Lower Vancouver Island Real Estate Market Update — May 2026

As we head into what is traditionally the busiest time of the year for real estate, the lower Vancouver Island market continues to demonstrate something that sets it apart from much of the rest of the province: stability.

Sales Activity

A total of 643 properties sold in the Victoria Real Estate Board region in April — virtually unchanged from the 642 sales recorded in April 2025, and up 11.1% from March. That kind of steady, consistent activity is the hallmark of a well-functioning market. Single family sales came in at 331 units, while condo sales climbed 5.9% year-over-year to 198 units — a sign that condo buyers are growing more confident. WOWABC Assessment

Inventory

Active listings hit 3,710 at the end of April — up 13.8% from March and up 8.3% from April 2025. More inventory means buyers have more options and more time to make thoughtful decisions, which is healthy for the overall market. Real Estate North Shore

Prices

The benchmark single family home in the Victoria Core sits at $1,339,100 — down just 1.2% from April 2025 but up from March’s $1,330,200, suggesting the market may have found a floor. Condos in the Core benchmark at $558,300, down 0.8% year-over-year. These are modest, measured adjustments — not the dramatic swings seen elsewhere. CBC News

The Westshore continues to offer compelling value, with single family homes benchmarking at $1,029,500. CBC News

A Market Apart

It’s worth noting how different our local story is compared to the Mainland. While residential property owners in the Lower Mainland are facing decreases of up to 10% in assessed values, homeowners in the capital region are seeing little or no change. Vancouver Island ended 2025 in a balanced posture, with small overall price movement and meaningful differences by property type and community — and that stability has carried into 2026. GPS Tracker ReviewsFamily1st

Bottom Line

VREB Chair Fergus Kyne describes the current conditions as balanced, with inventory levels staying strong and new listings coming to market just in time for the busy spring season. Whether you’re buying or selling, this is a market that rewards preparation and good strategy — not panic or urgency. WOWA