Dean Thompson
Cell:250-898-4777
Office:250-339-2021
Toll Free:888-829-7205

Comox Valley Real Estate ~ March 2021 Results

The Comox Valley real estate market continues to strongly favor Sellers. Inventory levels remain  at historic lows as Buyers are bullish. Upward pressure on prices continues.  


March 2021 results by numbers:

  • The average sell price of a detached home in March 2021 was $769,500; this is a 26% increase from last year. 

  • Residential listings are down 61% compared with last year at this time.  

  • Currently, it takes an average of only 20 days for a residential home to sell; this is 69% faster compared to last year!

  • There was a total of 94 sales of properties over 1 million dollars from April 1, 2020 to April 1, 2021.

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


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          OFSI proposes stress test changes to help curb hot market

          April 7,2021 - The proposal from the Office of the Superintendent of Financial Institutions would set the qualifying rate for uninsured mortgages at the contracted rate plus two percentage points or 5.25%, whichever is higher. That’s a change from the current rules of the bank rate plus two percentage points or the Bank of Canada’s five-year benchmark rate, which currently sits at 4.79%. 

          These changes, if adopted, will go into effect on June 1.


          Find more information here

           

          What's next for Canadian Housing Markets


          After several record-breaking months for home sales and prices in 2020, what can we expect to see in 2021? The Canadian Real Estate Association's (CREA) quarterly forecast is back and predicts this trend to continue. Read the full report here.


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          MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.