Julie Rust Real Estate

Victoria Real Estate Market Report for March 2026

A total of 579 properties sold in the Victoria Real Estate Board region this March, 5.5 per cent fewer than the 613 properties sold in March 2025 and 24.5 per cent more than in February 2026. Sales of condominiums decreased by 18.8 per cent from March 2025 with 164 units sold. Sales of single family homes decreased by 2.4 per cent from March 2025 with 285 sold.

“Our market is following a fairly typical spring market trend,” said Victoria Real Estate Board Chair Fergus Kyne. “With sales and listings both increasing from the previous month, we’re tracking a seasonal pattern that generally builds to the peak of the market in May or June.”

There were 3,261 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of March 2026, an increase of 12.3 per cent compared to the previous month of February and a 7.9 per cent increase from the 3,023 active listings for sale at the end of March 2025.

“We continue to observe a market which offers plentiful opportunity for both buyers and sellers. The current conditions of good supply and a reasonable level of consumer demand have created fewer high-pressure transactions and allowed time for both sides of the sale to make decisions and undertake due diligence,” notes Chair Kyne. “Every listing is unique in our market. Greater Victoria is a relatively small area which consists of many micro markets with varying conditions and demand. It’s a good time to connect with your favourite local REALTOR® to ensure your property or your purchase gets the correct analysis and strategy it deserves.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in March 2025 was $1,344,900. The benchmark value for the same home in March 2026 decreased by 1.1 per cent to $1,330,200, up from February’s value of $1,307,400. The MLS® HPI benchmark value for a condominium in the Victoria Core area in March 2025 was $558,100, while the benchmark value for the same condominium in March 2026 decreased by 0.8 per cent to $553,800, up from the February value of $545,600.

NEW TO MARKET! Stunning West Coast Contemporary home on the Fairfield Oak Bay border. Expertly built by Prodigy Developments with landscaping by Landeca. A vaulted entry welcomes you to this light filled 4 bed, 4 bath plus den home and leads you into the open concept great room with the living room highlighting a floor to ceiling slate fireplace, kitchen with breakfast bar, granite counters, wine fridge, gourmet Fisher & Paykel gas stove, oak hardwood floors throughout, and designer lighting. Ideal for family life and entertaining with a spacious w maintenance patio and hot tub accessed through french doors. Upstairs offers 3 bedrooms including a luxurious primary suite with large spa-like ensuite with soaker tub & walk in closet. Lower level suite and attached garage add flexibility to this home. Steps to Gonzales beach, Ross Bay, Beach drive, first-rate public & private schools and Thrifty's plaza. Offered at $2,350,000 MLS # 1029199 www.rustphillips.com
, , , , , , , Engel & Völkers Vancouver IslandGreg Phillips - Engel & Völkers Victoria

NEW TO MARKET! Welcome to refined ONE LEVEL Oak Bay living in prestigious Uplands Estates. Enjoy wonderful, unobstructed views of the tranquil pond, water feature, and Uplands Golf Course from this beautifully maintained, south-facing home. Thoughtfully designed with generous rooms and an excellent layout, it features a spacious primary suite with patio access, walk-in closet, & 4-piece ensuite. The bright sunken living room with cozy wood-burning fireplace, formal dining room, and kitchen with breakfast nook opening to the front porch create inviting spaces for everyday living and entertaining.
Additional highlights include a large laundry room, double car garage (workshop currently in 1/2 of the garage space) and convenient visitor parking. Walk to Henderson Rec Centre, UVIC, Mt. Tolmie, Uplands Golf Course, Victoria Yacht Club and Cadboro Bay Village. Located in a gated, secure adult-oriented community surrounded by ponds, fountains, and manicured gardens-peaceful, park-like living at its finest. Offered at $1,349,000 MLS #1026199
, , , , , Greg Phillips - Engel & Völkers VictoriaEngel & Völkers Vancouver Island

