March 2025

March 2025 - Draft

Monthly Newsletter

7 March 2025

REAL ESTATE MARKET SNAPSHOT

While the average sale price and number of sales for single family homes in the Cowichan Valley rose slightly over numbers reported in February of 2024, we saw a significant drop in units listed in the same time period. That said, we still saw the number of listings up 14.04% over the last 12 months to date. The Vancouver Island Real Estate Board's latest update showed our benchmark price at $770,800, up two per cent from February 2024

VIREB CEO Jason Yochim reports that sales of all property types in February, across VIREB Board areas were unchanged from one year ago. “Open houses are busy, phones are ringing, and REALTORS® are showing homes, but some buyers are holding back, which we attribute to the economic uncertainty unleashed by threatened American tariffs that have now become a reality,” says Yochim. “However, forecasts indicate that British Columbia won’t be affected as much as other parts of Canada. Vancouver Island is also somewhat insulated from any unpredictability around mortgage rates due to its large population of retirees, many of whom don’t require mortgages.”

How B.C.’s 2025 Budget Could Work in Your Favor

While there’s a lot of talk about economic uncertainty, there are some positives in B.C.’s latest budget—especially for renters and homebuyers. More funding is going toward rental assistance and middle-income housing, plus new incentives for businesses could help keep job growth strong. These moves aim to keep the economy stable while tackling affordability challenges.

The big takeaway? Good or bad, rising debt and inflation might actually lead to lower interest rates in the near future. When the economy slows, governments and banks often lower rates to boost spending—meaning buying a home or refinancing could get cheaper down the road.

If you’re thinking about making a move, now’s a great time to start planning. If you own a home - let's look at your current debt load. If you are thinking of buying? Let's get that pre-approval started now, so you know where you are now, and the pathway to get there! Market conditions are shifting, and having a solid strategy in place can put you ahead of the curve. Let’s chat about your options!

Next Bank of Canada Decision: March 12th, 2025

Predictions: .25% rate cut, bringing the overnight rate to 2.75% & Prime rate to 4.95%

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!

SCHOOL IS OUT!

SPRING BREAK - MARCH 17-28

March 22

10:00-2:00

Shredder Day!

Purge the office and support some great causes at the same time! Hosted by the Duncan Rotary Club

VIU Campus Parking Lot 2011 University Way, Duncan

March 23

10:00-2:00

16th Annual Seedy Sunday

A community event primarily focused on the exchange of seeds, hosted by the Cowichan Green Community

$2 Admission

Si’em Lelum Gymnasium 5574 River Road, Duncan

March 24 - 28

QMS Pony Pals

Book Soon! Limited Space

1/2 day equestrian riding camp for riders aged 5-10.

$425/rider

Queen Margaret's School

660 Brownsey Ave, Duncan

Highlights from February 2025

We're pleased to announce that we've made a move to Pemberton Holmes.

Having been in the Real Estate business here since 1887, Pemberton Homes is truly a local Canadian company. Offering fantastic support and growth opportunities for agents in 17 Island offices as well as contributing to a huge number of local charities, it was an easy decision to join this amazing group and we've been welcomed with open arms! We're very excited to move forward under our new umbrella! Come see us at:

145 South Shore Road, Lake Cowichan

23 Queens Road, Duncan

516 First Ave, Ladysmith