Fairfield, Victoria - August 2026 Real Estate Report

Fairfield, Victoria: Your Neighbour Just Got a Better Price Than You Think

If you own a home in Fairfield and you're still looking at your BC Assessment notice to figure out what your place is worth, stop. That number is already old. The real story is in the HonestDoor Price - and right now, it's telling a different story than the city's paperwork.

The Vibe: What's Actually Happening on Our Streets

Houses - Steady, But Buyers Are Calling the Shots

If you've been watching the "For Sale" signs in Fairfield, here's what's actually happening with houses. We're in a stable buyers' market right now. Three houses sold this month, prices are essentially flat, and buyers are paying about 94 cents on every dollar of list price. That gap matters. If you're listing at $1.4M, you're likely closing closer to $1.32M.

• Average sale price: $1,329,667
• Average list price this month: $1,406,133
• Price per square foot: $844
• Sale-to-list ratio: 94.18% - buyers are negotiating, and winning
• Average days on market: 71 days
• Predicted market value: $1,524,477
• Estimated monthly rent: $5,589 with a 4.06% rental yield

Seventy-one days to sell is a long time. For context, houses in Rockland are moving in 41 days and Harris Green in 58. Fairfield houses are sitting longer than both nearby neighbourhoods. On the neighbourhood leaderboard, our house growth rate ranks 9 out of 14 Victoria neighbourhoods - below average. Days-on-market ranks 12 out of 13. That's slow. The silver lining? Our price rank sits at 3 out of 13. We're expensive, and buyers know it.

Condos - Fast Movers, But Prices Just Dipped

The condo picture is more interesting. Two condos sold this month, and they moved fast - just 20 days on market. Buyers actually paid above list price, with a 100.35% sale-to-list ratio. But here's the catch: the average sale price dropped 12.2% from last month to $535,000. That's a big single-month swing, and it's worth watching.

• Average sale price: $535,000 - down 12.2% from last month
• Average list price this month: $529,950
• Price per square foot: $671
• Sale-to-list ratio: 100.35% - buyers are paying over ask
• Average days on market: 20 days
• Predicted market value: $1,750,094
• Estimated monthly rent: $5,345 with a 2.99% rental yield
• Condo growth rate ranks 2 out of 14 Victoria neighbourhoods - top tier

On the leaderboard, our condos rank 2nd out of 14 for growth in Victoria. That's a strong position. Days-on-market ranks 4 out of 14 - condos here move relatively quickly. The price rank is 9 out of 14, which means we're mid-pack on price but punching above our weight on momentum.

The Secret Sauce: Why Your HonestDoor Price Is the Number That Actually Matters

Here's the thing about BC Assessment. It's a snapshot taken months ago, using data that's even older than that. It doesn't know what happened on your street last Tuesday. The HonestDoor Price is updated in real time, pulling from actual transactions and current market signals.

For houses in Fairfield, the average assessed value sits at $1,477,279. The average HonestDoor Price is $1,507,148 - that's $29,869 higher than what the city says your home is worth. For condos, the gap is even more dramatic. The average assessed value is $615,858, while the HonestDoor Price is $1,737,827. That's a 182% difference. If you're making any financial decision - refinancing, selling, even just understanding your net worth - using the assessed value for condos here is like navigating with a map from a different city.

Yes, both the house and condo HonestDoor Prices have dipped slightly this period - houses down 1.14%, condos down 0.70%. The market is taking a breather. But the HonestDoor Price is still your most accurate real-world check, and it's the number a serious buyer or their agent is going to use when they sit across the table from you.

The "So What?" - Thinking About Selling This Summer?

For house sellers, the honest answer is: price it right from day one. With 71 days on market and buyers landing at 94% of list, overpricing is a costly mistake. Homes sitting for two-plus months in a buyers' market start to look stale, and that gives buyers even more leverage. Your HonestDoor Price of $1,507,148 is a smarter anchor than your assessment. Use it.

For condo sellers, the timing question is trickier. Condos are selling fast and above list price - that's good news. But the average sale price just fell 12.2% in a single month. With only 2 sales to draw from, one outlier transaction can move that number a lot. The predicted value of $1,750,094 is trending slightly down from the 3-month average of $1,752,721. Not a cliff, but worth noting.

The bigger picture for all of us in Fairfield: we have 1,761 assessed houses and 2,179 assessed condos in this neighbourhood. Only 3 houses and 2 condos sold this month. That's a thin market. Thin markets can swing fast in either direction. If you're thinking about selling this summer, getting your HonestDoor Price now - not in six months - gives you the clearest picture of where you actually stand before you make that call.

• Fairfield house HonestDoor Price: $1,507,148 - 2.02% above assessed value
• Fairfield condo HonestDoor Price: $1,737,827 - 182.18% above assessed value
• Neighbourhood overall growth: 0.02% year over year for houses, 0.01% for condos
• Average rental income potential: $5,543 per month for houses, $5,326 for condos
• Airbnb rank in Victoria: 5th for houses, 6th for condos

Bottom line - Fairfield is still one of Victoria's pricier neighbourhoods, ranked 3rd for house prices across the city. But the market is moving slowly for houses and showing some price softness for condos. Know your real number before you make a move.

This information is all based on our opinions based on the information available to us. Everyone's situation may be different and you should reach out to us for more personalized information.