Newsletter

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.

 

Time to get out there and have some fun as we are already half way through summer vacation! It can be as close as your backyard or as ambitious as a camping trip across British Columbia. Whatever your pleasure, let’s all enjoy our Beautiful British Columbia.

Welcome to 2019!

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!

PRICES CONTINUE RISING DESPITE MODERATING SALES

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.

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