Victoria homebuyers have more choice as inventory reaches 11-year high

The Greater Victoria real estate market continued to show signs of being a more balanced environment in May, with buyers benefiting from the highest level of available inventory seen in more than a decade.

According to the Victoria Real Estate Board (VREB), 713 properties sold across the region in May, which was down 5.9% from the 758 sales recorded in May 2025.

Despite the year-over-year decline, sales were up 10.9% compared to April.

Single-family homes accounted for 385 sales during the month, a decrease of 4% from a year ago. Condominium sales saw a larger drop, falling 14.9% year over year with 188 units sold.

Townhome sales moved in the opposite direction, climbing 8.9% compared to May 2025 with 98 units sold.

Victoria Real Estate Board Chair Fergus Kyne said the spring market is now fully underway and buyers are taking advantage of having more options.

“With the most inventory for sale that our market has had in eleven years, we’re seeing buyers take advantage of the many homes to choose from,” said Kyne.

“Buyer expectations around pricing and features have changed with market conditions and they have more time to make decisions and are viewing more properties.”

At the end of May, there were 4,029 active listings on the VREB Multiple Listing Service, an increase of 8.6% from April and 8.4% higher than the same time last year.

The board’s sales-to-active-listings ratio remained within what is generally considered a balanced market range, suggesting neither buyers nor sellers currently hold a significant advantage.

The benchmark price for a single-family home in Victoria’s core area was $1,339,000 in May, up just 0.3% from a year earlier and essentially unchanged from April.

Meanwhile, the benchmark price for a condominium in the core area was $551,400, down 1.9% from May 2025 and lower than April’s benchmark of $558,300.

Kyne said today’s market conditions are very different from those seen in recent years and stressed the importance of local market knowledge when buying or selling.

The VREB represents more than 1,600 Realtors across Greater Victoria and surrounding communities.