Victoria Real Estate Market Update: January 2026

Sales Slow, Inventory Grows, and the Market Edges Toward Balance

January 2026 kicked off with a familiar seasonal pattern in the Victoria real estate market — slower sales, more inventory, and clearer conditions for both buyers and sellers. While overall activity was down compared to last year, the bigger story this month is choice: buyers have more options, and sellers are operating in a market where pricing and strategy matter more than ever.

Below is a breakdown of what happened in January and what it means if you’re thinking about buying or selling in Greater Victoria.

January 2026 Market Snapshot

A total of 339 properties sold across the Victoria Real Estate Board region in January 2026.

• ⬇️ 19.7% fewer sales compared to January 2025

• ⬇️ 7.6% fewer sales compared to December 2025

This slower pace closely mirrors what we saw in early 2023 and 2024 — a return to more predictable, seasonal market behaviour after the unusually intense pace of the pandemic-era market.

Sales by Property Type

Single-Family Homes

• 153 sales

• ⬇️ 21.1% year-over-year

• MLS® HPI Benchmark (Victoria Core): $1,265,500

Condominiums

• 109 sales

• ⬇️ 25.3% year-over-year

• MLS® HPI Benchmark (Victoria Core): $537,800

Townhomes

• 53 sales

• ⬆️ 1.9% year-over-year

• MLS® HPI Benchmark (Victoria Core): $833,100

While sales were down across most property types, townhomes stood out as the only segment showing a year-over-year increase — highlighting how different buyer groups are behaving differently in today’s market.

Inventory Continues to Be the Key Story

At the end of January 2026, there were 2,624 active listings on the Victoria Real Estate Board MLS®.

• ⬆️ 3.1% increase from December 2025

• ⬆️ 9.6% increase compared to January 2025

This higher level of inventory is one of the most important factors shaping today’s market. Healthy inventory levels help limit upward pressure on pricing and give buyers more time and flexibility when making decisions.

With fewer sales and more listings, January’s market sat right on the line between a balanced market and a buyer’s market — though this varies significantly depending on neighbourhood and property type.

Home Price Index: Victoria Core

Single-Family Homes

• January 2025: $1,297,300

• January 2026: $1,265,500

• ⬇️ 2.5% year-over-year

• ⬆️ Up from December 2025’s benchmark of $1,255,000

Condominiums

• January 2025: $545,900

• January 2026: $537,800

• ⬇️ 1.5% year-over-year

• ⬇️ Down from December 2025’s benchmark of $549,900

Prices softened slightly year-over-year, but month-over-month movement shows that values are not falling sharply. Instead, pricing remains relatively stable — especially when homes are priced correctly for their specific micro-market.

What’s Driving the Market Right Now?

According to the Victoria Real Estate Board, the key factors influencing the market in early 2026 include:

• Higher inventory levels

• Interest rate expectations

• Global economic and trade uncertainty

• Consumer confidence

Greater Victoria is made up of many micro-markets, each with its own supply, demand, and pricing dynamics. This means one area may lean toward a buyer’s market, while another remains balanced or competitive.

What This Means for Buyers

If you’re buying in early 2026:

• You have more selection than in previous years

• There’s less pressure to rush into decisions

• Conditions may support stronger negotiation, depending on the property

That said, well-priced and well-located homes are still attracting attention — so preparation and local knowledge remain important.

What This Means for Sellers

If you’re thinking about selling:

• Homes are still selling, but strategy matters more than ever

• Pricing accurately from the start is critical

• Presentation and understanding your specific neighbourhood can make a major difference

The days of “list it and wait for multiple offers” are mostly behind us, but sellers who adapt to today’s conditions can still achieve excellent results.

Final Thoughts

January 2026 didn’t signal a dramatic shift — but it did reinforce a trend toward a more balanced, stable market shaped by inventory levels and local conditions. Whether you’re buying, selling, or simply staying informed, understanding what’s happening at the neighbourhood level is key.

If you’d like a breakdown specific to your area or property type, I’m always happy to help.

For more in-depth market updates, neighbourhood guides, and real-world buying and selling insights around Greater Victoria, you can also check out my YouTube channel here:
👉 https://www.youtube.com/@gsoldhomes/videos

Disclaimer:

The information and opinions expressed in this market update are provided for general information only and should not be relied upon as advice. They do not constitute professional, financial, legal, or real estate advice, nor do they create or imply any form of agency relationship. Market conditions can vary significantly by property type and neighbourhood. Please consult your own professional advisor before making any real estate decisions. This communication is not intended to cause or induce breach of an existing agency agreement.