October 22, 2026 | Chris Cavaghan — Modern Mortgage Group

If you’ve been waiting for the right time to purchase a home in Greater Victoria, recent changes in the housing market may be worth a closer look.

According to the Victoria Real Estate Board, September 2026 saw 463 properties sold, a decrease of 16.4% compared to September last year. Meanwhile, available listings increased to 3,811 properties.

For the first time in more than a decade, excluding the early pandemic period, Victoria’s housing market has moved into buyer’s-market territory.

So, what does that mean for you?

Simply put, buyers may have something that has been in short supply in Victoria for years: more choice, less competition, and greater negotiating power.

With more properties available and fewer competing buyers, purchasers may have additional time to consider their options, negotiate pricing, and make informed decisions without the pressure of a rapidly moving market.

Of course, interest rates remain an important consideration. But focusing exclusively on where mortgage rates might go can mean overlooking opportunities in the housing market itself.

A lower purchase price can provide lasting financial benefits, while mortgage financing can often be reviewed or renegotiated at renewal, subject to the terms of your mortgage.

Does this mean it’s the perfect time to buy?

Not necessarily. Every buyer’s financial circumstances are different, and one month’s market statistics don’t guarantee a long-term trend.

However, for those who are financially prepared, today’s conditions may offer opportunities that haven’t been available for quite some time.

If you’ve been sitting on the sidelines, let’s revisit your options. You might be pleasantly surprised by what’s possible.

Chris Cavaghan
Modern Mortgage Group
Helping Greater Victoria homeowners and buyers make informed mortgage decisions.

Source: Victoria Real Estate Board, September 2026 Market Report, published October 1, 2026.