NEW TO MARKET! Oak Bay mid century style home nestled in Upper Henderson. This inviting residence sits on a quiet, private 17,700+ sq ft property backing onto scenic Mt. Tolmie. As you enter the spacious reception area, you'll feel welcomed to this distinctive home surrounded by perennial gardens & expansive yard. The main level features a family room, guest bath w steam shower, & an inviting study looking out on the large deck & mature trees. Just steps up, enjoy a bright living room w wood-burning fireplace, dining area & eat-in kitchen highlighted by a large skylight. Patio doors open to a large e/s facing deck, for seamless entertaining. Upstairs you'll find the primary bedroom, a beautiful Spiece bathroom, & 2 additional bedrooms. The lower level offers a large 4th bedroom w patio access to the backyard, a full bath, kitchenette, & laundry-ideal for guests, students, or family. Close to Uplands Golf course, Cadboro Bay Village, UVIC, parks, beaches, private & public schools. Offered at $1,675,000 MLS # 1027598 www.rustphillips.com
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, Greg Phillips - Engel & Völkers VictoriaEngel & Völkers Vancouver Island

NEW TO MARKET! This picturesque home sits on a well maintained, mature lot on one of South Oak Bay's most coveted streets. Rich in character, it features a large entry hall with decorative fireplace, wainscotting, stained glass windows, gorgeous oak floors, coffered ceilings, French doors and generously sized principal rooms. The inviting living room with gas fireplace flows into a separate formal dining room and cozy sunroom. The bright eat in kitchen with ss appliances and gas stove, 3 bedrooms, 1½ bathrooms, complete the main level. Upstairs, a bonus room offers a loft style bedroom or flexible space for studio, or home office with attic access. The lower level includes an additional bedroom, bathroom, laundry, and ample storage or hobby space with potential for further enhancements. A timeless home in a premiere location close to Oak Bay Marina, Oak Bay Village Shops, local public and private schools, Willows Beach and Windsor Park. Offered $1,895,000 MLS # 1025095 www.rustphillips.com
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, Greg Phillips - Engel & Völkers VictoriaEngel & Völkers Vancouver Island

February 2026 VREB market Statistics…

A total of 465 properties sold in the Victoria Real Estate Board region this February, 11.9 per cent fewer than the 528 properties sold in February 2025 and 37.2 per cent more than in January 2026. Sales of condominiums decreased by 19.8 per cent from February 2025 with 154 units sold. Sales of single family homes decreased by 12 per cent from February 2025 with 206 sold.

“February’s sales definitely picked up the pace compared with sales from the previous month,” said Victoria Real Estate Board Chair Fergus Kyne. “Though our sales numbers are lower than they were in 2025, with an over 35 per cent increase month over month, and a very healthy amount of inventory currently available, it will be interesting to see how our spring market unfolds in the upcoming months.”

There were 2,903 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of February 2026, an increase of 10.6 per cent compared to the previous month of January and a 10.4 per cent increase from the 2,630 active listings for sale at the end of February 2025.

“Last month we reported how the market rested on the threshold between balanced and a buyer’s market,” notes Chair Kyne. “Over the course of February, more activity led to increased sales which has helped to balance market conditions. When the market is in balance, it means excellent opportunities exist for buyers and sellers. If you’ve been waiting for the spring to start your home sale or search, now is a great time to connect with a local Victoria REALTOR® to start planning.”

NEW TO MARKET! Modern comfort meets timeless character within this home. Substantially renovated in 2007 by Zebra Design, this beautifully updated 5 bed/ 3 bath home blends classic heritage architecture with the amenities today's sophisticated buyer expects. Features include lead glass built-ins, 2 fireplaces, hardwood floors, coffered ceilings, wainscotting, built-in window seats and skylights. Located in one of South Oak Bay's most desirable neighbourhoods, it offers a warm, enticing atmosphere and a classic traditional floor plan with a finished walk-out 1 bed/1 bath basement suite-ideal for family living or guests. The private, quiet south facing backyard features a generous sized deck off the kitchen and additional deck with pergola, perfect for entertaining, as well as mature gardens, and a separate studio with lane access. A rare opportunity to own a thoughtfully updated character home in a premier location. Offered at $2,250,000 MLS # 1025896 www.rustphillips.com , , , , , ,

JANUARY 2026 VREB MARKET STATISTICS..

