Fall is upon us and Christmas is suddenly just around the corner! How did that happen? As we slide into our typically slower winter season, our Cowichan Valley Market remains balanced and active. The recent drop in the bank of Canada’s overnight rate coupled with another anticipated in December means buyers still watching the market may see slightly better rates coming but may also see more competition over the next few months. For sellers, increased inventory means more comparable properties for buyers to review so property preparation and competitive pricing will be critical when coming on the market.

Despite a 6.03% drop overall in the past 12 months, this past October saw single family home sales in the Cowichan Valley nearly double over sales reported in October 2023. Average sale price remained about the same, down 0.06% from October 2023 average sale price but up 2.05% overall in the last 12 months. Inventory continues to grow with an 18.66% increase of units listed over the last 12 months.

Here in the Cowichan Valley, the benchmark price for a single family home was $769,300, a one per cent decrease from October 2023, compared to the Vancouver Island Real Estate Board (VIREB) board-wide benchmark price (MLS® Home Price Index) of a single-family home at $777,900 in October 2024, up one per cent from one year ago.

VIREB’s October 2024 Media Release reports board-wide active listings of all property types dropped from September but are still at their second-highest level since 2019. Slowing inflation, recent rate cuts, and a strong Vancouver Island economy have revitalized VIREB’s housing market.

In a nutshell, a balanced market means both Buyers and Sellers can find opportunities in current market conditions as we move into the winter months. Let’s chat about your plans and how I can help!