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

North Oak Bay Real Estate: Your Home Is Worth More Than the City Thinks

If you have been glancing at your latest property assessment and wondering if it actually reflects what your home is worth right now, the short answer is: probably not. The average assessed value in North Oak Bay sits at $1,711,212, but the average HonestDoor Price is $1,815,077. That is a $103,865 gap - and it matters a lot if you are thinking about selling, refinancing, or just keeping score.

The Vibe: What Is Actually Happening on Our Streets

North Oak Bay is a neighbourhood of two very different stories right now, depending on whether we are talking houses or condos. Here is the honest breakdown.

Houses: Steady, Not Spectacular

Our house market is taking a breather. Values have dipped 0.95% recently, and the predicted market value for a house sits at $1,779,370 - down slightly from the 3-month moving average of $1,799,914. On the neighbourhood leaderboard, house price growth ranks 6 out of 6 in Oak Bay right now. That is the bottom of the pack, and we should not sugarcoat it.

That said, the day-to-day market is not panicking. Here is what the numbers actually show:

• Average sale price: $1,675,000
• Price per square foot: $1,438
• Average days on market: 10 days
• Homes are selling at 100% of list price - no discounting happening
• Rental estimate: $6,250 per month, with a 3.89% rental yield

Homes are moving in 10 days, which is faster than nearby Estevan at 11 days, though slightly slower than South Jubilee at 8 days. Sellers are getting their asking price. This is a balanced market - not a fire sale, not a frenzy.

Condos: The Quiet Outperformer

Here is where it gets interesting. If you own a condo in North Oak Bay, you are sitting on something that is genuinely outperforming the rest of Oak Bay right now. The average HonestDoor Price for condos is $3,648,714 - up 3.71% from the previous period. The predicted market value is $3,518,264, and that number is climbing, up from a 3-month moving average of $3,330,763.

• Condo HonestDoor Price: $3,648,714 (up 3.71%)
• Predicted market value: $3,518,264 and rising
• Recent value change: up 9.30%
• Growth rank: 1 out of 6 in Oak Bay - top of the leaderboard
• Rental estimate: $9,760 per month
• Airbnb rank in Oak Bay: 2nd best, at $493 per night

North Oak Bay condos are the top growth performer in Oak Bay right now. Every comparable neighbourhood - Estevan, South Jubilee, North Jubilee - is cheaper. If you own one, that is a strong position to be in.

The Secret Sauce: Why Your HonestDoor Price Is the Number That Actually Matters

The city's assessed value is a snapshot from the past. It does not update in real time, and it does not know what happened on your street last month. For houses in North Oak Bay, the average assessed value is $1,711,212. The average HonestDoor Price is $1,815,077. That is 6.07% higher than what the city has on file.

That gap is not a rounding error. It is real money. If you are using your assessment to make decisions about selling, equity, or even insurance, you are working with a number that is already behind the curve. The HonestDoor Price pulls in current market activity to give you a real-world check on what your property is actually worth today - not what it was worth when the city last looked.

With 634 properties assessed in the neighbourhood this year, there is plenty of data to work with. Your HonestDoor Price is the most current read you have got.

The So What: Should You Sell This Summer?

If you own a house in North Oak Bay and you are thinking about listing this summer, here is the honest take. Growth is flat - 0.00% year over year for the neighbourhood, and the recent price trend is slightly negative. Waiting for a big run-up is not a strategy right now. But homes are still selling at full asking price in about 10 days, and buyers are active. If your life calls for a move, the conditions are workable. You are not leaving money on the table just because the market is not sprinting.

If you own a condo, the math looks different. Values are up 9.30% recently, the predicted value is rising above the 3-month average, and you are ranked first in Oak Bay for growth. If you have been on the fence, this is the window where the numbers are working in your favour.

Either way, the first step is knowing what you actually have. Check your HonestDoor Price before you call an agent, set a list price, or make any assumptions based on last year's assessment notice. The city's number is a starting point. Your HonestDoor Price is where the real conversation begins.

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.