Oak Bay real estate shows signs of stability

Early retirees among the key demographic for Oak Bay buyers

Mike Boorman sees the Oak Bay market heading toward a good year of increased demand and low supply.

Mike Boorman sees the Oak Bay market heading toward a good year of increased demand and low supply.

As Oak Bay residents look toward spring and the peak real estate period, longtime local realtor Mike Boorman expects to see continued market stability in the municipality.

While late winter typically “is a planning time of year,” Boorman and many realtors are busy meeting with homeowners who plan to list their homes in the spring, and are using this time to get their homes looking their best. This is the time to tidy the garden, undertake any small repairs or upgrades, paint and declutter, and review marketing plans for spring, he explains. That way, “when spring hits, we can hit the ground running.”

When is the best time to list? “Personally, I recommend at the first sign of spring or just before Easter, provided a choice,” Boorman says, explaining that for families, a spring sale results in a summer closing in time to settle and be ready for school in September.

“However, with the low inventory in Oak Bay at present, now is a great time to beat the rush.”

At mid-January, there were 45 single-family listings in Oak Bay, 17 condominium listings and two townhouses, with three single-family sales recorded in the first two weeks of the year.

Through the year, “we typically see about twice this number on the market and can expect to see over 100 Oak Bay homes in the peak of the spring season,” Boorman says.

Coming off 2014, the Oak Bay market saw:

• 256 sales of single-family homes;

• an average sale price of $778,000;

• 63 sales over $1,000,000;

• 11 sales under $600,000;

• a highest sale of $4.6 million;

• a lowest sale of $425,000;

• the bulk of sales – 105 – in the $600,000 to $800,000 range.

Boorman expects the local market to continue in a similar manner, given the stability of Oak Bay real estate.

Homes in the municipality, known for its safety and the quality and consistency of its neighbourhoods and streetscapes, provide a secure real estate investment, he explains.

“When people drive through any area of Oak Bay, they see a consistency.”

Residents appreciate the recreation opportunities, the calibre of schools, the shopping and the proximity to both the waterfront and downtown.

“A really good day is when you can do everything and stay within the municipal borders. You can feel like you’ve done so much but you’ve remained in the community, and potentially all on foot.”

Who’s buying in Oak Bay? Early retirees from other cities and provinces are among the key demographics Boorman is seeing, plus existing homeowners relocating, either downsizing or up-sizing as their family grows.

“The word on the street among my realtor colleagues is it appears to be heading toward a good year of increased demand and low supply,” Boorman says.

 

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Laura Campbell was one of eight people to receive the Community Living BC Widening Our World award in 2020. (Courtesy of Laura Campbell)
Victoria woman earns provincial award for work with differently abled adults

Widening our World awards recognize community, inclusivity building

Aerial view of the Capital Regional District’s wastewater treatment facility at McLoughlin Point. (Photo courtesy CRD)
PHOTOS: Check out Greater Victoria’s new wasterwater treatment facilities

Long-awaited project has been up and running since late 2020

Staff Sgt. Darrell Underwood and Ian Gibbs, coordinator of volunteers for the Saanich Police Department, stand in front of the new Saanich Community Safety Office at Uptown Shopping Centre. (Devon Bidal/News Staff)
Saanich police call on volunteers for new community safety team

Community Safety Office to open spring 2021 at Uptown Shopping Centre

(Black Press Media file photo)
Court-registered sex offender arrested for breach of parole in Langford

Cameron Ratelle returned to correctional facility after female youth approached at bus stop

Crews with Discovery Channel film as an Aggressive Towing driver moves a Grumman S2F Tracker aircraft around a 90-degree turn from its compound and onto the road on Saturday, Jan. 23, 2021. It was the “most difficult” part of the move for the airplane, one organizer said. (Jenna Hauck/ Chilliwack Progress)
VIDEO: Vintage military plane gets towed from Chilliwack to Greater Victoria

Grumman CP-121 Tracker’s eventual home the British Columbia Aviation Museum on Vancouver Island

Residents of the Cowichan Valley decorated more than 55 vehicles with anti-racist slogans for a car rally in support of Cowichan Tribes on Saturday, January 24. (Kevin Rothbauer/Citizen)
Dozens join anti-racism car rally and virtual panel in Cowichan Valley

Provincial ministry and BC Green caucus issue joint statement detailing concerns

Jesse Savidant, 31, is wanted by the RCMP after failing to appear in provincial court in Nanaimo in December. Police warn Savidant should be considered violent. (Photo Submitted)
Warrant out for man accused of stolen property offences across Vancouver Island

Jesse Savidant did not appear for court date in Nanaimo last month, say RCMP

Rolling seven-day average of cases by B.C. health authority to Jan. 21. Fraser Health in purple, Vancouver Coastal red, Interior Health orange, Northern Health green and Vancouver Island blue. (B.C. Centre for Disease Control)
2nd COVID vaccine doses on hold as B.C. delivery delayed again

New COVID-19 cases slowing in Fraser Health region

The Pacific Rim National Park Reserve is urging visitors to stay on designated trails after a hiker became injured in an unsanctioned area last week. (Westerly file photo)
Injured hiker rescued in Pacific Rim National Park Reserve

“Safety is everyone’s responsibility.”

Provincial health officer Dr. Bonnie Henry talk about the next steps in B.C.’s COVID-19 Immunization Plan during a press conference at Legislature in Victoria, B.C., on Friday, January 22, 2021. Two more cases of the COVID-19 strain first identified in South Africa have been diagnosed in British Columbia, bringing the total to three as of Jan. 16.THE CANADIAN PRESS/Chad Hipolito
B.C. now has three cases of South African COVID-19 variant, six of U.K. strain

Both variants are thought to spread faster than earlier strains

Rodney and Ekaterina Baker in an undated photo from social media. The couple has been ticketed and charged under the Yukon’s <em>Civil Emergency Measures Act</em> for breaking isolation requirements in order to sneak into a vaccine clinic and receive Moderna vaccine doses in Beaver Creek. (Facebook/Submitted)
Great Canadian Gaming CEO resigns after being accused of sneaking into Yukon for vaccine

Rod Baker and Ekaterina Baker were charged with two CEMA violations each

Police discovered a makeshift nightclub in a Vancouver apartment on Jan. 23, 2021, and say it wasn’t the first time this month officers have been called to the unit over social gathering concerns. (Phil McLachlan - Capital News)
Doorman of makeshift ‘booze-can’ in Vancouver apartment fined; police look to court order

This marks the fourth complaint about social gatherings inside the apartment in January

Local musician and artist Daisy Melville created a watercolour portrait of U.S. Senator Bernie Sanders from the recent American inauguration, and with help from her mom, is now selling t-shirts and more with funds going to the Comox Valley Food Bank. Image submitted
Island artist turns Sanders inauguration meme into art for good

All proceeds from the sale of shirts, sweaters and more will go to the Comox Valley Food Bank

Most Read