James Bay, Victoria - September 2026 Real Estate Report

James Bay Real Estate: Your Neighbour's Assessment Is Probably Wrong

If you own a home in James Bay and you're still quoting your BC Assessment number at dinner parties, you're likely leaving money on the table - or at least giving people the wrong impression of what your place is actually worth. Here's what's really going on in our corner of Victoria right now.

The Vibe: Houses vs. Condos in James Bay

The two markets here are telling pretty different stories this year, and it's worth knowing which one you're in.

Houses - Taking a Breather

If you've been watching the "For Sale" signs on the residential streets, here's what's actually happening. The average sale price for a James Bay house sits at $1,200,000 - down 10.8% from last month. That's a notable dip. But before you panic, look at this: homes are still selling at 100.08% of list price. Buyers are paying above asking. That tells us the cooling is in pricing expectations, not in buyer appetite.

• Average sale price: $1,200,000
• Average list price: $1,199,000
• Sale-to-list ratio: 100.08% - above asking
• Average days on market: 16 days
• Price per square foot: $993
• Predicted market value: $1,221,531
• Estimated monthly rent: $4,791
• Rental yield: 4.42%

Sixteen days on market is fast. For context, houses in nearby Downtown are sitting for 24 days. We're moving faster than our neighbours. The predicted value of $1,221,531 is also running slightly ahead of the 3-month moving average of $1,234,180, which has been drifting down - so the market is taking a breather, but it hasn't gone cold. On the neighbourhood leaderboard, James Bay houses rank 6 out of 14 for growth in Victoria - solidly above average.

Condos - Expensive and Holding

The condo story in James Bay is genuinely interesting. We are the most expensive condo market in Victoria - a price rank of 1 out of 14 neighbourhoods. That's not a typo. The average sale price is $1,210,700, and the predicted market value sits at $1,292,607, which is actually creeping up against the 3-month moving average of $1,285,013. Values are inching higher, not lower.

• Average sale price: $1,210,700
• Average list price: $1,248,171
• Sale-to-list ratio: 97.17% - slight negotiating room for buyers
• Average days on market: 73 days
• Price per square foot: $702
• Predicted market value: $1,292,607
• Estimated monthly rent: $4,518
• Rental yield: 3.15%
• Properties sold this month: 7

Condos are taking longer to sell - 73 days on average - but that's still faster than Harris Green at 83 days. Buyers are negotiating a little, landing at about 97 cents on the dollar. This is a stable buyers' market for condos right now, not a runaway sellers' one. On the growth leaderboard, James Bay condos rank 3 out of 14 in Victoria. That's a strong position.

The Secret Sauce: Your HonestDoor Price vs. Your Assessment

Here's the thing about BC Assessment numbers - they're a snapshot from July 1st of the previous year. By the time you read your assessment notice, the market has already moved on. That gap matters more in James Bay than almost anywhere else in Victoria right now.

For houses, the average assessed value is $1,181,290. The average HonestDoor Price is $1,232,127 - that's $50,837 higher, and it's up 0.87% from the previous period. The HonestDoor Price reflects what the market is doing today, not what it was doing over a year ago.

For condos, the gap is even more striking. The average assessed value is $764,506. The average HonestDoor Price is $1,265,743 - that's 65.56% higher than the assessed value. If a condo owner in James Bay is making any financial decision based on their assessment, they are working with a number that is wildly out of date. The HonestDoor Price is the real-world check. Use it.

• House assessed value: $1,181,290 - HonestDoor Price: $1,232,127 (4.30% higher)
• Condo assessed value: $764,506 - HonestDoor Price: $1,265,743 (65.56% higher)
• 1,272 house properties assessed in James Bay this year
• 1,772 condo properties assessed in James Bay this year

James Bay also ranks 5th in Victoria for average assessed value and 3rd for total transaction volume. This is an active, high-value neighbourhood. Your HonestDoor Price reflects that. Your assessment may not.

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

If you're a house owner eyeing a summer sale, the honest read is this: price it right from day one. Homes are selling above list, but the average sale price has pulled back. Buyers are engaged but not reckless. A well-priced house in James Bay is moving in 16 days. An overpriced one will sit. The predicted value of $1,221,531 is your anchor - price near it, not above it, and you'll get competitive offers fast.

If you own a condo and you're thinking about selling, you're sitting in the most expensive condo market in Victoria. That's a real advantage. The catch is that 73-day average - buyers are taking their time and they know they have a little leverage. Come in priced to the market, not to your wishful thinking, and you'll close. The predicted value of $1,292,607 is your target zone.

For both property types, check your HonestDoor Price before you do anything else. It's updated in real time. Your assessment is not. In a market where the gap between those two numbers can be tens of thousands - or in the case of condos, hundreds of thousands - that difference is the difference between a smart move and a costly one.

James Bay is still one of the strongest addresses in Victoria. The numbers back that up. Just make sure you're using the right numbers.

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.