As fall settles in, the real estate market is seeing some seasonal changes. Whether you’re staying updated or exploring options, I hope you find this month’s insights helpful.
Kind Regards, Paul
September saw a total of 63 single-family homes sold in the Cowichan Valley, up from the 45 that sold in September of last year, and up from the 58 in the preceding month of August. There were 138 single-family homes listed on the market in September 2024 compared to 100 last year, up 38%. There were 611 sales in our valley over the past 12 months representing a 11% decrease in comparison to the 689 sales in the 12 months ending in September of last year. The 12 months to date average selling price of a home is + 5%.
Average prices for single-family residential homes in September 2024 were at $787,809, down about 3% from $812,476 in September 2023, and down from August’s average of $803,666. The median price of a single-family home in the Cowichan Valley for the 12 months to date ending in September 2024 was $785,000.
In September, the active inventory of single-family homes on the market in the Cowichan Valley was 331, up from the 197 homes at the end of September 2023.
Condominium apartment sales in September saw 9 units sold, up from 6 sales in the previous month of August, and down from the 15 units that sold last September. Condo apartments in the valley saw the average price for the 12 months ending in September 2024 at $350,923, up about 5% for the same period as last year, $334,647.
The inventory of Townhomes on the market saw 13 sales in September, up from the 12 that sold in the month of August, and up from the 12 sold last September, a 8% increase. Townhomes in the valley saw the average price for the 12 months to date ending in September at $572,668, up 3% from $554,487 for the same period last year.
Kind Regards, Paul
September 2024 Statistics for Single Family Dwellings in the Cowichan Valley
September saw a total of 63 single-family homes sold in the Cowichan Valley, up from the 45 that sold in September of last year, and up from the 58 in the preceding month of August. There were 138 single-family homes listed on the market in September 2024 compared to 100 last year, up 38%. There were 611 sales in our valley over the past 12 months representing a 11% decrease in comparison to the 689 sales in the 12 months ending in September of last year. The 12 months to date average selling price of a home is + 5%.
Average prices for single-family residential homes in September 2024 were at $787,809, down about 3% from $812,476 in September 2023, and down from August’s average of $803,666. The median price of a single-family home in the Cowichan Valley for the 12 months to date ending in September 2024 was $785,000.
In September, the active inventory of single-family homes on the market in the Cowichan Valley was 331, up from the 197 homes at the end of September 2023.
We had a 6.7-month supply of single-family homes on the market last month, while September 2023 had a 6.3-month supply. The average days to sell a single-family home in September was 58 days, up from 46 days last September.
Condos and Townhouse
Condominium apartment sales in September saw 9 units sold, up from 6 sales in the previous month of August, and down from the 15 units that sold last September. Condo apartments in the valley saw the average price for the 12 months ending in September 2024 at $350,923, up about 5% for the same period as last year, $334,647.
The inventory of Townhomes on the market saw 13 sales in September, up from the 12 that sold in the month of August, and up from the 12 sold last September, a 8% increase. Townhomes in the valley saw the average price for the 12 months to date ending in September at $572,668, up 3% from $554,487 for the same period last year.
If you would like to see my current listings, please click here.
Mortgage Changes Announced by Government of Canada
Canadians work hard to be able to afford a home. However, the high cost of mortgage payments is a barrier to homeownership, especially for Millennials and Gen Z. To help more Canadians, particularly younger generations, buy a first home, new mortgage rules came into effect on August 1, 2024, allowing 30 year insured mortgage amortizations for first-time homebuyers purchasing new builds.
The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, today announced a suite of reforms to mortgage rules to make mortgages more affordable for Canadians and put homeownership within reach:
Increasing the $1 million price cap for insured mortgages to $1.5 million, effective December 15, 2024, to reflect current housing market realities and help more Canadians qualify for a mortgage with a downpayment below 20 per cent. Increasing the insured-mortgage cap—which has not been adjusted since 2012—to $1.5 million will help more Canadians buy a home.
Expanding eligibility for 30 year mortgage amortizations to all first-time homebuyers and to all buyers of new builds, effective December 15, 2024, to reduce the cost of monthly mortgage payments and help more Canadians buy a home. By helping Canadians buy new builds, including condos, the government is announcing yet another measure to incentivize more new housing construction and tackle the housing shortage. This builds on the Budget 2024 commitment, which came into effect on August 1, 2024, permitting 30 year mortgage amortizations for first-time homebuyers purchasing new builds, including condos.
The Honourable Chrystia Freeland, Deputy Prime Minister and Minister of Finance, today announced a suite of reforms to mortgage rules to make mortgages more affordable for Canadians and put homeownership within reach:
Increasing the $1 million price cap for insured mortgages to $1.5 million, effective December 15, 2024, to reflect current housing market realities and help more Canadians qualify for a mortgage with a downpayment below 20 per cent. Increasing the insured-mortgage cap—which has not been adjusted since 2012—to $1.5 million will help more Canadians buy a home.
Expanding eligibility for 30 year mortgage amortizations to all first-time homebuyers and to all buyers of new builds, effective December 15, 2024, to reduce the cost of monthly mortgage payments and help more Canadians buy a home. By helping Canadians buy new builds, including condos, the government is announcing yet another measure to incentivize more new housing construction and tackle the housing shortage. This builds on the Budget 2024 commitment, which came into effect on August 1, 2024, permitting 30 year mortgage amortizations for first-time homebuyers purchasing new builds, including condos.
For the whole Government of Canada news release with further details, please click here.
