The Greater Victoria real estate market remained active in July, but buyers continue to benefit from something we haven’t seen as consistently in recent years: choice.

A total of 673 properties sold across the Victoria Real Estate Board region in July 2026, just 1% fewer than July 2025 and 6.4% fewer than June. Despite the month-over-month slowdown, July sales remained above the five-year average for the month.

For buyers and sellers, the bigger story continues to be inventory. There were 3,847 active listings at the end of July, 3.9% more than at the same time last year. With more properties competing for buyers' attention, pricing, presentation and strategy are increasingly important.

Single-Family Homes Remain Resilient

Single-family homes were the strongest segment of the market in July.

There were 331 single-family home sales, an increase of 4.1% compared with July 2025. Meanwhile, condominium sales declined 7.1% year-over-year to 209 units, while townhouse sales were down 15.5%, with 82 units sold.

The MLS® Home Price Index benchmark price for a single-family home across Greater Victoria was $1,170,200 in July, compared with $1,189,000 one year earlier.

In the Victoria Core, the benchmark single-family home was $1,311,000, down 2.8% from $1,348,400 in July 2025 and down from $1,326,500 in June.

What’s Happening in the Westshore?

The Westshore continues to offer buyers comparatively strong value within the Greater Victoria region.

The July benchmark price for a Westshore single-family home was $1,034,400, compared with $1,037,500 a year earlier — essentially unchanged year-over-year.

Looking more closely at individual communities, July single-family benchmark prices included:

• Langford: $1,061,000

• Colwood: $1,114,600

• View Royal: $1,039,000

• Sooke: $816,600

• Metchosin: $1,358,900

• Highlands: $1,582,600

These numbers also demonstrate why looking at the Greater Victoria average alone doesn't tell the entire story. Market conditions can vary considerably depending on the community, property type and price range.

Condos and Townhomes

The benchmark condominium price across Greater Victoria was $544,400 in July. In the Victoria Core, the benchmark was $548,600, down 2.2% from July 2025.

For buyers looking in the Westshore, benchmark condo prices remained below the regional average at approximately $493,600.

Townhomes told a somewhat different story. The Greater Victoria benchmark reached $795,500, while the Victoria Core benchmark was $857,300. Despite fewer townhouse sales in July, benchmark values remained relatively stable.

Is Greater Victoria a Buyer’s or Seller’s Market?

The sales-to-active-listings ratio is one of the indicators I watch when assessing market conditions. According to the Victoria Real Estate Board, a ratio below 17% generally indicates downward pressure on prices, above 28% indicates upward pressure, and between 17% and 28% is considered a balanced market.

July remained within that balanced-market range, but the amount of inventory available means buyers have considerably more opportunity to compare homes and take their time before making a decision.

That doesn't necessarily mean buyers can make any offer they want and expect a seller to accept it. Well-priced, well-presented homes can still attract strong interest. But properties that are overpriced or don't show well may sit on the market while buyers move on to competing listings.

What This Means If You’re Selling

This is a market where preparation matters.

With nearly 3,850 active listings across the region at the end of July, simply putting a home on MLS® and waiting for a buyer isn't enough. Sellers need to understand exactly what they're competing against.

Pricing correctly from the beginning, preparing the property properly, professional presentation and strong marketing all play an important role in getting buyers through the door.

The Victoria Real Estate Board specifically noted that keeping maintenance up to date and presenting a home beautifully can make a difference in a competitive market.

What This Means If You’re Buying

For buyers, this market offers something valuable: time and options.

More inventory means there may be an opportunity to compare properties, evaluate value carefully and negotiate terms rather than feeling pressured to make an immediate decision.

The key is knowing where the opportunities are. A property that has been sitting on the market isn't automatically a bargain, just as a new listing isn't necessarily overpriced. Recent comparable sales, neighbourhood trends, condition and future resale potential all need to be considered.

My Take on the July Market

Greater Victoria isn't experiencing one single market.

Single-family homes performed relatively well in July, while condo and townhouse sales softened. Prices also vary considerably from one municipality and property type to another.

For sellers, strategy and presentation matter more when buyers have choices.

For buyers, increased selection can create opportunities — but understanding fair market value remains essential.

If you're considering buying or selling in Greater Victoria, the Westshore or elsewhere on Southern Vancouver Island, I’m happy to provide a more specific analysis based on your neighbourhood, property type and price range.

Cheryl Barnes, REALTOR®
Macdonald Realty
Vancouver Island Real Estate Specialist
Victoria to Parksville
cherylbarnes.ca

Market statistics sourced from the Victoria Real Estate Board, July 2026.