Comox Valley Real Estate - March 2024

Comox Valley Real Estate - June 2024 update

The real estate market chart above indicates a return to a more balanced market, with Buyers and Sellers having an equal hand at the negotiating table; however, desirable homes in sought after locations are still experiencing multiple offers. As the days get longer, the number of listings and sales will continue to rise.

May 2024 Statistics:

  • The average sell price of a detached home in May was $894,600; this is up 5% from last month and up 6.7% from a year ago.
  • There were 215 active detached home listings at the end of May. This is up 14% from last month (188 listings) and up 40% from a year ago (154 listings).  
  • A total of 78 detached homes sold in May; this is up 18% from last month (66 sold) and down 20% from last year (98 sold).
  • It currently takes an average of 48 days for a residential home to sell; this is 46% slower than last month and 12% slower last year.

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

Interest rate remains unchanged

Interest Rate lowered to 4.75%

The Bank of Canada reduced its key interest rate by a quarter of a percent, from 5% to 4.75%, during its announcement on June 5, 2024. This marks the bank's first rate cut since March 2020. The next rate announcement is scheduled for July 24, 2024.  Many economists feel interest rates will start to decline in the second half of 2024.  

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

Interest rate remains unchanged

municipalities gearing up for zoning density amendments

To comply with recent provincial legislation regarding increased densification of communities, set to come into effect on July 1st, local municipalities are starting to prepare now.  This new zoning will allow single family lots to have multiple dwellings and savvy investors are already acquiring key properties in advance of these changes.  For more information on these new regulations and the opportunities (and challenges) they offer, please contact me.

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.