# Victoria housing and rental market decline

> Live situation record from CLSTR: https://clstr.news/situations/victoria-housing-and-rental-market-decline
> Updated: 2026-10-04T21:30:00.000Z. Sources: 12. Developments: 2.

The Victoria housing market has experienced a downturn in both rental and sales sectors. In August 2026, average asking rents in Victoria declined by 3.4% year-over-year, with one-bedroom units averaging $1,994 and two-bedroom units averaging approximately $2,645. This followed a broader national trend of declining rental prices in Canada.

By September 2026, the Greater Victoria real estate market transitioned into a buyer’s market. Sales volume decreased significantly, with 463 properties sold, representing a 16.4% drop from the previous year and a 21.7% decline from August. Active listings rose to 3,811, marking an increase in inventory. During this period, the benchmark price for a single-family home in the Victoria Core fell by 2% year-over-year to $1,280,100, while condominium benchmark prices saw a slight 1% annual increase to $547,800. 

Victoria Real Estate Board chair Fergus Kyne noted that the market has entered buyer’s market territory, marking the first time this has occurred since early 2015, excluding the pandemic period.

## Claims

- The Victoria housing market has entered buyer’s market territory. (corroborated by 3 sources)
- A total of 463 properties were sold in the Victoria Real Estate Board region in September 2026. (corroborated by 3 sources)
- September sales were down 16.4 per cent compared to the same period in 2025. (corroborated by 3 sources)
- There were 3,811 active listings for sale at the end of September 2026. (corroborated by 3 sources)
- The benchmark price for a single-family home in the Victoria Core was $1,280,100 in September. (corroborated by 3 sources)
- The benchmark price for a condominium in the Victoria Core was $547,800 in September. (corroborated by 3 sources)

## Timeline

### 2026-10-04: British Columbia housing markets show divergent trends

North Cowichan has met 44 per cent of its five-year housing target, while the Greater Victoria real estate market has shifted into buyer’s market territory due to rising inventory and falling sales.

11 sources. https://clstr.news/cluster/victoria-housing-market-enters-buyers-market-as-sales-decline

### 2026-09-09: Victoria rental prices fall 3.4% amid national decline

Victoria's average apartment rents fell 3.4% year-over-year in August to $2,243, following a broader Canadian trend of 23 consecutive months of declining national rental prices.

4 sources. https://clstr.news/cluster/victoria-rental-prices-fall-34-amid-national-decline

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Cite as: Victoria housing and rental market decline. CLSTR, https://clstr.news/situations/victoria-housing-and-rental-market-decline