Uplands, Oak Bay - July 2026 Real Estate Report

Uplands, Oak Bay: Your Home Is Worth More Than the City Thinks - Here's the Proof

If you've been glancing at your latest tax assessment and wondering if it actually reflects what your Uplands property is worth, the short answer is: not even close. The average assessed value here sits at $2,857,967. The average HonestDoor Price? $3,649,639. That's a gap of 27.70%. For most of us, that difference isn't a rounding error - it's a life-changing number.

The Vibe: What's Actually Happening on Our Streets

Let's break it down by property type, because houses and condos are telling two very different stories right now.

Houses - Expensive, Slow, and Still the Top of the Oak Bay Leaderboard

We are sitting at the most expensive end of Oak Bay. Full stop. Houses here rank 1 out of 6 neighbourhoods on price, with an average sale price of $2,298,500 and listings averaging $2,374,950 this month. Price per square foot runs around $776.

Here's the honest part though: our market is taking a breather. Homes are sitting for an average of 52 days before selling - longer than nearby Henderson at 35 days. Buyers are paying 96.87% of list price, which means they have some room to negotiate. Two properties sold so far in 2026. That's a thin market, and thin markets can swing fast in either direction.

• Average sale price: $2,298,500
• Average list price this month: $2,374,950
• Price per square foot: $776
• Average days on market: 52
• Sale-to-list ratio: 96.87%
• Days-on-market rank in Oak Bay: 5 out of 5 - slowest in the area
• Price rank in Oak Bay: 1 out of 6 - most expensive
• Growth rank in Oak Bay: 4 out of 6 - below average
• HonestDoor predicted value: $3,650,676
• 3-month moving average: $3,657,689 (values are easing slightly)
• Estimated monthly rent: $10,322
• Rental yield: 3.21%
• Recent value change: -0.56%

On the neighbourhood leaderboard, we rank 4 out of 6 for growth. We're not leading the pack on momentum right now. But when your baseline price is this high, even slow growth keeps us well ahead of most of Oak Bay in raw dollar terms.

Condos - A Cooling Corner of an Otherwise Premium Neighbourhood

Our condo market deserves a candid conversation. The average HonestDoor Price for condos in Uplands is $1,300,625 - and it has dropped 2.74% from the previous period. The predicted market value sits at $1,337,300, which is down from a 3-month moving average of $1,392,025. That's a meaningful slide of -6.93% recently.

On the Oak Bay neighbourhood leaderboard, our condos rank 6 out of 6 for growth. Dead last. If you own a condo here and you've been thinking about selling, that number deserves your attention sooner rather than later.

• Average HonestDoor Price: $1,300,625 (down 2.74%)
• Predicted market value: $1,337,300
• 3-month moving average: $1,392,025
• Recent value change: -6.93%
• Estimated monthly rent: $5,035
• Rental yield: 2.35%
• Airbnb estimate: $250 per night
• Growth rank in Oak Bay: 6 out of 6 - bottom of the leaderboard

One silver lining: if you're renting out a condo here, $5,035 a month in estimated rent is still a solid income stream. And at $250 a night on Airbnb, short-term rental potential exists - though Uplands ranks 5th in Oak Bay for Airbnb performance, so it's not the strongest play in the city.

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

Here's the thing about government assessments: they're a snapshot from the past. The city looks at sales data from months ago, runs it through a formula, and mails you a number. By the time it lands in your mailbox, the market has already moved on.

The HonestDoor Price is updated in real time. For houses in Uplands, that means a predicted value of $3,650,676 - compared to an average assessed value of $2,857,967. That's not a small discrepancy. That's $791,672 in value that your assessment is leaving on the table.

If you're making any financial decision - refinancing, selling, estate planning, even just understanding your net worth - using the assessed value as your benchmark is like navigating with an old map. The HonestDoor Price is the real-world check. It's what the market is actually saying your home is worth today.

With 449 properties assessed in Uplands this year and neighbourhood growth running at 0.05% year over year, the gap between assessed and actual value isn't going to fix itself anytime soon. Check your HonestDoor Price now.

The So What - Should You Sell in Uplands This Summer?

If you own a house here, the case for selling this summer is real but comes with a reality check. You're sitting on one of the most expensive addresses in Oak Bay - that's a genuine asset. But buyers are taking their time (52 days on market), they're negotiating (96.87% sale-to-list), and values have dipped slightly (-0.56%). This is not a panic moment. It is a "price it right from day one" moment.

Overpricing in a slow market is the fastest way to sit on a listing all summer. Sellers who come in sharp and close to the HonestDoor Price are the ones who move their properties. The two transactions that have closed in 2026 prove buyers are out there - they're just selective.

If you own a condo here, the urgency is higher. A -6.93% recent value change and a last-place growth ranking in Oak Bay are signals worth taking seriously. Waiting for the market to bounce back is a strategy, but it's not a guaranteed one. A conversation with a local agent - armed with your HonestDoor Price - is the smartest first move you can make right now.

Bottom line: Uplands is still one of the most prestigious addresses on Vancouver Island. But prestige doesn't sell itself. Know your real number, price with intention, and move before the summer window closes.

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.