A More Balanced Spring Market Takes Shape
As we move into spring, the Greater Victoria real estate market is following a familiar seasonal pattern—activity is building, inventory is rising, and conditions are becoming more balanced.
A total of 579 properties sold in March 2026, which is 24.5% higher than February, but 5.5% lower than March 2025. This tells us the market is active, but without the urgency and pressure we saw in previous years.
Breaking it down further:
285 single-family homes sold (down 2.4% year-over-year)
164 condominiums sold (down 18.8% year-over-year)
At the same time, inventory continues to expand.
There were 3,261 active listings at the end of March, up 12.3% from February and 7.9% higher than March 2025—giving buyers more choice and helping create more balanced conditions overall.
Home Prices: Holding Steady with Subtle Shifts
Pricing in Victoria remains relatively stable, with small year-over-year adjustments and slight month-over-month gains.
The benchmark price for a single-family home in the Victoria Core is now $1,330,200, down 1.1% year-over-year, but up from February
The benchmark price for a condominium is $553,800, down 0.8% year-over-year, also increasing from the previous month
This tells us we’re not in a declining market—we’re in a stabilizing one.
The Economic Backdrop: Why This Matters
The real estate market doesn’t operate in a vacuum—and right now, the broader economy is playing a major role.
In mid-March, the Bank of Canada held its overnight rate steady, signaling a cautious approach as inflation continues to cool.
What this means:
Borrowing costs are stable for now
Buyers are gaining confidence to re-enter the market
Sellers are seeing more serious, qualified buyers
At the same time, Canada is experiencing one of the largest mortgage renewal waves in decades.
Many homeowners are now:
Renewing into higher rates
Reassessing monthly affordability
Exploring refinancing options
Considering downsizing or lifestyle changes
What This Means If You’re Buying
This is one of the most balanced markets we’ve seen in recent years.
Buyers now have:
More inventory and selection
More time to evaluate properties
Greater ability to include conditions
Less pressure to compete
That said, desirable and well-priced homes are still moving quickly.
The opportunity right now:
Make informed, thoughtful decisions—without the pressure of a peak market.
What This Means If You’re Selling
The market is active—but buyers are more selective.
Today’s buyers are:
Price-conscious
Well-informed
Less willing to overlook issues
Homes that are:
Well-prepared
Strategically priced
Clearly positioned
…are still selling successfully.
The key right now:
Pricing and presentation matter more than ever.
What This Means If You’re Renewing or Refinancing
This is one of the biggest shifts happening in the market right now.
If you’re approaching a mortgage renewal, you may be facing higher rates than your previous term.
This is a good time to explore:
Refinancing strategies
Adjusting amortization
Accessing equity
Downsizing to reduce monthly costs
Having a plan early can make a significant difference.
A Note for Downsizers
This current market creates a unique opportunity for downsizers.
With more inventory available and less competition, you have:
More choice when it comes to condos and townhomes
More time to explore options
Greater ability to coordinate your sale and purchase
At the same time, well-maintained homes in established neighbourhoods continue to attract strong interest.
For many, this is an ideal moment to:
Simplify your home and reduce maintenance
Unlock equity
Move closer to amenities, family, or community
The Bottom Line
We’re in a more stable, opportunity-driven market—not a chaotic one.
That’s good news.
It means:
Buyers can plan more carefully
Sellers can still achieve strong results—with the right strategy
Homeowners have options, even in a shifting rate environment
Thinking About Your Next Step?
Whether you're buying, selling, or planning ahead for a renewal, I’m here to help you navigate your next move with clarity and confidence.
👉 Reach out anytime for a conversation
👉 Or request your home value to see where you stand in today’s market
Jacqueline Ross, REALTOR®
Your Van Isle Home
(250) 415-5656
jac@yourvanislehome.com
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Helping you find home — and community — here in Victoria, BC.
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