With historic neighbourhoods, massive mansions and easy access to world-class views, it's no surprise Oak Bay homes come with a hefty price tag.
But new data from real estate company Zoocasa shows just how expensive they are.
With the average home price currently sitting at $1,867,500, Oak Bay ranks behind Whistler, North Vancouver, Burnaby South, Burnaby North, Richmond and Port Moody, respectively, though Vancouver wasn't included on the list.
"Compare that to the Greater Vancouver average of $1,974,400 in July 2025, and the difference is negligible," Zoocasa said on its website. "Buyers here may be swapping urban bustle for ocean breezes, but the price tag remains virtually the same."
It seems obvious then that four Oak Bay mansions placed among the five highest-assessed properties in the Capital Regional District. These include a $17.3 million mansion overlooking Loon Bay and a $13.4 million Rutland Road getaway with nearly 700 feet of private waterfront.
“You have historic estates next to beautifully updated family homes, plus access to world-class golf, marinas and beaches," said The Agency realtor Jason Binab, who sells homes across Greater Victoria. "Other municipalities might offer some of those features, but Oak Bay offers them all in one place, making it incredibly desirable and driving prices up.”
The land Oak Bay homes sit on doesn't come cheap, either. On Aug. 15, two vacant lots at 1069 and 1101 Beach Dr. – key to a developer’s plans to raise three towers along a stretch of Oak Bay’s waterfront – were listed on realtor.ca for $52.5 million.
“I’ve lived in Oak Bay for nearly four decades, and what’s always stood out to me is the sense of community and security,” added Binab. “It’s more than just a place, it’s a brand, much like some of the best brands in the world. You can’t fully explain why it’s so special until you’re here and feel it in its purest form.”
