Despite the recent winter chill we’re experiencing, we’ve seen some beautiful sunny days & I can already feel the market warming for spring.  And, even though economic uncertainty hangs in the air amid cooled relations with our southern neighbour, our market here in the Cowichan Valley remains steady and mostly balanced.

The Vancouver Island Real Estate Board’s latest Market Report for the Cowichan Valley shows new listings, sales and average sale price for a single-family home here all up in January 2025 over January of last year.  Inventory for all types of real estate rose while sales for condos and townhomes dipped over the last 12 months to date. Our benchmark price is currently at $759,800, up one percent over last year.  

VIREB’s latest Media Release reports a positive start to 2025 across Vancouver Island Board areas & a much stronger market than reported in January of last year.  Although tempered with that uncertainty, all indications point to a busy spring market and optimism is in the air. 

Another drop in the Bank of Canada’s overnight rate in January to 3% was a welcome announcement for buyers waiting in the wings.  Some may continue to bide their time as experts anticipate further drops throughout 2025 but best not to wait too long! 

Pent up demand and lower rates are predicted to bring more buyers to the market. As competition increases, prices go up. If there is a sweet spot for buyers, we’re very nearly there.  For those considering listing this spring, you’ll very likely have a flood of new listings to compete with.  The BOC’s next rate announcement on March 12 should make for an interesting Spring market! 

Thinking of making a move? Get in touch! Let’s discuss your plans and how I can help!