The Greater Victoria real estate market recorded its strongest August sales activity in five years, but that does not mean buyers have lost their negotiating room. The latest Victoria Real Estate Board statistics point to a market with more activity than a year ago, healthy inventory and prices that remain relatively stable overall.

A total of 591 properties sold across the VREB region in August 2026. That was 12.6% more than the 525 sales recorded in August 2025, although activity fell 12.2% from July. A summer slowdown from July is not unusual, so the year-over-year comparison gives us the clearer signal: more buyers completed purchases this August than they did one year ago.

Sales Improved, but the Market Is Not Overheated

Single-family homes led the year-over-year improvement. There were 309 single-family sales across all VREB areas, up 15.3% from August 2025. Condo sales also increased 15.1%, with 175 units sold. Townhome activity moved in the opposite direction, with 63 sales, down 4.5% year over year.

The difference between property types matters. Buyers looking for a house or condo encountered more completed sales than last August, while the townhome segment had softer sales and substantially more active inventory. The detailed package shows 413 townhome listings at month-end, 31% more than a year earlier. That may give townhome buyers more choice and more room to compare competing properties carefully.

Inventory Is Still Giving Buyers Time

There were 3,662 active listings at the end of August. Inventory declined 4.8% from July but remained 1.7% higher than in August 2025. In addition, 1,158 properties were listed during the month, 7% more than one year earlier.

VREB describes the overall market as stable and balanced. Its sales-to-active-listings chart remained in the balanced-market range in August. In practical terms, buyers generally have options and time to assess value, but desirable homes that are priced and presented well can still attract strong interest. A balanced market is not a slow market; it is a market in which neither side has complete control.

Benchmark Prices Show Stability, Not a Surge

The MLS® Home Price Index is more useful than a single month’s average price because it tracks a benchmark home with consistent characteristics.

• Single-family home: $1,163,100 across Greater Victoria, down 0.6% from both July 2026 and August 2025.
• Condominium: $547,500, up 0.6% month over month and 0.1% year over year.
• Townhome: $792,800, down 0.3% from July but up 1.3% from one year earlier.

In the Victoria Core, the single-family benchmark was $1,301,800, down 0.7% from July and 1.2% year over year. The Core condo benchmark reached $553,600, up 0.9% from both July and August 2025. The Core townhome benchmark was $856,300, almost unchanged from July and 1.7% higher than a year ago.

These small, mixed movements are important. Sales increased, but benchmark prices did not rise sharply. That suggests improving activity without the broad price acceleration normally associated with a strong seller’s market.

What the August Numbers Mean for Buyers

Buyers still have a reasonable selection of properties, but well-priced listings should not be treated casually. Before making an offer, compare recent sales, current competition, time on market and the condition of the home. Opportunities may exist where a listing has been on the market longer, needs updating or is competing against several similar properties.

The headline sales increase should not pressure you into buying the wrong home. The better approach is to be prepared: confirm financing, understand your closing costs and know which compromises you will and will not make before the right property appears.

What the August Numbers Mean for Sellers

More sales than last August are encouraging, but buyers remain selective. Sellers are competing against more than 3,600 active listings across the region, and buyers can quickly recognize when a property is priced above comparable homes.

Preparation and pricing are doing the heavy lifting in this market. A home that shows well, is marketed effectively and is positioned correctly from the beginning has the best chance of attracting serious buyers. Testing an inflated price can cost valuable early exposure and may lead buyers to favour better-positioned alternatives.

The Bottom Line

August brought stronger sales activity, healthy inventory and remarkably steady benchmark prices. That is a constructive market, but not one where every property performs the same way. Results will continue to vary by neighbourhood, price range, property type and condition.

Data source: Victoria Real Estate Board, August 2026 Statistics Package, produced September 1, 2026. Statistics are regional and may not reflect the conditions affecting a specific property.