Hey Friends,Welcome, and thanks again for being here.
As summer winds down, Greater Victoria’s real estate market is showing some encouraging signs of activity.August gave us something worth paying attention to.After several months of a relatively steady Greater Victoria market, we saw a noticeable increase in activity in August. In fact, it was the strongest August for sales we’ve seen in five years — a meaningful sign that more buyers and sellers are finding reasons to make a move.What I find most interesting isn’t simply that more homes sold. It’s how that activity is happening. Prices have remained relatively stable, there is still a healthy selection of homes available, and buyers continue to be thoughtful about what they’re willing to pay.That creates an interesting market. There’s momentum without the frenzy we’ve experienced at other times. Buyers can still take the time to compare homes and consider value, while sellers are seeing increased activity but also more discerning buyers.And that’s an important distinction. A stronger month doesn’t mean every home is suddenly selling quickly or that every neighbourhood is experiencing the same conditions. Greater Victoria is made up of many different markets, and property type, location, price and presentation continue to make a difference.August brought some real momentum to our market, and that makes it an interesting time to look beyond the headline numbers and understand what’s actually happening.Here’s what I’m seeing — and what I think is worth knowing this month.Your Real Estate Guide & Friend,Rick

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August 2026-  Greater Victoria

Real Estate Market Update

A Stronger August Brings New Momentum to Victoria’s MarketAs summer winds down, Greater Victoria’s real estate market is showing some encouraging signs of activity.August sales were the strongest we’ve seen for the month in five years, with 591 properties sold — up 12.6% compared with August of last year. Both single-family homes and condominiums saw double-digit increases in sales.But perhaps the more interesting story is what’s happening behind those numbers.We’re seeing more buyers make a move, while inventory remains healthy and prices are relatively stable. That combination continues to create a market where buyers have choices, sellers have opportunities, and strategy matters on both sides.

August at a Glance

591 properties sold
Up 12.6% from August 2025309 single-family homes sold
Up 15.3% year-over-year175 condominiums sold
Up 15.1% year-over-year3,662 active listings
Up 1.7% from August 2025

What About Prices?

In the Victoria Core, the benchmark price for a single-family home was $1,301,800 in August, down just 0.6% from a year ago and slightly below July’s $1,311,000.For condominiums, the benchmark price was $553,600, up 0.9% from August 2025 and up from $548,600 in July.Overall, prices continue to be relatively stable — but the experience can look quite different depending on the type of property, neighbourhood and price range.

What I’m Seeing in the Market

The numbers suggest that momentum has been gradually building. Buyers are active, but they’re also being selective.That distinction is important.With a healthy selection of homes available, buyers generally have more time to compare properties and determine where they see value. The urgency we’ve experienced in some past markets isn’t as widespread, but desirable homes that are priced and presented well can still attract strong interest.For sellers, this means price and presentation really matter. Buyers have alternatives, and they are comparing those alternatives carefully. Understanding what you’re competing against — not simply what the house down the street sold for six months ago — is an important part of positioning a property successfully today.

If You’re Buying...

This can be a good market in which to be patient, but prepared.More choice gives you an opportunity to look carefully at the home, location and price rather than feeling pressured to make an immediate decision. At the same time, increasing sales tell us that other buyers are active too.Having your financing in place, understanding recent comparable sales and knowing what you’re willing to pay puts you in a much stronger position when the right property comes along.

If You’re Selling...

There are buyers in the market — August's increase in sales makes that clear.But today’s buyers are paying attention to value.A home that is priced appropriately and shows well can stand out. One that enters the market too high may find buyers simply moving on to the next option.That makes understanding your current competition particularly important. The right strategy from the beginning can make a significant difference.

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Rick’s Take 💬

“One thing I’ve learned over the years is that market statistics only tell part of the story. What really matters is what’s happening with buyers and sellers every day — what’s getting attention, what’s sitting, and what’s ultimately getting sold.Right now, I like the balance we’re seeing in Greater Victoria. Buyers are active, but they also have choices. My advice to buyers is not to mistake having more choice for having all the leverage. A great home that’s priced well can still attract attention quickly. Know what represents good value, and be ready when the right opportunity comes along.For sellers, I’m paying just as much attention to what your home is competing against today as I am to what sold several months ago. Buyers are comparing properties in real time, so pricing and positioning your home correctly from the start can make a significant difference.And remember, there really isn’t one “Victoria market.” A downtown condo can be behaving very differently from a family home in Saanich, Sidney or the West Shore. The details matter, and that’s where local market knowledge becomes especially valuable.When someone asks me, “Is this a good time to buy or sell?” I start with their goals, not the market headlines. Sometimes the best advice is to move forward, and sometimes it’s to wait.My job is to help you know the difference.If you’re curious about what I’m seeing in your neighbourhood or simply want to talk through your options, give me a call. You don’t need to be ready to make a move to start the conversation.”Let’s stay connected,
Rick

🗓️ Let’s Connect

Whether you’re planning a move soon or just keeping an eye on the market, I’d love to catch up. I’m always happy to chat real estate over coffee—or Zoom if that’s easier.
👉 Just reply to this email or book a quick meeting with me here.
Talk soon,
Rick Cochrane
Personal Real Estate Corporation
MLS Gold Award Winning REALTOR®
National Top 5% Royal Lepage
rickcochrane.re@gmail.comwww.rickcochrane.com