Oak Bay

Don’t mistake Oak Bay for just another Victoria suburb. It’s the “tweed curtain” for a reason—established, affluent, and fiercely protective of its character. This isn’t a market driven by rapid growth or speculation; it’s a bastion of long-term, stable wealth, defined by its Garry oak-lined streets and immaculate heritage homes. Architects like Francis Rattenbury didn’t just work here; they lived here, embedding a sense of permanence into the community’s DNA.

The economy isn’t powered by a single industry. It’s powered by the residents themselves—a highly educated and affluent population. With an incredible 85% holding post-secondary education, this community fuels its own demand for professional, scientific, and technical services. Combined with stable employment anchors like healthcare and public administration tied to Victoria, the local economy is remarkably insulated. It doesn’t ride the boom-and-bust cycles of resource towns. The median age is 54.4, and with over a third of residents past retirement age, the focus is on wealth preservation, not speculation. The population isn’t growing—in fact, it’s slightly declining—but the queue to get in keeps property values solid. It’s a predictable market, and we like predictable.

From a lending perspective, Oak Bay presents a unique profile. The housing stock is overwhelmingly single-detached homes, making up over 63% of the market. Many of these are heritage properties where value is tied to preservation, not redevelopment potential. This is not a market for builders looking for tear-downs or investors seeking quick flips. While there is a segment of low-rise apartments—about 22% of the stock, likely serving the downsizing demographic—the overall theme is stability. The value here is in the land, the waterfront access, and the architectural character that can’t be replicated. This is a market where equity has been patiently built over decades, not months.

This stability is exactly why we lend in Oak Bay, but it also dictates our approach. You’re not dealing with a high-velocity market where properties turn over constantly. The pace is more deliberate. For us, that means a maximum loan-to-value of 60.0%. It’s a conservative position for a conservative community, focused on preserving the substantial equity in these properties.

The clients you’ll bring us from Oak Bay won’t be first-time buyers stretching for a down payment. They’ll be established homeowners needing an equity take-out for renovations or investments, retirees looking for bridge financing as they transition to a condo, or affluent buyers with a 40% down payment who just don’t want to deal with the banks’ rigid paperwork. We aren’t financing high-leverage speculation. Our role is to provide liquidity in a market where wealth is high but often tied up in real estate. For brokers with the right kind of client, Oak Bay is a solid, reliable corner of the market, and our lending is designed to match that reality.