February’s detached house prices on southern Vancouver Island continued a multi-month, year-over-year appreciation trend, while market-wide valuations proved stable despite a dip in sales across two of three key residential segments, according to the latest data from the Victoria Real Estate Board for transactions via the Multiple Listings Service.

 

Single-family homes predictably remained top-of-mind among buyers in February, with 206 sales priced at an average of $1,377,169 with a median of $1,200,000. Though this year’s total fell from last February’s 234 deals, the average price jumped by 5.4%, and the median by 5.2%. This comes after average prices rose by 2.8% year-over-year in December and 4.7% in January. And for context, the annual average for 2025 was $1,305,083, with a median at $1,160,000.

 

Victoria real-estate agent Ryan Cook (see website) of brokerage Remax Camosun, says Victoria has emerged as one of the strongest real-estate markets in a battered Canadian re-sale and pre-sale landscape dominated by headlines out of Vancouver and Toronto. Victoria’s desirability, despite provincial and broader economic challenges (let alone taxes), and its low volume of unsold pre-sale inventory, has positioned the south Island as somewhat of a comfort zone amid national jitters. The latter isn’t lost on prospective provincial and cross-Canadian buyers looking further afield, buyers that perennially come from far and wide to situate in the Capital. And given what they’re seeing elsewhere, Victoria’s mild-climate beacon is shining brighter than most other markets.

 

“It benefits our sellers significantly to sell inventory in a destination for retirees and professionals who can relocate to Victoria and still maintain their employment elsewhere in the country,” Cook says, speaking to some of the buyer attributes that have buoyed local home sales and kept prices elevated despite national trends pointing in the opposite direction.

 

“We also have to keep in mind, that as housing markets in other parts of Canada struggle, sellers looking to move to Victoria are motivated to pull the trigger even faster, to maintain as much equity as they can in the real-estate they own, expecting a reversal in their local market to be some time away. That capital then flows into Victoria real-estate, and although non-local buyers are not dominant in overall sales - typically accounting for 20% to 30% of monthly deals - it makes a profound difference to our price stability to have a reliable influx of offers from new arrivals,” Cook notes, adding that “what is even more critical with incoming buyers, is their home is not listed for re-sale locally, meaning they consume inventory here without adding a unit back onto the local market. That in itself puts upward pressure on prices.”

 

Condominium activity yielded 154 purchases in February, averaging $641,879 with a median of $553,000, falling 2.7% and 1.7%, respectively, compared to 2025, when 192 units sold. This February’s sales were, however, in line with 2024’s 152 and 2023’s 161 when the averages and medians were markedly lower than prices paid this year.

 

Cook says that condominiums have proven to be a trickier market for sellers since provincial regulations impacted short-term rentals, changes to the Residential Tenancy Act soured some investors on the rental industry, and the speculation tax made it more costly to acquire vacation property in Greater Victoria.

 

“This is a more trying time to be a condominium seller than in years past, but if you’re a buyer, and if you’re buying as an end-user, this segment is a buyer’s market and is well worth exploring if you’re on the fence about buying your first home or even downsizing into a smaller residence,” Cook says. “Right now two-bed, two-bath units in concrete buildings across Victoria’s urban core and even in the suburbs are highly desirable, especially if priced right. Where sellers face some challenges is with smaller units, especially in downtown Victoria where today's weak investor market once played a big demand role.”

 

Townhomes registered 66 sales in February through MLS, a jump of seven units compared to last year, at prices rising slightly to an average of $840,475 and at a $799,999 median. One year ago, the average was $836,199 and the median $794,500. Cook says the growing appeal of this ‘missing middle’ housing form means plenty of buyers are keeping an eye on re-sale opportunities, and even the pre-sale industry is having success with new-build units throughout Greater Victoria.

 

In terms of all market segments, February saw 465 real-estate transactions via MLS, a 12% drop compared to 2025, albeit unremarkable when compared to February of 2024’s 470 sales and 460 sales the year prior. 

 

Overall, Cook’s key takeaways for buyers searching for opportunities is to watch for well priced condominiums in buildings aged up to five years, and older fixer-upper single-family homes in Victoria's urban core municipalities that include Esquimalt, Oak Bay, Saanich and View Royal.

 

Two-to-five year old condominium listings, Cook says, can offer competitive price points compared to pre-sale or newly-built inventory without the added cost of the GST, while still qualifying for the balance of 2-5-10 warranties. For single-family-home buyers, land represents a significant portion of real-estate prices. If a buyer lands on a reasonably maintained house for sale priced near the assessed land value, sweat equity can rapidly build financial equity while keeping mortgage costs low. And with the core's aging housing stock, those opportunities are more common than buyers may think.

 

As for what to expect in March, Cook says the 2026 market will largely be judged by what happens between now and July.

 

“The local housing market roars to life each year starting in the latter half of March, with strong sales often sustained through July, after which the market winds down and eventually settles into a slower pace come fall. The late 2025 and early 2026 housing market has been predictable and fair, and we anticipate demand to remain strong. If buyers are patient, some great deals are likely to materialize, too.” C

 

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