Market Update May 2026

Monthly Market Update May 2026 Edition A look at the most recent real estate statistics proudly presented by

We’re Better Together Stay up-to-date with home sales and the latest statistics in the Victoria area market.

Monthly Market Update May 2026 Greater Victoria Real Estate Update – for April 2026

Market Balance: A “Goldilocks” Moment

Spring has arrived in the Greater Victoria housing market, bringing a mix of cautious optimism, steady inventory growth, and balanced conditions for buyers and sellers.

The market is often described right now as “not too hot, not too cold.” With 4.7 months of inventory (up from 4.4 in March), conditions are considered balanced. This means neither buyers nor sellers have a strong advantage, creating a more level playing field.

Sales Activity: A Small Uptick, But Still Quiet April marked the first year-over-year increase in home sales in 2026, with 638 properties sold—about 3% more than last April.

While this is a positive sign, it’s important to keep it in perspective: this was still the third-lowest number of April sales in the past decade and about 17% below the 10-year average.

Condo sales were the bright spot, rising 10% compared to last year.

Meanwhile, townhome sales dipped slightly by 2%, and detached home sales were down 5%. Overall, detached homes continue to lag the most compared to long-term averages.

Inventory: More Choice for Buyers Inventory continues to build, which is good news for buyers. There were nearly 3,000 active listings at the end of April—up 8% from last year and a striking 67% above the 10-year average. This is the highest April inventory level since 2015.

All property types saw increases in available listings: •

Townhomes: up 36%

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Detached homes: up 5%

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Condos: up 4%

With more homes on the market, buyers have more options and time to make decisions.

Local data supports this trend. In the Victoria Real Estate Board region, 643 properties sold in April—virtually unchanged from last year but up over 11% from March. Active listings rose to 3,710, showing continued momentum in supply heading into the busy spring season.

Prices: Slight Softening Home prices have edged down slightly: •

Single-family homes: down 1.2% year-over-year to about $1.34M

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Condos: down 0.8% to about $558K

While prices have softened, they remain relatively stable month-to-month, suggesting the market is adjusting rather than declining sharply.

Downsizing Challenges Many homeowners—especially retirees—are thinking about downsizing, but facing real obstacles. Nearly half say there aren’t enough suitable smaller homes available in their communities. Combined with moving costs and recent price adjustments, this is causing many to stay put longer than expected.

2481 Beacon Avenue, Sidney BC V8L 1X9 1-877-656-0911 | reachus@holmesrealty.com When you buy with Holmes Realty a portion of the commission goes in support of local charities. Over $250,000 raised!

What’s Happening Across BC and Canada?

Across British Columbia, sales are expected to slow this year to around 69,000 homes, with average prices forecast to dip about 1.4%. This is largely due to increased inventory and softer demand in higher-priced markets.

Nationally, the economy showed modest growth in early 2026, with a 1.7% annualized increase in the first quarter. However, uncertainty remains. Interest rates are being held steady for now, but rising energy prices could put pressure on inflation and future rate decisions.

What This Means for You •

Buyers: You have more choice and negotiating power than in recent years.

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Sellers: Pricing your home correctly and preparing it well for market is more important than ever.

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Downsizers: Planning ahead is key, as suitable options may be limited.

Overall, the Greater Victoria market is stable and balanced, offering opportunities on both sides—but strategy and timing matter.

If you’re thinking about making a move this spring or just want to understand your options, now is a great time to start the conversation.

Michele Holmes, Mark Rice PREC and Eric Smith PREC Coldwell Banker Oceanside Real Estate Helping clients on the Saanich Peninsula and across Greater Victoria make confident, informed decisions in every market.

Want to learn more?

Contact one of our experienced agents today!