Our Cowichan Valley market continued to remain fairly balanced this past month.  June 2024 saw the number of sales and the average sale price for a single-family home both dip once again over numbers reported in June of last year, however the last 12 months to date show a 2.05% increase overall in the average sale price and VIREB’s latest media release July 2 reports the benchmark price for a single family home in the Cowichan Valley at $791,100, a 2% increase from June 2023.

While the sale of Single family homes dipped by 5.50% in the last 12 months, the sale of Condos was up 27.96% and the sale of Townhomes was up %10.24 with each showing modest increases in average sale price.  Active listings thru June were up over June of last year and inventory continues to build.

Thinking of selling a rental property?  You may want to review Bill 14-2024 (Tenancy Statutes Amendment Act, 2024).  In order to protect renters from “Bad Faith” evictions, protect & educate both tenants and landlords and hopefully help to maintain a balanced rental housing market, some significant changes have been made to the RTA. And, more are coming into effect as of July 18, 2024.  These changes could affect the sale of your income property. Some highlights include:

*Two-Month Notice period changing to a Four-Month Notice;
*Mandatory use of Landlord Use Web Portal to generate Notices to End Tenancy; and
*Landlord to pay 12 months’ rent to displaced tenants deemed evicted in bad-faith.

Read more on the Government of BC’s Website: https://www2.gov.bc.ca/gov/content/housing-tenancy/residential-tenancies

The Bank of Canada cutting its overnight interest rate in June gave buyers some hope and many are slowly returning to the market.  It’s whispered that rates may be reduced further but most experts predict it won’t be much & in the meantime home prices will continue trending up as our shortage continues.  When is the best time to make a move?  Whenever you are ready!

Thinking of buying or selling? Give me a call & let’s chat about how our current market conditions affect your real estate plans!