If you're thinking about buying or selling in Greater Victoria, one of the first questions you probably have is: whose market is this? Are buyers in the driver's seat, or do sellers have the upper hand? The short answer is that we're in a balanced market right now—but let me unpack what that really means for you.
What Makes It a Balanced Market?
A balanced market sits somewhere between a buyer's market (where inventory outpaces demand and buyers have leverage) and a seller's market (where demand exceeds supply and sellers can command top dollar). In 2026, Greater Victoria is landing squarely in that middle ground. We're seeing roughly 460–500 sales per month, which is healthy activity. Inventory has been rising—especially in the condo segment—and we're no longer in the tight supply conditions of a few years ago. This means buyers have more options and less pressure to jump on the first thing they see, while sellers can't expect multiple offers and escalating prices.
What This Means for Buyers
If you're shopping for a home, a balanced market works in your favor in several ways. You have more time to find the right property instead of feeling rushed. Sellers are more motivated to negotiate on price and terms. Interest rates have come down from their recent highs, which improves affordability. You can ask more questions, request inspections, and get valuations done without fear that someone else will swoop in and steal your deal. The benchmark condo price hovers around $560K, and detached homes sit near $1.05M—both down from peaks we saw in the previous cycle. This is a buyer's opportunity window.
What This Means for Sellers
Sellers face a different reality now. You can't sit back and expect multiple offers within 48 hours. Your home needs to be priced realistically, shown well, and marketed effectively. The good news? There's still healthy demand. Homes are still selling, and if you price competitively and condition your home properly, you'll find a buyer. The key is working with someone who knows the current market intimately. Neighbourhoods like Oak Bay, Saanich, and Victoria Core still see strong buyer interest, though sitting time has increased across Greater Victoria.
The Role of Rising Inventory
Part of what's creating this balanced environment is the increase in available homes. After years of tight supply, inventory is creeping up—particularly in the condo market. This gives buyers choice and breathing room but also means sellers need to be strategic. Properties that are well-positioned, priced fairly, and presented professionally still move quickly. Mediocre listings languish. This is where professional guidance makes all the difference.
What Should You Do Right Now?
If you're a buyer, this is an excellent time to move. Interest rates are coming down, inventory is available, and you have negotiating power. Don't wait for prices to drop further—the market has stabilized. If you're a seller, act now while summer demand is building, but do it with realistic expectations and the right marketing strategy. A balanced market rewards those who are informed and move decisively.
I'm Dan Juricic, a REALTOR® with RE/MAX Camosun. If you have questions about the Victoria market, I'd love to help. Call or text me at (250) 514-8261 or visit danjuricic.com.