May brought the spring market everyone was waiting for — but it arrived on buyers’ terms. A total of 713 properties sold across Greater Victoria, down 5.9% from the 758 that traded hands a year ago, yet up a healthy 10.9% from April’s 643 sales. The headline story? Active listings hit 4,029 at month-end, the most inventory on the MLS® in eleven years. That supply-side shift is giving buyers breathing room they haven’t had in over a decade.

On the ground in Oak Bay and the Core, I’m seeing exactly what the data suggests: well-prepared buyers are taking their time, touring multiple homes, and negotiating with more leverage. Meanwhile, sellers who price accurately from day one are still getting strong results — while those who test the market with aspirational pricing are sitting. The gap between the two outcomes is wider than I’ve seen in a long time.

Sales Activity

Single family homes accounted for 385 sales in May, down 4% from the 401 that sold last May. Condos saw a sharper pullback: 188 units changed hands, a 14.9% decline from the 221 condo sales in May 2025. The townhouse segment moved in the opposite direction with 98 sales, up 8.9% year-over-year from 90. The condo market feels the weight of new inventory most directly — condo active listings are up 12% year-over-year and the sell-list ratio has dropped to 36% from 46% last May. Townhouses, by contrast, remain relatively tight with strong buyer interest, particularly in the Westshore where new-build product continues to attract young families.

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

Inventory & Market Balance

Active listings climbed to 4,029 at the end of May, up 8.6% from the 3,710 available in April and 8.4% higher than the 3,716 on the market at the end of May 2025. With 690 residential sales against that inventory, the sales-to-active-listings ratio sits at roughly 17% — right at the threshold between a balanced market and a buyers’ market according to the BC Real Estate Association’s framework. For context, that ratio was running well above 20% for most of 2024. The shift is real: buyers now have nearly six months of supply in several property types, which means negotiation leverage has moved meaningfully in their direction.

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

Benchmark Prices

In the Victoria Core, the MLS® HPI benchmark for a single family home edged up 0.3% year-over-year to $1,339,000 from $1,335,500 — essentially flat. On a month-over-month basis it ticked down $100 from April’s $1,339,100. Core condo benchmarks fell more noticeably: down 1.9% to $551,400 from $562,100 a year ago, and down from April’s $558,300. The townhouse benchmark in the Core held at $836,800, down from last May’s $853,000. Overall, prices are stable to slightly softening — which is exactly what you’d expect with inventory at an 11-year high and a sales-to-listings ratio near the balanced-market boundary.

In Oak Bay, the single family benchmark sits at $1,857,900 — the highest of any sub-area on the board and up from $1,852,500 a year ago. Demand for character homes on larger lots in this neighbourhood remains remarkably resilient. Across the broader region, Greater Victoria’s single family benchmark is $1,181,700 (virtually flat year-over-year from $1,181,300), while the Westshore came in at $1,028,100, down 2.8% from $1,057,700 last May — reflecting the price sensitivity in that more first-time-buyer-heavy market. The Peninsula single family benchmark rose 4.3% to $1,292,000, making it the strongest-performing sub-region for detached homes.

MLS® HPI benchmark prices by region — May 2025 vs. May 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 May 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.

Heat intensity based on total residential units sold. Victoria and Victoria West reported separately using VREB Mark II data. Waterfront properties reported as cross-district aggregate. Source: VREB MLS® May 2026 Statistics Package.

What This Means for Buyers and Sellers

If you're buying

This is the most favourable buying environment we’ve seen since 2015. With 4,029 active listings to choose from, you have genuine selection — and the data backs up the shift in leverage. The sales-to-active-listings ratio at roughly 17% puts us right at the edge of a buyers’ market. Condos in particular are offering value: the Core benchmark has dropped 1.9% year-over-year and days on market have crept up. Take your time, view broadly, and negotiate confidently — but don’t mistake patience for passivity. Well-priced homes in desirable locations, especially single family homes in Saanich East (121 sales this month) and Langford (92 sales), are still moving at a solid pace.

If you're selling

Pricing strategy is everything right now. The 11-year inventory high means your home is competing against more alternatives than at any point in recent memory. Sellers who entered the market in May with competitive pricing saw results — the overall sell-to-list ratio remains at 97%, meaning well-positioned homes are selling near asking. But overpriced listings are languishing: days on market have climbed to 42 from 38 a year ago. Work closely with your REALTOR® to benchmark against recent comparable sales, not aspirational pricing. A clean, well-staged home priced at fair market value will still attract buyers in this environment.

The waterfront and Oak Bay micro-market

Waterfront properties across all districts accounted for 39 sales totalling $67.0M in May — an average of $1.72M per transaction. This is a market that operates by its own rules: inventory is limited, emotional value is high, and buyer pools are often international or interprovincial. In Oak Bay specifically, 29 residential transactions closed for a combined $52.6M, with an average sale price of $1.82M. The Oak Bay single family benchmark of $1,857,900 continues to outpace every other sub-area on the Board, reflecting persistent demand for the neighbourhood’s character homes, walkable village, and ocean-adjacent lifestyle. If you own waterfront or Oak Bay property and have been contemplating a move, this remains one of the segments where seller positioning is strongest.

Statistics are sourced from the Victoria Real Estate Board MLS® and are believed to be accurate but are not guaranteed. The MLS® Home Price Index benchmark is produced by the Canadian Real Estate Association. Victoria and Victoria West figures are derived from the VREB Mark II Statistics Package. This report is prepared by Stephen Foster, REALTOR®, Stephen Foster Personal Real Estate Corporation, brokered by Coldwell Banker Oceanside Real Estate. Not intended to solicit properties currently listed for sale.