The Village, Oak Bay - August 2026 Real Estate Report

The Village, Oak Bay and Saanich: Prices Are Shifting - Here Is What Your Home Is Actually Worth Right Now

The Vibe on the Ground

If you have been watching the "For Sale" signs in The Village lately, here is what is actually happening. The market is taking a breather. That is not panic - it is a reset. And depending on whether you own a house or a condo, the story looks a little different for each of us.

Houses: Still a Sellers' Game, But Watch the Trend

Houses in The Village, Saanich are selling fast - we are talking an average of 7 days on market. That earns a days-on-market rank of 2 out of 16 neighbourhoods in Saanich. Basically, if you list it and it is priced right, it is gone before the weekend is over.

• Average sale price: $1,508,000
• Average list price this month: $1,469,000
• Price per square foot: $1,086
• Sale-to-list ratio: 102.65% - buyers are paying above asking
• HonestDoor predicted value: $1,571,363
• 3-month moving average: $1,583,761 - values are easing slightly
• Estimated monthly rent: $5,723 (rental yield: 3.98%)
• Recent price change: -1.46%
• Growth rank: 11 out of 17 neighbourhoods in Saanich - below average on the leaderboard
• Price rank: 4 out of 17 - we are still in the top tier for value

The sale-to-list ratio above 100% tells us buyers are still competing. But the predicted value sitting below the 3-month average is a signal worth watching. The market is not falling off a cliff - it is just cooling from the top.

Condos: Holding Steady and Beating the Neighbours

Condo owners in The Village have something to feel good about. Our predicted value of $537,805 edges out nearby Queenswood at $531,767. It is not a massive gap, but in a softening market, being on the right side of a comparison matters.

• HonestDoor predicted condo value: $537,805
• 3-month moving average: $545,932 - a slight dip in momentum
• Estimated monthly rent: $2,695 (rental yield: 3.77%)
• Recent price change: -2.52%
• Growth rank: 7 out of 17 neighbourhoods in Saanich - above average on the leaderboard

A -2.52% recent change sounds alarming until you see that we still rank 7th out of 17 for growth. Condos here are outperforming more than half of Saanich. That is a decent position to be in right now.

The Secret Sauce: Why Your HonestDoor Price Matters More Than Your Tax Assessment Right Now

Here is the thing about your BC Assessment notice - it is a snapshot from July 1st of last year. The market has moved since then. In a neighbourhood like The Village in Oak Bay, where the average HonestDoor Price sits at $2,906,100 and has shifted 7.42% from the previous period, relying on a government number that is 12-plus months old is like navigating with an old map.

The HonestDoor Price updates in real time. It reflects what buyers are actually paying right now - not what they were paying last summer. If you are an Oak Bay homeowner, that gap between your assessment and your HonestDoor Price could represent hundreds of thousands of dollars in equity you are either underestimating or overestimating. Check it. It is free and it is current.

For context on Oak Bay, the short-term rental picture is strong too - The Village ranks 2nd in all of Oak Bay for Airbnb potential, with an estimated $460 per night. That is a real number for anyone thinking about their options.

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

If you are a house owner in The Village, Saanich, the window is still open - but it is not as wide as it was six months ago. Homes are selling in a week and buyers are still going over asking. That is a sellers' market. But values are easing off their 3-month peak, so waiting for "just a bit more" could cost you.

If you own a condo, your growth rank of 7th out of 17 in Saanich means you are in a relatively strong spot compared to your neighbours. A rental yield of 3.77% also gives you a solid hold argument if selling does not feel urgent right now.

For Oak Bay homeowners, the 7.42% drop in the HonestDoor Price is the number to sit with. That is a meaningful shift. Before you list, before you refinance, before you do anything - pull your current HonestDoor Price. Know your real number, not last year's number.

Bottom line: The Village is not a market in trouble. It is a market that is recalibrating. The sellers who win this summer will be the ones who price sharp from day one - and that starts with knowing what your home is actually worth today.

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.