How is the higher-end market performing in Greater Victoria this fall?
Greater Victoria entered the fall with stronger sales activity than a year ago, healthy inventory and relatively stable benchmark prices. For buyers and sellers at the higher end of the market, however, those regional numbers are better understood as context than as a complete picture of what is happening within a particular price range or neighbourhood.
A starter condo in the Westshore and a waterfront home on the Saanich Peninsula contribute to the same regional statistics, but they are not competing for the same buyer.
That distinction matters even more as prices move higher. At the upper end of Greater Victoria’s market, there are fewer directly comparable properties and buyer priorities can vary considerably between areas. The useful question is not simply what the regional market did last month, but what buyers are seeing when they compare your property with the alternatives available to them.
Here is what the latest data tells us about the market entering the fall, and where broader statistics need more context.
The most recent Greater Victoria market figures
The Victoria Real Estate Board’s latest release covers August 2026. There were 591 property sales across the region, 12.6% more than in August 2025 and 12.2% fewer than in July.
Single-family home sales increased 15.3% year over year, while condominium sales increased 15.1%. At the end of August, there were 3,662 active listings, 1.7% more than at the same point last year.
Prices were relatively stable. The MLS® Home Price Index benchmark for a single-family home in the Victoria Core was $1,301,800, down 0.6% from August 2025. The condominium benchmark was $553,600, up 0.9% year over year.
VREB Chair Fergus Kyne characterized the market as stable and balanced, with stronger August sales activity than the region had seen in five years. He also noted something particularly relevant for sellers: buyers remain selective, and well-priced, well-presented properties are attracting the strongest interest.
Those figures give us a useful picture of the broader market. They do not, however, tell us exactly how a $2 million home in Oak Bay or North Saanich is performing. VREB itself cautions that market statistics are useful for identifying broader trends rather than determining the value of an individual property.
That distinction is important when we start talking about higher-value homes.
What a selective market means at the higher end
“Selective” is a useful description of the current market because buyers generally have enough inventory to compare their options rather than feeling pressure to pursue every suitable property that becomes available.
At higher price points, that comparison can become particularly specific.
A buyer considering a premium home may be comparing not only square footage, condition and lot size, but entirely different locations and lifestyles. The same budget might put South Oak Bay, Cordova Bay and North Saanich into consideration, for example, while offering a very different type of property in each.
That is why broad market statistics become less useful as a pricing tool on their own. The relevant competition is the smaller group of homes a buyer would realistically consider alongside yours.
When one property offers a stronger location, better condition, more privacy, a view or a more functional layout at a similar price, buyers have the ability to weigh those differences carefully.
More inventory changes the pricing conversation
Greater Victoria finished August with 3,662 active listings. That is a healthy level of inventory by recent standards and considerably different from the constrained markets of several years ago.
For sellers, more inventory does not automatically mean lower prices. The Victoria Core single-family benchmark, for example, was relatively stable year over year in August.
What it does mean is that buyers often have alternatives.
That makes the relationship between price, presentation and competing inventory especially important. An ambitious asking price may have been easier to test when buyers had very few comparable options. In a market with more choice, the same strategy can simply give buyers a reason to look elsewhere.
For higher-value homes in Victoria, Saanich, Oak Bay and the Saanich Peninsula, pricing should therefore begin with the properties competing for the same buyer, not just a regional benchmark or a past sale in isolation.
The financing backdrop
The Bank of Canada held its policy rate at 2.25% on September 2, continuing the same rate that has been in place since October 2025.
That relative stability provides buyers and sellers with a clearer financing backdrop than during periods when rates were changing frequently. It does not mean borrowing costs are fixed or that every buyer is affected in the same way. Mortgage rates, down payments, existing equity and individual financial circumstances all influence purchasing power.
For the housing market, the more useful point is simply that the Bank of Canada rate has been stable heading into the fall, removing one source of short-term change as buyers assess their options.
If you are selling a premium home this fall
The broader market is active, but buyers have enough choice to be discerning.
For sellers, that puts more weight on how a property is positioned when it comes to market. Pricing, presentation, condition and timing all matter, but so does understanding exactly which other homes your buyer is likely to consider.
That comparison can be very local.
A higher-value home in South Oak Bay may be competing with only a handful of relevant properties nearby. A buyer considering Cordova Bay or North Saanich may be comparing larger lots, newer construction, ocean views or greater privacy instead. Even within the same price range, the reasons buyers choose one area over another can be quite different.
That is why we would be cautious about using a board-wide statistic to make a decision about an individual higher-value property. The regional data tells us the conditions surrounding the sale. The comparable market tells us how the home itself should be positioned within those conditions.
If you are moving to Greater Victoria from out of province
For buyers relocating from elsewhere in Canada, the current level of inventory provides an opportunity to compare areas and properties carefully.
That can be particularly valuable in Greater Victoria because similar budgets can produce very different options depending on location. Oak Bay, Saanich, the Saanich Peninsula, the City of Victoria and the Westshore each offer a different combination of housing, commute, amenities, lot sizes and lifestyle.
Before narrowing the search to individual listings, it is often useful to understand those differences first.
A home that looks like the strongest option online may not be the best fit once commute patterns, neighbourhood character, recreation, schools, property maintenance and day-to-day routines enter the conversation.
The house matters. So does the life around it.
FAQ
Are home prices in Greater Victoria going up or down right now?
As of August 2026, benchmark prices were relatively stable in the Victoria Core. The single-family benchmark was $1,301,800, down 0.6% from August 2025, while the condominium benchmark was $553,600, up 0.9%.
Those figures describe broader trends rather than the value or direction of every neighbourhood or price segment.
Is now a good time to sell a higher-value home in Greater Victoria?
The current market has healthy inventory and stronger sales activity than a year ago, but buyers remain selective. Whether the timing makes sense depends on the property, neighbourhood, competing inventory and the seller’s own plans.
For a higher-value home, we would look closely at the specific buyer pool and current competition before drawing conclusions from the regional statistics alone.
When do the September market numbers come out?
The Victoria Real Estate Board generally publishes monthly statistics at the beginning of the following month. This article uses August 2026 data, the most recent VREB monthly release available at the time of publication.
Understanding your own segment of the market
Regional statistics are useful because they tell us the conditions buyers and sellers are operating within. They are less useful when they are treated as a shortcut for understanding an individual property.
At the higher end of Greater Victoria’s market, neighbourhood, condition, property type, competing inventory and buyer expectations can matter considerably more than a single regional number.
If you are considering selling or planning a move to Greater Victoria this fall, we are always happy to look at the market at the level that actually matters to you: your neighbourhood, your price range and the properties buyers are comparing. Contact us.
North Pacific Homes Group, eXp Realty
Greater Victoria & South Vancouver Island
250-634-2141
Thanks for being here,
Alex Hughes, REALTOR®, Personal Real Estate Corporation — North Pacific Homes Group (eXp Realty) | Victoria, BC Real Estate
