Neighbourhood guide
Oak Bay
Oak Bay is its own municipality at the southeast tip of Victoria, and it feels like one. It has its own village, its own police and fire services, and a pace that is noticeably quieter than the city side of the Foul Bay Road boundary. People move here for that separation, and they pay for it.
Housing and character
The housing stock splits into a few distinct pockets. South Oak Bay, below the village, is the oldest part: character homes from the early 1900s on streets like Newport Avenue, Transit Street, Island Road and Falkland Road, many of them updated inside but kept true to their original look from the street. The Uplands, in the northeast corner, is the estate end of the market: large lots, gated-era landscaping, and some of the most expensive residential land in British Columbia. Between the two, the streets around Willows Beach and Estevan Village are mostly family homes from the 1940s through the 1970s, with a steady stream of full renovations and rebuilds. Condos exist but are a small part of the picture, mostly along Oak Bay Avenue and Beach Drive.
Oak Bay is a premium market by any measure. The median sold price in September 2026 was $1,740,000 (Victoria Real Estate Board), and entry level detached homes in the municipality rarely trade hands below seven figures. Land value does most of the work in pricing here, which is why two similar houses on different streets can be hundreds of thousands of dollars apart.
Schools
Families are a big part of the demand. Public schools include Willows Elementary, Monterey Middle School and Oak Bay High School, and the private options families here use include Glenlyon Norfolk School and St. Michaels University School. Catchments matter to buyers here and are worth confirming for any specific address before writing an offer.
Amenities and lifestyle
Oak Bay Avenue, the village, is the commercial heart: independent shops, cafes, the Penny Farthing pub and the Oak Bay Beach Hotel at the south end. Willows Beach is the summer anchor, with a tea room, playground and shallow water that suits young kids. The Victoria Golf Club, Oak Bay Marina and the Royal Victoria Yacht Club in the Uplands serve the boating and golf crowd, and the recreation centre on Bee Street covers most of the rest. Downtown Victoria is a ten to fifteen minute drive, which is part of the appeal: close enough to use, far enough to ignore.
My take
Oak Bay does not swing as hard as other markets, but it is not immune either. In September 2026 the municipality saw just 13 sales against 69 active listings, 5.3 months of inventory, the most buyer-leaning reading of the year. Prices held rather than fell, which tells you most of the slowdown is buyers hesitating, not sellers discounting. Well priced, well presented homes still sold in about 30 days.
My practical advice in this market: sellers need to price to the current comparable sales, not to 2021. Buyers have more room to negotiate than they have had in years, but the good listings still move quickly, so the leverage shows up most on homes that have sat.
My sales here
Oak Bay is where most of my business happens. Recent sales on my record include homes on Upper Terrace Road in the Uplands (offered at $2,489,000), Granite Street (offered at $2,840,000), Falkland Road, Monterey Avenue, Hampshire Road, Victoria Avenue, St. Ann Street and Margate Avenue, working both sides of the transaction. The full list is on the Recently Sold section of this site. If you are buying or selling in Oak Bay, call me at 250-507-6574 or start with the assistant on this page.
Buying or selling in Oak Bay?
Every street here is its own micro-market. For a straight read on a specific home, or what yours would do today, talk to Cory directly, or start with the assistant on this page.
