Bank of Canada interest rates rise 1/4% to start 2023

On January 25, 2023 the BOC raised the benchmark interest rate by 0.25% as the federal government continues to work at reducing inflation.

For more information on the rate hike go see Bank of Canada press release.

To analyze how changes in interest rates affect you, please visit my mortgage calculator.

Comox Valley Real Estate - January 2023

After significant market adjustments in 2022 we are now seeing a more balanced market with Buyers and Sellers having the ability to negotiate their respective terms and conditions.   

Current Statistics:

• The average sale price of a detached home in December 2022 was $785,900; this is down 4.9% from a year ago.
• Active residential listings were up 297% in December 2022 compared with a year ago! (135 listings vs. 34 listings) 
• A total of 30 residential listings sold in December 2022; this is down 23% from a year ago.
• It now takes an average of 52 days for a residential home to sell (108% slower than last year).

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

New real estate rules to start 2023

The BC and federal government legislated two new rules that both came into effect January 1.  While both rules are important, I do not anticipate them significantly altering the process of purchasing real estate or its value.   

Buyer Rescission Notice

Home Buyers now have three business days to decide whether to proceed with their purchase upon negotiating an accepted offer.  Essentially, if a Buyer wants to rescind their offer within the timeline allowed, they are subject to a penalty of 0.25% of the agreed price and they can walk away.  For more information on the new bill, click Buyer Rescission Notice or contact me. 

Federal Foreign Buyer Ban  

The federal government’s new Foreign Buyer Ban prohibits non-Canadians (except if exempt) from purchasing residential property in Canada for two years (except in remote locations).  For more information on this national rule and its exemptions, please visit Foreign Buyer Ban Legislation or contact me.