Miles Takacs of Re/Max Camosun gestures to nearby Carnarvon Park as an amenity for those both in Oak Bay’s boundaries

HOMEFINDER – Oak Bay adjacent a selling feature

It’s okay to live in Fairfield and shop the Ave

First-time home buyers are a rare bird in the District of Oak Bay. We’re more likely to see first time single family homeowners, or retirees looking for the ultimate lifestyle heading across our borders, says Miles Takacs of Re/Max Camosun on Oak Bay Ave.

Oak Bay isn’t a first time buyer’s market place

“That’s what’s driving the whole Langford boom,” he said. “It is a part of the city where people hope to finally end up. “There’s so many great things going on for it … with that comes really expensive real estate.”

First time home buyers tend to go for the small inexpensive homes designed specifically for that market in the West Shore communities.

“Would I love to find someone a home here? Absolutely. It’s a super safe part of the city.”

However, you need the cash to make that work in this market. “It is almost unheard of in Oak Bay to find a house for under a half-million. Many first time buyers need the boost of having a suite or a renter,” he said.

Takacs can identify a couple of listings that went recently for under the half-million-dollar mark.

And those were homes in need of a little sweat equity.

“Is sweat equity involved in living in those homes? Highly probable, but if you’re looking at living in those homes for eight, 10, 12 years, who cares?” he said.

The pricing though, does make purchasing in Oak Bay a difficult task.

“First time buyers are just trying to scrape down even a five per cent down payment,” he said. “This is probably another reason why (Oak Bay) is yet another community having that secondary suite conversation,”

While the inventory and value is a bit of a challenge, a border town mentality brings in new residents.

“We see a lot of retirees coming to Oak Bay because they can walk to the post office, the pub,” Takacs said.

“As we’ve seen the market calming in terms of pricing and some compression there are some opportunities in Oak Bay.”

One way to live in Oak Bay, without actually paying the hefty values in our real estate, is to live Oak Bay adjacent.

Families can live their lives in Oak Bay while making homes in Fairfield and the Jubilee area.

“Technically you’re no longer in Oak Bay. You’re in Victoria but I guarantee you they’re hanging out at the Penny Farthing Pub,” Takacs said.

Just Posted

Shaving minutes off commutes among the goals for Victoria bus lanes

Work on southbound Douglas Street lane between Tolmie and Hillside getting underway

Backyard of $2.2M Uplands property bulldozed for BMX jump track

34-year-old financial advisor fulfills childhood dream

VicPD nab distracted driver with expired licence

On the phone while in motion, man had overdue fines from driving while impaired

Gallery: Turnout good for Oak Bay’s inaugural volunteer fare

Oak Bay showcased non-profits and more with inaugural volunteer fair

Vic-Alert faces tidal wave of registration after tsunami warnings

City of Victoria system is free and provides early warnings of disaster

Mature Garry Oak falls on Beach Drive

150-year-old tree blocks access in front of Oak Bay Beach Hotel

Castlegar homicide victim identified

The victim was 38-year-old Jordan Workman of Castlegar, B.C.

B.C. Liberal leadership candidates get one last prime-time pitch

Leadership campaign to be decided in Feb. 3 vote

How high is safe from a tsunami? Four metres above sea level

Be disaster ready with food, water and clothing for seven days

Victoria Film Festival set for triumphant return to the big screen

Two decades on, diverse film lineups keep movie-goers coming to the box office

Victoria’s most wanted for the week of Jan. 23

Crime Stoppers will pay a reward of up to $2,000 for information that leads to arrests or the seizure of property or drug

Andrew Scheer on trade, Trump and Trudeau

Canada’s Conservative leader begins three-day visit to B.C.

Bell Canada alert prompts RCMP, privacy watchdog to probe data breach

Company spokesman: ‘Fewer than 100,000 customers were affected’

Victims restrained, sex toys and cash stolen from B.C. adult store

Armed suspects sought in adult store robbery

Most Read