Victoria Real Estate Market Report January 2026: Inventory Rises as the Market Moves Toward Balance
The Victoria real estate market started 2026 with familiar seasonal patterns, but with one important difference: inventory levels are significantly higher than this time last year. According to the latest data released on February 2, 2026, the market is resting on the threshold between balanced conditions and a buyer’s market, creating new opportunities for buyers and requiring more strategy from sellers.
For those looking to buy or sell, understanding how these January trends fit into the broader 2026 outlook is critical. Working with a top realtor in Victoria BC who understands both market data and neighbourhood-level dynamics has never been more important.
January 2026 Sales Activity in Victoria
A total of 339 properties sold in the Victoria Real Estate Board region in January 2026. This represents:
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A 19.7 percent decrease from January 2025
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A 7.6 percent decrease from December 2025
This slowdown aligns with what the market experienced in early 2023 and 2024, reflecting a return to predictable seasonal behaviour following the unusually active years earlier in the decade.
Sales by Property Type
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Condominiums:
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109 units sold
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Down 25.3 percent year over year
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Single family homes:
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153 sold
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Down 21.1 percent year over year
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The decline in sales does not indicate market weakness. Instead, it reflects buyer caution, seasonal timing, and a market adjusting to higher inventory levels.
Inventory Levels Shape the Start of 2026
One of the most notable factors influencing the January market is inventory.
There were 2,624 active listings on the Victoria Real Estate Board MLS® at the end of January 2026, which is:
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A 3.1 percent increase from December 2025
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A 9.6 percent increase from January 2025
This rise in inventory is a key reason the market is trending toward balance. Healthy inventory allows buyers more choice and time, while sellers benefit from clearer expectations around pricing and timelines.
As VREB Chair Fergus Kyne noted, inventory levels that meet demand are essential for preventing upward pressure on pricing and creating smoother market conditions.
Is Victoria Moving Into a Buyer’s Market?
With fewer sales and more inventory, January 2026 sat between a balanced market and a buyer’s market. This does not mean every area or property type is experiencing the same conditions.
Victoria is made up of many micro-markets, each behaving differently based on location, property type, and price point. Some neighbourhoods may feel firmly balanced, while others are giving buyers increased leverage.
This is where working with a best realtor in Victoria BC makes a difference. Market headlines only tell part of the story. Accurate strategy requires understanding how specific neighbourhoods and property types are performing right now.
Home Price Trends in the Victoria Core
Despite slower sales, pricing remained relatively stable in January, with modest adjustments reflecting market normalization rather than sharp declines.
Single Family Homes
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Benchmark value January 2025: $1,297,300
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Benchmark value January 2026: $1,265,500
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Year-over-year change: -2.5 percent
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Month-over-month change from December: increase from $1,255,000
This slight rebound from December suggests pricing stabilization rather than continued decline.
Condominiums
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Benchmark value January 2025: $545,900
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Benchmark value January 2026: $537,800
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Year-over-year change: -1.5 percent
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Month-over-month change: down from $549,900
Condo pricing remained relatively flat overall, continuing a trend seen throughout much of 2025.
What This Market Means for Buyers
January 2026 offered buyers something that has been rare in past years: choice without urgency.
With more homes on the market and fewer competing offers, buyers are benefiting from:
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Increased selection across neighbourhoods
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More time for inspections and due diligence
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Greater ability to negotiate
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Clearer pricing signals
This environment particularly benefits buyers searching for homes for sale in Victoria BC neighbourhoods such as Oak Bay, Langford, Vic West, Saanich, Esquimalt, Fairfield, and Cordova Bay, where conditions vary block by block.
Working with a top real estate agent in Victoria BC ensures buyers understand where value exists and how to act confidently when the right opportunity appears.
What This Market Means for Sellers
For sellers, the January data reinforces the importance of preparation and strategy.
Higher inventory means buyers are selective. Homes that are:
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Well-presented
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Priced accurately
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Positioned correctly for their neighbourhood
continue to sell, while those that miss the mark risk longer time on market.
This is not a market where pricing based on past peaks works. Sellers benefit most from working with the best realtor in Victoria BC who understands current buyer behaviour and neighbourhood-level pricing trends.
Micro-Markets Matter More Than Ever
One of the key messages from the January report is that Victoria’s market cannot be defined by a single label.
Some areas are leaning toward a buyer’s market. Others remain balanced. Property type, condition, and location all play a role.
Luxury properties and Sotheby’s International Realty listings in Victoria BC, for example, often operate under different dynamics than entry-level or condo markets. Global exposure, marketing reach, and professional presentation matter significantly in this segment.
For buyers and sellers exploring Sotheby’s properties for sale in Victoria BC, working with a Sotheby’s real estate agent in Victoria BC provides access to international networks and a tailored approach to high-end real estate.
External Factors to Watch in 2026
Looking ahead, several factors will continue to influence the Victoria real estate market:
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Interest rate movements
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Consumer confidence
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Global trade and economic conditions
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Inventory levels entering spring
While January alone does not define the year, it sets the tone. Strategy, patience, and data-driven decisions will be rewarded.
Why Working With a Top Realtor in Victoria BC Matters
In a market defined by balance and micro-trends, having experienced guidance is critical. As a top realtor in Victoria BC and a Sotheby’s real estate agent in Victoria BC, Brad Maclaren helps buyers and sellers interpret market data, understand neighbourhood dynamics, and build strategies that align with their goals.
Whether you are searching for homes for sale in Victoria BC, exploring luxury opportunities through Sotheby’s, or planning to sell in 2026, working with a trusted professional ensures clarity and confidence at every step.
Final Thoughts on the January 2026 Market
January 2026 reflects a Victoria real estate market that is stabilizing, predictable, and driven by inventory rather than urgency. Buyers have more options. Sellers must be strategic. Pricing remains resilient, and opportunities exist on both sides of the transaction.
If you are considering buying or selling this year, now is the time to connect with a top real estate agent in Victoria BC who understands how today’s data applies to your specific situation.
Contact Brad Maclaren today to discuss your 2026 real estate strategy with confidence and clarity.