The Uplands sign at the entrance to the upscale Oak Bay neighbourhood. Uplands is home to four of the top-500 assessed properties in B.C. (Travis Paterson/News Staff)

The Uplands sign at the entrance to the upscale Oak Bay neighbourhood. Uplands is home to four of the top-500 assessed properties in B.C. (Travis Paterson/News Staff)

Uplands home to four of top-500 assessed properties in B.C.

Spike in sales sees 201 Oak Bay homes sold in first three quarters of 2020

Oak Bay remains the most expensive place to buy a single-family house.

The assessed average of a single-family house in Oak Bay was $1,228,000 as of July 1, up from $1,144,000 in 2019, a seven per cent spike.

It’s the highest average on Vancouver Island ahead of North Saanich, $957,000, Saanich, $849,000, Highlands, $854,000, and the City of Victoria $868,000.

Compare those to a single-family house in West Vancouver, $2.5 million, North Vancouver, $1.45 million, Burnaby, $1.36 million, Vancouver, $1.7 million, Coquitlam, $1.1 million, Whistler, $2 million, or Maple Ridge, $814,000.

READ ALSO: Home values surge across Greater Victoria

Sales were up in Oak Bay this year with 201 home sales from Jan. 1 to Sept. 30, more than all of 2018 when a total of 181 single-family units were sold in Oak Bay, and 2019, when 196 homes were sold.

Oak Bay’s strata units (condos/townhouses) are assessed at an average of $649,000, also the highest on the Island.

Four of the 500 highest assessed properties in B.C. are in Oak Bay.

That includes the 442nd most, 963 Beach Dr., an 11,000 square-foot, three-storey mansion on 1.1 acres next to the most southeastern corner of Vancouver Island.

There are three more, all along the waterfront stretch of Beach Drive in Uplands between Cattle Point and Royal Victoria Yacht Club. They are No. 426, 3155 Beach Dr., valued at $10.9 million, No. 473, 3125 Beach Dr., assessed at $10.5 million, and No. 441, 3150 Rutland Rd., valued at $10.8 million.

READ ALSO: Oak Bay has top-five highest assessed properties in Greater Victoria

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The highest assessed property in Oak Bay is on the point of Loon Bay, 3160 Humber Rd., at $14 million. It’s the 199th highest assessed property in B.C., a 1.8-acre peninsula lot with a 10,000 sq. ft. mansion.

Property owners seeking to appeal can do so by submitting a Notice of Complaint (Appeal) by Feb. 1, for an independent review by a Property Assessment Review Panel.

Visit bcassessment.ca for more information on 2021 assessments, property information and trends.

reporter@oakbaynews.com