One of the most noticeable shifts in the Greater Victoria market right now is the rising inventory in the condo segment. For years, condos were in tight supply, and buyers had limited options. That's changing. Let me explain why and what it means if you're considering buying a condo in 2026.
Where Is All This Condo Inventory Coming From?
The increase comes from several sources. First, new construction completions have ramped up. Over the past 18 months, we've seen several new residential buildings complete in Saanich, Victoria Core, and around the Inner Harbour. Second, some investors and downsizers who held condos during the peak are now listing. Third, the psychology of the market has shifted—people are no longer sitting tight waiting for higher prices. The combination creates more listings, which is healthy for a market that felt constrained for so long.
The Benchmark Condo Price Holds Steady
Despite rising inventory, the benchmark condo price around $560K hasn't dramatically compressed. What's happening is more nuanced: buyers have options at different price points and styles. A renovated unit in a premium location might command $600K–$700K. A newer condo in outer Saanich might be $510K–$560K. A smaller unit in an older building closer to downtown could be $450K–$500K. The increased inventory isn't creating a race to the bottom—it's creating a proper market with fair pricing across the spectrum.
Buyer Advantages in a Higher-Inventory Market
This is where buyers win. You can tour multiple properties instead of one. You can be selective about location, finishes, and building quality. You can negotiate more firmly on price and conditions. If a condo doesn't suit you, there's usually another one coming on the market next week. You're no longer in a position where you have to jump on the first available unit or lose it. This buyer-friendly environment is particularly valuable for first-time buyers looking to get into the market without overpaying or being rushed into a decision.
What Rising Inventory Means for Sellers
For condo sellers, the equation is straightforward: you need to differentiate. A unit that's clean, move-in ready, and priced at market value will sell. A unit that's dated, cluttered, or overpriced will linger. The days of just listing and waiting are over. You need professional staging, quality photos, and realistic pricing. Location still matters—a unit in a well-maintained building with good amenities or a premium address will outperform one in a dated building with deferred maintenance.
Building Quality Becomes More Important
With more condo inventory, buyers are increasingly comparing not just units but buildings. Is the strata well-managed? What are the reserve funds? Are there upcoming special assessments? These questions matter more when you have options. Newer buildings and well-run strata generally hold value and sell faster. Older buildings with rising strata fees or deferred maintenance face headwinds.
Outlook for Condo Buyers
The rising inventory in the condo market is a positive development for anyone looking to buy. You have choice, you have negotiating power, and prices are fair. The benchmark around $560K is realistic and sustainable. If you've been waiting on the sidelines, this might be your moment—because increasing inventory tends to stabilize rather than further reduce prices. Lock in current interest rates, find a unit that suits your lifestyle, and move forward with confidence.
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.