Wednesday, April 1, 2020
3 C

Interactive Sold Map

Map of VREB MLS® sales of detached single family homes for  2019. Clickon Google map viewer below to change layers for previous years.  For more information on any particular transaction, please contact Dustin Miller

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Oak Bay Monthly Stats

Updated April 1, 2020

Single Family Home

Average sold price for Oak Bay.

Sales Volume Increase

Compared to same time last year.

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.

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List of all residential sales

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