The spring market is now in full swing across Greater Victoria, and while activity remains healthy, the story of 2026 continues to be one of inventory, choice, and strategy.
Unlike the highly competitive markets we experienced a few years ago, today's buyers have more options than they've had in over a decade. With inventory levels reaching their highest point in eleven years, buyers are taking more time to compare properties, conduct due diligence, and ensure they're making the right decision.
For sellers, this doesn't mean homes aren't selling, it simply means that pricing, presentation, and marketing matter more than ever. Well-priced homes continue to attract strong interest, while properties that miss the mark on price can sit longer as buyers weigh their many options.
📊 May 2026 Market Snapshot
713 properties sold in May
⬇️ 5.9% fewer sales than May 2025
⬆️ 10.9% more sales than April 2026
4,029 active listings
⬆️ 8.6% more inventory than April
⬆️ 8.4% more inventory than May 2025
The increase in both inventory and sales is typical for the spring market, but we're seeing a very different dynamic than in recent years. Buyers have more negotiating power and more homes to choose from, creating a balanced market where preparation and strategy are rewarded.
💰 Average Sale Prices – May 2026
🏡 Single-Family Homes: $1,323,272
🏘️ Townhomes: $869,061
🏢 Condominiums: $648,016
While inventory continues to climb, average sale prices have remained relatively stable, highlighting the resilience of the Greater Victoria market despite changing conditions.
🏠 Single-Family Homes
Single-family homes continue to be the strongest-performing segment of our market.
Sales were only slightly below last year's levels, decreasing by 4%, while inventory continues to provide buyers with more choice than we've seen in years.
What's particularly noteworthy is that pricing has remained relatively steady despite the growing number of homes available. This demonstrates that demand for detached homes remains healthy, even as buyers become more selective and take more time to make decisions.
💡 For sellers: Strategic pricing is essential. Homes that enter the market at the right price point continue to attract strong interest and achieve successful sales.
🏢 Condominium Market
The condo market remains more challenging than other property types.
Sales were down nearly 15% compared to May of last year, and buyers have a wide selection of units available across Greater Victoria.
This increased inventory means buyers can be patient and compare multiple options before making a decision.
💡 For buyers: There are excellent opportunities to find value and negotiate favourable terms.
💡 For sellers: Proper pricing, professional presentation, and strong marketing are more important than ever to stand out from competing listings.
🏘️ Townhome Market
Townhomes continue to occupy a desirable middle ground between affordability and space.
For many buyers, townhomes offer an attractive alternative to detached homes while providing more room and functionality than many condominiums.
With an average sale price of $869,061, this segment continues to appeal to growing families, move-up buyers, and downsizers alike.
💡 As inventory increases, buyers benefit from more choice, while sellers who price realistically continue to see positive results.
⚖️ What This Means for Buyers and Sellers
For Buyers
✅ More inventory means more choice.
✅ Less pressure to make rushed decisions.
✅ Greater opportunity to negotiate on certain properties.
✅ More time to compare homes and identify the best value.
This is one of the most balanced buying environments we've experienced in several years.
For Sellers
✅ Buyers are still active.
✅ Well-priced homes continue to sell.
✅ Demand remains healthy across many neighbourhoods and price points.
However, today's market rewards preparation. With over 4,000 active listings available, buyers can afford to be selective. Sellers who understand current market conditions and position their homes competitively will have the greatest success.
🔮 Looking Ahead
As we move into June—the traditional peak of our spring market—it will be interesting to see whether sales activity continues to strengthen or whether summer vacations begin to slow buyer activity.
One thing remains clear: Greater Victoria continues to enjoy a healthy and balanced real estate market. Conditions vary by neighbourhood and property type, which makes local expertise more valuable than ever.
Whether you're considering a move now or later this year, understanding your specific market segment is key to making informed decisions.
📞 Thinking About Making a Move?
Whether you're buying, selling, or simply curious about your home's value in today's market, I'd be happy to help.
📞 250-893-9185
📧 KellyG@ComeSellWithMe.ca
Every neighbourhood, price range, and property type tells a different story. Let's build a strategy tailored specifically to your goals.
Kelly Grymaloski
REALTOR® | Serving Victoria, Langford, Colwood, View Royal, Saanich, Sidney, and surrounding communities
🔗 View the full market graphs and statistics below.
