Posts Tagged ‘VREB market statistics’

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.

More listings do not always mean lower prices. It can feel that way at first because buyers suddenly have more choice, homes may take longer to sell, and sellers may need to compete harder for attention. But inventory is only one part of the pricing picture. In Greater Victoria, price movement depends on the relationship between supply, demand, property type, location, condition, and seller motivation. More listings can create more balance, but they do not automatically create a falling market. According to the Victoria Real Estate Board, active listings have increased in recent months, while benchmark prices have shown only modest year-over-year changes depending on property type and area. In April 2026, the Victoria Core single-family benchmark was down 1.2% year-over-year, while the condo benchmark was down 0.8% year-over-year. Inventory Gives Buyers More Choice When more homes come to market, buyers usually gain more breathing room. They may have: More properties to compare More time to make decisions More room to negotiate on terms Less pressure to compete on every listing More confidence walking away from homes that do not fit This matters. A market with more listings often feels different from a tight inventory market. Buyers may become more selective, and sellers may need stronger pricing, preparation, and presentation. But more choice does not always mean buyers suddenly have more purchasing power. Demand Still Matters Prices tend to soften when supply rises and demand weakens at the same time. If more listings come to market but buyer demand remains steady, prices may hold. If desirable homes are still limited in certain areas, buyers may continue to compete for the best options. A market can have more total listings while still having limited supply for specific buyer needs, such as: Detached homes in walkable neighbourhoods Well-maintained townhomes Family homes near schools Updated condos in strong buildings One-level homes for downsizers Properties with suites or income potential This is why broad inventory numbers can be misleading. The market may look well supplied overall, while certain segments still feel tight. Not All Listings Compete With Each Other A luxury waterfront home, a downtown condo, a Langford townhome, and a Saanich family home do not all compete for the same buyer. More listings in one category do not automatically affect prices in another. If condo inventory rises, that may not change demand for detached homes in Oak Bay. If rural properties take longer to sell, that does not necessarily mean entry-level townhomes will drop. Greater Victoria is made up of many smaller markets. Price behaviour can change by: Municipality Neighbourhood Property type Price range Condition School catchment Walkability Strata health Renovation level Lot size or development potential This is why local context matters more than the headline number. Sellers Adjust Before Prices Drop When listings increase, the first change is often not price. It is seller behaviour. Sellers may need to: Price more realistically Prepare the home more carefully Improve photos and presentation Respond faster to feedback Be more flexible with dates or terms Adjust expectations around days on market Some sellers will reduce their price if they overshoot the market. Others may hold firm if their property is well-positioned, properly priced, and in a category where demand remains strong. More listings can create pressure. But pressure is not the same as a price drop across the board. Buyers Still Care About Quality In a market with more choice, buyers do not simply buy the cheapest home. They often become more careful. They compare condition, layout, building records, neighbourhood, future maintenance, and resale potential. A well-presented home can still stand out, even when there are more listings available. For sellers, this means preparation matters. A home that feels clean, cared for, and easy to understand may attract stronger interest than a similar home that feels tired or overpriced. For buyers, this means patience helps, but waiting for prices to fall may not be the best strategy if the right home appears and the numbers work. More Listings Can Create a Healthier Market A market with more listings is not always bad news. In many cases, it creates a healthier environment. Buyers can make decisions with less pressure. Sellers get more realistic feedback. Negotiations may become more balanced. Conditional offers may become more common. Everyone has a little more room to think. That can be a positive shift, especially after years where low inventory made the process feel rushed. The Bottom Line More listings do not always mean lower prices because real estate is not one single market. Inventory matters, but it must be weighed against demand, location, property type, condition, price range, and buyer motivation. For buyers, more listings can mean better choice and stronger negotiating conditions. For sellers, it means strategy matters more than assumption. The best results usually come from reading the specific micro-market, not reacting to broad headlines. For advice on buying or selling in Greater Victoria’s current market, contact Faber Real Estate Group for clear, local guidance before making your next move.   Raymond S., 5-Star Review, via Google “Cal and his team at the Faber Real Estate Group went above and beyond in helping us to find a home that would meet our criteria. We always felt as though we were their most important clients. Cal and Scott's negotiating skills helped us to stay within our budget and still fulfill all of our requirements. Besides the teams professionalism and knowledge, we also appreciated their honesty and high standards regarding moral values. Cal and the team helped make buying a home a pleasant experience.” 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.”