The real estate market in the Cowichan Valley continues to demonstrate resilience and balance. Our market saw a modest increase in home prices with the average sale price for a single-family home at $802,451 thru July—a 3.08% increase over July 2023. Despite a decline in single-family home sales (dipping by 12.41% over the last 12 months) the market for townhomes and condos remains competitive with sales increases of 1.50% and 13.59%, respectively.

Inventory continues to increase with listings for single family homes up 2.80%, Condos up 17.42% and Townhomes up 13.78% over the last 12 months, providing more options for potential buyers. However, well-priced properties are still attracting quick offers due to pent-up demand. The recent easing of interest rates by the Bank of Canada has brought some relief to buyers, encouraging a cautious return to the market. While further rate cuts are possible, experts suggest that significant reductions are unlikely, meaning that prices may continue their gradual upward trend.

For sellers, the summer season presents an excellent opportunity, as increased curb appeal during these warmer months can enhance a property’s attractiveness. For those considering selling rental properties, if you missed it last month, recent changes to tenancy laws could impact your plans, making it essential to stay informed about new regulations. You can read more about these amendments HERE!

Overall, the Cowichan Valley real estate market remains dynamic, with opportunities for both buyers and sellers. Whether you’re looking to make a move or invest, understanding these trends can help you make informed decisions in this evolving market. Give me a call and let’s chat about your real estate need.