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 My first COVID vaccination is done! I just had a sore arm for a day or so, it's worth it in my mind. I am so grateful for our health care system and our community that supports the front-line workers keeping everyone safe. It's all a part of the big picture in getting business back open. Our local businesses need our support as best we can. Tourism, restaurants & bars, I know we can't socialize in large groups yet, order take-out, book a local tour, head out to a small outdoor patio and enjoy the weather!
We are still seeing properties coming on the market, buyers often have to act fast when the listings hit the market, they need to make their realtor aware if the property is of interest right away or they may lose out. Some sellers are not delaying offers and some are, by keeping in touch with your realtor you will be able to find out right away. Having all your financing pre-approved, and your interest rate locked-in helps avoid disappointment.
If you have any questions pertaining to real estate please feel free to reach out I am happy to help. Keeping everyone safe in this environment can be done online with virtual tours and professional 3D home photography & virtual open house tours. When showings are being done in person some sellers require waivers to be signed, sellers can restrict how many people can attend showings and safe distancing is to take place.
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The financing rates have increased a tiny bit with 5 year mortgages being closer to 2.09% is the preferred rate which is still fantastic. Things are set to change for the stress test starting June 1, 2021, the qualifying rate will be higher and will affect first time home buyers.
If you are anyone you know would benefit from my services, please let me know or have them contact me, I have a referral rewards program that may be of interest please do not hesitate to call me directly 250-710-5282.
- Jackie
Cowichan Valley
From April 2021 Stats
The average sale prices in the Cowichan Valley in April:
- Single family $730,838 (121 units sold) / price up 38% from the same time last year
- Townhomes $509,752 (16 units sold) / price up 34.73% from the same time last year
- Condos $285,040 (15 units sold) / price up 77.95%) from the same time last year
At the end of April, we had only 67 single-family homes on the market in the Cowichan Valley we can't seem to keep inventory as homes keep selling fast. We are still in a seller's market hopefully as vaccine supply increases and the spread slows more homes will be listed.
On the lighter side:
Vancouver Island April Statistics Summary (Does not include Victoria):
Vancouver Island Real Estate Board (VIREB) :
April Statistics
LITTLE RELIEF FOR FRUSTRATED BUYERS IN APRIL
There was little relief for frustrated buyers in April despite an increase in active listings.
Inventory of single-family homes and condo apartments rose by eight per cent and 16 per cent, respectively, but active listings of townhouses dropped by eight per cent.
April saw sales of 590 single-family detached properties compared to 567 the previous month. In the condo apartment category, 133 units sold last month versus 136 in March 2021. As for townhouses, 106 units changed hands in April compared to 124 the previous month. (Since the pandemic began at this time last year, and the economic lockdown significantly slowed down the housing market – at least initially – year-over-year sales comparisons are not particularly helpful right now.)
The pervasive lack of inventory has created a strong sellers’ market, and buyers face fierce competition in their home search. Multiple offers are the norm rather than the exception, and many homes are selling over the asking price.
“Buyers are understandably frustrated, and it’s also disheartening for REALTORS®,” says 2021 VIREB president Ian Mackay. “Whether they’re buyers or sellers, we want to make our clients happy.”
Mackay echoes the sentiments voiced by the British Columbia Real Estate Association (BCREA), which does not see the inventory situation improving until more supply comes online. BCREA and local real estate boards are advocating with policymakers at the provincial and regional levels to speed up the development process so that municipalities can expand supply more quickly to meet demand.
“We have seen that demand-side policies like taxes and higher mortgage rates are just not working,” notes Mackay. “The best route to making housing more affordable, particularly for first-time buyers, is to increase supply. It’s not a quick solution, but it’s the only one that makes sense long-term.”
It is no surprise that the heated housing market is impacting prices, which are rising throughout the board area. The benchmark price of a single-family home hit $659,300 last month, up by four per cent from March and 22 per cent higher than in April 2020. The benchmark price of an apartment reached $345,200, a year-over-year increase of 14 per cent and four per cent higher than in March. The benchmark price of a townhouse rose by 21 per cent year over year, climbing to $499,200, which was three per cent higher than in March.
In Campbell River, the benchmark price of a single-family home hit $588,800 in April, an increase of 25 per cent over last year. In the Comox Valley, the benchmark price was $692,300, up by 24 per cent from one year ago. Duncan reported a benchmark price of $596,300, an increase of 19 per cent from April 2020. Nanaimo’s benchmark price rose by 23 per cent, hitting $683,000, while the Parksville-Qualicum area saw its benchmark price increase by 16 per cent to $743,400. The cost of a benchmark single-family home in Port Alberni reached $417,700, a 26 per cent year-over-year increase. For the North Island, the benchmark price rose to $305,000, a 19 per cent increase over last year.
Please note: The Vancouver Island Real Estate Board (VIREB) transitioned to a new MLS® System on July 2020 and now uses a significantly different data model, which has affected our categories and terminology. For the board supplied graphs, single-family is now referred to as single-family detached, apartment as condo apartment, and townhouse as row/townhouse, which now includes patio homes. However, when reporting HPI numbers, VIREB still refers to single-family, apartment, and townhouse in the media release.
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