GREATER VICTORIA & VANCOUVER ISLAND REAL ESTATE

Which Greater Victoria communities are seeing the most sales? Where are home prices highest? Which types of homes are taking longer to sell? And where might buyers find better value in 2026?

Those are much more useful questions than simply asking whether the Victoria real estate market is “up” or “down.”Greater Victoria is not one housing market. A detached home in Oak Bay behaves very differently from a condo in Langford, a townhouse in Colwood or an acreage property in Metchosin.

The Victoria Real Estate Board's July 2026 MLS® statistics give us an opportunity to look beneath the regional headline and see where buyers are actually purchasing homes, where prices are holding up, and which portions of the market have slowed.

Here is what the July numbers tell us.

Greater Victoria Real Estate Market: July 2026 at a Glance

A total of 673 properties sold throughout the Victoria Real Estate Board region in July 2026, compared with 680 in July 2025, a decline of just 1%.

However, the individual property types tell a much more interesting story.

Single-family homes: 331 sales, up 4.1% year over year

Condominiums: 209 sales, down 7.1%

Townhomes: 82 sales, down 15.5%

There were also 3,847 active MLS® listings at the end of July, up 3.9% from 3,703 a year earlier.

That additional inventory is significant.

Greater Victoria is still an active real estate market, but buyers generally have more properties to compare and more time to make decisions than they did during the extremely tight inventory conditions of several years ago.

For sellers, that means simply putting a property on MLS® is not enough. Pricing, condition, presentation and understanding the property's immediate competition matter.

Where Were the Most Homes Selling in Greater Victoria?

One way of identifying where the market is most active is to look at the number of transactions occurring within each district.

For an apples-to-apples comparison, I looked first at the three principal residential categories: single-family detached homes, condominiums and townhouses.

#1 Saanich East — 114 Sales

Saanich East was the standout residential market in July.

There were:

65 detached-home sales
31 condominium sales
18 townhouse sales

That produces 114 transactions among the three major housing categories.

This is important because Saanich East isn't dependent on just one type of buyer.

The district includes established single-family neighbourhoods, condominiums, townhouses, luxury properties and homes near the University of Victoria.

Neighbourhoods within Saanich East include areas such as Gordon Head, Cadboro Bay, Broadmead, Cordova Bay and parts of the Shelbourne corridor.

The strength of Saanich East's sales activity suggests that established neighbourhoods with good access to schools, shopping, recreation and employment continue to attract buyers.

#2 Victoria — 102 Sales

The City of Victoria recorded approximately 102 transactions across the three principal residential categories:

35 detached homes
61 condominiums
6 townhouses

What immediately stands out is the condominium market.

Victoria's 61 condo sales were almost double Saanich East's 31 and considerably higher than Langford's 35.

That makes sense when we consider Victoria's housing stock.

Neighbourhoods such as James Bay, Downtown, Fairfield, Fernwood, Jubilee contain substantial numbers of condominium and multifamily properties.

Victoria therefore remains a particularly important market for condo buyers, downsizers, investors and people prioritizing walkability and proximity to downtown.

#3 Langford — 90 Sales

Langford recorded:

39 detached-home sales
35 condominium sales
16 townhouse sales

That gives Langford approximately 90 sales across those three categories.

Langford's strength is its housing diversity.

Unlike some established municipalities where new housing supply is constrained, Langford continues to offer a combination of resale housing and newer development.

It is particularly notable that Langford recorded more detached-home sales than the City of Victoria, 39 compared with 35.

It also recorded the second-highest condominium sales count among these major districts.

For buyers seeking newer housing or a somewhat lower entry point than many Victoria Core neighbourhoods, Langford remains an important part of the Greater Victoria market.

#4 Colwood — 35 Sales

Colwood recorded:

22 detached homes
5 condominiums
8 townhouses

That gives us 35 transactions across the three primary categories.

Colwood is an interesting market because it combines established residential neighbourhoods with substantial newer development.

Royal Bay is an obvious example.

Buyers comparing Colwood with Victoria, Oak Bay or Saanich should therefore remember that they may be comparing very different housing products, older detached homes on established lots versus newer construction, townhouses and master-planned communities.

#5 Central Saanich — 26 Sales

Central Saanich recorded:

19 detached homes
4 condominiums
3 townhouses

That's 26 transactions across the principal residential categories.

Central Saanich is a smaller market than Victoria, Saanich East or Langford, so raw sales volume needs to be interpreted in context.

