Victoria Real Estate Statistics (2026)

Victoria is widely seen as one of the most desirable housing markets in Canada and consistently ranks among the most expensive urban centres in the country. Situated on Vancouver Island, the city combines a strong local economy, limited land supply, and a high quality of life, all of which contribute to continuing demand for housing. 

Although the market has slowed down since the record levels reached during the pandemic years, housing costs in Victoria remain well above national averages. Ongoing population growth, immigration, and supply constraints continue to shape market conditions. As a result, Victoria’s housing market continues to be characterised by strong demand, limited affordability, and relatively resilient prices compared with many other Canadian cities. 

Victoria Real Estate Statistics for Canadians

• The population of the Victoria Census Metropolitan Area (CMA) was approximately 397,200 residents in the 2021 Census.
• Victoria’s population increased by just over 7% between the 2016 and 2021 Censuses.
• Victoria is one of the five most expensive housing markets in Canada.
• In May 2026, the average home in Greater Victoria cost approximately $900,000, while the benchmark home price was around $880,000.
• During 2025, over 6,500 residential properties were sold through the Victoria Real Estate Board.
• In May 2026, detached homes in Greater Victoria had a benchmark price of approximately $1.18 million, townhouses around $822,000, and condominiums approximately $644,000.
• Average home prices in Victoria are about 25% lower than in Vancouver, but considerably higher than in Calgary, Edmonton, and Montreal.
• Throughout 2025, Victoria had one of the lowest housing vacancy rates in Canada.
• In the 2021 Census, Victoria’s homeownership rate was around 64%.
• The supply of available homes increased by over 15% during 2025 compared with 2024.

Victoria Housing Market Overview

Victoria, the capital of British Columbia, is the largest urban centre on Vancouver Island. According to Statistics Canada, the population of the Victoria Census Metropolitan Area was around 397,200 in the 2021 Census, which was roughly 7.1% higher than in the 2016 Census. Victoria’s growth exceeded the national average and reflected the city’s popularity among groups such as retirees, professionals, and newcomers to the province. 

The local economy is supported by government employment, tourism, healthcare, education, technology, and professional services, which provide relatively stable employment opportunities compared with many other Canadian cities. 

Victoria’s housing market is influenced by its geography: surrounded by the ocean and protected land, the area has limited availability for large-scale housing projects. This restricted supply of homes has contributed to long-term house price growth in the city.

As well as its economic and geographic characteristics, Victoria is known for its historical architecture, mild coastal climate, and popularity among retirees. It combines urban amenities with outdoor recreation opportunities, including parks, waterfront areas, and island communities, factors which continue to attract both Canadian and international buyers. 

Victoria House Prices

Victoria’s housing market is one of the most expensive in Canada. In May 2026, the average residential home cost around $900,000, remaining considerably higher than pre-pandemic prices.

In May 2026, benchmark prices by property type were approximately:

• Detached homes: $1.18 million
• Townhouses: $822,000
• Condominium apartments: $644,000

Detached homes, popular among families, higher-income households, and some retirees, continue to command high prices in Victoria due to limited availability. In 2025, the average detached home cost more than twice as much as the average condominium, which highlights the price difference between housing types. 

Property prices have risen significantly in the last ten years. In 2015, the average property price was in the region of $500,000 – $550,000 and by 2019, this had risen to approximately $650,000-$750,000. Even though prices have moderated since the sharp increases seen during the pandemic years, home prices have remained high due to long-term demand and continuing supply constraints. 

Victoria Real Estate Sales

Victoria has one of the most active regional housing markets in British Columbia. During 2025, over 6,500 residential properties were sold through the Victoria Real Estate Board. This was below the record levels of the pandemic housing boom, but remained close to long-term historical averages. 

Detached homes accounted for the largest share of total transactions, while the proportion of condominiums is growing, with more people seeking more affordable options. After a slower period, sales activity improved during 2025 as buyers adjusted to the higher cost of mortgages and increased housing availability. 

Victoria’s stable economy has supported consistent demand for homes even during periods of market uncertainty. Demand has also been supported by population growth, migration from other parts of Canada, and Victoria’s popularity among retirees. 

Housing Supply in Victoria

For many years, Victoria’s population growth has outpaced the construction of new homes, which has contributed to rising prices and low vacancy rates. It also means that housing supply remains one of the biggest challenges for Victoria’s housing market. 

The number of homes available increased throughout 2025, and active listings were up by over 15% compared with the previous year. This gave buyers in Victoria more choice and reduced the intense competition for homes seen during 2021 and 2022. Despite the increase in availability, the overall supply remained low by historical standards. 

Housing development opportunities in the region remain limited because of geographic constraints. As a result, the city is vulnerable to housing shortages when demand increases, which in turn keeps prices high. Detached homes are especially affected by the lack of available land and are in shorter supply than townhouses and condominiums. 

Homeownership in Victoria

Victoria’s homeownership rate is slightly below the national average, according to the 2021 Census. In 2021, the national homeownership rate was 66.5%, while it was around 64% in Victoria. 

The city’s homeownership rate was also lower than in Surrey (73%), Hamilton (69%), Ottawa (66%), Mississauga (73%), and Brampton (76%), However, it was higher than Vancouver (47.6%) and Montreal (41%). 

One of the main reasons for lower homeownership rates, especially among younger residents, is the higher cost of homes. Because of the lack of lower-priced entry points to the housing market, many first-time buyers remain in rental accommodation for longer before they purchase their first home. Homeownership rates rise significantly with age, with Victoria’s large retiree population contributing to relatively high ownership rates among older age groups. 

Victoria Housing Affordability

Housing affordability remains a major challenge in Victoria, where the average home price reached approximately $900,000 in May 2026. At this level, homeownership remains beyond the reach of many single individuals and middle-income households.

For comparison, average home prices in Victoria remain higher than in Ottawa ($710,000), Montreal ($675,000), Calgary ($652,000), Edmonton ($447,000), and Winnipeg ($436,000). However, Victoria remains more affordable than Greater Vancouver ($1.21 million) and Mississauga ($1.03 million).

Because of the high value of detached homes, many buyers are opting for condominiums or townhouses instead. Others have moved to the surrounding communities where homes can still be found at lower prices. 

Victoria Real Estate Forecast

Current real estate forecasts indicate that Victoria’s housing market is likely to remain balanced for the remainder of 2026 and into 2027. Continued natural population growth, immigration, and limited supply are expected to drive long-term demand, even though the number of available homes has increased in recent years. 

As borrowing conditions improve, many real estate analysts anticipate a modest recovery rate in both home sales and prices. However, rather than returning to the rapid increases seen during the pandemic, price growth is expected to be steadier and more sustainable. 

Over the longer term, the city’s diverse economy, desirable coastal location, and limitations on housing supply are expected to continue to support property values.