Cowichan Valley Market Update Nov 2022

Cowichan Valley Market statistics for October are in. We are settling into our fall/winter market & anticipate seeing a continued slow in listing and sales as the weather turns cooler and the transition into a more balanced market continues. 

 In our market, October saw more than double the units listed for sale & days to sell over the same time period in Oct 2021 with a drop from 92.52% last year to 59.61% this year in the List/Sell Ratio. The average sale price for a single family home in the Cowichan Valley still showed a 1.63% increase from $787,942 last October to $800,764 this past month and an 18.59% increase over all in the last 12 months.  Great news for us while the average sale price in many major market areas is dropping. Even so, many sellers in our area are having to readjust their expectations with regard to pricing but there is still ample opportunity to net a good return and the sky is not falling…yet! 

As the Bank of Canada continues to incrementally increase its prime rate, currently at 5.95%, many buyers are finding their buying power reduced in equal measure, but it’s important to remember we have enjoyed unprecedented low rates for well over a decade! That said, all indications point to continued interest rate increases.  If you are considering making a purchase in the coming months, seeing your mortgage broker for pre-approval and getting a good rate locked in now is more important than ever. 

As mentioned in our last newsletter, there are other factors that will come into play in 2023 that are anticipated to also have an affect on Canada’s housing market, including the introduction of the Home Buyer Rescission Period  & a 2 year Foreign Buyer Ban.  If you are thinking of selling in the near future, now is a great time to speak to your Real Estate professional to make sure you are well prepared for what’s ahead. 

Questions?  We’re here to help! Reach out to connect with one of our licensed professionals today.