Saanichton and the surrounding Central Saanich area attract buyers looking for a different lifestyle, often with more space, proximity to the Peninsula and a somewhat less urban environment.

Which Property Type Was Selling Fastest?

This is where the VREB report gives us another valuable measure: Days to Sell.Importantly, these figures apply across the VREB region by property type rather than representing the average for an individual municipality.

Regular single-family residential homes: 44 days

A typical non-waterfront, non-acreage single-family residential sale took approximately 44 days.

Condominiums: 48 days

Condos averaged approximately 48 days to sell.

Duplexes and triplexes: 54 days

Revenue duplex/triplex properties averaged approximately 54 days.

Townhouses: 56 days

Townhouses averaged approximately 56 days to sell.

That is an interesting result because townhouses recorded the largest year-over-year decline in sales among the three major residential categories.

Townhouse sales were down 15.5% from July 2025.

So although townhomes continue to fill an important affordability gap between condos and detached houses, buyers appear to be taking more time and completing fewer purchases than they did a year ago.

What Took the Longest to Sell?

Once we move outside conventional urban residential properties, selling times increase substantially.

Single-family waterfront properties averaged approximately 64 days to sell.

The Fastest-Selling Major Residential Property Type

Among the principal residential categories reported by VREB in July, regular single-family residential homes were the fastest at approximately 44 days to sell.

Condos followed at 48 days.

Duplex/triplex properties were at 54 days.

Townhouses averaged 56 days.

That is particularly interesting because detached-home sales also increased 4.1% year over year.

In other words, detached homes were not only the largest major housing category by sales count, they were also the only one of the big three to record year-over-year sales growth.

Which Greater Victoria Areas Are the Most Expensive?

Price comparisons require some care.

I prefer using the MLS® Home Price Index benchmark rather than simply comparing one month's average sale price.

Why?

Because one or two luxury sales can dramatically distort an average.

The MLS® HPI instead attempts to track the value of a typical home with common characteristics, making it more useful for understanding market trends.For single-family homes, the July data clearly shows an enormous range across Greater Victoria.

#1 Oak Bay

Oak Bay remains at the upper end of Greater Victoria's detached-home market.

The July 2026 HPI benchmark was approximately $1.81 million.Oak Bay's location, limited land supply, established neighbourhoods, waterfront, schools and housing character continue to support some of the highest residential values in the region.

#2 North Saanich

North Saanich also sits firmly in Greater Victoria's upper price tier.Larger lots, rural-residential properties, waterfront and high-end housing all contribute to values substantially above the regional average.

#3 Saanich East

Saanich East combines strong sales volume with relatively high property values.

That combination is significant.A market can be expensive but relatively illiquid. Saanich East, by contrast, recorded the highest number of major-category residential transactions in July while continuing to contain some of Greater Victoria's most valuable established neighbourhoods.

#4 Metchosin

Metchosin's July detached-home benchmark was approximately $1.36 million.

However, Metchosin is a perfect example of why statistics need context.

Only four detached homes sold there during July.

With small monthly transaction volumes, I would never use one month's average sale price to determine what a particular Metchosin property is worth.

Property size, acreage, improvements, water supply, septic systems, zoning and location can create enormous differences between individual properties.

#5 Victoria / Core Higher-Priced Markets

The Victoria Core detached-home benchmark stood at approximately $1.311 million in July 2026.

That was down 2.8% from $1,348,400 in July 2025.

This is an important reminder that expensive does not automatically mean prices are rising.

Even Greater Victoria's high-value markets are adjusting to increased inventory and more selective buyers.

What Does a House, Condo or Townhouse Cost in Greater Victoria?

Looking across the market gives buyers a useful starting point.

For July 2026, the broad Greater Victoria sales figures show median sale prices of approximately:

Single-family home: $1,165,000

Condominium: $525,000

Townhouse: $794,950

The average prices were higher:

Single-family: approximately $1.30 million

Condominium: approximately $611,000

Townhouse: approximately $872,000

That difference between average and median is itself informative.

Higher-priced sales pull the average upward, particularly in the detached-home market.

For that reason, neither an average nor a median should ever be interpreted as “what my house is worth.

”For individual property analysis, recent comparable sales and the property's location, size, condition, age, lot, improvements and competing inventory are much more important.

What About Duplexes?

