The average price of residential real-estate throughout Greater Victoria saw year-over-year gains across all three main market segments in May despite sales falling to 713 transactions from 758 in 2025, according to the latest data from the Victoria Real Estate Board for transactions via the Multiple Listings Service.

 

385 single-family homes sold on the south Island between Sooke and Sidney via MLS in May, a downtick from last May’s activity of 401 transactions, although the average price paid rose by 1.5% to $1,323,272 from $1,304,200 a year prior. The median dipped by 2.2% from $1,199,000 to $1,172,500.

 

The segment’s relatively buoyant results compared to the national real-estate picture once again affirm Victoria’s single-family-home market as relatively healthy, says Victoria real-estate agent Ryan Cook (see website) of brokerage Remax Camosun. However, a significant portion of sellers are still unwilling to concede to market realities, placing downward pressure on monthly deals.

 

“Far too many home sellers are still choosing not to align their price expectations with the real-world state of the local market, and by doing so, they’re losing ground during the busiest buying season of the year,” Cook says.

 

“Misguided expectations or false hopes have kept quite a number of transactions from taking place this spring, with buyers dipping their toes with offers below asking prices, but sellers hanging on with counter-offers that are simply too high given the market competition and the mortgage interest rate environment. Eventually these sellers may re-list at a lower price, but weeks, if not months will have passed, and the momentum gained by listing during the spring will have evaporated. And there's a good chance a willing buyer from earlier on may have moved on."

 

Cook says rising price averages in market recaps like the Citified monthly market report may give sellers a false sense of demand versus supply, despite reminders that the levels of inventory for sale keeps climbing. And sales are slower this year than last year, and last year’s sales were a mixed bag compared to 2024.

 

Condominium listings, meanwhile, posted their second-strongest month in 2026 behind January, averaging $648,016 across 188 deals with a median of $538,000. This yielded year-over-year price growth of 7.4% from $603,493, with the median essentially flat ($535,000 in 2025). Sales fell by 33 units from 221 last May, though.

 

“It’s a tough, tough market for condominium sellers, but once again, price is a major motivator, and sellers that respond to the realities of the market usually find success,” Cook says. “Sellers who are adamant that their listing is worth what it could have been valued at in the early 2020s are setting themselves up for disappointment, and may reject offers that do come in, because they are well out of line with their listing price."

 

Townhomes, though, had gains across two metrics, outselling last May by eight units (totalling 98) as the average price jumped 3.3% to $869,061 from $841,587. The median fell 5.7% to $762,000 from $807,750. At 98 sales in May, the segment had its best month of sales activity since April of 2022 when 102 townhomes sold via MLS.

 

“Townhomes are enjoying healthy demand with averages showing price gains every month since November. Neither single-family homes nor condominiums have shown that level of price resilience,” Cook notes, adding that “for many buyers, townhomes represent an affordable alternative to single-family homes averaging well north of $1.3 million, although, monthly strata fees can make single-family listings more competitive in some circumstances by yielding back buying power.”

 

Active listings throughout May rose to 4,029 units, the highest inventory level since May of 2015 and a clear signal that competition among sellers remains high despite new listings falling year-over-year since December, landing at 1,789 units this May compared to 1,834 units in May of 2025. April saw 1,740 new listings.

 

“The level of competition should be a clear sign to sellers that their best foot forward on price is the smartest strategy right now. You can have the nicest photos, a staged home, excellent marketing and exposure or even elements like location, design or uniqueness working in your favour,” Cook says. "Except, if your expectations are too high, buyers are unlikely to bite, and you’ll spend a lot of time accumulating days-on-market with few showings. The best move as we transition into the slower summer months is to listen to your real-estate agent, use comparables to guide you, and be realistic when setting your price expectations." C

 

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