright, welcoming, and easy to imagine living in. Gardens are fuller. Natural light is stronger. Outdoor spaces are easier to enjoy. For many homes, this creates a valuable first impression. But good weather does not replace good strategy. In a market with more active listings, buyers have options. They are comparing price, condition, layout, location, parking, storage, strata documents, future costs, and lifestyle fit. A home that is priced too far ahead of the market can sit, even during a strong seasonal window. Sellers should focus on: Pricing based on current competing listings, not only past sales Clean, simple presentation Strong photography and marketing Easy showing access where possible Clear communication around timelines A realistic plan if feedback points to price resistance If you are preparing to list, our post on why sellers should not ignore competing listings is especially relevant. Summer Timelines Can Move Quickly Summer can create timing pressure. Buyers may want to move before September. Sellers may be balancing vacations, family plans, showings, and moving logistics. Contractors, inspectors, lawyers, mortgage brokers, and strata managers may also have busier schedules or holiday availability to consider. That makes preparation important. For buyers, this means having financing conversations early, understanding deposit requirements, and knowing what subjects you may need before writing an offer. For sellers, this means preparing documents, completing small repairs, organizing the home before photos, and having a clear plan for showings while still enjoying your summer. The goal is not to rush. The goal is to remove avoidable delays before they become stressful. Neighbourhoods and Property Types Will Not All Behave the Same Way There is no single Greater Victoria market. A condo in downtown Victoria may face different buyer behaviour than a townhome in Langford, a family home in Saanich, or an acreage near Metchosin or the Highlands. Even within the same city, price range and property type can change the strategy. For example: Entry-level condos may attract first-time buyers watching monthly affordability closely Well-located townhomes may appeal to buyers who need more space without moving too far out Detached homes may depend heavily on condition, suite potential, schools, parking, and lot usability Newer homes and pre-sales may attract buyers who value lower maintenance and modern features This is why broad market headlines can only tell part of the story. Your decision should be based on the micro-market that applies to your home, your search, and your timeline. What Buyers Should Watch This Summer Buyers should pay attention to value, not just price. A lower-priced home is not always the better buy if it comes with higher repair costs, weaker resale appeal, poor layout, or strata concerns. At the same time, a well-priced home may still be worth acting on quickly if it fits your needs and avoids major red flags. Before writing an offer, ask: Does this home fit the way I actually live? Are there future costs I need to understand? How does this property compare with recent sales and active listings? Am I reacting to pressure, or making a clear decision? Would I still want this home if another buyer was not interested? Buying well in the summer real estate market Greater Victoria often comes down to patience, preparation, and knowing when a property truly fits. What Sellers Should Watch This Summer Sellers should pay attention to buyer feedback early. If showings are happening but offers are not coming in, the market may be telling you something. It could be price, presentation, access, condition, layout, or competition from similar homes. A good listing strategy is not just about launching the property. It is about reviewing the response and adjusting when needed. That may include: Improving presentation Updating photos if the home changes seasonally Adjusting showing access Repositioning the listing description Revisiting price based on current activity Comparing new competing listings each week In summer, momentum matters. The first few weeks can shape how buyers perceive the listing. The Bottom Line Summer can be a smart time to buy or sell in Greater Victoria, but the best results still come from a clear plan. Buyers should use the extra choice to compare carefully, stay prepared, and avoid getting distracted by homes that do not fit their long-term needs. Sellers should focus on pricing, presentation, and current competition, not just the assumption that summer will bring stronger demand on its own. Whether you are planning a move now or simply watching the market, the right strategy depends on your neighbourhood, property type, price range, and timeline. If you are thinking about buying or selling this summer, our team is here to help you make a confident, informed decision.   Hendri E., 5-Star Review, via Google “We had a fantastic experience working with Cal and Scott. They provided a truly personalized service, taking the time to understand exactly what our needs were and guiding us through every step of the process. What really stood out was how they went above and beyond—we felt fully supported from start to finish. Highly recommended!” Faber Real Estate Group Royal LePage Coast Capital Realty 📞 250-244-3430 📧 [email protected] ℹ️ Scott Faber Personal Real Estate Corporation ℹ️ Cal Faber Personal Real Estate Corporation Vanessa Wood, Zachary Parsons, and Sophie Taylor “Building Lasting Relationships, One Home at a Time.”