Prospect Lake residential real estate market — Jun 2026

Is Prospect Lake a buyer's or seller's market?

As of the latest data, Prospect Lake is a buyer's market. There are about 9.0 months of inventory — over 7 months gives buyers the upper hand. Around 15.4% of homes sold above asking, and the typical sale closed at 98.1% of list price.

How much does a home cost in Prospect Lake?

The median sold price for a home in the Prospect Lake neighbourhood is $1.93M, down 1.1% from a year ago. The average sold price is $1.99M. That works out to roughly $675 per square foot.

Are homes in Prospect Lake selling over asking?

15.4% of homes that sold in the Prospect Lake neighbourhood closed above their list price. The typical home sold at 98.1% of asking — just under list. Among the homes that sold over asking, the median premium was +$40k over asking.

How long do homes take to sell in Prospect Lake?

Half of the homes that sold in the Prospect Lake neighbourhood went under contract within about 24 days — the median days on market. That is a moderate pace.

Are home prices going up or down in Prospect Lake?

Median sold prices in the Prospect Lake neighbourhood are down 1.1% year over year, at $1.93M. Currently 10.2% of active listings have cut their asking price at least once, a sign of steady pricing pressure.

Is now a good time to buy or sell in Prospect Lake?

It depends which side you are on. With about 9.0 months of inventory, the Prospect Lake neighbourhood favours buyers. Buyers have more choice and negotiating room, with homes taking around 24 days to sell — sellers need to price sharply to stand out.

What is the best time of year to sell a home in Prospect Lake?

Across the past two years, sales activity in the Prospect Lake neighbourhood has been strongest in June and quietest in January. In Greater Victoria the spring market — roughly March through June — is typically the busiest selling season, when buyer demand and prices tend to peak, with activity easing over the winter.

How many homes are for sale in Prospect Lake?

As of the latest data there are 9 active home listings in the Prospect Lake neighbourhood. Over the period, 45 new listings came to market and 12 sold, which is about 9.0 months of inventory at the current sales pace.

Do homes in Prospect Lake sell for more than their assessed value?

The typical home in the Prospect Lake neighbourhood sold at 103.2% of its BC-assessed value — about 3% above its BC Assessment. Assessments are set once a year and lag the market, so a ratio above 100% is common when prices are rising.

Directional market benchmarks from Repliers MLS, BC Assessment & VREB — not an appraisal or personalized advice.