Greater Victoria enters buyer’s housing market for first time in over a decade

The times are changing!

For the first time in over a decade, Greater Victoria’s housing market has moved into buyer’s market territory as rising inventory and slowing sales give prospective buyers more choice and negotiating power.

According to the Victoria Real Estate Board (VREB), 463 properties were sold across the region in September. That represents a 16.4% decrease from the 554 properties sold in September 2025 and a 21.7% drop compared with August 2026.

At the same time, the number of homes available for sale continued to climb.

There were 3,811 active listings on the VREB Multiple Listing Service at the end of September, up 4.1% from August and 3.2% from the same month last year.

VREB Chair Fergus Kyne said inventory outpaced sales in September to a degree not seen in the region for many years.

“The numbers indicate that the Victoria housing market has ventured into buyer’s market territory. Excluding the months from the start of the pandemic, this is the first time we’ve seen a buyer’s market since January 2015,” said Kyne.

“We’ll be watching the data closely over the coming months to see whether this is the beginning of a trend we haven’t experienced in more than a decade.”

The statistics indicate Greater Victoria has entered buyer’s market territory for the first time since January 2015, excluding the unusual market conditions experienced during the early months of the COVID-19 pandemic.

However, Kyne cautioned that “one month does not make a trend” and said it remains too early to know whether the change will continue over the longer term.

A total of 239 single-family homes were sold in September, down 17.3% from the same month last year. Condominium sales fell by 11%, with 137 units changing hands.

The benchmark value of a single-family home in the Victoria Core was $1,280,100 in September, down 2% from $1,306,500 one year earlier. It also declined from $1,301,800 in August.

The benchmark value of a condominium in the Victoria area was $547,800, up 1% from September 2025 but down from $553,600 in August.

And of course, a buyer’s market does not necessarily mean homes have suddenly become affordable. Instead, it generally means buyers have more properties to choose from, face less competition and may have greater room to negotiate on price or conditions.

For sellers, the changing conditions could mean homes take longer to sell, particularly when they are priced above current market expectations.

VREB said qualified buyers may find more selection in the current market, although inventory normally decreases as the region moves into the winter months.

The board plans to monitor upcoming sales and inventory figures to determine whether September marked the beginning of a longer-term shift or was simply an unusually slow month.