North Oak Bay, Oak Bay - August 2026 Real Estate Report

North Oak Bay Real Estate: Your Neighbour's House Is Worth More Than the City Thinks

If you own a home in North Oak Bay and you have not looked at your HonestDoor Price lately, now is the time. The city's assessment says the average house here is worth $1,711,212. The real world says otherwise. Here is what is actually going on.

The Vibe: Houses vs. Condos

We are seeing two very different stories playing out right now, depending on what you own.

Houses: The market is steady, not flashy. One home sold recently at an average of $1,490,000, and buyers are paying about 93.77% of the asking price. That means if you list at $1,589,000, expect offers closer to $1,490,000. Properties are sitting for about 23 days on average - not flying off the shelf, but not collecting dust either. This is a stable buyers' market, which means pricing your home right from day one matters more than ever.

The good news? The predicted market value for houses sits at $1,814,342, up from the 3-month moving average of $1,796,715. Values have moved up 1.97% recently, and that growth rate ranks 1 out of 6 neighbourhoods in Oak Bay. We are at the top of the leaderboard right now. That is worth paying attention to.

Condos: This is where North Oak Bay gets interesting. The average HonestDoor Price for condos here is $3,520,409. Yes, that number is real. The predicted market value pushes even higher to $3,648,714, up from a 3-month moving average of $3,461,987. Values have shifted 3.71% recently, ranking 2 out of 6 in Oak Bay. Every comparable neighbourhood nearby - Estevan, South Jubilee, North Jubilee - comes in cheaper. We are sitting at the top of the condo market in this part of the city.

The HonestDoor Price for condos did dip 3.52% from the previous period, so it is worth watching. But the trajectory over three months is still climbing.

• House average sale price: $1,490,000
• House predicted market value: $1,814,342
• House price per square foot: $621
• House days on market: 23
• House sale-to-list ratio: 93.77%
• House rental estimate: $6,337 per month
• House rental yield: 3.87%
• Condo HonestDoor Price: $3,520,409
• Condo predicted market value: $3,648,714
• Condo rental estimate: $9,928 per month
• Condo Airbnb estimate: $484 per night
• House growth rank: 1 out of 6 in Oak Bay
• Condo growth rank: 2 out of 6 in Oak Bay

The Secret Sauce: Why Your HonestDoor Price Beats the City's Assessment Right Now

Here is the thing about your BC Assessment notice. It is a snapshot from July 1st of the previous year. It does not know what happened in the market last month. It does not know what your neighbour's place just sold for. It is essentially a postcard from the past.

The HonestDoor Price is updated in real time using actual transaction data, current listings, and market movement. For houses in North Oak Bay, the average HonestDoor Price is $1,842,851 - that is 7.69% higher than the city's average assessed value of $1,711,212. That gap represents real money. We are talking about a difference of over $130,000 between what the government thinks your home is worth and what the market actually says.

If you are making any financial decision - refinancing, selling, even just understanding your net worth - the HonestDoor Price is the number that reflects today, not last year.

The So What: Thinking About Selling This Summer?

If you are a North Oak Bay homeowner eyeing a summer sale, here is the straight talk.

Houses are moving, but buyers have options and they know it. The 93.77% sale-to-list ratio tells us that overpricing will cost you. Come in sharp, price close to that $1,814,342 predicted value, and you give yourself the best shot at a clean sale within three to four weeks.

The rental angle is also worth knowing. At $6,337 per month in estimated rent and a 3.87% yield, buyers who are investors will run those numbers. That is a real selling point if your home suits the rental profile.

For condo owners, the story is even more compelling. North Oak Bay condos are priced above every comparable neighbourhood nearby. If you have been sitting on the fence, the market is telling you that demand for this pocket of Oak Bay is real. The 3-month trend is moving up even as the most recent period showed a small dip - that is a market taking a breather, not falling apart.

Bottom line: North Oak Bay is sitting at or near the top of the Oak Bay neighbourhood leaderboard on growth. That is not a reason to rush. But it is a very good reason to know your real number before you make your next move. Check your HonestDoor Price first.

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.