The Greater Victoria real estate market is giving buyers more room to breathe than it did a year ago. The Greater Victoria real estate market is still active, but it is clearly more competitive for sellers. Sales are down from last year, inventory is up, and buyers have more time to compare options, negotiate, and look for value.
In March 2026, a total of 579 properties sold through the Victoria Real Estate Board, which was 5.5% lower than March 2025, when 613 properties sold. Detached home sales were down 2.4% year over year, and condo sales were down a sharper 18.8%. At the same time, active listings climbed to 3,261, up 7.9% from March 2025 and 12.3% from February 2026. That matters because it tells us buyers are not competing in the same tight environment they were used to in past markets.
What That Means in Plain Terms
This is a market with more supply and softer demand than last spring. That does not mean homes are not selling. It means sellers need to adjust their expectations.
When inventory rises and sales fall, buyers gain leverage. They can be more selective. They can wait for the right home. They can compare condition, location, layout, and price across more listings. They are also more likely to push for better terms, ask tougher questions, and look for homes they feel are priced well from day one.
For sellers, this is not the kind of market where most properties can simply come out high and expect to attract a top-dollar result. The strategy has to be tighter than that. Price, presentation, and timing all matter more when buyers have options.
Buyers Are Looking for Deals
One of the clearest signals in the current numbers is that buyers are shopping carefully. The Victoria Core benchmark for a single family home in March 2026 was $1,330,200, down 1.1% from March 2025. The benchmark for a condo was $553,800, down 0.8% year over year. Prices have not collapsed, but the direction tells an important story: buyers are resisting overpricing, and values are not rising fast enough to bail out an ambitious list price.
That is why today’s buyers are often drawn to homes that feel like strong value. They are not just asking, “Do I like this home?” They are also asking, “Is this priced better than the other five I saw this week?” In a market like this, the overpriced listing often becomes the listing that sits.
The Market Is Close to Buyer-Friendly Territory
The sales-to-active listings ratio helps explain the tone of the market. In March 2026, there were 550 total residential sales and 3,261 active listings, which works out to roughly 16.9%. VREB notes that for Victoria, a ratio below 17% points to downward pressure on prices, 17% to 28% is considered balanced, and above 28% signals upward pressure on prices. In other words, the market is sitting right on the edge of buyer-friendly conditions.
That does not mean every neighbourhood or property type behaves the same way. Greater Victoria is still made up of many micro-markets. A well-priced home in a high-demand pocket can still move quickly. But broadly speaking, sellers are competing harder for attention than they were a year ago.
What Sellers Need to Understand Right Now
If you are thinking about selling, the message is not “do not sell.” The message is do not sell with last market’s expectations.
This market rewards sellers who:
- price based on current competition, not peak headlines
- prepare the home properly before it hits the market
- understand what buyers will compare it against
- respond quickly when feedback points to price or condition concerns
This is especially important because buyers are no longer being rushed into decisions at the same pace. VREB itself noted that the current mix of supply and demand has created fewer high-pressure transactions and has given both sides more time for due diligence and decision-making.
That is a major shift from the kind of market where almost any decent listing could rely on urgency to do part of the work.
The Bottom Line
The current Greater Victoria market is more competitive for sellers than it was last year. Sales are down. Inventory is higher. Buyers have more choice and are looking closely for value. That means top-dollar outcomes are still possible, but they are far less likely to come from overpricing or wishful thinking. They come from accurate pricing, strong preparation, and a strategy built for the market that exists now, not the one sellers remember.
For homeowners considering a move, this is the time to be realistic, not reactive. A smart strategy can still produce a strong result, but the market is asking sellers to earn it.
If you are thinking about selling and want honest advice on where your home fits in today’s market, contact Faber Real Estate Group for a clear pricing and positioning strategy tailored to your property.
Michael F., 5-Star Review, via Google
“Cal and Scott exceeded our expectations in every way. They were always available to answer our questions and address any concerns immediately, providing exceptional support throughout the entire process. Their dedication and expertise made the selling and buying experience seamless and stress-free.”
Faber Real Estate Group
Royal LePage Coast Capital Realty
📞 250-244-3430
📧scott@fabergroup.ca
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ℹ️ Cal Faber Personal Real Estate Corporation
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