Spring is in the air and new listings are popping up like snow drops breaking thru the frost. The latest Cowichan Valley Real Estate Market Report for February 2024 is out and we continue a slow but steady upward trend both in number of sales and average sale price.

February 2024 saw a 5.85% increase in the average sale price and a 15.38% drop in the average days on the market over February of 2023.  This past February also saw a 6.74% increase in the number of homes listed over February of last year.  These numbers look promising despite a 12.53% drop in homes listed, a 3.53% drop in average sale price and a 46.88% rise in the number of days on the market overall in the past 12 months to date. Sales continue to be steady with a 1.04% increase in units reported sold over the last 12 months.

It’s also tax time and you’ve probably heard that many areas in the Cowichan Valley now fall under BC’s Speculation and Vacancy Tax.  Homeowners in the City of Duncan, District of North Cowichan, Town of Ladysmith and Town of Lake Cowichan must complete their declaration for exemption by March 31.  This could help you avoid paying extra taxes.  If you haven’t received a declaration letter, you can get more info on the Government of BC’s website

Speaking of taxes, the BC Government also intends to introduce the BC home-flipping tax in January 2025.  If passed this spring, it would apply to the sale of any home sold within two years of purchase with some exemptions. Read more at BCREA

Spring is “Go-time!” in life but also in Real Estate and all the signs point to a busy one.  The sunshine is here and it’s a good time to start preparing your home if you wish to sell this season.  If you’ve been thinking of selling or buying, now is a great time. Just have questions about how the current market conditions and new legislation may affect your next move? Give me a call and let’s chat!