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The current competition snapshot in Victoria
Early 2026 data paints a clear picture of a market that has cooled meaningfully from recent peaks.
Inventory is up, sales are down
January data from the Victoria market shows:
2,624 active listings, up 9.6 percent year over year
339 sales, down 19.7 percent compared with the prior year
This combination, more supply and fewer buyers, has reduced urgency and bidding wars across most price ranges.
The market is now sitting right on the threshold between balanced and buyer-favoured, a sharp contrast to the frenzied conditions seen during spring peaks in past years.
Multiple offers are now the exception, not the rule
Most listings are no longer seeing automatic competition. Buyers are taking time to view properties, revisit homes, and negotiate.
That said, micro-markets still matter.
Properties that can still trigger competition include:
Well-priced condos and townhomes under $700,000
Westshore and Saanich family homes with legal or near-legal suites
Listings priced accurately to recent comparable sales, not aspirational numbers
By contrast, premium detached homes in the Core or on the Peninsula, often priced around or above the $1.26 million single-family benchmark, are seeing far less competition due to affordability limits.
Longer days on market favour buyers
With inventory building, buyers are no longer forced into same-day decisions in most cases. Longer days on market allow for:
More thorough due diligence
Negotiation on price or terms
Fewer emotional decisions driven by fear of missing out
Patience is now a competitive advantage.
How to win a home without taking unnecessary risks
Even in a cooler market, strategy matters. The goal is to stand out without exposing yourself to avoidable risk.
Low-risk strategies that still strengthen offers
These moves improve your position without sacrificing protection.
Flexible completion dates
Offering a completion or possession date that works for the seller can be very effective.
45 to 60 day completions are often attractive
Tenant-friendly timelines help with rental properties
This signals cooperation without weakening your legal protections.
A stronger deposit
Increasing the deposit to 2 to 3 percent of the purchase price shows commitment.
On an $800,000 home, that is roughly $15,000 to $25,000
Deposits are held in trust and remain refundable if subjects are not removed
This reassures sellers without increasing your downside risk.
A personal letter
In some cases, a short personal letter explaining why the home fits your needs can help.
Families often reference yard use or suite potential
Emotional connection can tip close decisions
While not always decisive, it can provide a soft edge without financial exposure.
Moderate-risk moves, use selectively
These strategies can help in competitive situations but should be applied carefully.
Fewer or shorter subjects
Examples include:
Shortening inspection timelines from 7 days to 3
Removing appraisal subjects if your pre-approval already covers value
Non-negotiables should remain:
Financing
Inspection
Strata document review, if applicable
Risk management matters more than speed.
Pricing with intention
Offering at, or 2 to 5 percent above asking, can be effective when supported by data.
Use recent sold comparables
Rely on a proper comparative market analysis, not list prices
Avoid blind escalation without understanding true market value.
High-risk strategies to avoid in most cases
Some tactics carry outsized risk and are rarely necessary in today’s market.
No-subject offers
Removing all subjects exposes your deposit and limits exit options.
Generally only appropriate for cash buyers
Title, zoning, or structural issues can become very costly surprises
Escalation clauses
Automatically increasing your offer to beat others can:
Push you beyond fair market value
Create uncertainty around final price
Even with caps, escalation clauses are still a gamble on unknown competing offers.
What this means for Victoria buyers in 2026
Buyers now have something that was missing for years: time and leverage.
In most cases, you can:
Negotiate price or terms
Complete proper inspections
Make decisions based on logic rather than urgency
The key is recognizing when a property is truly competitive versus when patience will be rewarded.
Well-priced homes in high-demand segments will always attract attention. The difference in 2026 is that those situations are the exception, not the norm.
Final thoughts
Victoria’s real estate market in early 2026 rewards prepared, patient buyers. The days of blanket bidding wars are gone, replaced by a more thoughtful, segmented market.
Knowing when to lean in and when to hold firm is now the skill that matters most.
If you want to understand how competitive a specific neighbourhood, price range, or property type really is, a local, data-driven conversation can cut through the noise and help you act with confidence instead of assumption.
Matt Peulen
Disclaimer:
This article is provided for general information only and does not constitute legal, financial, or tax advice. Market conditions and statistics change over time. Always consult qualified professionals regarding your specific circumstances.
