BC home sales held nearly steady in August 2026, but Victoria and the Cowichan Valley told a different story. Here's what the provincial numbers mean for the South Island.
There's a rhythm to real estate on this Island — slower in some seasons, brisker in others — and August 2026 was a good reminder that our corner of the province doesn't always move in step with the rest of BC.
Province-wide, the British Columbia Real Estate Association (BCREA) reported 5,653 residential sales across the province in August, down 4.7 percent from a year earlier, with the average home price essentially flat at $924,826. BCREA Chief Economist Brendon Ogmundson summed it up well: provincial home sales "remain well below long-term averages but have been steadily improving throughout the year," though he flagged new tariffs and a recent uptick in long-term interest rates as risks to that recovery.
That's the big picture. Here on the South Island, the picture had a bit more colour to it.
Victoria: Activity Picked Up Where It Counts
The Victoria Real Estate Board area — Greater Victoria, the Westshore, Langford, Colwood, and the rest of the core — actually moved against the provincial grain last month. Sales climbed 12.9 per cent year-over-year to 567 homes sold, and the average price rose 1.4 per cent to $1,014,748. Active listings crept up only slightly, which pushed the sales-to-active-listings ratio to 19.9 per cent — solidly in balanced-market territory, and noticeably tighter than the 17.7 per cent we saw a year ago.
In plain terms: buyers who've been waiting on the sidelines are starting to step back in, and well-priced homes in desirable Victoria and Westshore neighbourhoods aren't sitting as long as they were.
Vancouver Island and the Cowichan Valley: A Softer Summer
Zoom out to the rest of Vancouver Island — including the Cowichan Valley, Duncan, and up-Island communities tracked under the Vancouver Island Real Estate Board — and the story was quieter. Sales dipped 5.6 per cent to 627 units, and the average price eased 3.9 per cent to $719,533. Listings grew nearly 5 per cent, giving buyers a bit more room to shop and negotiate than their Victoria counterparts.
For Cowichan Valley buyers, that combination — more inventory, softer pricing — has made for a more patient, more negotiable market this summer than what we're seeing closer to the capital.
The Year-to-Date Story
Zoomed all the way out, both boards are still tracking below last year on a year-to-date basis, which lines up with the province's broader theme of a slow, uneven recovery:
Victoria YTD: 4,511 sales (down 4.2%), average price $1,024,565 (up 2.5%)
Vancouver Island YTD: 4,903 sales (down 7.3%), average price $751,276 (down 0.7%)
BC YTD: 46,069 sales (down 5.5%), average price $939,028 (down 1%)
Prices have held up better than sales volumes across the board — a pattern that tells us sellers with realistic expectations are still getting deals done, even while overall activity stays subdued.
What This Means If You're Buying or Selling on the South Island
If you're selling in Victoria or the Westshore, tightening sales-to-active-listings ratios and rising prices are a genuinely encouraging signal — this is a market that's starting to reward good pricing and presentation again.
If you're selling in the Cowichan Valley, patience and strategic pricing matter more right now, with more inventory for buyers to compare against.
If you're buying anywhere on the South Island, this is still a market with real negotiating room in most segments — just one where the window for the best deals may be narrowing faster in Victoria than up-Island.
As always, the numbers only tell part of the story — what's happening on your specific street, in your specific price bracket, is its own conversation. That's the one I'm always happy to have.
Source: British Columbia Real Estate Association (BCREA), "Slow but Steady Sales Recovery Continues in the BC Market," September 14, 2026. Data reflects Victoria Real Estate Board and Vancouver Island Real Estate Board territories.
Curious what any of this means for your specific neighbourhood? Reach out anytime — I'm always up for a coffee and a market chat.