This page has been updated with data released in March 2026 for the February 2026 period.
- Total sales: 465 (11.9% year-over-year decrease)
- Active listings: 2,903 (10.4% year-over-year increase)
- Single-family benchmark (Victoria Core): $1,307,400 (-0.9% year-over-year)
- Condo benchmark (Victoria Core): $545,600 (-0.7% year-over-year)
- Sales up 37.2% from the previous month (January 2026)
- Lowest mortgage rate in Victoria
Benchmark home prices in Victoria
These are the MLS HPI benchmark home prices for Victoria, updated with data released March 2026 for the February 2026 period.
| Property Type | Benchmark Price | Year-over-Year Change |
|---|---|---|
| Single-Family (Victoria Core) | $1,307,400 | -0.9% |
| Condominium (Victoria Core) | $545,600 | -0.7% |
The Victoria Real Estate Board uses the MLS HPI benchmark price system, which tracks the price of a “typical” home rather than average or median prices. This provides a more consistent comparison over time, as it is less affected by changes in the mix of homes sold each month.
Victoria market metrics
Key market indicators for Victoria as of February 2026:
| Metric | Value | Year-over-Year Change |
|---|---|---|
| Total Sales | 465 | -11.9% |
| Single-Family Sales | 206 | -12.0% |
| Condominium Sales | 154 | -19.8% |
| Active Listings | 2,903 | +10.4% |
| Month-over-Month Sales Change | +37.2% | — |
The market is in balanced territory with healthy inventory levels giving buyers good selection. February saw a strong 37.2% increase over January, typical of seasonal patterns as the spring market begins to unfold.
How much income would it take to afford a home in Victoria?
This table shows how much household income it would take to afford a home based on the February 2026 benchmark prices in Victoria.
| Home Type | Benchmark Price | Mortgage | Income Required |
|---|---|---|---|
| Single-Family (Core) | $1,307,400 | $1,045,920 | $270,786 |
| Condominium (Core) | $545,600 | $436,480 | $125,786 |
Victoria’s single-family homes require income levels comparable to Toronto, reflecting the premium placed on the city’s mild climate and lifestyle. The condo segment is more accessible, with an entry point comfortably below that of Vancouver.
The income to afford calculation uses the following inputs:
- Down payment of 20% to avoid mortgage default insurance
- Mortgage rate of 4.04%
- Amortization period of 25 years
- Gross debt service (GDS) ratio of 32%
- Property tax of $354 per month
- Heating costs of $125 per month (milder climate)
Key trends in the Victoria housing market
Canada’s mildest climate premium
Victoria’s housing market carries a “climate premium” — the city boasts Canada’s mildest winters, with temperatures that rarely dip below freezing. This attracts retirees from across Canada, remote workers seeking lifestyle-oriented living, and immigrants. The mild climate also supports a year-round outdoor recreation culture that is unique in Canada and contributes to consistently high quality of life rankings.
Retirement destination
Victoria has a disproportionately large retiree population compared to other Canadian cities. Many Canadians sell their more expensive homes in Vancouver, Toronto, or Calgary and downsize to Victoria while retaining access to excellent healthcare (Royal Jubilee Hospital and Victoria General Hospital are major facilities), cultural amenities, and temperate weather. This demographic provides steady demand particularly for condos and townhomes.
Government and military employment
As British Columbia’s capital, Victoria benefits from stable provincial government employment. CFB Esquimalt, Canada’s Pacific naval base, is another major employer. Together, government and military employment provide an economic stability that insulates the market from some of the volatility experienced in more commercially driven cities.
Supply constraints on Vancouver Island
Victoria’s housing supply is constrained by geography — the city sits at the southern tip of Vancouver Island, surrounded by ocean, agricultural land reserves, and the Gulf Islands. The Westshore communities (Langford, Colwood, Sooke) have emerged as growth areas with more affordable options, but development is limited compared to mainland cities with available land in all directions.
