Greater Victoria Fall Real Estate Market 2026: A Shift in Favour of Buyers?

October 2026 | Greater Victoria & Westshore Real Estate Market Update

As the leaves change colour and we settle into the fall season, Greater Victoria's real estate market is showing signs of a significant shift. After years of competitive conditions, buyers are finding themselves with more choices, less competition, and potentially greater negotiating power.

According to the latest statistics from the Victoria Real Estate Board (VREB), September 2026 marked a notable change in market activity, with slower sales and growing inventory pushing the region into buyer's market territory for the first time in more than a decade, excluding the early pandemic period.

But what does this mean if you're thinking about buying or selling a home in Victoria, Langford, Colwood, or the surrounding communities?

Let's take a closer look.

September 2026: The Numbers Tell the Story

September brought a noticeable slowdown in real estate activity across Greater Victoria.

A total of 463 properties sold, representing:

• A 16.4% decrease compared to September 2025.

• A 21.7% decrease compared to August 2026.

• 3,811 active listings at the end of September, up 3.2% from the same time last year.

The increase in available properties, combined with fewer completed sales, has created a market where buyers have more opportunities to explore their options without the same sense of urgency experienced in previous years.

Victoria Real Estate Board Chair Fergus Kyne noted that September's inventory levels outpaced sales to a degree not seen in many years. However, he also cautioned that one month of data does not necessarily establish a lasting trend.

How Are Home Prices Holding Up?

While sales activity has slowed, home prices have not experienced dramatic declines across the board.

The MLS® Home Price Index (HPI) provides a useful picture of market trends by tracking benchmark property values rather than relying solely on average selling prices.

September 2026 benchmark prices in the Victoria Core:

These figures suggest that although demand has softened, property values have remained relatively resilient in several segments of the market.

Of course, real estate is highly local. Prices and market conditions can vary considerably depending on the neighbourhood, property type, condition, and price range.

What's Happening in Langford, Colwood and the Westshore?

For buyers and sellers in the Westshore, the market deserves a closer look.

September's benchmark prices for the Westshore were:

• Single-family homes: $1,019,800, down 1.2% year-over-year.

• Condominiums: $478,800, down 4.0% year-over-year.

• Townhomes: $703,100, down 0.8% year-over-year.

The Westshore continues to offer a diverse range of housing options, from condominiums and townhomes to larger detached homes.

With more properties available and buyers taking a more measured approach, sellers in communities such as Langford, Colwood, Royal Bay, and Bear Mountain need to pay particular attention to pricing and presentation.

A home that is priced appropriately and shows well can still attract serious interest. However, properties priced above current market expectations may take longer to sell.

What Does This Fall Market Mean for Buyers?

If you've been waiting for an opportunity to purchase a home, this fall could be worth considering.

With inventory at elevated levels and fewer buyers competing for properties, you may benefit from:

• More selection: A wider variety of homes to compare before making a decision.

• Greater negotiating opportunities: Depending on the property, sellers may be more open to discussing price, conditions, or possession dates.

• Less pressure: Buyers may have more time to complete their due diligence and make informed decisions.

There is another factor worth considering: housing inventory typically declines as we approach the winter months.

For buyers who are financially prepared, exploring the market now may offer more choice than waiting until later in the year.

That doesn't mean every property is a bargain. Well-priced homes in desirable locations can still attract strong interest, making local market knowledge especially important.

What Does This Mean for Sellers?

A changing market doesn't mean it's a bad time to sell. It simply means that strategy matters more than ever.

Today's buyers have more options, and many are taking their time to compare properties carefully.

For homeowners considering selling this fall, we recommend focusing on three important areas:

1. Price your home for today's market.

Pricing based on what a neighbour sold for last spring may not reflect current conditions. Recent comparable sales, competing listings, and buyer activity should all factor into your pricing strategy.

2. Make a strong first impression.

Professional photography, thoughtful staging, excellent presentation, and effective online marketing can help your property stand out from competing listings.

3. Be prepared to negotiate.

Buyers may request conditions, flexible possession dates, or price adjustments. Understanding which terms matter most to you can help create a successful outcome.

