It's been a strong year in real estate here in the Cowichan Valley in 2017 however while the provincial economic conditions appear to be on a sound footing the BC Real Estate association expects economic growth to slow in 2018, expanding at a respectable 2.8 percent but lower than we have seen in some time. The province's housing market will face additional economic pressure in 2018, with rising interest rates eroding affordability and Guideline B-20 making it harder for some buyers to qualify for a mortgage.

The advice to prospective sellers is not to delay listing their homes until the spring, the current inventory of homes in the Cowichan Valley/Duncan and areas around is low making it currently a sellers market, but as we all know that it cannot continue indefinitely.

On a seasonally adjusted basis, VIREB had its busiest December on record, with 667 housing units changing hands last month.

Sales of single-family homes increased by 35 per cent from December 2016. Annually, 5,612 single-family homes sold on the MLS® System in 2017 compared to 6,059 the previous year, a decrease of seven per cent. However, this reduction reflects the market returning to more normal levels from the unprecedented sales activity generated in 2016.

Inventory of single-family homes dropped to 762 in December, the lowest recorded since VIREB began tracking inventory in 1999. The supply of apartments and townhouses dipped by 13 per cent and 33 per cent, respectively.

The December 2017 benchmark price of a single-family home in the VIREB area reached $466,400, up 17 per cent from one year ago. Apartments and townhouses also recorded higher benchmark prices in December, up 28 per cent and 23 per cent.