The spring 2026 real estate market on Southern Vancouver Island is wide open — more inventory than we've seen in over a decade, and buyers holding the cards. Here's what the numbers mean for your neighbourhood.
The Inventory Shift That Changes Everything
Something meaningful happened in the Greater Victoria market this spring, and it's been building all year. At the end of May 2026, there were 4,029 active listings on the Victoria Real Estate Board MLS® — the highest inventory level in eleven years. That's an 8.6 percent jump from April alone, and 8.4 percent more than we saw at the same time last year.
When VREB Chair Fergus Kyne says "there's no more waiting — the spring market is here," he's not just talking about warmer weather. He's talking about a market that has fundamentally shifted in favour of buyers. More choice. More time to make decisions. More room to negotiate.
That's a big deal on an island where, not long ago, buyers were waiving subjects and writing offers the same afternoon they walked through the door.
What Sold in May — and What Didn't
Total sales across the VREB region came in at 713 properties in May 2026 — a healthy bump of 10.9 percent over April, but still 5.9 percent below May 2025. Spring momentum is real, but the year-over-year gap tells you buyers are being deliberate.
Breaking it down by property type:
Single-family homes led volume with 385 sales, down 4 percent from a year ago. The MLS® HPI benchmark price for a single-family home in the Victoria Core sits at $1,339,000 — essentially flat, up just 0.3 percent year over year and barely changed from April's $1,339,100. The market is holding value, but it's not running.
Condominiums saw the sharpest year-over-year sales decline, at -14.9 percent, with 188 units sold. Benchmark condo prices in the Victoria Core dropped 1.9 percent from a year ago to $551,400 — down from $558,300 in April. Condo sellers are feeling more pressure than any other segment right now.
Townhomes were the bright spot. 98 sold in May, up 8.9 percent from May 2025. The townhouse benchmark in the Core held at $836,800 — down slightly from April but resilient relative to the rest of the market. Townhomes continue to attract buyers who want more space than a condo but aren't quite ready to stretch to a detached home price.
A Closer Look — Victoria Core vs. Westshore vs. Peninsula
The VREB data breaks down benchmark prices by sub-market, and the variation is worth paying attention to.
For single-family homes:
The Victoria Core benchmark sits at $1,339,000 (essentially flat year-over-year). The Westshore — covering Langford, Colwood, View Royal and area — has softened more noticeably, with its benchmark at $1,028,100, down 2.8 percent from May 2025. The Peninsula (Saanich, North Saanich, Sidney) is the standout, rising 4.3 percent year over year to $1,292,000.
For condos, the picture is broadly softer across all zones, with the Westshore condo benchmark at $508,300 (down 1.1% year over year) and the Core at $551,400 (down 1.9%).
What the Sales-to-Active-Listings Ratio Tells Us
The sales-to-active-listings ratio — one of the clearest signals of market pressure — is sitting in the 17–28 percent range, which BCREA defines as a balanced market. Technically, neither buyers nor sellers has a strong edge in pricing pressure. But with inventory at eleven-year highs, buyers have practical advantages that the ratio alone doesn't fully capture: time, selection, and leverage on negotiation.
Sellers who understand this are pricing accordingly and getting deals done. Those who are anchoring to 2022 or 2023 values are watching their listings sit.
Vancouver Island Beyond Victoria — The VIREB Picture
For those of us with roots or eyes on communities north of the Malahat, the Vancouver Island Real Estate Board (VIREB) numbers tell a complementary story.
VIREB recorded 768 unit sales across all property types in May 2026 — down just one per cent from a year ago. That's relative stability across a broad geography. Active listings board-wide were 4,585, up three per cent year over year.
In the Cowichan Valley, the single-family benchmark came in at $789,800 — essentially holding from May 2025, one of the more stable sub-markets on the Island. Townhouse sales across the VIREB area were a standout, up 33 percent year over year.
VIREB CEO Jason Yochim captured the mood well: the market is seeing activity on well-priced properties, including multiple-offer situations in some cases, while homes above market expectations are taking longer to sell. Buyers are measured. Sellers need to be realistic.
The Bottom Line for Southern Vancouver Island Buyers and Sellers This Spring
If you're buying, this is one of the better-positioned markets on Southern Vancouver Island in recent memory. Inventory is high, competition has eased, and there's room to be strategic.
If you're selling, the fundamentals are still sound — but presentation and pricing matter more than they have in years. As Chair Kyne put it, motivated sellers need to enter the market with competitive pricing and a clear-eyed understanding of what their property is worth right now, not two years ago.
The spring market is here. It just requires a different playbook than the one a lot of people remember.
Mike Doughty is a REALTOR® with RE/MAX Camosun serving Greater Victoria, the Westshore, Sooke, and the Cowichan Valley. For a conversation about what May's numbers mean for your specific situation, reach out directly.
📞 778-400-0475 | ✉️ mike@mikedoughty.ca | 🌐 www.southislandliving.ca
Data sources: Victoria Real Estate Board (VREB) May 2026 Statistics Package; Vancouver Island Real Estate Board (VIREB) May 2026 Monthly Statistics Package. MLS® HPI benchmark prices reflect data from the Victoria Core and VIREB board area.