Greater Victoria Real Estate: What the Spring 2026 Market Means for Buyers and Sellers

Spring is here, and the Greater Victoria real estate market is following a familiar seasonal rhythm. After a quieter start to the year, activity picked up significantly in March — and the numbers tell an encouraging story for both buyers and sellers.

The Big Picture

In March 2026, 579 properties were sold across the Victoria Real Estate Board region. That's a 24.5% jump from February, which signals that buyers are stepping back into the market with more confidence as we head into the busiest months of the year.

That said, sales were still 5.5% below March 2025 levels, which suggests this isn't a market that's overheating. It's moving at a measured, sustainable pace — and that's actually a good thing.

What's Happening with Prices

Single-family home prices in the Victoria Core are holding steady. The MLS® benchmark value for a single-family home came in at $1,330,200 in March — down just 1.1% from a year ago, but up from February's $1,307,400. Month over month, prices are trending upward.

Condos are telling a slightly different story. The benchmark value for a condo in the Victoria Core sits at $553,800, down 0.8% year over year. Condo sales have been softer, with a nearly 19% decline compared to last March. If you're a buyer interested in condos, this is a market worth paying close attention to — there's more selection and less competition than we've seen in years.

Inventory Is Growing — and That's Good News

One of the most important trends right now is inventory. At the end of March, there were 3,261 active listings on the Victoria Real Estate Board MLS® — up 12.3% from February and nearly 8% higher than the same time last year.

More listings mean more options for buyers and a more balanced negotiating environment. For sellers, it means pricing your home correctly from day one is more important than ever. Overpriced listings are sitting longer, while well-priced, well-presented homes are still generating strong interest.

What This Means for You

If you're a buyer: You're in a strong position right now. You have more inventory to choose from, more time to do your due diligence, and the ability to negotiate. Interest rates, while still a factor, have been relatively stable, and many buyers are finding that today's conditions feel more approachable than the frenzy of the past few years. If you've been waiting for the right time to start looking, this spring market is worth serious consideration.

If you're a seller: The market is rewarding preparation. Homes that are priced accurately, staged well, and marketed professionally are still selling in reasonable timeframes. The key is working with an agent who understands the micro-markets within Greater Victoria — because conditions in Oak Bay are different from Langford, and Saanich is different from Sooke. A one-size-fits-all pricing strategy won't cut it in this market.

Looking Ahead

Victoria Real Estate Board Chair Fergus Kyne noted that the market is tracking a seasonal pattern that typically peaks in May or June. I expect we'll see continued momentum through the spring, with both sales and inventory rising.

The broader economic picture — including interest rate decisions, trade policy, and consumer confidence — will continue to play a role. But locally, the fundamentals remain strong: Victoria is a desirable place to live, supply remains limited relative to demand in many segments, and our market has historically shown resilience amid economic uncertainty.

If you have questions about what's happening in your specific neighbourhood, or if you're thinking about making a move this spring, I'd love to chat. Reach out anytime at (250) 889-6137 or cameron.doyle@engelvoelkers.com.

Data sourced from the Victoria Real Estate Board (VREB), April 1, 2026. MLS® benchmark values are used to track price trends for comparable properties over time. The Victoria Real Estate Board cautions that sale price statistics do not indicate the value of any particular property.