Remote work migration
Since the pandemic, Victoria has attracted a growing number of remote workers from Vancouver and other expensive mainland cities. These buyers often sell or rent in their previous city and purchase in Victoria, attracted by the lower cost of living relative to Vancouver and the lifestyle benefits.
Notable areas in Victoria
The Greater Victoria region encompasses several distinct communities:
- Victoria Core (Oak Bay, Fairfield, James Bay) — The most established and expensive neighbourhoods with heritage homes, walkable streets, and proximity to the Inner Harbour. Single-family home benchmark around $1.3 million.
- Saanich — A large municipality surrounding Victoria with diverse neighbourhoods from prestigious (Gordon Head, Broadmead) to moderate (Tillicum, Gorge). Prices vary widely from $600,000 to over $1.2 million for detached homes.
- Sidney and North Saanich — Charming waterfront communities near the airport and BC Ferries terminal. Popular with retirees and commuters. Detached homes range from $700,000 to $1.2 million.
- Langford — The Westshore’s fastest-growing community with the most new construction in the region. Provides some of the more affordable options with detached homes from $650,000 to $900,000.
- Colwood and Metchosin — Suburban Westshore communities offering a mix of newer developments (Colwood) and rural character (Metchosin). Moderate pricing by Victoria standards.
- Sooke — The most affordable community in the Greater Victoria area, located 30–40 minutes west. Detached homes start from $550,000, attracting first-time buyers willing to commute.
- Downtown Victoria/Vic West — Condo-dominated areas with prices ranging from $350,000 to $700,000. Popular with young professionals and downsizers.
BC Property Transfer Tax in Victoria
Victoria homebuyers pay the BC property transfer tax, which is the same structure as applies across the province:
| Fair Market Value | Rate |
|---|---|
| First $200,000 | 1% |
| $200,001 to $2,000,000 | 2% |
| $2,000,001 to $3,000,000 | 3% |
| Over $3,000,000 | 5% |
On a single-family home at Victoria Core’s benchmark price of $1,307,400, the property transfer tax would be approximately $24,148.
First-time buyer exemptions in BC:
- Full exemption on properties valued up to $500,000
- Partial exemption between $500,000 and $525,000
- Newly built home exemption: full exemption up to $750,000; partial between $750,000 and $800,000
Given Victoria’s prices, the first-time buyer exemption is most viable for condo purchases. Use our land transfer tax calculator to calculate the exact amount.
Victoria vs. Vancouver: a price comparison
Many buyers compare Victoria and Vancouver when considering where to live in BC:
| Property Type | Victoria (Benchmark) | Vancouver (Benchmark) | Difference |
|---|---|---|---|
| Single-Family | $1,307,400 | $1,974,400 | -34% |
| Condominium | $545,600 | $743,700 | -27% |
Victoria offers 27–34% savings compared to Vancouver, while providing a different lifestyle — quieter, more nature-oriented, and with a smaller-city feel. The 90-minute ferry or 30-minute float plane connection to Vancouver makes it feasible for those who need occasional access to the mainland.
Related Victoria housing calculators
If you are buying a home in the Victoria area, these calculators can help you plan:
- Mortgage Calculator — Estimate monthly payments on a Victoria home
- Mortgage Affordability Calculator — How much home can you afford?
- Income to Afford Home Calculator — Salary needed at Victoria price levels
- Mortgage Insurance Calculator — Calculate CMHC premiums for down payments under 20%
- Land Transfer Tax Calculator — Calculate BC property transfer tax
- Closing Costs Calculator — Budget for all costs beyond the purchase price
- Mortgage Stress Test Calculator — Qualify under the stress test
- Mortgage Rates — Compare current BC mortgage rates
More housing market reports
- British Columbia Housing Market — Provincial overview including all BC regions
- Vancouver Housing Market — Metro Vancouver, 27–34% higher than Victoria
- Calgary Housing Market — Alberta’s largest market
- Canada Housing Market Overview — National trends, prices, and provincial comparisons
- First-Time Home Buyer Guide — Programs, incentives, and step-by-step buying process
Data Sources
The housing market data in this report is sourced from: