Comox Valley Real Estate - September 2022

Housing prices have now moderated approximately 10% from their peak in March 2022. Inventory levels have more than doubled from last year at this time, while sales are down significantly.  Interestingly, multiple offers are still common on well-priced homes in desirable locations.

Current Statistics:

• The average sale price of a detached home in August 2022 was $877,300; an increase of 2.6% from a year ago.
• Detached home listings were up 137% compared to end of August 2021 totals. 
• Detached home sales were down 16% in August 2022 compared with a year ago.
• It takes an average of 43 days for a residential home to sell - this is 72% slower than a year ago.

For detailed information, visit Comox Valley Real Estate Statistics or contact me directly. 

Bank of Canada raises interest rates....again 

On September 7, 2022 the BOC raised the benchmark interest rate by 0.75% as they aggressively work to curb inflation. The benchmark interest rate has now increased 3% in 2022!  Anyone with a variable rate mortgage will now be paying more, those seeking new mortgages will now qualify for less than previously.

For more information, click link:  https://www.cbc.ca/news/business/bank-of-canada-rate-hike-1.6574457   

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