Cordova Bay, Saanich - August 2026 Real Estate Report

Cordova Bay Real Estate: What Your Neighbour Hasn't Told You Yet

If you own property on the waterside of Saanich, you're sitting on something most people in the region would trade for in a heartbeat. Cordova Bay is holding its value, pulling strong rental numbers, and - depending on whether you own a house or a condo - the story is actually pretty different right now. Here's the straight read.

The Vibe: Houses vs. Condos

Houses - Strong Prices, But Patience Required

We're seeing house prices in Cordova Bay averaging $1,386,500 in recent sales, up 2.0% from last month. That's a solid number. Listings are sitting at $1,399,000 on average, and buyers are paying 99.11% of list - so there's a tiny bit of room to negotiate, but not much. At $717 per square foot, we're above average for Saanich.

The catch? Homes are sitting on the market for an average of 95 days. Compare that to nearby Viewmont at 83 days, and it's clear our houses are taking longer to find their buyer. On the neighbourhood leaderboard, Cordova Bay houses rank 15 out of 16 for days-on-market in Saanich. That's a signal worth paying attention to. Price rank is 6 out of 17 - above average - and growth rank sits at 9 out of 17, right in the middle of the pack.

• Average sale price: $1,386,500 (up 2.0% from last month)
• Average list price: $1,399,000
• Price per square foot: $717
• Sale-to-list ratio: 99.11%
• Average days on market: 95
• Predicted market value: $1,762,151
• Estimated monthly rent: $6,183
• Rental yield: 3.91%
• Growth rank in Saanich: 9 out of 17

Condos - A Different Story, and a Better One

Condo owners in Cordova Bay, this one's for us. While the house market is taking a breather, condos are quietly punching above their weight. Growth rate ranks 2 out of 17 in Saanich - that puts us near the top of the leaderboard. Price rank is 2 out of 12, meaning we're among the most expensive condo markets in the area. And units are moving in an average of 24 days, which is a healthy pace.

One condo sold recently at $1,080,000, with buyers paying 97.40% of list. The assessed value average sits at $1,124,848, but the HonestDoor Price tells a more interesting story - more on that below.

• Average sale price: $1,080,000
• Average list price: $1,124,500
• Price per square foot: $601
• Sale-to-list ratio: 97.40%
• Average days on market: 24
• Predicted market value: $1,219,685
• Estimated monthly rent: $4,781
• Rental yield: 2.63%
• Growth rank in Saanich: 2 out of 17

The Secret Sauce: Why Your Tax Assessment Is Already Out of Date

Here's the thing about government assessments - they're a snapshot from the past. By the time that number lands in your mailbox, the market has already moved on.

For houses in Cordova Bay, the average assessed value is $1,648,374. The HonestDoor Price right now is $1,729,248. That's a gap of nearly $81,000 - or 4.91% higher than what the city says your home is worth. Yes, the HonestDoor Price has dipped 1.84% from the previous period, but it's still tracking well above the assessment. The predicted value for houses is even higher at $1,762,151.

For condos, the gap is even wider. The average assessed value is $1,124,848. The HonestDoor Price is $1,240,870 - that's 10.31% above the city's number, and it's trending up 1.38% from the previous period. The predicted value sits at $1,219,685, which is higher than both nearby Falaise ($1,091,247) and Viewmont ($995,988).

The HonestDoor Price is the real-world check. It uses current market data, not last year's numbers. If you're making any decision about your property - selling, refinancing, or just knowing where you stand - the HonestDoor Price is the number to start with.

The "So What?" - Thinking About Selling This Summer?

If you own a house in Cordova Bay and you're thinking about listing this summer, go in with clear eyes. Prices are holding and your home is likely worth more than your assessment suggests. But 95 days on market is real - buyers have options and they know it. Price it right from day one. A home that sits gets stale fast, and Cordova Bay buyers are paying attention.

If you own a condo, the timing looks better. You're in one of the top-ranked condo markets in Saanich for growth, units are moving in under a month, and your HonestDoor Price is running well above assessed value. The window is open.

Either way, with 2,401 properties assessed this year and 23 total transactions recorded in 2026, this is not a high-volume market. Every listing matters, and every pricing decision carries more weight than it would in a busier neighbourhood. Know your number before you move.

Cordova Bay also holds its own on the rental side - $6,101 per month average rental estimate for houses, and an Airbnb rank of 2 in Saanich. If selling isn't the plan, holding and renting is a legitimate strategy here.

Bottom line: Cordova Bay is not cheap, it's not cooling dramatically, but it rewards sellers who are prepared. Check your HonestDoor Price at HonestDoor.com before you do anything else.

This information is all based on our opinions based on the information available to us. Everyone's situation may be different and you should reach out to us for more personalized information.