Hello, and Happy August!
Kind Regards, Paul
July saw a total of 65 single-family homes sold in the Cowichan Valley, down from the 84 that sold in July of last year, and up from the 53 in the preceding month of June. There were 134 single-family homes listed on the market in July 2024 compared to 111 last year, up about 21%. There were 1,213 sales in our valley over the past 12 months representing a 3% increase in comparison to the 1,180 sales in the 12 months ending in July of last year. The 12 months to date average selling price of a home is -10%.
Average prices for single-family residential homes in July 2024 were at $802,451, up about 3% from $778,470 in July 2023, and up/down from June’s average of $789,016. The median price of a single-family home in the Cowichan Valley for the 12 months to date ending in July 2024 was $785,000.
In July, the active inventory of single-family homes on the market in the Cowichan Valley was 330, up from the 209 homes at the end of July 2023.
We had a 5.9-month supply of single-family homes on the market last month, while July 2023 had a 3.8-month supply. The average days to sell a single-family home in July was 45 days, down from 49 days last July.
Condominium apartment sales in July saw 15 units sold, up considerably from 7 sales in the previous month of June, and down from the 17 units that sold last July. Condo apartments in the valley saw the average price for the 12 months ending in July 2024 at $349,202, up 4% for the same period as last year, $335,738.
The inventory of Townhomes on the market saw 11 sales in July, equal to the 11 that sold in the month of June, and down from the 16 sold last July, a 31% decrease. Townhomes in the valley saw the average price for the 12 months to date ending in July at $575,507, up about 5% from $550,145 for the same period last year.
If you would like to see my current listings, please click here.
In the immediate wake of publicly voiced concern from the BC Real Estate Association (BCREA), the BC Government has reversed course on two recent changes to the Residential Tenancy Act (RTA) as they relate to buyers of tenanted properties.
The initial changes laid out in Bill 14, which came into effect on July 18, 2024, required four months' notice – instead of the previous two months' notice – for evictions due to personal or caretaker use. The legislation also raised the dispute period from 15 days to 30 days.
Now the government is amending the regulation to lower the personal-use notice period to three months and the dispute period to 21 days for situations when a landlord gives notice to a tenant on behalf of a purchaser. These changes come into effect on August 21, 2024.
"Since the amendments came into force, government has listened to feedback from industry stakeholders that a four-month notice period could prevent first-time buyers from purchasing a tenanted property," the government said in a statement on Thursday.
The BCREA Government Relations department is proud to have been a key part of the industry response, along with partners from the Canadian Mortgage Brokers Association – BC (CMBA-BC). In open letters and a joint press release, the two organizations pointed out the flaws with lengthening both the personal-use notice period and the dispute period, including their effect on first-time homebuyers.
"We appreciate the government responding quickly to our concerns," said Trevor Hargreaves, BCREA Senior VP, Government Relations, Marketing & Communications. "This legislation caused confusion and concern amongst both REALTORS® and the public, including buyers and sellers, and we're happy to see changes made to alleviate that."
In BCREA's open letter, the organization reiterated its call for government to launch a permanent housing roundtable made up of housing policy experts and other stakeholders from across the BC housing sector, as it would have allowed for this round of feedback to be delivered before the legislation took effect.
Related links:
To read the full statement from the BC Government, click here.
To read CBC coverage of these latest developments, click here.
To read BCREA's letter to the BC Government, click here.
To read BCREA and CMBA-BC's joint press release, click here.
For more information:
If you have questions or concerns about changes to the RTA or any other policy issue, please email Trevor Hargreaves at thargreaves@bcrea.bc.ca.
While August traditionally brings a slowdown in real estate as many take their summer holidays, I'm still noticing plenty of market activity. There are many new listings, offering prospective buyers a wider range of options.
For Landlords: It's important to note that the government will be amending regulations later this month, reducing the notice period for personal-use evictions to three months. Please read on for more information.
July 2024 Statistics for Single Family Dwellings in the Cowichan Valley
July saw a total of 65 single-family homes sold in the Cowichan Valley, down from the 84 that sold in July of last year, and up from the 53 in the preceding month of June. There were 134 single-family homes listed on the market in July 2024 compared to 111 last year, up about 21%. There were 1,213 sales in our valley over the past 12 months representing a 3% increase in comparison to the 1,180 sales in the 12 months ending in July of last year. The 12 months to date average selling price of a home is -10%.
Average prices for single-family residential homes in July 2024 were at $802,451, up about 3% from $778,470 in July 2023, and up/down from June’s average of $789,016. The median price of a single-family home in the Cowichan Valley for the 12 months to date ending in July 2024 was $785,000.
In July, the active inventory of single-family homes on the market in the Cowichan Valley was 330, up from the 209 homes at the end of July 2023.
We had a 5.9-month supply of single-family homes on the market last month, while July 2023 had a 3.8-month supply. The average days to sell a single-family home in July was 45 days, down from 49 days last July.
Condos and Townhouse
Condominium apartment sales in July saw 15 units sold, up considerably from 7 sales in the previous month of June, and down from the 17 units that sold last July. Condo apartments in the valley saw the average price for the 12 months ending in July 2024 at $349,202, up 4% for the same period as last year, $335,738.
The inventory of Townhomes on the market saw 11 sales in July, equal to the 11 that sold in the month of June, and down from the 16 sold last July, a 31% decrease. Townhomes in the valley saw the average price for the 12 months to date ending in July at $575,507, up about 5% from $550,145 for the same period last year.
If you would like to see my current listings, please click here.
August 2, 2024
BC Government Responds to Industry Feedback on Residential Tenancy Act Changes
In the immediate wake of publicly voiced concern from the BC Real Estate Association (BCREA), the BC Government has reversed course on two recent changes to the Residential Tenancy Act (RTA) as they relate to buyers of tenanted properties.
The initial changes laid out in Bill 14, which came into effect on July 18, 2024, required four months' notice – instead of the previous two months' notice – for evictions due to personal or caretaker use. The legislation also raised the dispute period from 15 days to 30 days.
Now the government is amending the regulation to lower the personal-use notice period to three months and the dispute period to 21 days for situations when a landlord gives notice to a tenant on behalf of a purchaser. These changes come into effect on August 21, 2024.
"Since the amendments came into force, government has listened to feedback from industry stakeholders that a four-month notice period could prevent first-time buyers from purchasing a tenanted property," the government said in a statement on Thursday.
The BCREA Government Relations department is proud to have been a key part of the industry response, along with partners from the Canadian Mortgage Brokers Association – BC (CMBA-BC). In open letters and a joint press release, the two organizations pointed out the flaws with lengthening both the personal-use notice period and the dispute period, including their effect on first-time homebuyers.
"We appreciate the government responding quickly to our concerns," said Trevor Hargreaves, BCREA Senior VP, Government Relations, Marketing & Communications. "This legislation caused confusion and concern amongst both REALTORS® and the public, including buyers and sellers, and we're happy to see changes made to alleviate that."
In BCREA's open letter, the organization reiterated its call for government to launch a permanent housing roundtable made up of housing policy experts and other stakeholders from across the BC housing sector, as it would have allowed for this round of feedback to be delivered before the legislation took effect.
Related links:
To read the full statement from the BC Government, click here.
To read CBC coverage of these latest developments, click here.
To read BCREA's letter to the BC Government, click here.
To read BCREA and CMBA-BC's joint press release, click here.
For more information:
If you have questions or concerns about changes to the RTA or any other policy issue, please email Trevor Hargreaves at thargreaves@bcrea.bc.ca.
