Victoria Real Estate Market Report: Q1 2026

Victoria's Spring Market Is Heating Up, Are You Ready?

After a relatively flat 2025, the Greater Victoria real estate market is showing renewed momentum heading into spring 2026. Rate cuts from the Bank of Canada are fueling buyer demand, inventory is tightening, and prices are climbing across every property type.

Whether you're buying, selling, or investing, the decisions you make in Q2 depend on understanding what happened in Q1. This report gives you the data, straight from the Victoria Real Estate Board: packaged with local context only an active Sotheby's agent can provide.

Median home price up to $985,000: a 4.2% increase year-over-year
Active listings down 12% from Q4 2025, tightening supply across key price bands
Luxury segment ($2M+) surging with 18% more sales quarter-over-quarter
Condo market reviving: first-time buyers returning thanks to new CMHC rules
Full neighbourhood-by-neighbourhood pricing and days-on-market data
D'Arcy's personal Q2 2026 forecast and strategy recommendations

D'Arcy Harris

Licensed REALTOR® · Sotheby's International Realty Canada · Victoria, BC

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Key Findings

Market Highlights: Q1 2026

Here's a preview of what's shaping Victoria's real estate landscape right now. The full report dives deeper with charts, historical context, and neighbourhood-level data.

Prices are climbing again After a flat 2025, Victoria's spring market is showing renewed momentum. The median sale price across all property types rose 4.2% year-over-year, the strongest quarterly gain in 18 months.
Inventory is tightening Active listings fell 12% from Q4 2025, creating competition in the $600K–$900K range where first-time and move-up buyers overlap. Months of supply dropped to 3.1: firmly in seller's territory.
Condos are back First-time buyers are returning to the market in force, buoyed by expanded CMHC insured mortgage limits and rate cuts. Condo sales volume is up 22% quarter-over-quarter.
Luxury segment surging Sales of $2M+ properties rose 18% quarter-over-quarter, driven by out-of-province buyers from Alberta and Ontario attracted to Victoria's quality of life and relative value.
Rate cuts fueling demand The Bank of Canada's 2025 rate cuts are finally flowing through to mortgage approvals. Pre-approval applications in Greater Victoria are up 31% from a year ago.

Pricing Data

Price Trends by Property Type

Median sale prices across Greater Victoria's four major property categories. The full report includes average prices, benchmark prices, and price-per-square-foot analysis.

Property Type	Q1 2026 Median	Q4 2025	YoY Change
Detached Home	$1,125,000	$1,089,000	+5.1%
Townhome	$785,000	$762,000	+3.8%
Condo	$545,000	$528,000	+2.9%
Luxury ($2M+)	$2,850,000	$2,620,000	+8.7%

Local Intelligence

Neighbourhood Watch: Who's Hot, Who's Not

A quick-hit look at six key Greater Victoria neighbourhoods. The full report covers 12 areas with detailed pricing, inventory, and days-on-market breakdowns.

🔥 Oak Bay

Median up 6.2%, bidding wars returning for character homes. Heritage properties and ocean proximity continue to command premiums.

📈 Langford

Fastest-selling area in Greater Victoria with just 19 average days on market. New construction and young families driving demand.

🔥 Fairfield

Premium neighbourhood holding strong with a $1.4M median. Walkability to downtown and Beacon Hill Park keeps it perennially desirable.

➡️ Saanich

Stable market with a slight inventory build: good news for buyers. Offers excellent value relative to core Victoria at a lower price point.

📈 Esquimalt

The undervalued gem of Greater Victoria with 8.1% YoY appreciation. Waterfront access and the Esquimalt Town Centre redevelopment are catalysts.

➡️ Sooke

Cooling after its pandemic surge, presenting an opportunity for patient buyers. Prices have stabilized and inventory is more balanced.

Inside the Report

What You'll Receive

This isn't a generic market snapshot. It's a 20+ page deep-dive into Victoria's real estate market, written by a local Sotheby's agent who works this market every day.

Complete price analysis Median, average, and benchmark prices across all property types and price brackets in Greater Victoria.
Neighbourhood-by-neighbourhood breakdown 12 areas compared side by side, from Oak Bay to Sooke, with pricing, inventory, and trend data.
Days on market trends How quickly properties are moving, which areas are speeding up, and where patient buyers can find leverage.
Inventory analysis Months of supply by property type and price bracket, so you know whether you're in a buyer's or seller's market.
Interest rate impact How the Bank of Canada's 2025 rate cuts are specifically affecting Victoria's market, mortgage approvals, and buyer behaviour.
Rental market update Vacancy rates, average rents by unit type, and investor outlook for Greater Victoria's rental landscape.
D'Arcy's Q2 2026 forecast What to expect in the next quarter and how to position yourself whether you're buying, selling, or holding.

Is This For You?

Who This Report Is For

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Buyers

Know where the deals are before everyone else. Understand pricing trends so you can make competitive offers with confidence, and avoid overpaying.

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Sellers

Time your listing perfectly. Know what buyers are paying in your neighbourhood right now, and whether to list this month or wait for peak season.

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Investors

Track rental yields, cap rates, and appreciation across Greater Victoria's best-performing areas. Data-driven decisions start here.

Victoria Real Estate Market Report Q1 2026