Comox Valley Real Estate - May 2022 Statistics

Has the market peak passed? In April, we have seen several signs that the market has peaked, including; increased listings, fewer sales and more price reductions. The average price of a detached home was also lower than previous months.

Current Statistics:

• The average sale price of a detached home in April 2022 was $910,200; down 6% from last month.

• Active residential listings were up 25% from last month (117 vs. 94 listings).

• It currently takes an average of 18 days for a residential home to sell; this is 29% slower than last year at this time.

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

Bank of Canada raises interest rates by 0.5%

On April 13th, the BOC raised interest rates by 0.5% - this is the largest rate hike since 2017.  Anyone with a variable rate mortgage will now be paying more, those seeking new mortgages will not qualify for as much as previously. 

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50/50 Raffle - Habitat for Humanity + RE/MAX 

Myself and all other RE/MAX agents in the Comox Valley are helping to promote a monthly 50/50 draw with a guaranteed payout of $5,000! The promotion will help raise funds for Habitat for Humanity and its affordable housing initiative. For more information and how to participate, go to: https://www.habitatnorthisland.com/giving/online-5050-raffle/