Real-estate sales throughout Greater Victoria surged in March to land at 579 transactions, 114 sales higher than February’s market-wide activity, and only 5% below last March that was also the busiest in three years, as per the latest Multiple Listings Service (MLS) data via the Victoria Real Estate Board (VREB).

 

While the broader Canadian housing market continued to see moderate-to-notable disruption throughout the third month of 2026 and a murky near-to-medium-term horizon, in Greater Victoria, buyers were buying, and in some cases, even competing for desirable listings.

 

“A sales total approaching 600 units in March is a sign that Victoria’s busiest home buying and selling season is off to a strong start,” says Victoria realtor Ryan Cook (see website), of south Island brokerage Remax Camosun. “The level of activity last month also points to Victoria’s housing market resiliency, and shows a positive outlook especially among buyers with an eye for quality and well-priced listings who may have even found themselves in bidding wars.”

 

March saw 285 sales of single-family homes via MLS, according to VREB data. Houses were by far the Capital’s dominant segment of the residential housing market, with the regional Sooke-to-Sidney average landing 4.5% higher compared to one year ago, at $1,341,863, with a median of $1,185,000. Last March, 292 sales were recorded at an average of $1,283,842 and a nearly identical median of $1,189,900.

 

The story was much different for the condominium sector, however, where sales fell to 164 this March, firmly in the shadow of 202 sales recorded last year. Both the median and the average price points also dipped to an average of $634,393, a 1.2% drop from $642,059, and a 4.4% median drop to $540,000 from $565,000.

 

The narrative changed once more, though, as townhomes, which found 88 buyers for properties averaging $837,192, registered a price lift of 4% compared to 2025’s $804,796 across 79 sales, while the medians were flat at $775,000 and $779,900, respectively.

 

“A trend for 2026 is now emerging, and we can see that condominiums are still struggling,” Cook notes, adding that “the downward pressure on regional condominium prices is driven in part by depressed demand for downtown Victoria units. For the larger and more expensive single-family and townhome offerings, buyers are showing up, and are willing to entertain average prices at well above last year’s averages. For example, since January, single-family-home prices are up 3.4% compared to all of 2025, and 2025 saw prices 2.8% above 2024.”

 

 

As for listings, March generated 1,516 new units on MLS, the highest since March of 2010’s 1,719. Total units active on the market in March numbered 3,261, the highest active inventory for the month since 2015’s 3,769 units.

 

Despite higher prices for two of the three main residential categories and the Victoria market enjoying a relatively stable environment compared to other jurisdictions, Cook advises sellers to be realistic in their expectations, or potentially face disappointment.

 

“If you’re committed to selling by a certain date, take advice from your realtor, and price for the market. Be reasonable, and use the data your realtor has access to to understand how your offering fits within the bigger picture, and to get a better understanding of your immediate competition,” Cook says. “This is especially critical for condominium sellers who are currently experiencing a highly competitive market with buyers firmly in control.”

 

Cook also says that although buyers may opt to price high or subjectively value their property higher than what the market may support, time is a valuable asset that many sellers fail to account for properly, and trying to gain additional dollars on the sale side may end up costing sellers by delaying a new purchase by losing out on an ideal home, or missing out on favourable financing terms.

 

“Always have a plan for your next move, and don’t assume that buyers will find appeal in your listing within the timeframe you’re anticipating. Trust your realtor’s guidance, use comparable sales data to your advantage, and know that while you wait for your home to sell, opportunities could be passing you by, and may end up costing you more in the long run if your future purchase hinges on the sale of your current home.”

 

And for some south Island sellers, pricing high in 2025 means they're re-listing this spring in a market laden with more competition.

 

Cook says a “significant volume of recycled inventory from the fall” is appearing on the market this spring, as sellers that couldn’t find buyers re-enter the market with tempered expectations, or driven by hope that more demand this spring will generate a sale at a price that didn't resonate last year.

 

“With so many sellers that pulled their listings in the fall now re-emerging, this is a good time for sellers to reflect on how long a sale may take in this market, and how important price is to a successful sales process,” Cook said. “Pricing right is the key to success, and that’s especially important in the condominium sector where even small differences between competing units can make or break a deal. And most importantly, while average prices may be moving higher year-over-year, this is not necessarily a green light for pricing every listing higher, and expecting buyers to respond favourably, and quickly." C

 

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