The Greater Victoria and Vancouver Island real estate markets are holding steady this spring. Here's what the April 2026 numbers mean for buyers and sellers on the South Island.
The Numbers Are In — and the Island Is Holding Steady
April's real estate data is out for both Greater Victoria (VREB) and Vancouver Island (VIREB), and the headline is about as reassuring as a sunny April weekend on the water: the South Island market is balanced, active, and moving into the spring season with a healthy amount of choice on both sides of the fence.
Whether you're thinking about making a move this season or just keeping an eye on things, here's a plain-language breakdown of what the April numbers are telling us.
Greater Victoria (VREB) — Goldilocks Conditions in the Capital Region
A total of 643 properties sold across the Greater Victoria region in April 2026 — essentially flat year over year (up just 0.2%) but up 11.1% from March, which signals the spring market is picking up momentum right on schedule.
Single family home sales came in at 331, down slightly from April 2025 (-1.2%), while condo sales ticked up 5.9% year over year to 198 units. Townhomes saw 78 sales, down modestly from last year.
The inventory picture is encouraging for buyers: active listings reached 3,710 at month-end, up 13.8% from March and 8.3% higher than April 2025. More supply means more options, more negotiating room, and less of the frantic pace that characterized the market a few years back.
On pricing, the MLS® HPI benchmark for a single family home in the Victoria Core came in at $1,339,100 — down 1.2% from a year ago but up from March's $1,330,200, suggesting a gentle firming as spring arrives. Condo benchmarks in the Core sit at $558,300, and townhomes in the Core are benchmarked at $840,100.
VREB Chair Fergus Kyne put it well: the market right now has choice, range in price points, and brisk buyer interest — without the pressure-cooker feeling of a hot seller's market.
Victoria Core HPI Benchmarks — April 2026
Single Family: $1,339,100
Condo Apartment: $558,300
Row/Townhouse: $840,100
Vancouver Island (VIREB) — Spring Stirring Across the Island
The broader Vancouver Island board (VIREB) covers a wide swath of the Island from the Malahat north, including the Cowichan Valley — a market I work in regularly and watch closely.
VIREB recorded 683 total unit sales in April 2026, down 12% year over year across all property types, though single family home sales rose a solid 23% from March to 372 units — a clear sign that buyers re-engaged as spring arrived. Row/townhouse sales were up 24% month over month as well, at 88 units.
Active listings board-wide stood at 4,256 (all property types), up 4% from April 2025, continuing the trend of healthy inventory levels that give buyers real options.
VIREB CEO Jason Yochim noted that while the spring start was a little slow, activity picked up meaningfully in the latter half of April — and that momentum could translate into a busier May.
Cowichan Valley Benchmarks — April 2026
Single Family: $784,000 (up 1% year over year; up 2.4% from March)
Condo Apartment: $301,500
Townhouse: $498,400
The Cowichan Valley's single family benchmark is sitting right around where it was a year ago, with a modest uptick suggesting stable demand. It continues to represent solid relative value compared to Victoria Core prices, which is a story worth paying attention to for buyers priced out of the capital region.
Board-Wide VIREB Single Family Benchmarks — April 2026
Vancouver Island (board-wide): $790,300
Cowichan Valley: $784,000
Comox Valley: $869,800
Nanaimo: $815,600
Parksville/Qualicum: $923,800
Campbell River: $687,800
Port Alberni: $505,800
What This Means for Buyers and Sellers on the South Island
The current market isn't the frenzied sellers' market of 2021-22, nor is it a deep buyers' market. It's genuinely balanced — and that's actually a good place to be.
For buyers, inventory is up, competition is measured, and there are real opportunities across price points — from entry-level condos in Langford and Colwood to family homes in the Cowichan Valley.
For sellers, properly priced homes are still moving. The spring season typically brings a wave of new buyers into the market, and with listings up and interest rates having eased from their peaks, there's a reasonable pool of qualified buyers actively looking.
If you're thinking about a move this spring — whether buying, selling, or both — it's a solid time to get a clear picture of what your options look like.
Stay Connected to the South Island Market
I publish monthly market updates for Greater Victoria, the Westshore, and the Cowichan Valley, broken down in plain language so you can actually use the information. [Internal link: Market Updates archive]
Questions about what these numbers mean for your specific situation? I'm always happy to chat.
Mike Doughty | REALTOR® | RE/MAX Camosun 778-400-0475 | mike@mikedoughty.ca