Cordova Bay, Saanich - September 2026 Real Estate Report

Cordova Bay Real Estate Update: Your Home Is Worth More Than the City Thinks

If you have been glancing at your latest BC Assessment notice and feeling a little underwhelmed, here is the thing - the city's number is already out of date. The average assessed value for a Cordova Bay house sits at $1,648,374, but the average HonestDoor Price is $1,740,202. That is a gap of over $91,000. For condos, the gap is even wider. Your assessed value is a snapshot from last July. The HonestDoor Price is updated in real time. Big difference.

The Vibe: What Is Actually Happening in Our Market

Houses - Strong Prices, But the Market Is Taking a Breather

If you have been watching the "For Sale" signs on the waterside streets lately, here is what is actually going on. Houses are selling, but they are not flying off the shelf. Three homes sold this month at an average of $1,521,667 - up 8.5% from last month, which sounds great. But properties are sitting on the market for an average of 54 days, and buyers are landing deals at about 96.35% of list price. That means a seller listing at $1,600,000 is walking away with roughly $1,541,600. Worth knowing before you set your price.

• Average sale price (houses): $1,521,667
• Average list price this month: $1,581,667
• Price per square foot: $1,080
• Average days on market: 54
• Sale-to-list ratio: 96.35%
• HonestDoor predicted value: $1,730,486
• 3-month moving average: $1,755,008
• Estimated monthly rent: $6,104
• Rental yield: 3.93%

One number to keep an eye on - the predicted market value of $1,730,486 is sitting below the 3-month moving average of $1,755,008. That tells us prices have dipped slightly in the short term. On the neighbourhood leaderboard for growth, Cordova Bay houses rank 16 out of 17 in Saanich right now. That is not a panic signal, but it does mean we are not leading the pack. If you are thinking about selling, sooner is probably smarter than later.

Condos - A Different Story, and a Better One

The condo side of Cordova Bay is actually holding up well. Only one condo sold this month at $1,080,000, but the predicted market value is $1,236,500 - and that number is climbing, sitting above the 3-month moving average of $1,220,872. Condos here are also moving faster than nearby Viewmont (24 days versus 26 days), which is a quiet signal that demand is real.

• Average sale price (condos): $1,080,000
• Average list price this month: $1,124,500
• Price per square foot: $601
• Average days on market: 24
• Sale-to-list ratio: 97.40%
• HonestDoor predicted value: $1,236,500
• 3-month moving average: $1,220,872
• Estimated monthly rent: $4,830
• Rental yield: 2.60%
• Airbnb rank in Saanich: 2nd

On the neighbourhood leaderboard, Cordova Bay condos rank 7 out of 17 for growth - above average in Saanich. Price rank is 2 out of 12, meaning we are among the most expensive condo markets in the district. That is a position worth protecting.

The Secret Sauce: Why You Should Check Your HonestDoor Price Today

Here is the honest truth about BC Assessment. That number is calculated using data from July 1st of the previous year. By the time it lands in your mailbox, it is already six-plus months stale. The market does not wait for the government's paperwork to catch up.

The HonestDoor Price pulls from current sales data, real-time market signals, and comparable properties selling right now. For Cordova Bay houses, it pegs the average at $1,740,202 - that is 5.57% above what the city assessed. For condos, the HonestDoor Price of $1,247,633 runs 10.92% above the assessed average of $1,124,848. If you are making any financial decision - refinancing, selling, even just understanding your net worth - the HonestDoor Price is the number that actually reflects today's market, not last summer's.

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

Here is the straight talk for anyone considering listing in Cordova Bay this summer.

If you own a house, the window is open but it is not wide open. Prices are still strong - ranking 5th out of 17 in Saanich for price - but the growth rank of 16 out of 17 tells us momentum has slowed. Buyers are negotiating, and homes are taking nearly two months to sell. Pricing sharp from day one matters more right now than it did two years ago. A home priced at the HonestDoor estimate of $1,730,486 with a tight marketing plan will outperform one that chases a number and sits.

If you own a condo, your position is genuinely better. Values are trending up, you are selling faster than most nearby neighbourhoods, and Cordova Bay sits 2nd in all of Saanich for Airbnb income potential at $241 per night. That is a selling point for buyers who want flexibility. Use it.

• 32 total property transactions recorded in Cordova Bay in 2026
• 2,401 properties assessed this year
• Neighbourhood growth: 0.03% year over year (houses)
• Cordova Bay ranks 4th in Saanich for total transactions
• Nearby options like Falaise (HD Price $1,031,800) and Viewmont (HD Price $1,329,061) are both cheaper - which keeps Cordova Bay at the top of the wishlist for serious buyers

Bottom line - check your HonestDoor Price before you do anything else. It takes about 30 seconds and it will tell you more about what your home is worth today than any piece of mail the city sends you.

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.