Oakwyn Realty Ltd.

Executive Summary

The Mill Bay, British Columbia real estate market is currently classified as a seller's market. The median asking price is $1.2M, up 14.2% over the past 30 days.

There are currently 32 active listings. Inventory has increased 68.4% compared to last month.

Currently, listings spend an average of 39 days on market and the average price per square foot is $349.

Detached properties make up the largest share of the Mill Bay market at 69% of active listings with an average price of $1.4M. Condo listings follow at 31% (avg $1.0M).

Sales Activity & Absorption

Volume

32
Active
39
Avg DOM
13
New (30d)
3
New (7d)

Market Signals

0
Price Cuts (30d)
3
New (7d)
0
Price Cuts
3
New (7d)

13 new listings appeared in the past month.

Interest Rates & Affordability

Current Rates

Bank of Canada Policy Rate2.25%
Prime Rate4.45%
Est. Variable Rate (Prime + 0.5%)4.95%

Lower rates increase purchasing power. The Bank of Canada sets the policy rate which influences prime rates across lenders.

Estimated Monthly Payment

Based on median price of $1.2M, 20% down, 25yr amortization
$5,579/mo
at 4.95% variable rate

This is an estimate only. Actual rates and payments will vary based on your credit profile, lender, and mortgage terms.

Market Outlook

This is currently a seller's market with strong demand and limited inventory. The Mill Bay market currently has 32 active listings with a median price of $1.2M.

  • Prices rising (14.2% in 30 days)
  • Low price reduction rate (0% of listings)
  • Average price per square foot is $349

For Buyers

Competition is strong in Mill Bay. Get pre-approved, work with a local agent, and be prepared to move quickly on properties you like. Consider expanding your search criteria. There were 3 new listings in the past week.

For Sellers

Conditions favor sellers in Mill Bay. Price confidently based on recent comparables, and consider professional staging to maximize offers. Multiple-offer scenarios are common.

Search Mill Bay

Browse all 32 active listings.

View All Listings

Resources

Market data is calculated from active and recently sold MLS listings as of March 1, 2026. Past performance does not guarantee future results. Consult a real estate professional for specific advice.

Data provided by CREA DDF. The trademarks REALTOR®, REALTORS®, and the REALTOR® logo are controlled by The Canadian Real Estate Association (CREA). Information deemed reliable but not guaranteed.