Is it a Buyer's market?
Entered Aug 9, 2010 ~
The statistical prices in the Cowichan Valley have been on a significant decline for the last couple of months as you can see by clicking on the files to the right. The number of sales has decreased tremendously as well and there are way too many homes on the market right now. I suspect we will start to see a number of those homes come off the market within the next couple of months. It really is a buyer's market right now - no question!!! Mortgage rates are fantastic and have even edged a little downwards just recently. Keep in mind that average prices are higher in the Mill Bay area and lower in the Lake Cowichan Area. If you want to know what the average sale price is in any particular city in the Valley just call or shoot me an email.
With housing prices edging downwards and interest rates staying incredibly low it has become a great time to buy. Duncan's average sale prices are usually pretty consistently $350k - $360k but last month (July) the average price was down to $327k!
One thing to keep in mind when considering purchasing a home is that the lending policies have become very rigid this past year so definitely get yourself pre-approved. Talk to a very knowledgeable mortgage broker so that you know exactly where you stand even before you start looking. You'll save yourself a lot of time, energy & potential grief. It's always good to know exactly what you can afford before you start your search!
The Cowichan Valley remains to be (dollar for dollar) one of the best areas in the world to live. Even on a local scale you get a lot more bang for your buck when compared to Victoria or Vancouver. There has been a lot of recent commercial growth in central and North Duncan. If you have any Local Market Questions please feel free to call (250) 746 8123 or email me at working4u@shaw.ca.
