Oak Bay residential real estate market — Jun 2026

Is Oak Bay a buyer's or seller's market?

As of the latest data, Oak Bay is a balanced market. There are about 4.9 months of inventory — 4 to 7 months is considered balanced. Around 16.0% of homes sold above asking, and the typical sale closed at 97.7% of list price.

How much does a home cost in Oak Bay?

The median sold price for a home in Oak Bay is $1.62M, down 1.0% from a year ago. The average sold price is $1.84M. That works out to roughly $706 per square foot.

Are homes in Oak Bay selling over asking?

16.0% of homes that sold in Oak Bay closed above their list price. The typical home sold at 97.7% of asking — just under list. Among the homes that sold over asking, the median premium was +$41.5k over asking.

How long do homes take to sell in Oak Bay?

Half of the homes that sold in Oak Bay went under contract within about 26 days — the median days on market. That is a moderate pace.

Are home prices going up or down in Oak Bay?

Median sold prices in Oak Bay are down 1.0% year over year, at $1.62M. Currently 17.5% of active listings have cut their asking price at least once, a sign of steady pricing pressure.

Is now a good time to buy or sell in Oak Bay?

It depends which side you are on. With about 4.9 months of inventory, Oak Bay is roughly balanced between buyers and sellers. Conditions are even-handed: homes take about 26 days to sell, so both sides have room to negotiate on price and terms.

What is the best time of year to sell a home in Oak Bay?

Across the past two years, sales activity in Oak Bay has been strongest in June and quietest in December. In Greater Victoria the spring market — roughly March through June — is typically the busiest selling season, when buyer demand and prices tend to peak, with activity easing over the winter.

How many homes are for sale in Oak Bay?

As of the latest data there are 128 active home listings in Oak Bay. Over the period, 564 new listings came to market and 266 sold, which is about 4.9 months of inventory at the current sales pace.

Do homes in Oak Bay sell for more than their assessed value?

The typical home in Oak Bay sold at 104.9% of its BC-assessed value — about 5% above its BC Assessment. Assessments are set once a year and lag the market, so a ratio above 100% is common when prices are rising.

Directional market benchmarks from Repliers MLS, BC Assessment & VREB — not an appraisal or personalized advice.