February in Greater Victoria has its own rhythm.
Some years (not this year) snowdrops begin appearing in neighbourhood gardens, stormy seas draw walkers to Dallas Road, and coffee shops from Sidney to Sooke feel a little busier on cool mornings. This year we have already noticed the first blossoms along View Street and early bulbs beginning to show colour during our walks.
It’s also the time of year when the real estate market quietly begins to take shape.
January gave us the first meaningful snapshot of 2026. Now, February’s numbers begin to show how the spring market may unfold across Greater Victoria.
Below is a practical look at the current market conditions and what they may mean for buyers, sellers, and investors.
Greater Victoria Market Snapshot – February 2026
February activity suggests a more balanced market compared with last year, with improved inventory levels and moderate sales activity.
Key Highlights
Total sales: 465
(Below February 2025’s 528 sales but higher than January’s level.)
Total active listings: 2,903
(Up month-over-month and year-over-year.)
This combination indicates a market with more available inventory and slightly less competition than last year, giving buyers more choice while still supporting steady activity.
Single Family Homes
• Sales: 161 homes
(Down from 176 in February 2025)
• Active listings: 690
(Up slightly from 670 last year)
• Average sale price: $1,290,868
• List-to-sale ratio: 97%
• Average days to sell: 46 days
Absorption rate: 23.3%
This suggests steady turnover but less urgency than during tighter market periods. Homes priced accurately and presented well continue to perform best.
Townhouses and Half Duplexes
Townhouse activity improved slightly year-over-year while inventory expanded.
Row/Townhouse
• Sales: 65
• Active listings: 295 (up significantly from 222 last year)
• Average sale price: $839,559
• List-to-sale ratio: 99%
• Days to sell: 51
Absorption rate: 22%
Townhomes remain active, but buyers have more choices and slightly longer decision timelines than last year.
Condominiums and Apartments
The condo segment shows higher inventory and slower sales compared with 2025.
• Sales: 154 (down from 192 last year)
• Active listings: 778 (up from 713)
• Average sale price: $641,879
• List-to-sale ratio: 98%
• Days to sell: 47
Absorption rate: 19.8%
These conditions often provide more negotiating flexibility for buyers, particularly when listings are not priced competitively.
What This Means for Buyers
With inventory rising across several segments, buyers may find:
• More room for negotiation on pricing or conditions
• Greater property selection compared to last year
• Opportunities in condo and townhome segments where inventory has expanded
That said, well-priced homes can still attract strong interest, particularly in desirable neighbourhoods.
What This Means for Sellers
Higher inventory means buyers can compare more options, making pricing strategy more important than ever.
Sellers may benefit from:
• Competitive pricing based on recent comparable sales
• Strong presentation and staging
• Clear documentation, particularly for strata properties
Homes that enter the market well-prepared tend to perform best.
What This Means for Investors and Relocating Buyers
Investors
Different property types show different levels of liquidity:
• Single-family and townhomes continue to move at a healthy pace
• Condos show slower absorption, which can create entry opportunities
• Price ratios near 97–99% suggest stable pricing dynamics overall
Relocating Buyers
Those moving to Greater Victoria should consider:
• Differences between property segments
• Total monthly carrying costs, including strata fees and utilities
• Timing flexibility due to increased days on market in some segments
Balanced conditions can make relocation planning easier, but careful analysis remains important.
Why Local Market Data Matters
Market reports provide helpful context, but they remain broad by design.
They cannot account for:
• Your specific neighbourhood
• Your property type or strata structure
• Your timing constraints
• Your mortgage situation
• Your renovation condition
• Your long-term goals
Two homes on the same street can receive very different buyer responses depending on presentation, pricing, and timing.
A Practical Next Step
If you are considering buying, selling, or relocating within Greater Victoria, the most useful step is to look at data specific to your situation, including:
• Comparable sales in your price range
• Inventory competing directly with your property
• Negotiation patterns currently occurring in your segment
• Time on market trends in your neighbourhood
That type of targeted information helps move beyond headlines and toward informed decisions.
If you would like to review the numbers relevant to your situation, we can walk through them together — your property type, price range, neighbourhood, and timing.
No pressure. No obligation.
Just clarity.
Disclaimer
Market statistics are based on data from the Victoria Real Estate Board MLS® system and are believed to be reliable but not guaranteed. Data may change and does not constitute financial, legal, or tax advice. Buyers and sellers should obtain professional advice tailored to their situation. Event details were accurate at the time of publication; confirm directly with organizers. Not intended to solicit buyers or sellers currently under contract.
Sources
Victoria Real Estate Board (VREB) Statistics Package
Vancouver Island Real Estate Board (VIREB)
Canadian Real Estate Association (CREA)
BC Real Estate Association (BCREA)
MLS® published statistics
Data deemed reliable but not guaranteed. Market conditions may change.