May Market Update: More Supply, More StrategyWith over 4,000 active listings in Greater Victoria, the market feels different — but the story is more nuanced than the headline.

Hey Friends,Welcome, and thanks again for being here.This month, the headline is pretty hard to miss: Greater Victoria has now pushed past 4,000 active listings — the highest level of inventory we’ve seen in over a decade.But here’s the part I don’t want to get lost in the headline: this is not a panic market. It’s a more thoughtful market.Buyers have more choice, more time, and more confidence than they’ve had in recent years. Sellers, on the other hand, need to be sharper, more strategic, and more realistic about how their home is positioned. The homes that are priced well and presented properly are still getting attention. The ones that are reaching too far are helping sell the competition.That’s really what I’m watching right now.We’re not seeing demand disappear. We’re seeing buyers become more selective. And in my opinion, that distinction matters a lot if you’re thinking about buying, selling, or simply trying to understand where things are headed.As always, I’ll share the numbers below and then I’ll give you my honest take on what I’m seeing out there in real time.Your Real Estate Guide & Friend,
Rick

Greater Victoria Market Update: More Listings, More Choices, More Strategy

Greater Victoria’s spring market reached a notable milestone in May: active listings climbed past 4,000 for the first time in eleven years.At the end of May, there were 4,029 active listings on the Victoria Real Estate Board MLS®, up 8.4% from the same time last year and 8.6% from April. For buyers, that means more choice than we have seen in quite some time. For sellers, it means the market has become more competitive — not necessarily in terms of bidding wars, but in terms of standing out.Sales, meanwhile, remained steady but subdued. A total of 713 properties sold across the Victoria Real Estate Board region in May, down 5.9% from May 2025, but up 10.9% from April. In other words, the spring market did arrive — it just arrived with more balance, more inventory, and less urgency than many sellers have grown used to.

The Headline: Inventory Is Back

The biggest story in May was supply.Crossing 4,000 active listings is significant because Greater Victoria has not seen this much selection since 2015. That does not mean the market is in freefall. It does mean buyers now have options, and when buyers have options, they tend to become more careful.They compare more.
They take more time.
They notice condition.
They question price.
And they are less likely to feel pressured into making a rushed decision.That shift is now one of the defining features of the 2026 spring market.

Sales Are Moving — But Buyers Are Selective

May recorded 713 total sales, which was a healthy increase from April, but still lower than May of last year.Single-family homes remained relatively resilient, with 385 sales in May, down 4% from last year. Condos saw the most noticeable slowdown, with 188 sales, down 14.9% year-over-year. Townhomes were the exception, with 98 sales, up 8.9% from May 2025.That tells an interesting story. Buyers are still in the market, but they are not moving evenly across every property type. Detached homes continue to hold up better, condos are feeling more pressure, and townhomes appear to be attracting buyers looking for more space without moving all the way into detached-home pricing.

Prices Are Not Telling a Crash Story

Despite the increase in listings, prices have not fallen dramatically.The MLS® Home Price Index benchmark for a single-family home in the Victoria Core was $1,339,000 in May, up 0.3% from May 2025 and essentially unchanged from April. The benchmark condo price in the Victoria Core was $551,400, down 1.9% from last year and also down from April.So while the market feels slower, the price data still points to a cooler, more balanced environment rather than a sharp correction.This is one of the more important distinctions in the current market: inventory is rising, but prices are not collapsing. That combination creates a market that feels more cautious, more measured, and more strategic.

A Market Sitting Near the Edge of Balance

One useful way to understand the market is to look at the sales-to-active-listings ratio. This compares the number of sales in a month to the number of active listings available at month-end.In May, that ratio was roughly 17–18%, depending on whether total sales or residential sales are used. In Victoria, a ratio below 17% generally points to downward pressure on prices, while 17–28% is considered balanced.That places May right near the lower edge of balanced territory.Put simply: this is not a strong seller’s market, but it is not a dramatic buyer’s market either. It is a careful market. A selective market. A market where price, presentation, location, condition, and timing all matter.

What This Means in Plain English

The 2026 spring market is giving buyers something they have not had much of in recent years: breathing room.There are more homes to choose from, fewer rushed decisions, and more room for comparison. Buyers are looking closely at value, condition, layout, neighbourhood, strata fees, renovation needs, and long-term affordability.For sellers, the message is equally clear. Listing a home is no longer enough. In a higher-inventory market, properties need to be positioned properly from the start. Homes that are priced well and presented well are still getting attention. Homes that are ahead of the market are more likely to sit.

The Bigger Picture

House Hunt Victoria described May as a market that “cracked” the 4,000-listing mark, but also noted that today’s market is still not as weak as the 2012–2013 buyer’s market. Back then, inventory was even higher and sales were lower.That context matters.Greater Victoria is certainly softer than it has been in recent years. But the data does not suggest a collapse. Instead, it points to a market that has cooled, normalized, and become more price-sensitive.The best word for May may be this: recalibration.Buyers are recalibrating what they are willing to pay.
Sellers are recalibrating their expectations.
And the market is recalibrating after several years of unusually tight inventory and fast-moving conditions.

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Rick’s Take 💬

“The word I keep coming back to right now is urgency. Or really, the lack of it.Buyers are still out there. Showings are happening. Feedback has been positive. I’m hearing things like, “Great home,” “Shows really well,” “We liked it,” and “This could work.”But then… no offer. That’s the market right now.With more listings available, buyers have room to breathe. They can like a home and still feel like they have time to think, compare, wait, or see what else comes up.For sellers, that can be frustrating because positive feedback feels like momentum. But in this market, the goal isn’t just to have buyers like the home. It’s to make the home feel like the best choice among the other options.That usually comes down to price, presentation, and patience.Homes are still selling, but buyers are moving more carefully. They’re not gone. They’re just not rushing.”
Let’s stay connected,
Rick

🗓️ Let’s Connect

Whether you’re planning a move soon or just keeping an eye on the market, I’d love to catch up. I’m always happy to chat real estate over coffee—or Zoom if that’s easier.
👉 Just reply to this email or book a quick meeting with me here.
Talk soon,
Rick Cochrane
Personal Real Estate Corporation
MLS Gold Award Winning REALTOR®
National Top 5% Royal Lepage
rickcochrane.re@gmail.comwww.rickcochrane.com