Q2 2026 IN REVIEW
Welcome, Q Report readers. We missed our usual publication date for the second quarter of 2026, so before our full Q3 report, here is a quick look back at what happened in Victoria’s spring market.
The short version: spring behaved like spring. After a quiet start to the year, Q2 brought the familiar seasonal surge — more sales, faster timelines, and a wave of new listings. Listing discounts held steady, and while year-over-year sales were down modestly in the detached and strata segments, the overall shape of the quarter looked a lot like a typical Victoria spring.
THE HIGHLIGHTS
- Sales Bounced Back on Schedule: Sales rose appreciably from Q1 across every segment — Detached by +60.4% to 653, Strata by +29.8% to 810, and Luxury by +69.6% to 268. The detached jump closely matched the Q1-to-Q2 increases we saw in each of the past three springs (roughly 54% to 60%).
- Luxury Had a Standout Spring: The 268 luxury sales in Q2 were the most of any quarter in recent years, up +5.5% from last year. By contrast, Detached sales were down -5.9% and Strata -9.5% compared with Q2 2025.
- Homes Sold Faster: Average DOM dropped in every segment — Detached to 34 days (down 8 from Q1), Strata to 39 days (down 7), and Luxury to 40 days (down 17).
- Discounts Held Steady: Listing discounts barely moved from Q1: Detached at 2.5%, Strata at 2.2%, and Luxury at 2.8%. Sellers who priced to the market in spring were rewarded with offers close to asking.
- The Listing Wave Arrived: Average monthly active listings climbed to 758 for Detached (+57.6% Q/Q) and 1,426 for Strata (+36.1% Q/Q) — the highest readings for both segments in years. Strata inventory was up +15.0% year-over-year, a trend that we see carrying into Q3.
- Prices Mostly Stable: The Detached median eased to $1,060,000 (-3.6% Q/Q and Y/Y) and the Luxury median to $1,847,500 (-7.6% Q/Q, -2.8% Y/Y) after Q1’s $2M milestone. The Strata median of $622,250 came down from Q1’s high but was still +4.0% above Q2 2025.
THE TAKEAWAY: A Familiar Spring
With the Bank of Canada holding its policy rate steady at 2.25% throughout the quarter, Q2 was largely free of rate-driven surprises, and the market settled back into its natural seasonal rhythm. Buyers enjoyed a market with plenty of choice, as sellers listed in volume, with transactions moving at a comfortable pace. The one trend to keep an eye on was strata inventory, which built faster than demand — a theme we explore in more detail in our Q3 2026 report.
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Dirk VanderWal & Fergus Kyne
Newport Realty Ltd.
(250) 385-2033 | info@victoriaqreport.com
Notes
All views and opinions expressed in The Q Report are solely those of its authors, Dirk VanderWal and Fergus Kyne, and do not necessarily represent the views or opinions of Newport Realty Ltd. or the Victoria Real Estate Board. Not intended to solicit parties already under contract. E&OE.
Terms
For a list of terms and definitions used in The Q Report, click here.
Data Analysis
The Q Report’s analysis includes listing and sales data exclusively from the Victoria Real Estate Board’s Multiple Listing Service® (MLS®) ‘Core’, ‘Westshore’, and ‘Peninsula’ regions. Data is analyzed for unconditional pending and completed sales that occurred between 2026/04/01 and 2026/06/30 except where specifically noted otherwise.
Data Sources
Bank of Canada
BC Real Estate Association
Canadian Real Estate Association
Victoria Real Estate Board