April 2025

April 2025 - Draft

Monthly Newsletter

7 April 2025

REAL ESTATE MARKET SNAPSHOT

The Vancouver Island Real Estate Board's latest Market Statistics report shows the average sale price and number of single family homes sold here in the Cowichan Valley dropped slightly over numbers in March of last year. A modest increase in inventory was also reported however we're still experiencing limited product for buyers to choose from. We are certainly in what experts consider a balanced market.

Despite that, we are still seeing many cases of competing offers. Activity continues to pick up as is typical for our spring market but also in response to a continued shortage of inventory coupled with lowered interest rates. VIREB's latest report holds inventory on Vancouver Island just under a 6 month supply and the benchmark price for a single family home in the Cowichan Valley at $799,100, up 6% from March of 2024.

“Sales activity in the first quarter of 2025 is about the same as last year and even up in some markets. But it’s too early to say what the long-range impact of tariffs will have on the economy in general and the housing market specifically." says Jason Yochim, VIREB CEO. To take a deeper dive into the Cowichan Valley and Vancouver Island Estate Market, check out 👉 VIREB Media Release April 1

or check out their latest Market Update👇

FIXED VS. VARIABLE: WHAT YOU NEED TO KNOW

When it comes to choosing a mortgage, one of the biggest decisions you'll make is whether to go with a fixed or variable interest rate. Both options have their pros and cons, and the right choice really depends on your financial situation, your goals, and honestly? --- Your "sleep at night" factor!

🔒Fixed-Rate

Same payment for the entire term
Great for stability and peace of mind
Watch out for higher penalties if you break early, especially with the Big 6 Banks - if you want fixed, ask us about our "fair" penalty calculations

🔄️Variable-Rate

Rate can move up or down up to 8x/year - this product is tied to Prime Rate and changes based on the Bank of Canada decisions
Lower penalties - You can hang your hat on the fact that 3 month interest is all you will pay to break the contract.
Option to switch over to the fixed market if you get nervous

Note: A Home Equity Lines of Credit is also considered variable, however it is priced higher due to the fact they are re-advanceable and fully open (no penalty to leave).

🤔Which is Right for You?

Need certainty? Go fixed for sure!
Want flexibility, or potential for more savings? Try variable, you'll like it

At the end of the day, it depends on you. Janette and her team are here to walk you through the options and find the right fit for your situation—no pressure, just solid advice.

Next Bank of Canada Decision: April 16, 2025

Rates & Info Courtesy of Janette Roch at Dominion Lending

Get in touch with her today to explore your mortgage options!

UPCOMING EVENTS

Mark your calendars!

GOOD FRIDAY - APRIL 18

🐣EASTER MONDAY - APRIL 20 🐰

April 12 & 26

10:00-2:00

Boot Sale!

Like a garage sale but from your car's boot (trunk). Organized by the Chemainus & District Chamber of Commerce

Waterwheel Park

3828 Croft St, Chemainus

April 19

10:00-3:00

Ladysmith Makers Market

Unique Handcrafted Goods and Art by local vendors.

All are welcome.

Eagles Hall

921 1st Ave, Ladysmith

April 26

9:00-2:00

Pemberton Holmes

Charity Garage Sale!

Donations of clean, gently used items accepted at the Lake Cowichan Office April 22-25 9am-4pm. Island Savings providing snacks while you browse.

145 South Shore Dr

Lake Cowichan

Highlights from March 2025

CONGRATULATIONS

MR. & MRS. ALEXANDER!

Topping off our highlights for March 2025, our lovely Jen Pike slipped away to Mexico to get hitched!! She and Mike had been planning for a while & experienced a few hiccups along the way. They finally got their day in the sun & sand, surrounded by friends and family & we could not be happier for them!

❤️❤️❤️