Cowichan Valley Real Estate Market Update June 2022
Cowichan Valley Market Statistics for May Are Out And the Shift Continues
Conditional offers and listing price reductions are replacing the over-asking & unconditional offers we saw thru much of 2021 and early on in 2022. Prices remain at historic highs with the average sale price for a single family home thru May of this year increasing by 32.62% over prices in the same period last year. Buyers are starting to see more to choose from as inventory continues to pick up with an 11.11% increase in listings coming on the market over last year.
Increasing Interest Rates Are Affecting The Market
Last week, the Bank of Canada increased their rate by 0.5%. They also indicated there are more hikes on the horizon. This will continue to put a damper on this strong sellers market as we move through the summer selling season. Increased borrowing costs will cause the inventory to rise further and sellers that are hoping to capitalize on this market will also add to this inventory. Essentially, if buyers can afford to buy, this will be an easier time then they have had in the last year.
