Realtor_Paul_Chou

Trip to Butchart Gardens 🌺 🌼

Victoria_2026

Sales and new listings slow in August..

* Sales in July 1,660 (down 16.4% from this time last year)

* Benchmark price for total residential (all property types): $569,800 (down 1.1% from this time last year

* Inventory: 6,509 (down 2.3% from this time last year)

* Months Supply: 3.92 months — Balanced Market

Summary:
Consistent with trends throughout most of 2026, both sales activity and the number of new listings coming onto the market have continued to trend down compared with 2025 levels. The pullback in sales has not occurred across all price ranges, as homes priced over $1,000,000 have recorded gains over last year. These gains have mostly been driven by detached and semi-detached homes and are also consistent with where most of the supply growth has occurred.

While sales growth in the upper end of the market was possible thanks to improved supply choice, it also reflects longer-term confidence in our market, as some buyers are not shying away from taking advantage of the available supply. Meanwhile, we have not seen the same pickup in activity in the lower price ranges, as favourable rental conditions are slowing the transition to ownership.

The relatively balanced conditions in the detached and semi-detached sector have prevented any significant shifts in prices compared with the steady price declines occurring in the oversupplied higher-density segments of the market.

[stats provided by CREB®]

5 Years 🥂

Price declines driven mostly by apartment condominiums..

* Sales in July 1,904 (down 9.2% from this time last year)

* Benchmark price for total residential (all property types): $569,200 (down 2.1% from this time last year

* Inventory: 6,626 (down 4.2% from this time last year)

* Months Supply: 3.48 months — Balanced Market

Summary:
As we move into the second half of the year, it is not a surprise to see slower market activity. In July, both sales and new listings eased over June levels, declining to 1,904 sales and 3,323 new listings. Sales were 9% lower than last year’s levels, while new listings were 15%.

Several consecutive years of high construction levels and the sudden drop in mostly international migration have contributed to the shift in housing market conditions mostly for higher-density homes, a transition that started in the second half of last year. While new home construction is slowing, there are over 17,000 apartment-style units under construction. This continues to weigh on rental and higher-density properties, driving price adjustments.

While demand has slowed this year, levels remain stronger than those reported during the challenging market conditions experienced from 2015 to 2019. What has shifted significantly is the additional supply choice across the housing spectrum. Total resale inventory levels remained relatively stable compared to both June and July 2025. However, the slower July sales pushed the months of supply up to three and a half months. While the months of supply is rising across all property types, conditions remain mostly balanced in the detached and semi-detached sectors. In the higher-density sectors, the market continues to favour the buyer for apartment-style homes with nearly five months of supply, while row is experiencing some signs of oversupply.

[stats provided by CREB®]

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Apartment prices ease as inventory remains elevated..

🔹Sales in May: 2,162 (down 15.5% from this time last year)

🔹Benchmark price for total residential (all property types): $570,500 (down 3.0% from this time last year

🔹Inventory: 6,752 (up 0.1% from this time last year)

🔹Months Supply: 3.12 months — Balanced Market

Summary:
In line with seasonal trends, inventory has risen from the start of the year, reaching 6,752 units in May. While these levels are consistent with last May, they remain 11% higher than longer-term trends for the month, thanks to higher supply levels of apartment and row-style homes. Meanwhile, inventory levels for detached homes are down 3% compared with both last year and long-term trends. 

The shift in supply is being felt in the market. More supply choice in the new and rental markets has created a more competitive environment for potential buyers. At the same time, concerns over rising cost of living and slower migration are also weighing on consumers. While this has caused the overall resale market to shift to a balanced state, the supply pressure is having a more prevalent impact for apartment-style units, where conditions are favouring the buyer. This is also impacting price movements, with apartment prices continuing to trend down and other property types reporting a seasonal lift over the winter months.

Overall, when adjusting for seasonality, total residential prices have remained relatively stable, as detached improvements have offset pullbacks for apartment-style homes.

[stats provided by CREB®]

PM me if you have any questions about the market 🙂

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Completed my first race over the weekend 🏃🏻‍♂️

Somewhere between 12km and the finish line, I started questioning why I ever signed up… but we got there!

What a humbling and challenging experience.

From the participants, to the crowds cheering along the course, to all the volunteers — the vibe all day was incredible! It was amazing to be part of such a great race and community.

Thank you and everyone who helped make this event possible.

See you next year 🫣

— Balanced conditions in the city, except for apartment-style units —

🔹Sales in April 2,104 (down 5.7% from this time last year)

🔹Benchmark price for total residential (all property types): $568,800 (down 3.5% from this time last year)

🔹Inventory: 5,973 (up 1.8% from this time last year)

🔹Months Supply: 2.84 months — Balanced Market

Summary:
In line with seasonal expectations, both sales and inventory levels trended up relative to March’s activity. Despite this typical monthly rise, April sales totalled 2,104 units, 6% lower than levels reported in 2025.

Sales were expected to ease this year as our market transitioned away from strong demand that was driven by previously rapid migration growth. Improved supply choice across the entire housing spectrum has reduced the urgency among potential purchasers, helping our market shift away from seller’s market conditions to more balanced conditions. However, the trend of limited supply choice in the detached market continues, while conditions favour the buyer in the apartment condominium market.

So far in 2026, conditions have varied, ranging from seller’s market conditions and price growth for detached homes in some parts of the city to buyer’s market conditions and price adjustments in the apartment condominium sector.

[stats provided by CREB®]

JUST LISTED

📍11 Mahogany Row SE, 3415

Community: Mahogany
MLS: A2309369

Experience resort-style living in the award-winning lake community of Mahogany. This well-maintained top-floor unit offers an open-concept layout with elegant finishes throughout.

🛏️: 2
🛀: 2
📐: 853 sqft
🚘: Title (1) oversized

DM me for more information!
_____________________

Paul Chou
RE/MAX FIRST
587-215-0605 | [email protected]

Happy 🐧