Homes are still selling, but attracting the right buyer may require more patience and a carefully planned marketing approach.

Is Greater Victoria Officially in a Buyer's Market?

September's statistics suggest that the market has moved into buyer's market territory.

The Victoria Real Estate Board uses the sales-to-active-listings ratio as one indicator of market conditions:

• Below 17% generally indicates a buyer's market.

• Between 17% and 28% suggests a balanced market.

• Above 28% generally indicates a seller's market.

September's weaker sales activity and higher inventory have shifted the balance toward buyers.

However, it's important to remember that real estate markets rarely move in a straight line. One month's statistics cannot tell us with certainty what the next several months will bring.

October and November will provide valuable insight into whether this shift continues.

Our Outlook for the Remainder of Fall 2026

As we move toward the end of the year, we expect buyers to remain selective and sellers to pay closer attention to pricing, presentation, and market competition.

For buyers, the current environment may provide opportunities that were harder to find during more competitive markets.

For sellers, success will likely depend on realistic expectations and a strong marketing strategy tailored to their specific property.

Whether you're buying your first home, downsizing, relocating, or considering selling an investment property, understanding the market is the first step toward making a confident decision.

Thinking About Buying or Selling in Greater Victoria?

We believe that every successful real estate decision begins with good information, honest advice, and a strategy designed around your goals.

We're Mark and Dana, REALTORS® with RE/MAX Generation, proudly helping buyers and sellers throughout Greater Victoria, including Langford, Colwood, Royal Bay, Bear Mountain, and the surrounding communities.

If you're wondering what your home might be worth in today's market, or whether this fall presents the right opportunity to make a move, we'd be happy to help.

Let's talk about your next move.

Mark & Dana Berg
RE/MAX Generation
www.MoveWithBerg.ca

Source: Victoria Real Estate Board, September 2026 Monthly Statistics and Market Report. MLS® HPI benchmark prices reflect typical properties within the specified areas and do not represent the value of every individual home.

Greater Victoria real estate sales rose 12.6% year over year in August 2026, while healthy inventory and stable prices continued to support a balanced market.

The Greater Victoria real estate market remained active and balanced in August, with sales reaching their highest level for the month in five years. Buyers continued to benefit from a healthy selection of properties, while well-priced and well-presented homes attracted the strongest interest.

According to the Victoria Real Estate Board (VREB), 591 properties sold across the region in August 2026. That was a 12.6% increase from the 525 sales recorded in August 2025. Sales were 12.2% lower than in July 2026, reflecting a quieter pace compared with the previous month, but year-over-year activity showed encouraging momentum.

August 2026 Victoria real estate market at a glance

• 591 total property sales, up 12.6% from August 2025

• 309 single-family home sales, up 15.3% year over year

• 175 condominium sales, up 15.1% year over year

• 63 townhouse sales, down 4.5% year over year

• 3,662 active listings at month-end, up 1.7% from August 2025

• Active inventory was down 4.8% from July 2026

Home prices remain relatively stable

Benchmark prices in the Victoria Core continued to show modest movement rather than any dramatic shift.

The MLS® Home Price Index benchmark value for a single-family home in the Victoria Core was $1,301,800 in August. This was 0.6% lower than the $1,317,200 benchmark recorded in August 2025 and down slightly from $1,311,000 in July 2026.

For condominiums, the Victoria Core benchmark was $553,600, up 0.9% from $548,900 one year earlier and also higher than July's benchmark of $548,600.

The benchmark value for a Victoria Core townhouse was $856,300 in August.

These figures reinforce the overall picture of a stable market. Sales activity has improved from last year, but the available inventory is giving buyers enough choice to remain selective. As a result, pricing and presentation continue to play a major role in how quickly a property sells.

What does this market mean for sellers?

For sellers, the increase in year-over-year sales is positive news. There are active buyers in the market, but they are comparing homes carefully and are less likely to overlook an ambitious asking price or a property that does not show well.

