Blog by Brenda Russell

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Oak Bay Real Estate Update



Oak Bay's spring market is hot and a little weird!  Seller's are feeling confident, Buyer's are worried they may not find the home they hoped for and accepted offers are falling apart due to financing.  During May there had been 34 sales with a total of 132 year to date.  40 sales priced from $1 Million plus.  The President of the Real Estate Board commented:


The single family benchmark home for Greater Victoria is $506,800 about a 4% increase from last year.  Here is a great graph outlining all the different price ranges for Single Family Homes in Victoria and Oak Bay areas.

Below a Graph Showing Sale Price Ranges from Victoria and Oak Bay Year to Date


Hoping you might find this useful...Uplands is the leader in sale price with a sale/list ratio of about 95% and the same for Gonzales.  South Oak Bay, North Oak Bay and Estevan areas are about 98% and Henderson currently is showing at 99.8%.  Last month I had the pleasure to help a couple sell their home in the Henderson area.  There was lots of preparation and organization to do but in the end eveyone involved was very happy.  One day on the market with showings all afternoon... multiple offers that evening and sold well above list price with no subject conditions.  

Below is a Single Family Graph from January - June 2015 Showing Average Sale Price and Sale/List Price Ratio for Oak Bay


Photo of Gonzales Bay, Oak Bay


Oak Bay fact:  Last water view lot that sold on MLS® was in 2009.  If you know of anyone looking to build a NEW home in Oak Bay please let them know about this water view lot located at 1930 Crescent Road in the Gonzales area of Oak Bay.  Just steps to Gonzales Bay! They don't come up very often because the house is usualy too expensive to remove.  Currently in Oak Bay there are two lots for sale.  The other is located on Cadboro Bay Road close to Willows School. (not water view)

This weekend... it is the 53rd Oak Bay Tea Party!  It has two reasons to exist ... it's fun for the community and helping service organizations raise funds. Starting with a parade at 10:30 am June 6th from Windsor Park (South Oak Bay) and it will curve through the streets ending up at Willows Park.  Mark you calendars for next weekend in Oak Bay... June 13th from 11 - 3pm 'A Day In France' at Ottavio Italian Bakery. Come and join in and celebrate France with cheese tastings, product specials and live music.

I hope you found this blog helpful.  Any questions please call me direct at 250.744.4556 or toll free in North America at 1.800.550.0585. I grew up in Oak Bay and know it well.  If you would like to read a little more about the Victoria Market I just updated that page on my webiste and please stay tuned for more updates!