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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.
Strong market for sellers continues in the Cowichan Valley due to low inventory which is keeping selling prices at an all time high. The expected annual Spring increase in inventory may see prices holding steady or possibly decline but not by a substantial amount if at all. Please contact me if you are considering selling this Spring.
Cowichan is still experiencing low inventory resulting in record high selling prices. This will change as inventory increases causing downward pressure on selling prices. I expect we will see steady or lower selling prices this year with more properties on the market just as Victoria and Vancouver have already experienced.
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The New Year has officially arrived and with it, New Year’s resolutions! As most are aware, New Year’s resolutions are notoriously difficult to stick with past the first few weeks of January.
So how about this – don’t make any resolutions, just expand or return to habits and interests you want to keep or continue. Like…the guitar you haven’t picked up in a while or just continuing with the good eating habits you established last year…etc.
But if resolutions work for you, here are some helpful tips!
Write It down in a Visible Location
It’s far easier to abandon a resolution when it’s never visible throughout your daily routine. If you are serious about sticking to your resolutions this year, be sure to write them down in a place that you will look at every day. This could be a sticky note on the fridge, a notification on your phone, or anything in between! Seeing your resolutions on a daily basis puts them at the front of your mind and higher on your priorities.
Let People Know
When you make a resolution, be sure to let the people you care about know! Whether this is your spouse or some coworkers, letting people know can help to create a support system that encourages you to stay true to your goals. Also, you will be far less likely to abandon a resolution knowing that you might face the judging glances of a colleague or loved one! (I’ve used this one to great effect.)
Make Your Resolution a Part of Your Daily Routine
It can be hard to stick to a resolution when you haven’t made the time for it! If possible, try to schedule your resolution into your week to ensure that it becomes a firmly ingrained part of your day-to-day life. Once your resolution becomes a part of your daily lifestyle, sticking to it will be a breeze! (You have to make the time, saying you’re too busy is just an excuse.)
Hope everyone has an amazing 2019!
This year’s housing market is behaving as expected, moderating after the record-setting pace set in 2016 and 2017. Government policy-side measures introduced to cool the market, such as the mortgage stress test (Guideline B-20) and higher interest rates, are taking their toll on housing sales throughout the country. On the positive side, the provincial economy is still doing well, and the British Columbia Real Estate Association expects housing sales to make a modest recovery during the next couple of quarters. Further, Vancouver Island has so far been somewhat immune to the effects of Guideline B-20 because the broad demographic trend in our area includes baby boomers and retirees who do not typically need mortgages. However, an additional government policy that could reduce that insulating effect is the future speculation tax. Although it currently applies only to Nanaimo and Lantzville, the tax could discourage some potential buyers from relocating to Vancouver Island, particularly those who purchase a home well ahead of retirement.
The weaker sales seen so far in 2018 were expected because 2016 and 2017 were exceptionally healthy years for real estate, setting record levels that could not be maintained indefinitely. However, VIREB’s housing market is still strong compared to where it sat four years ago. “B.C. housing markets have benefited from the provincial economy expanding well above trend growth over the past four years,” says BCREA chief economist Cameron Muir. “However, economic growth is expected to slow and reflect the long-term average this year.” VIREB’s long-term sellers’ market does appear to be moving towards more balanced conditions, with modest price reductions on single-family homes occurring in Campbell River, Duncan, and Parksville-Qualicum Beach. Multiple offers are coming in less frequently, but for single-family homes in the $300,000 to $500,000 range, they are still more common than not. That said, sellers still need to price their homes accordingly. Today’s buyers are savvy and well-informed when they arrive at the negotiating table.