Comox Valley Real Estate - March 2024

Comox Valley Real Estate - october 2024 update

September 2024 Statistics:

  • The average sell price of a detached home in September was $873,000; this is down 4.6% from last month and down 1.5% from a year ago.
  • There were 236 active detached home listings at the end of September. This is up 4.4% from last month (226 listings) and up 50% from a year ago (157 listings).  
  • A total of 41 detached homes sold in September; this is down 36% from last month and down 16% from last year.
  • It currently takes an average of 45 days for a residential home to sell; this is 10% faster than last month and 2.2% faster than last year.

For detailed information, visit Comox Valley Real Estate Statistics or contact me directly. 

Interest rate remains unchanged

Interest Rate lowered to 4.25%

The Bank of Canada reduced its key interest rate by another quarter of a percent, from 4.5% to 4.25%, during its announcement on September 4, 2024. This marks the bank's third rate cut since March 2020. The next rate announcement is scheduled for October 23, 2024.  Many economists feel interest rates will continue to decline in the second half of 2024.  

To read press release, visit:   https://www.bankofcanada.ca/2024/09/fad-press-release-2024-09-04/  

To help understand and analyze how changes in interest rates affect your mortgage, please visit my mortgage calculator

Interest rate remains unchanged

zoning density amendments for municipalities

Recent provincial legislation regarding increased densification of communities came into effect on July 1st. This new zoning allows single family lots to have multiple dwellings and savvy investors have acquired key properties in advance of these changes.  For more information on these new regulations and the opportunities (and challenges) they offer, please contact me.

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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.