Duplex and triplex properties are a much smaller segment of the market.Only two revenue duplex/triplex properties sold in July, with an average sale price of approximately $1.174 million.

Because the sample consists of only two transactions, I would not describe $1.174 million as a meaningful “Greater Victoria duplex value.”The more interesting information is the year-to-date data.

Through July, 17 duplex/triplex properties had sold, compared with 12 during the comparable period last year, an increase of approximately 42%.

That is worth watching, particularly as Greater Victoria continues evolving toward greater housing density.

Which Segment Had the Biggest Sales Decline?

Among the three major residential categories, the answer is clear:

Townhouses.

Townhouse sales fell 15.5% year over year, from 97 transactions in July 2025 to 82 in July 2026.

Condo sales also weakened, falling 7.1%, from 225 to 209.

Detached homes moved in the opposite direction.

Single-family sales increased 4.1%, from 318 to 331.

This creates an interesting 2026 market picture.

The market isn't simply “slowing.”Different segments are moving in different directions.

Detached-home sales increased.

Condo sales declined.

Townhouse sales declined more substantially.

That is precisely why Greater Victoria-wide headlines can be misleading.

Where Was the Most Money Changing Hands?

Detached housing dominates Greater Victoria's residential dollar volume.In July, single-family detached sales accounted for approximately $431.2 million.

Condominium sales represented approximately $127.6 million.

Townhouse sales represented approximately $71.5 million.

Altogether, the VREB region recorded approximately $651.7 million in total MLS® sales volume during July across all property categories.

That is a substantial amount of real estate changing hands in a single month.

What Does This Mean for Greater Victoria Buyers?

The biggest advantage buyers have in the 2026 market is choice.

There were 3,847 active listings at the end of July, 3.9% more than a year earlier.More inventory gives buyers the ability to compare properties rather than feeling compelled to make an immediate decision simply because nothing else is available.

But greater choice doesn't mean every property is negotiable to the same degree.A well-priced detached home in a sought-after Saanich East neighbourhood may behave very differently from an overpriced townhouse that has already accumulated substantial days on market.

The municipality, neighbourhood, property type and immediate competition all matter.

What Does This Mean for Sellers?

The July statistics contain a particularly important message for sellers:

Homes are selling, but buyers are selective.

Greater Victoria recorded 673 transactions in July.

This is not an inactive market.However, today's buyers have more alternatives.

That means sellers need to understand the competition before determining their asking price.

If there are five comparable homes for sale nearby and yours is priced substantially above them without offering a compelling advantage, buyers can simply move on to the next property.

Condition and presentation matter as well.In a market with more inventory, the homes that make the strongest first impression often have an advantage.

My Biggest Takeaway From the July 2026 Numbers

If I had to summarize the July market in one sentence, it would be this:

Greater Victoria remains active, but the market is becoming increasingly local and property-specific.

Saanich East recorded the greatest major-category residential sales activity.

Victoria continued to dominate condo transactions.

Langford remained one of the region's busiest and most diverse housing markets.

Oak Bay remained among the most expensive detached-home markets.

Regular detached homes were selling faster than condos and townhouses on a regional basis.

And townhouse sales experienced the most significant decline among the three primary residential property types.

None of this means every property within those municipalities will behave the same way.

Greater Victoria contains dozens of distinct communities, from James Bay and Fairfield to Henderson, Gordon Head, Broadmead, Royal Bay, Saanichton, Sidney, Langford, Colwood and Metchosin.

That is why neighbourhood-level data becomes so important when you're actually making a buying or selling decision.

Want to Know What Is Happening in Your Neighbourhood?

Greater Victoria statistics are useful for understanding the overall market.

But if you're thinking about selling your home, the number that matters most isn't Greater Victoria's average.

It's what buyers are paying for homes like yours, in your neighbourhood, right now.

And if you're buying, understanding recent sales, competing listings, days on market and price changes within the neighbourhood you're considering can help you determine whether a property is competitively priced.

I can prepare a neighbourhood-specific market analysis for areas throughout Greater Victoria, including Victoria, Oak Bay, Saanich, Sidney, Central Saanich, Langford, Colwood, Metchosin, Esquimalt and Sooke.

Janine Thomson, REALTOR®
Pemberton Holmes
778-678-5466
info@janinethomson.net

janinethomson.net

Statistics are based on the Victoria Real Estate Board's July 2026 MLS® statistical package. Market-wide statistics describe general trends and should not be used to determine the market value of an individual property.