South Oak Bay residential real estate market — Jun 2026

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

As of the latest data, South Oak Bay is a balanced market. There are about 4.0 months of inventory — 4 to 7 months is considered balanced. Around 17.6% of homes sold above asking, and the typical sale closed at 97.9% of list price.

How much does a home cost in South Oak Bay?

The median sold price for a home in the South Oak Bay neighbourhood is $1.56M, up 3.3% from a year ago. The average sold price is $1.7M. That works out to roughly $733 per square foot.

Are homes in South Oak Bay selling over asking?

17.6% of homes that sold in the South Oak Bay neighbourhood closed above their list price. The typical home sold at 97.9% of asking — just under list. Among the homes that sold over asking, the median premium was +$38k over asking.

How long do homes take to sell in South Oak Bay?

Half of the homes that sold in the South Oak Bay neighbourhood went under contract within about 29 days — the median days on market. That is a moderate pace.

Are home prices going up or down in South Oak Bay?

Median sold prices in the South Oak Bay neighbourhood are up 3.3% year over year, at $1.56M. Currently 17.0% 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 South Oak Bay?

It depends which side you are on. With about 4.0 months of inventory, the South Oak Bay neighbourhood is roughly balanced between buyers and sellers. Conditions are even-handed: homes take about 29 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 South Oak Bay?

Across the past two years, sales activity in the South Oak Bay neighbourhood has been strongest in May 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 South Oak Bay?

As of the latest data there are 49 active home listings in the South Oak Bay neighbourhood. Over the period, 244 new listings came to market and 122 sold, which is about 4.0 months of inventory at the current sales pace.

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

The typical home in the South Oak Bay neighbourhood 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.