Homes that are priced according to recent neighbourhood sales, current competition and their individual condition are best positioned to attract attention. Preparation also matters: thoughtful staging, professional photography, strong online marketing and easy showing access can make a meaningful difference.

In this type of market, simply listing a home and waiting is not always enough. A clear pricing and marketing strategy from the outset can help create stronger interest and reduce the risk of the listing becoming stale.

What does this market mean for buyers?

Buyers have more breathing room than they would in a highly competitive sellers' market. With 3,662 active listings across the VREB region at the end of August, many buyers have the opportunity to compare properties, review documents carefully and make informed decisions.

That does not mean every property will sit on the market or that buyers can expect a substantial discount. Well-priced homes in desirable locations can still attract quick interest. Buyers should have their financing organized, understand recent comparable sales and be ready to act when the right home becomes available.

A balanced market, but every neighbourhood is different

The broad Greater Victoria statistics provide useful context, but they do not tell the whole story. Conditions can vary significantly by municipality, neighbourhood, price range and property type. A single-family home in Colwood or Langford may experience a different level of demand than a downtown Victoria condominium or an Oak Bay character home.

If you are considering a move, the most useful information is a focused analysis of the homes that are directly competing with yours - or the recent sales most comparable to the property you hope to purchase.

The August figures suggest that Greater Victoria is entering the fall market from a position of stability: sales have strengthened compared with last year, inventory remains healthy and benchmark prices are moving only modestly. For both buyers and sellers, good preparation and a realistic understanding of local market value remain essential.

If you are thinking about buying or selling in Greater Victoria, contact Mark & Dana Berg for a personalized market evaluation or a closer look at current opportunities in your preferred neighbourhood.

Source: Victoria Real Estate Board, Victoria Real Estate Market Report and Statistics Package for August 2026, released September 1, 2026.

One of the most common questions we hear from homeowners and buyers is:

"Should I wait for the market to improve?"

It's a fair question. After all, buying or selling a home is one of the largest financial decisions most people will ever make. Naturally, everyone wants to make their move at the "perfect" time.

The reality is that successfully timing the real estate market is extremely difficult—even for experienced professionals.

The Market Is Always Moving

Real estate markets are influenced by many factors, including:

• Interest rates

• Economic conditions

• Consumer confidence

• Inventory levels

• Government policies

• Local employment trends

These factors can change quickly and often unexpectedly. By the time a trend becomes obvious in the news, the market has usually already begun to adjust.

Focus on Your Goals, Not Headlines

Instead of trying to predict exactly what the market will do next, it's often more productive to focus on your personal circumstances.

Ask yourself:

• Does my current home still meet my needs?

• Am I looking for more space or less maintenance?

• Has my family situation changed?

• Am I relocating for work or retirement?

• Am I financially prepared to make a move?

If the answer is yes, then the timing may already be right for you—regardless of what the headlines are saying.

Buyers Have Opportunities in Every Market

In a slower market, buyers often benefit from:

• More inventory to choose from

• Less competition

• More time to make decisions

• Greater negotiating power

In a competitive market, buyers may see prices rising, but they also gain the advantage of locking in a property before values potentially increase further.

Sellers Can Succeed in Any Market

Homes continue to sell in every type of market.

The key is proper pricing, strong marketing, professional photography, and presenting the property in its best possible light.

A well-prepared home that is priced appropriately will always attract more attention than one that is overpriced or poorly presented.

Think Long-Term

Real estate has historically rewarded people who focus on the long term rather than short-term fluctuations.

Whether you're buying your first home, upsizing, downsizing, or investing, the most important question isn't whether you've found the absolute bottom or top of the market.

The more important question is:

"Does this move make sense for my family and financial goals?"

Final Thoughts

No one has a crystal ball. Markets rise, fall, and adjust over time.

The homeowners and buyers who are happiest with their decisions are usually those who focus less on predicting the future and more on making informed decisions based on their personal needs and long-term objectives.

If you're wondering whether now is the right time to buy or sell in Victoria, Langford, Colwood, Sidney, or anywhere on the South Island, we'd be happy to discuss your specific situation and help you understand your options.

Every move is unique, and the best strategy is the one that works for you.