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.