Victoria Real Estate Market Report for January 2026

A total of 339 properties sold in the Victoria Real Estate Board region this January, 19.7 per cent fewer than the 422 properties sold in January 2025 and 7.6 per cent fewer than in December 2025. Sales of condominiums decreased by 25.3 per cent from January 2025 with 109 units sold. Sales of single family homes decreased by 21.1 per cent from January 2025 with 153 sold.

“This year kicked off with sales in a similar pattern to what we observed in 2023 and ‘24,” said Victoria Real Estate Board Chair Fergus Kyne. “Those years signalled the return to more predictable, seasonal patterns after the intense pace of the pandemic-influenced market we saw earlier in the decade. Different this year is that there is much more inventory on the market. Healthy levels of inventory that meet demand are critical to smooth out any upward pressure on pricing. As we move through the year, it may well be inventory levels and a combination of external factors like interest rates, global trade tensions, and consumer confidence that ultimately determine the course for our market.”

There were 2,624 active listings for sale on the Victoria Real Estate Board Multiple Listing Service® at the end of January 2026, an increase of 3.1 per cent compared to the previous month of December and a 9.6 per cent increase from the 2,395 active listings for sale at the end of January 2025.

“With the current strong level of inventory and fewer sales, the overall market in January rested on the threshold between balanced and a buyer’s market,” notes Chair Kyne. “A single month does not promise a long-term trend, but this does mean that January offered a good amount of selection for buyers and more defined outcomes for sellers. Our market area is small but diverse, and consists of many micro-markets, all of which have their own specific market conditions. This means that some areas may be in balance, while others may trend to a buyer’s market. To determine where a property is within the balance of markets, connect with your favourite Victoria REALTOR®.”

NEW TO MARKET! Sitting at the rise of the street on the corner of a treed right-of-way, this Arts-and-Crafts home blends quality craftsmanship with practical updates. New plumbing, electrical, heating, roof, gas fireplace, rebuilt chimneys, and on-demand hot water deliver piece of mind and ease of living, as do the surrounding greenery and low-maintenance gardens. Renovations that have preserved original build quality and time-tested floor plan leverage morning, afternoon, and evening sunlight and original stained- and leaded-glass windows to offer rooms, spaces and special nooks to suit changing mood and needs. It's a thoughtfully restored, easy to live in and care for grand home that fosters togetherness when desired yet supports privacy when needed. On a quiet South Oak Bay street that continues to have its country-lane feel, 773 Island - a house for all parts of the day, all stages of growth, and all seasons of life — is now ready for you to call "home." Offered at $2,200,000.
MLS # 1025272 www.rustphillips.com
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We are grateful to all our clients, friends, colleagues. family and our brokerage who continue to support our business. We are honoured once again to receive the MLS GOLD AWARD being amongst the top 10% of the VREB realtors. We appreciate all your kind referrals and if you are thinking of making a move please reach out and we would be honoured to assist your next journey ❤️

NEW TO MARKET! Well maintained 4 bed, 3 bath View Royal home offering sweeping views of Portage Inlet. Set on a generous 15,246 Sqft lot with future development potential and easy access to the E&N Trail, this solid residence offers flexibility and value. The lower level features a self-contained suite, while the upper level includes a separate living area currently used as a part-time suite, easily reconfigured into the main home. Highlights include coved ceilings, large picture windows that flood the home with natural light and capture stunning water views, a spacious deck off the kitchen, and a cozy wood-burning fireplace in the living room. Ample parking, plus a detached garage and workshop, complete this exceptional property. Offered at $1,235,000 MLS # 1023420 www.rustphillips.com , ,