How Is the Victoria Condo Market Performing Compared to Single-Family Homes?

Condos held their value better than houses this fall, but houses still outsell them nearly two to one. Here is what the September numbers actually say.

Ask two neighbours about the Victoria market right now and you may get two different answers. The house owner will tell you prices have softened. The condo owner will tell you values held steady. Both are right. September 2026 is a good example of why property type matters as much as location when you read a market headline.

The headline numbers

Across the Victoria Real Estate Board region, 463 properties sold in September 2026. That was down 16.4 per cent from September 2025 and down 21.7 per cent from August, after an unusually busy summer. At the same time, active listings rose to 3,811, up 3.2 per cent from a year earlier. More choice and fewer sales is the combination that tips a market toward buyers, and the Board's chair described September as a buyer's market, the first outside the early pandemic months since January 2015.

Within that total, the split by property type tells the real story:

• Single-family homes: 239 sold, down 17.3 per cent year over year
• Condominiums: 137 sold, down 11.0 per cent year over year
• Townhomes: 53 sold, down 26.4 per cent year over year

The takeaway: sales slowed everywhere in September, but condo sales slowed the least.

Prices: condos steadier, houses softer

Benchmark prices measure a typical property, so they are a cleaner comparison than average sale prices, which swing with whatever happened to sell that month.

In the Victoria Core in September 2026:

• Single-family benchmark: $1,280,100, down 2.0 per cent from September 2025 and down from $1,301,800 in August
• Condominium benchmark: $547,800, up 1.0 per cent from September 2025, though down from $553,600 in August

Worked numbers: the gap between a typical Core house and a typical Core condo is $732,300. Put another way, the typical condo benchmark sits at about 43 per cent of the typical single-family benchmark. That gap is the single biggest reason condos remain the entry point to ownership in the Core, and why they tend to hold up when buyers get cautious: they are where the demand concentrates when budgets tighten.

The takeaway: houses gave back a little ground this year; condos, on the benchmark measure, gave back none.

It depends where you look

The regional averages hide real differences by area, and this is where local advice earns its keep.

Single-family benchmarks, year over year:

• Victoria Core: $1,280,100, down 2.0 per cent
• Westshore: $1,019,800, down 1.2 per cent
• Peninsula: $1,261,000, down 1.4 per cent

Condominium benchmarks, year over year:

• Victoria Core: $547,800, up 1.0 per cent
• Peninsula: $639,900, up 3.4 per cent
• Westshore: $478,800, down 4.0 per cent

Peninsula condos were the strongest segment in the whole report, up 3.4 per cent year over year and the only benchmark to rise from August, up 1.5 per cent in a single month. That fits what downsizers are doing: low maintenance living close to the water, in Sidney and surrounding communities, is holding its appeal. Westshore condos moved the other way, down 4.0 per cent year over year, a reminder that newer condo supply competes hardest where the most new homes are being built.

The takeaway: there is no single condo market or single house market in Greater Victoria. There are neighbourhood markets, and they are moving in different directions.

Why condos are holding up

Three forces are working in condos' favour right now:

• Affordability. At roughly 43 per cent of the Core house benchmark, condos are within reach of buyers priced out of detached homes, including first-time buyers and downsizers freeing up equity.
• Demographics. British Columbians aged 65 and older now make up 21.1 per cent of the population, and that downsizer demand leans heavily toward low maintenance condo living.
• Scarcity of alternatives. With detached prices still above $1 million in every area, buyers who want to stay in the Core have few options below the condo price band.

Houses, meanwhile, face a different squeeze. Higher price points mean larger mortgages, and borrowing costs moved the wrong way for buyers this week: the Bank of Canada raised its policy rate by 0.25 percentage points, a quarter of one per cent, from 2.25 per cent to 2.50 per cent on October 28, 2026, its first move in a year, citing persistent inflation. That makes the price gap between condos and houses matter even more, because every dollar of price is a dollar financed.

The takeaway: condos are not outperforming houses by accident. They sit at the price point where demand is deepest.

What to watch if you own a condo

Condo sellers should read September with clear eyes. Values held, but sales still fell 11 per cent year over year, and August was the busier month: 175 condos sold in August versus 137 in September. Buyers have choice right now, with 3,811 active listings region wide, and they are taking their time.

Three things matter most for a condo sale in this market:

• Strata health. In a buyer's market, buyers read strata documents carefully. A well funded contingency reserve and no looming special levy are selling features, not paperwork.
• Pricing against the benchmark, not last spring. Condos that held value did so at realistic prices. Overpricing in a market with this much inventory means sitting while competing units sell.
• Condition and presentation. With more listings to choose from, buyers skip the units that need work unless the price reflects it.

What This Means for Buyers

• If you are choosing between a condo and a house, start with the monthly reality, not just the purchase price. A condo's lower price usually comes with a monthly strata fee, while a house brings maintenance, insurance, and utility costs of its own. Compare the full monthly picture before you decide.
• The condo market's steadiness is not a guarantee. September was one month, and it followed a much busier July and August. Treat the trend over six months or longer as the signal, not a single month.
• Choice is your advantage right now. With inventory at 3,811 listings and sales slowing, you can afford to be selective, to ask for strata documents early, and to negotiate on price and terms rather than rushing.

What This Means for Sellers

• If you own a condo, your segment held value better than detached homes this year, especially on the Peninsula. That is a genuine selling point, but it only helps if your price reflects today's benchmark rather than last year's hopes.
• If you own a house, expect buyers to compare your home against a deep pool of listings. Pricing for today's conditions, not last spring's, is what gets a sale in a buyer's market.
• If you are selling one type and buying the other, softer conditions often show up on both sides of your move. A downsizer selling a Core house and buying a Peninsula condo is trading a segment that eased 2.0 per cent for one that rose 3.4 per cent, so run both sides of the numbers before you commit.

Clarity Before Commitment

September's numbers do not declare a winner between condos and houses. They describe two segments responding differently to the same market: houses cooling modestly from high prices, condos holding steady at the price point where the most buyers can still act. Which one fits you depends on your budget, your timeline, and how much maintenance you want in your life, not on a headline.

With more than 18 years in Greater Victoria real estate, from development and land planning to helping families buy and sell, I am here to make the process simpler at every step.

Have questions about your next steps? Reach out for a no-pressure chat.

This post is general information only and is not legal, tax, or financial advice. For advice on your specific situation, please speak with a qualified professional.

Market figures: Victoria Real Estate Board, September 2026 statistics (463 total sales; 239 single-family, 137 condominiums, 53 townhomes; 3,811 active listings; Victoria Core benchmarks: single-family $1,280,100, condominium $547,800; Westshore and Peninsula benchmarks as reported); Bank of Canada, October 28, 2026 policy rate decision.

Matt Peulen | RE/MAX Camosun | 250-589-5991 | [email protected] | www.mattpeulen.com

Have questions about your next steps? Contact Matt through the contact page or email him directly.