Victoria Real Estate Market Update: September 2026 Shift into Buyer’s Market Territory

At Pivot Homes Group, we believe that navigating the real estate market starts with having the clearest, most accurate data. The Victoria Real Estate Board (VREB) has released its official statistics for September 2026, revealing a significant market pivot across Greater Victoria.

For the first time since January 2015—excluding the unique anomaly at the start of the pandemic—the Victoria housing market has officially ventured into buyer’s market territory as inventory growth continues to outpace sales activity.

Here is a breakdown of what happened in September 2026 and what it means for your next real estate move.

Key Market Statistics at a Glance

• Total Property Sales: A total of 463 properties were sold across the VREB region in September 2026. This represents a 16.4% drop compared to September 2025 (554 sales) and a 21.7% decline from August 2026 (591 sales).

• Active Inventory: Active listings rose to 3,811 properties at the end of September. This is up 4.1% from August 2026 and 3.2% from September 2025 (3,694 listings).

• Market Dynamics: VREB’s sales-to-active-listings ratio model defines a buyer's market when the ratio drops below 17%, indicating sustained downward pressure on prices. Chair Fergus Kyne noted that inventory levels outpaced sales to a degree not seen in many years.

Sales & Benchmark Prices by Property Type

1. Single Family Homes

• Unit Sales: 239 single family homes were sold in September 2026, down 17.3% from September 2025.

• Victoria Core Benchmark Price: The Multiple Listing Service® Home Price Index (MLS® HPI) benchmark value for a single family home in the Victoria Core stood at $1,280,100. This reflects a 2% decrease year-over-year ($1,306,500 in September 2025) and a dip from August 2026 ($1,301,800).

• Greater Victoria Overall: The benchmark price across Greater Victoria was $1,150,300, down 1.1% month-over-month and 1.5% year-over-year.

2. Condominiums

• Unit Sales: Condo sales reached 137 units, representing an 11% decrease compared to September 2025.

• Victoria Core Benchmark Price: The benchmark value for a condo in the Victoria Core was $547,800, marking a 1% increase compared to September 2025 ($542,200), though down slightly from August ($553,600).

• Greater Victoria Overall: The benchmark price across Greater Victoria sat at $542,800, up 0.3% year-over-year.

3. Townhomes & Row Homes

• Unit Sales: Townhome sales saw 53 units closed, down 26.4% compared to September 2025.

• Victoria Core Benchmark Price: The benchmark value for a townhome in the Victoria Core was $829,400, down 1.7% year-over-year and 3.1% month-over-month.

• Greater Victoria Overall: The benchmark price across Greater Victoria was $774,000, down 2.4% from August 2026 and down 1.1% from September 2025.

What Does This Shift Mean for You?

For Buyers: Exceptional Selection & Negotiating Room

If you have been waiting on the sidelines, current market conditions offer a substantial supply of inventory. As inventory generally contracts heading into the winter months, browsing now provides access to a wider diversity of property options before seasonal pullbacks occur.

For Sellers: Strategic Pricing & Expert Guidance

For sellers, setting realistic expectations and understanding specific neighbourhood valuations is paramount. September’s market dynamics diverged noticeably from mid-summer conditions, emphasizing the importance of working closely with a local REALTOR® to align pricing with today's buyer's market environment.

Work with Pivot Homes Group

Whether you are looking to capitalize on buyer opportunities or strategically market your home in a shifting landscape, having trusted local guidance makes all the difference. Contact Pivot Homes Group today for a personalized analysis of your home or target neighbourhood!