Thursday, May 21, 2020
10 C
Victoria

REAL ESTATE OAK BAY
SINGLE FAMILY
TRANSACTIONS
Oak Bay is globally renowned for its executive estate homes on wide streets often featuring dramatic coast lines, sandy beaches, and endless views of Juan de Fuca Strait.

The shopping villages of Oak Bay Avenue, Estevan and Cadboro Bay are reminiscent of the British high streets of days gone by. Find your space for home or business.
LOOKING TO BUY? VIEW PROPERTIES
OAK BAY
SINGLE FAMILY
TRANSACTIONS
Oak Bay is globally renowned for its executive estate homes on wide streets often featuring dramatic coast lines, sandy beaches, and endless views of Juan de Fuca Strait.

The shopping villages of Oak Bay Avenue, Estevan and Cadboro Bay are reminiscent of the British high streets of days gone by. Find your space for home or business.
LOOKING TO BUY? VIEW PROPERTIES
FOLLOW US +FACEBOOK +TWITTER +YOUTUBE +INSTAGRAM 2020, 8X VENTURES INC.
OAK BAY

Interactive Sold Map

Map of VREB MLS® sales of detached single family homes for 

2020 sales

2019 sales

 Clickon Google map viewer below to change layers for previous years.  For more information on any particular transaction, please contact Dustin Miller

Area expert

Sell your home with 8X

8X offers best in class service and marketing of your property.

Other neighbourhoods

Current Oak Bay Stats

Updated May 1, 2020

$1,587,575
Single Family Home

Average sold price for Oak Bay.

-70%
Sales Volume Increase

Compared to same time last year.

82
Current Inventory

Active listings, single family detached.

Apocalypse COVID19 Hits Spring Market

Most Owners are now holding off on selling their home as new listings in the 2nd half of March are down 37% compared to last year.

The full impact of the COVID19 pandemic cannot be recognized yet, as it will take many months for the data to reflect the massive change in consumer sentiment that was brought on by this black swan event.

There were 3 rate cuts this month. On March 4 and March 14th we saw Bank of Canada target rate lowered 50bps each. Then a third time on March 27 it lowered again by another 50bps leaving us at 0.25%.

I’ve now seen 5 year variable rates being posted at 2.4%. Very enticing time for consumers, and I have had more enquiries from first time home buyers looking to jump into property ownership.

Oak Bay saw some high ticket sales in March with a $7.68M home selling at 1011 Beach Drive and $4.7M at 3300 Uplands Dr. These sales skew the average upward for the entire region. 

The dip in new listings and a number of listings being cancelled means our already critically low inventory will become even more scarce. Low inventory in a typical free marketplace means sustained upward pressure on prices.

Of course, there are some who are forced to sell (estate sales, divorces, and foreclosures) and will make deals substantially below normal market value.

Make your next move

List of all residential sales

Knowledge is power. Search, browse, download, filter, and analyze the raw data.

Looking to Buy or Sell?

Schedule your appointment with 8X Today

Tell us a few things about yourself and we'll show you a lot more about us. We are certain you will see the value proposition in 8X representing you in your real estate transaction.