While things are taking a little longer to sell, with the average days on the market up to a little over 60 days, sales are happening, up 2.04% over February 2024 for a single-family home in the Cowichan Valley. Average sale price is also up 3.35% over the same period.  Inventory has steadily risen, up 14.04% over the last 12 months to date tho units reported listed this past month were well down for units reported listed in February 2024. Here in the Cowichan Valley, the benchmark price increased by 2% to $770,800, up from February 2024.

 The economic uncertainty with the now implemented tariffs continues to have some of holding their breath to see how the market reacts however Vancouver Island Real Estate Board (VIREB) CEO, Jason Yochim felt forecasts indicated BC likely wouldn’t be as affected as other parts of the country.  He anticipates a temporary decline in activity followed by a release of pent-up demand as mortgage rates decline substantially. Read VIREB’s Latest Media Release for more details.  We’ll see when the Bank of Canada makes it’s next announcement on March 12.

 Spring is just around the corner. There’s never a better time to sell!  Reach out and let’s chat about your real estate goals.