COWICHAN VALLEY SELLING PRICES REMAIN STRONG

Cowichan Valley real estate market continues strong. Although volume of sales has dropped from 2018, selling prices continue to increase. BCREA June 2019 mortgage forecast reports mortgage rates have returned to 2017 levels with 5 year mortgages offered at 3% of less. BCREA anticipates that current low mortgage rates will be around for most of the summer before rising modestly into next year, although the posted rate has not changed in close to a year which continues to make it difficult for insured borrowers to qualify.

July 10, 2019, the Bank of Canada maintained its target for the overnight rate at 1 ¾ percent. The Bank reports that recent data show the Canadian economy is returning to potential growth, although the outlook is clouded by persistent trade tensions therefore current policy interest rate remains appropriate.