April delivered exactly what the spring market needed: steady activity, growing inventory, and prices holding firm without the pressure we saw during the frenetic years of 2021-2022. A total of 643 properties changed hands across Greater Victoria last month — virtually identical to the 642 sales we recorded in April 2025, and up 11.1% from March's 579 transactions. This is a market that's functioning, not lurching.

What I'm seeing on the ground matches the numbers. Buyers are out in force at open houses, particularly for well-priced properties in the $900K to $1.4M range. But they're also discerning — overpriced listings are sitting, while realistic sellers are finding qualified buyers within reasonable timeframes. The 3,710 active listings give buyers genuine choice without overwhelming the market into distress territory.

Sales Activity

The property-type breakdown tells an interesting story this April. Single family homes recorded 331 sales, down 1.2% from last year's 335 — essentially flat. Condominiums showed more life with 198 sales, a 5.9% increase over April 2025's 187 units. Townhouses came in at 78 sales, down modestly from 79 last year. The condo strength suggests first-time buyers and downsizers remain active, taking advantage of the more accessible price points in that segment. Meanwhile, the single family market is seeing more considered decision-making from buyers who have genuine options to compare.

Unit sales by property type — Apr 2025 vs. Mar 2026 vs. Apr 2026. Source: VREB MLS®

Inventory & Market Balance

Inventory continues its healthy climb. The 3,710 active listings at month-end represent a 13.8% jump from March's 3,261 and an 8.3% increase from the 3,425 listings we had in April 2025. This is precisely the inventory growth the market needed to cool the competitive dynamics that were pricing out many buyers. The sales-to-active-listings ratio remains comfortably in balanced territory — not so low that sellers panic, not so high that buyers feel desperate. Homes are selling, but buyers have time to do their due diligence.

Active listings at month end — Apr 2025, Mar 2026, Apr 2026. Source: VREB MLS®

Benchmark Prices

The MLS® Home Price Index tells a story of modest softening. The benchmark single family home in the Victoria Core now sits at $1,339,100, down 1.2% from $1,354,800 in April 2025 but up from March's $1,330,200 — suggesting we may have found a floor. Condos in the Core benchmark at $558,300, down 0.8% year-over-year from $562,900. These are not dramatic corrections; they're the kind of measured price adjustments that keep markets healthy and accessible.

Regional variation remains significant. Oak Bay continues commanding premium prices with a single family benchmark of $1,872,500 — reflecting the enduring appeal of the municipality's character homes, excellent schools, and village atmosphere. The Westshore offers compelling value with single family homes benchmarking at $1,029,500 (down 3.8% year-over-year), while Peninsula communities appeal to buyers seeking space and a slightly slower pace with benchmarks at $1,275,300.

MLS® HPI benchmark prices by region — Apr 2025 vs. Apr 2026. Source: VREB MLS®

Where the Action Was: Sales by Municipality

Greater Victoria's neighbourhoods don't move as one. The table below breaks down every residential transaction recorded in April by municipality — split by property type — and grouped by area. The colour intensity on each unit count reflects relative activity: green is lower activity, red is highest.

One deliberate choice in how this data is presented: Victoria and Victoria West are reported separately, even though VREB's Mark I table combines them. The Johnson Street Bridge is a genuine boundary for buyers — someone drawn to Vic West's waterfront proximity, walkability, and converted industrial character is making a fundamentally different decision than a buyer focused on Victoria's downtown condo towers or heritage neighbourhoods. The figures here are drawn from the Mark II table, which segregates the two areas.

Waterfront properties across all districts are shown as a single row, as VREB does not attribute them back to individual municipalities in their published data.