August brought the kind of summer market we haven’t seen in half a decade. A total of 591 properties changed hands across Greater Victoria — up 12.6 per cent from the 525 sales recorded in August 2025, and the strongest August since 2021. Single family home sales climbed 15.3 per cent year-over-year to 309 units, condos rose 15.1 per cent to 175, and active listings held relatively steady at 3,662. Benchmark prices in the Core remain essentially flat year-over-year, with single family homes off just 1.2 per cent and condos up 0.9 per cent. The market is balanced, busy, and rewarding buyers and sellers who do their homework.

On the ground, I’m seeing a market where preparation makes all the difference. Well-staged, accurately priced homes in Oak Bay and the Core are moving with confidence — some drawing multiple viewings within the first week. Meanwhile, overpriced listings continue to sit, and the gap between “sale price” and “wish price” is one of the most important conversations I’m having with clients right now. The good news? Buyers have options and time to make thoughtful decisions, and sellers who position their property correctly are being rewarded.

Sales Activity

August’s 591 total sales represented a 12.6 per cent jump over last August’s 525, though activity naturally eased 12.2 per cent from July’s 673 sales as summer holidays kicked in. Single family homes led the way with 309 sales (up 15.3 per cent year-over-year), while condos posted 175 sales (up 15.1 per cent). Townhouse sales came in at 63 units, down 4.5 per cent from last August’s 66. The sales-to-active-listings ratio sits comfortably in the 17–28 per cent balanced range, meaning neither buyers nor sellers hold a decisive upper hand.

Unit sales by property type — Aug 2025 vs. Jul 2026 vs. Aug 2026. Source: VREB MLS®

Inventory & Market Balance

There were 3,662 active listings at the end of August — a modest 1.7 per cent increase from the 3,600 listings available a year ago, and a 4.8 per cent decrease from July’s 3,847. The seasonal draw-down is typical: fewer new listings come to market in the dog days of summer, while motivated buyers continue to absorb available inventory. At current sales rates, the market holds roughly 6.5 months of supply, firmly in balanced territory. The key takeaway is that we have neither the inventory squeeze that creates bidding wars nor the oversupply that drives steep discounts — it’s a market that rewards smart strategy from both sides of the transaction.

Active listings at month end — Aug 2025, Jul 2026, Aug 2026. Source: VREB MLS®

Benchmark Prices

In the Victoria Core, the MLS® HPI benchmark for a single family home slipped to $1,301,800 — down 1.2 per cent from $1,317,200 a year ago and off 0.7 per cent from July’s $1,311,000. Condos in the Core moved in the opposite direction, rising 0.9 per cent year-over-year to $553,600 from $548,900. The story these numbers tell is one of essential price stability: values are holding within a narrow band, giving both buyers and sellers realistic expectations.

Oak Bay’s single family benchmark sits at $1,778,000 — a slight 1.7 per cent decline from $1,808,500 a year ago but still the highest benchmark in the region by a wide margin. Across Greater Victoria, the single family benchmark is $1,163,100 (down 0.6 per cent from $1,169,900), while the Westshore benchmark nudged up 0.5 per cent to $1,031,900 from $1,027,200. The Peninsula saw a 1.9 per cent decline to $1,266,000. Condo benchmarks showed regional variation: up 3.3 per cent on the Peninsula to $630,300, but down 3.8 per cent in the Westshore to $485,400. If you’re looking at the condo market, where you buy matters enormously for value trajectory.

MLS® HPI benchmark prices by region — Aug 2025 vs. Aug 2026. Source: VREB MLS®

Where the Action Was: Sales by Municipality

Greater Victoria’s neighbourhoods don’t move as one. The table below breaks down every residential transaction recorded in August by municipality — split by property type — and grouped by area. The colour intensity on each unit count reflects relative activity: green is lower activity, red is highest.

One deliberate choice in how this data is presented: Victoria and Victoria West are reported separately, even though VREB’s Mark I table combines them. The Johnson Street Bridge is a genuine boundary for buyers — someone drawn to Vic West’s waterfront proximity, walkability, and converted industrial character is making a fundamentally different decision than a buyer focused on Victoria’s downtown condo towers or heritage neighbourhoods. The figures here are drawn from the Mark II table, which segregates the two areas.

Waterfront properties across all districts are shown as a single row, as VREB does not attribute them back to individual municipalities in their published data.

Heat intensity based on total residential units sold. Victoria and Victoria West reported separately using VREB Mark II data. Waterfront properties reported as cross-district aggregate. Source: VREB MLS® August 2026 Statistics Package.

What This Means for Buyers and Sellers

If you’re buying

With 3,662 active listings on the market, you have genuine choice — the most inventory available in any August since the pandemic era. The balanced market means you don’t need to rush into panic offers, but the 12.6 per cent jump in sales tells you that competition is real and growing. Well-priced homes are selling. Benchmark prices remain essentially flat year-over-year (the Core single family home is down just 1.2 per cent), so waiting for a dramatic price drop isn’t a winning strategy. Focus on getting your financing locked in, know your must-haves, and be ready to act when the right property appears. At 54 days on market on average, the best homes aren’t lasting long.

If you’re selling

The strongest August sales in five years is good news, but 3,662 listings mean your home is competing for attention. Homes that are well-priced and well-presented — as VREB Chair Kyne emphasized — are the ones attracting serious buyers. The sell-to-list price ratio for single family residential sits at 97 per cent, meaning buyers are negotiating but not dramatically discounting. Pricing accurately from day one is more important than ever: overpriced homes in this market don’t generate the urgency they might in a seller’s market, and every day on market can erode buyer confidence. If your home has been sitting, it’s time for a serious pricing conversation.

The waterfront and Oak Bay micro-market

Oak Bay recorded 30 residential sales in August across 23 single family homes, 4 condos, and 3 townhouses, generating $49.9 million in total volume and an average sale price of $1.66 million. The single family benchmark for Oak Bay sits at $1,778,000 — a reflection of the enduring premium buyers place on the municipality’s established neighbourhoods, mature landscapes, and proximity to the ocean. Meanwhile, 47 waterfront properties sold region-wide at an average of $1.58 million and a combined volume of $74.5 million. The waterfront segment remains one of the most active I’ve seen: 23 waterfront single family homes sold this month (up 21 per cent from last August), with days on market dropping to 63 from 105 last year. If you own waterfront property and have been considering a move, the demand signal is clear.

Statistics are sourced from the Victoria Real Estate Board MLS® and are believed to be accurate but are not guaranteed. The MLS® Home Price Index benchmark is produced by the Canadian Real Estate Association. Victoria and Victoria West figures are derived from the VREB Mark II Statistics Package. This report is prepared by Stephen Foster, REALTOR®, Stephen Foster Personal Real Estate Corporation, brokered by Coldwell Banker Oceanside Real Estate. Not intended to solicit properties currently listed for sale.