June is traditionally one of the busiest months in real estate, and while we did see 719 total sales across Greater Victoria, the pace has clearly moderated compared to last year. That total is 5.5 per cent below the 761 sales recorded in June 2025, though it edges just slightly above May’s 713. The story of this market continues to be one of choice: with 4,054 active listings at month end — up 7.3 per cent year-over-year — buyers are in no rush and are shopping carefully. Benchmark prices for both single family homes and condos in the Victoria Core drifted lower, down 0.6 per cent and 1.9 per cent respectively from a year ago.

On the ground, I’m seeing well-prepared homes in desirable locations still attract strong interest and multiple viewings, but the days of unconditional offers within hours of listing are firmly behind us. In Oak Bay and along the waterfront, quality and presentation matter more than ever. Properties that are priced right and show well are moving; the rest are sitting. Sellers who invest in staging and accurate pricing are the ones getting results. For buyers, this is the most favourable negotiating environment in years.

Sales Activity

A total of 719 properties sold in June, down 5.5 per cent from June 2025’s 761 and up a hair from May 2026’s 713. The property-type breakdown tells an interesting story: single family home sales of 388 were off only 3.5 per cent year-over-year, while condo sales of 182 plunged 26.9 per cent from last June’s 249. Townhouse sales, by contrast, surged 25.3 per cent to 94 from just 75 a year ago. The condo slowdown is the headline — with inventory up 12 per cent in that segment and new purpose-built rentals entering the market, condo buyers are taking their time. Townhouses, meanwhile, continue to benefit from the “missing middle” supply gap: demand is strong and new product is limited.

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

Inventory & Market Balance

Active listings ended June at 4,054 — up 0.6 per cent from May’s 4,029 and 7.3 per cent above the 3,778 listings on the market a year ago. That’s the highest June inventory figure we’ve seen in several years, and it’s fundamentally shifting the dynamic between buyers and sellers. At a sales-to-active-listings ratio sitting in the 17–28 per cent balanced range, the BCREA would call this a balanced market — but the trajectory is clearly favouring buyers. Months of inventory continue to creep up, giving purchasers the luxury of comparison shopping and the confidence to include subject conditions. For sellers, this means your property isn’t just competing with a handful of similar listings — it may be competing with dozens.

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

Benchmark Prices

The MLS® Home Price Index benchmark for a single family home in the Victoria Core slipped to $1,326,500 in June — down 0.6 per cent from last June’s $1,334,500 and down from May’s $1,339,000. Core condos saw a steeper decline: the benchmark fell 1.9 per cent year-over-year to $549,200 from $559,900, easing from May’s $551,400. The condo correction reflects the combination of rising inventory and new rental supply that’s giving buyers alternatives. Townhouses across the region saw their Core benchmark at $841,200 — essentially flat year-over-year — a testament to continuing strong demand for that middle-market product.

In Oak Bay, the single family benchmark stands at $1,846,800 — essentially unchanged from a year ago and reflecting the enduring premium that buyers place on the municipality’s character homes, school catchments, and proximity to the waterfront. Across the broader region, Greater Victoria’s single family benchmark sits at $1,174,100 (down 0.5 per cent year-over-year), while Westshore comes in at $1,023,400 (down 1.8 per cent) — still offering one of the most affordable single family entry points in the core Capital Region. On the Peninsula, single family benchmarks rose 1.3 per cent to $1,282,000, bucking the regional trend.

MLS® HPI benchmark prices by region — Jun 2025 vs. Jun 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 June 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® June 2026 Statistics Package.

What This Means for Buyers and Sellers

If you’re buying

This is the strongest buyer environment since before the pandemic. With 4,054 active listings and sales down 5.5 per cent year-over-year, you have time and leverage. Condo buyers in particular will find the most options — inventory in that segment is up 12 per cent from last year, and the benchmark is down nearly 2 per cent. Use subject conditions, get your inspections done, and compare properties carefully. Townhouses remain the most competitive segment with a 25 per cent jump in sales, so if you’re targeting that category, be prepared to move a little more quickly. In every case, working with a REALTOR® who knows the neighbourhood-level dynamics will save you money and stress.

If you’re selling

Preparation has never been more important. With inventory at 4,054 listings — levels we haven’t seen in several years — your home is competing with a deeper pool of alternatives. Properties that are accurately priced from day one, well staged, and professionally marketed are still selling within a reasonable timeframe. But overpriced listings are languishing. The average days-on-market for single family residential sits at 36 days. If your home has been on the market longer than that without meaningful interest, it may be time for a pricing conversation. Remember: the benchmark for a Core single family home has slipped from $1,339,000 in May to $1,326,500 in June. The market is telling us what it will pay.

The waterfront and Oak Bay micro-market

Waterfront properties across all districts saw 42 transactions in June, generating $63.4 million in total volume and averaging $1.51 million per sale. That average reflects a broad range — from waterfront condos to oceanfront estates — but the volume confirms continued appetite for Victoria’s signature lifestyle. In Oak Bay, 29 properties changed hands, overwhelmingly single family (23 of 29), at an average of $1.88 million per sale. The Oak Bay single family benchmark of $1,846,800 remains the highest in the VREB region, reflecting the premium buyers attach to the village character, heritage homes, and walkable schools that define this community. If you’re considering a move in this micro-market, hyperlocal knowledge makes all the difference — I’d love to walk you through what’s happening on your specific street.

Watch This Month’s Market Update

I break down the June numbers in detail in this month’s video — including what I’m seeing on the ground in Oak Bay and across Greater Victoria’s waterfront market.

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.