Sales activity picked up in a big way this August
August closed with 591 properties sold across Greater Victoria, up 12.6% compared to August of last year. Single family homes led the charge, up 15.3% year over year with 309 sold, while condo sales climbed just as strongly, up 15.1% with 175 units sold. Townhome sales were the one softer spot, down 4.5% with 63 sold.
There were 3,662 active listings at month end, down 4.8% from July but up 1.7% from this time last year, giving buyers real choice heading into fall.
Home prices are holding steady, with some variation by area
The benchmark price for a single family home in the Victoria Core sits at $1,301,800, down 1.2% from last year. The Westshore single family benchmark is $1,031,900, up 0.5% year over year, one of the steadiest corners of the market right now. The Peninsula benchmark is $1,266,000, down 1.9% from last year.
Condos found some footing this month.
The Core condo benchmark is $553,600, up 0.9% from August 2025, and the Peninsula condo benchmark climbed to $630,300, up 3.3% year over year, the strongest gain we're tracking anywhere. The Westshore condo benchmark eased to $485,400, down 3.8% year over year.
Townhomes stayed steady overall, with the Core benchmark at $856,300, up 1.7% year over year. Even with fewer townhomes changing hands, the ones that sold held their value well.
Buyers are engaged and moving with confidence
The sales to active listings ratio sits comfortably around 20%, right in the balanced range. What's standing out in my conversations lately isn't hesitation, it's buyers who've done their homework and are ready to act when the right home comes along.
Inflation and mortgage rates
The Bank of Canada held its overnight rate steady at 2.25% through August, unchanged since October of last year. Most economists expect mortgage rates to remain relatively stable through the rest of 2026. The next rate announcement is September 2.
Population growth remains slow
BC's population growth has continued to slow, and federal policy changes reducing non-permanent residents continue to weigh on demand in the condo and rental markets, even as permanent immigration holds relatively strong.
Financial pressures are real
Mortgage renewals continue to land at rates well above what many homeowners locked in a few years ago, and delinquencies in BC remain above year ago levels. For homeowners approaching a renewal, getting ahead of your options continues to matter.
Looking ahead
The rest of 2026 continues to shape up as a balanced market with strong inventory and buyer choice, steady prices overall, and mortgage rates likely to hold near current levels through year end. Well priced, well prepared sellers, particularly of single family homes and townhomes, are still achieving strong results.
Thinking about making a move?
Every neighbourhood and property type is performing differently in today's market. Whether you are buying, selling, downsizing, or curious about what your home is worth right now, I'm happy to walk you through what this market means for your unique situation.
Jacqueline Ross, REALTOR®
Your Van Isle Home
call/text: 250-415-5656
jac@yourvanislehome.com
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