Monthly Housing Market Update
Caleb's Perspective on the Market
If I had to describe the Victoria real estate market in one word, it would be balanced. On the surface, that's exactly what the numbers tell us. For example, the sales-to-new-listings ratio sits at 50%, while residential months of inventory is currently at 4.65 months—two metrics that point to an almost perfectly balanced market where neither buyers nor sellers have a significant advantage. But as is often the case in real estate, the headline numbers don't tell the whole story.
A Tale of Two Markets
When we look beneath the surface, two very different markets are emerging. The single-family detached (SFD) market continues to show surprising strength. Sales of SFD properties were down slightly compared to last June (3.5%), but currently sit 4% above the 10-year average. However, the condo market tells a very different story. Condo sales have fallen 26.9% year over year and are now 23.5% below the 10-year average.
This isn't just showing up in the statistics—it's exactly what I'm seeing with my clients. Many of my buyers looking for detached homes are finding that quality inventory remains limited. Well-priced homes in desirable neighborhoods continue to sell relatively quickly, and I've even seen several attract multiple offers over the past month. Meanwhile, buyers searching for condos have an abundance of choice. Furthermore, most of the condos I've viewed lately with clients have been on the market for well over a month, and it's becoming increasingly common to see multiple price reductions before they sell. The result is that buying or selling a condo today requires a very different strategy than buying or selling a detached home.
Residential Sales: 684Down by 7.6%
Inventory Continues to Climb
Another trend worth watching is inventory. At the end of June, Victoria had 3,178 active residential listings, which is 7% higher than one year ago and represents the highest June inventory level since 2014. More inventory gives buyers additional choice and creates more competition among sellers—particularly in market segments where demand has softened.
Median Condo Price: $524,895Down by 4%
What About Prices?
Prices have eased across most property types, but as you may have expected condos are experiencing much more downward pressure than detached homes. For instance, the median price for SFD dipped by 1.7% compared to this time last year, whereas the median condo price slumped by 4% over the same period. That said, I believe the more important statistic to watch right now isn't price—it's sales activity.
Sales tend to lead the market, while prices typically respond much later if the trend holds. If buyer demand strengthens or weakens, prices often don't fully reflect that change until much later. That's why I continue to pay close attention to the number of homes actually changing hands.
Median SFD House Price: $1,125,000Down by 1.7%
The Main Takeaway
Rather than thinking of Victoria as one market, I think it's more accurate to think of it as several markets moving at different speeds. Detached homes remain resilient, while the condo market has shifted much more in favor of buyers. Understanding which market you're operating in has never been more important.
Whether you're thinking about buying, selling, or simply wondering what your home is worth in today's market, I'd be happy to help you make sense of what these trends mean for your specific situation. As always, if you have any questions about the market or your neighborhood, don't hesitate to reach out.
Months of Inventory: 4.64= Balanced Market
Victoria Real Estate Market Report for June 2026
July 2, 2026 A total of 719 properties were sold in the Victoria Real Estate Board region this June, 5.5 per cent fewer than the 761 properties sold in June 2025 and 0.8 per cent more than sold in May 2026. Sales of condominiums decreased by 26.9 per cent from June 2025, with 182 units sold. Sales of single family homes decreased by 3.5 per cent from June 2025, with 388 sold.
“The second quarter of 2026 continues the trend we've been reporting over the past months as inventory levels have gradually increased and created more choice for consumers,” said Victoria Real Estate Board Chair Fergus Kyne. “Our market remains active and balanced, but we're no longer operating in the low-inventory environment that drove intense competition and pressure on pricing during the pandemic years. Today's buyers have more options and more time to make informed decisions.”
“With inventory at levels we’ve not seen in several years, buyers are carefully comparing properties and looking for really strong value,” notes Chair Kyne. “Today's market rewards preparation, pricing, and presentation. If you’re considering selling your home, your REALTOR® can help you understand the current market conditions, accurately assess your home's present value, and position your property to stand out and compete in a market where buyers have plenty of choice. If you’re buying, your Realtor will help you identify your ideal property and lead you through your optimal negotiation strategy.”
The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in June 2025 was $1,334,500. The benchmark value for the same home in June 2026 decreased by 0.6 per cent to $1,326,500, down from May’s value of $1,339,000. The MLS® HPI benchmark value for a condominium in the Victoria Core area in June 2025 was $559,900, while the benchmark value for the same condominium in June 2026 decreased by 1.9 per cent to $549,200, down from the May value of $551,400.
View our press release and summary here.
View our complete statistical package here.
View our press release and summary here.
View our complete statistical package here.
Notes for Interpreting Our Statistics
The use of sale price statistics can be useful in establishing trends when applied over a period of time, i.e. six months or longer. The Victoria Real Estate Board cautions, however, that such information does not indicate the actual value of any particular property. Those requiring specific information on property values should contact a REALTOR®.
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Courtesy of the Victoria Real Estate Board
Interpreting the Stats
I believe that one of the best indicators to gauge the current real estate market is the sales-to-active listings ratio. Instead of just focusing on the number of sales we have in a given month, the sales-to-active listings ratio expresses the number of sales as a percentage of the active listings that are currently available for sale. In other words, current levels of demand relative to current levels of supply. For example, if we had a sales-to-active ratio of 50% this would mean that in the entire Victoria Real Estate Market we would have just 2 months of inventory for sale. In other words, if this level of sales were to continue, it would take only 2 months to sell all of the remaining listings on the market.
What does this mean for prices? Well, generally, less than 4 months of inventory indicates a seller's market with prices increasing more the lower that this number goes. On the other hand, more than 6 months of inventory generally results in a buyer's market with prices dropping. The longer the trend remains, the stronger the correlation to price increases/decreases. Interest rates, new building starts, wages and the state of the economy all have an effect, but essentially it is the amount of demand relative to inventory available for sale that drives the market.
- Caleb Mickelson