Dean Thompson
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 Comox Valley Real Estate - September 2023

Balanced market conditions continue through most market segments.  Well-priced homes in desirable locations are still experiencing multiple offers. 

 Current Statistics:

  • The average sale price of a detached home in August was $878,600; this is up 6.5% from last month and up 0.1% year to year.
  • There are currently 162 active residential listings; this is up 16% from last month and down 21% from last year. 
  • There were 42 detached homes sold in August; this is down 41% from July and down 4.6% from last year.
  • It now takes an average of 42 days for a residential home to sell; this is 24% slower than July and 2.3% faster than last year.

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


          Interest rates 

          On July 12, 2023 the Bank of Canada today increased its target for the overnight rate to 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is also continuing its policy of quantitative tightening.

          Bank of Canada maintains policy rate, held steady on September 6, 2023. The next scheduled date for announcing the overnight rate target is October 25, 2023.

          To analyze how changes in interest rates affect your mortgage, please visit:  my mortgage calculator


          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.


          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.