Watch the full July 2026 breakdown — sales, inventory, and benchmark prices across Greater Victoria.

July finished just a hair below last year’s pace — 673 sales versus 680 in July 2025, a difference of just 1 per cent — but the story beneath the headline is more nuanced. Single-family home sales actually climbed 4.1 per cent year over year, with 331 transactions, while condos fell 7.1 per cent to 209 units and townhomes dipped 15.5 per cent to 82. As the VREB Chair noted, we ended the month above the five-year average for July sales, which tells me buyer activity is healthy — it’s the composition that’s shifting.

What I’m seeing on the ground — particularly in Oak Bay and across the Core — is that buyers are taking their time. With 3,847 active listings to browse, there’s no panic to make snap decisions. Well-priced, well-presented homes are still selling within reasonable timeframes, but anything that looks tired or overpriced is simply being passed over. Sellers who invest in presentation and realistic pricing are the ones celebrating. It’s a market that rewards preparation on both sides of the transaction.

Sales Activity

The 673 total sales in July were 6.4 per cent fewer than June’s 719 transactions — a seasonal dip that’s completely normal as summer holidays pull some buyers out of the market. Year over year, the 1 per cent decline is essentially flat. The real divergence is between property types: single-family homes posted 331 sales (up from 318 a year ago), suggesting that detached housing demand remains robust, especially for move-up buyers. Condos at 209 sales were down from 225 last July, and townhomes fell to 82 from 97. The condo softness is consistent with what I’ve been noting for several months — elevated inventory in that segment, particularly in newer downtown towers, is giving buyers significant negotiating leverage.

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

Inventory & Market Balance

Active listings closed July at 3,847 — up 3.9 per cent from the 3,703 listings available at the end of July 2025, but down 5.1 per cent from June 2026’s 4,054. That month-over-month decline is typical as some summer listings expire or are withdrawn, and fewer new listings come to market during peak vacation weeks. The sales-to-active-listings ratio sits around 17 per cent, right at the threshold between a buyer’s market and balanced territory. For sellers, this means pricing strategy and presentation matter enormously — you’re competing with far more listings than even a year ago. For buyers, the leverage you have today may not last forever, especially if inventory tightens heading into fall.

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

Benchmark Prices

The MLS® HPI benchmark for a single-family home in the Victoria Core eased to $1,311,000 in July — down 2.8 per cent from $1,348,400 a year ago and slipping from June’s $1,326,500. Core condos followed a similar trajectory, declining 2.2 per cent year over year to $548,600 from $561,200. These are modest, orderly declines — not a correction — and they reflect the inventory-rich environment we’re in. Across Greater Victoria, the single-family benchmark sits at $1,170,200 (down 1.6 per cent from last July), confirming the softening is broad-based rather than concentrated in one pocket.

Regionally, the Westshore benchmark for a single-family home held up relatively well at $1,034,200 (down just 0.3 per cent from $1,037,500 a year ago), while the Peninsula slipped 1.1 per cent to $1,275,100. Oak Bay remains its own micro-market — the benchmark there continues to hover well above the Core average, reflecting the enduring premium that buyers place on the neighbourhood’s character, schools, and waterfront proximity. Condo benchmarks showed similar patterns: Greater Victoria at $544,400 (down 2.1 per cent), Westshore at $493,600 (down 1.8 per cent), and the Peninsula actually rising 1.2 per cent to $618,900.

MLS® HPI benchmark prices by region — Jul 2025 vs. Jul 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 July 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® July 2026 Statistics Package.

What This Means for Buyers and Sellers

If you’re buying

This is a market built for you. With 3,847 active listings — nearly 4 per cent more than a year ago — and benchmark prices easing across every major region, you have time, choice, and negotiating room. Single-family homes in the Core are benchmarking at $1,311,000, down $37,400 from last July. Condos are even more favourable, with the Core benchmark at $548,600 and inventory stacking up. Don’t let the abundance paralyse you, though. Work with your REALTOR® to narrow your search, understand micro-market differences (a condo in Sidney at $618,900 benchmark is a very different proposition than one in the Westshore at $493,600), and put forward confident, well-informed offers.

If you’re selling

You’re competing with roughly 5.7 months of inventory at current sales rates — that’s firmly in buyer-friendly territory. The data is clear: homes that are priced right from day one and presented beautifully are still moving. The 331 single-family sales in July prove that demand exists. But overpricing by even 3–5 per cent in a market where benchmarks are softening will cost you weeks on market and likely a lower eventual sale price. Invest in staging, address deferred maintenance, and trust the data. Chair Kyne put it well: “Sometimes simple things, like ensuring all maintenance is up to date, and that your home is presented beautifully, can be the difference in competitive markets.”

The waterfront and Oak Bay micro-market

Oak Bay recorded 37 sales in July — 27 of them single-family homes — generating $50.0 million in total volume and an average sale price of $1.35 million. That average reflects Oak Bay’s enduring appeal: tree-lined streets, top-ranked schools, and some of the most desirable waterfront in the region. Across all districts, 7 waterfront properties changed hands for a combined $11.6 million, averaging $1.65 million per sale. Waterfront remains a distinct market with its own dynamics — limited supply, emotional pricing, and buyers who are often willing to wait for the right property. If you’re considering a move in Oak Bay or along the waterfront, I’d welcome a conversation about how these numbers apply to your specific property or search.

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.