Market Update for Downsizers: What the Latest Greater Victoria Numbers Mean for Your Move

If you're planning a downsizing move in Greater Victoria, the market you're reading about today is the market you'll be navigating in the months ahead. The latest statistics from the Victoria Real Estate Board (VREB), released in early September for August 2026, show a market that is busier than it was a year ago, with sales up, prices broadly steady, and inventory holding near last year's level. This update walks through the numbers in plain language and explains what they mean for the two sides of a downsizing move: selling your current home and buying your next one.

These figures are drawn from the VREB's August 2026 report and are the most recent board-wide data available at the time of writing. Market conditions change, so treat this as a snapshot that helps you plan, and confirm current numbers with a local professional before you make decisions based on them.

The headline: the busiest August in five years

VREB reported 591 properties sold across the region in August 2026, up 12.6% from 525 sales in August 2025. The board's chair described it as the strongest August sales activity in five years. That's a meaningful signal: buyer demand in Greater Victoria remains solid even as the summer season winds down.

Activity did ease from July, when 673 properties sold, which is a normal seasonal pattern. The year-over-year comparison is the more telling one, and it points to a market with real demand, not a market that has gone quiet.

What sold: single-family homes and condos both moved

Breaking the sales down by type makes the picture clearer for downsizers, because most downsizing moves involve selling a detached home and buying a condo or townhome:

• Single-family homes: 309 sales in August, up 15.3% from a year earlier. This is the segment most downsizers are selling from, and the strength here matters for your sale.
• Condominiums: 175 sales, up 15.1% year over year. This is the segment many downsizers are buying into, and it's seeing healthy demand too.
• Townhomes: 63 sales, down 4.5% from August 2025, a quieter segment but still active.

The balanced picture is useful: demand is not concentrated in one corner of the market. Both the homes downsizers sell and the homes downsizers buy are seeing activity, which tends to make the sell-and-buy transition more predictable than a market where one side is hot and the other is not.

Prices: broadly steady, with small moves

Benchmark prices, which track the value of a typical home over time, were close to flat in August. In the Victoria Core, the area's most closely watched measure:

• Single-family home benchmark: $1,301,800, down 0.6% from $1,317,200 a year earlier.
• Condominium benchmark: $553,600, up 0.9% from $548,900 a year earlier.

Board-wide, which includes the full VREB region from the Peninsula to the Westshore and the Saanich Peninsula, the August benchmarks were a single-family home at $1,163,100, a condo at $547,500, and a townhome at $792,800.

For a downsizer, the takeaway is that prices are not moving dramatically in either direction. That's generally good news: it means the equity in your current home is holding, and the price of your next home isn't climbing away from you. The spread between what you sell for and what you buy for, the number that actually funds your transition, is not being squeezed by rapid price swings.

Inventory: enough choice, without a glut

There were 3,662 active listings on the VREB MLS at the end of August 2026, down 4.8% from July but up 1.7% from 3,600 a year earlier. In practical terms, buyers have a reasonable selection of homes to choose from, and sellers are not competing against an overwhelming wall of inventory.

For downsizers buying a condo or townhome, this level of inventory means you can be selective: you have options across Victoria, Saanich, Oak Bay, Sidney, Langford, and the other communities in the region, and you can take the time to compare buildings, strata fees, and locations without the panic of a market where every listing gets multiple offers. For sellers, it means your home needs to be presented well, but you're not listing into a market that's flooded with competition.

What this means if you're selling a family home

If you're preparing to sell a long-held family home in Greater Victoria, the August numbers are encouraging. Sales of detached homes are up 15.3% year over year, and benchmark values are holding near last year's level, which means the equity you've built over the years is being recognized in the market.

The practical advice doesn't change with the data: a well-presented, accurately priced home in this market will find a buyer. What the data adds is confidence about timing. There is no sign of a falling market that should make you rush, and no sign of a runaway market that should make you wait. That lets you plan your sale around your own timeline, your sorting, your staging, your move, rather than around market panic.

What this means if you're buying a condo or townhome

For the buying side of your move, the picture is also steady. Condo benchmark prices are up modestly year over year, and inventory gives you genuine choice. This is a good environment to be thorough: review strata documents, compare fees, check the depreciation report, and visit buildings at different times of day.

One pattern worth noting is that the segments you're selling from and buying into are both active. That matters because a common worry for downsizers is being caught between a slow sale and a fast purchase. With demand healthy on both sides, the coordination of selling and buying, the timing gap, is more manageable than it is in a lopsided market.

How to read the market for your own timeline

The most useful way to use a market update like this one is not to try to time the market, but to plan around your own needs with the market as context. A few practical principles:

• Your timeline beats the calendar. If your reasons for moving are clear, the seasonal rhythm of the market matters far less than the quality of your plan.
• Compare the spread, not just the prices. What matters to your finances is the gap between your sale price and your purchase price, plus the costs of the move. A steady market makes that spread easier to predict.
• Get current, local numbers. Board-wide benchmarks hide neighbourhood differences. A home in Oak Bay, a condo in Sidney, and a townhome in Langford each have their own dynamics, and a local professional can give you the numbers that apply to your specific situation.
• Keep an eye on the next report. The VREB publishes statistics monthly, and the fall numbers will show whether the summer momentum carries into the quieter season. Checking in quarterly is enough for planning purposes.

You can review the board's published statistics yourself at vreb.org, and a conversation with a local REALTOR® will turn those numbers into a plan for your specific home and neighbourhood.

Frequently asked questions

Is it a good time to sell my family home in Greater Victoria?

Based on the August 2026 VREB data, detached home sales are up 15.3% year over year and benchmark prices are holding near last year's levels. That's a healthy environment for selling a well-presented home. The more important question is whether the timing fits your personal plan, and a local professional can help you weigh both.

Are condo prices rising in Greater Victoria?

The Victoria Core condo benchmark was $553,600 in August 2026, up 0.9% from a year earlier. Prices are moving modestly, not dramatically. For downsizers, that means the cost of your next home isn't climbing away from you while you plan your move.

Should I wait for prices to drop before buying?

Trying to time the bottom of a market is rarely a winning strategy, and the current data shows a steady market rather than one about to drop sharply. A better approach is to plan around your own timeline, compare the real numbers for the homes you're considering, and move when the fit is right.

How much inventory is available for downsizers right now?

There were 3,662 active listings across the VREB region at the end of August 2026, up slightly from a year earlier. That gives buyers a reasonable selection of condos and townhomes across Victoria, Saanich, Oak Bay, Sidney, and the Westshore, with enough choice to be selective.

Where can I check the latest Victoria market data?

The Victoria Real Estate Board publishes monthly statistics at vreb.org, including sales, inventory, and benchmark prices. A REALTOR® who works in Greater Victoria can also provide neighbourhood-specific numbers and help you interpret what they mean for your move.