Cowichan Valley Market Update
LINK TO STATS IMAGES: https://www.facebook.com/share/p/1AUJDhY4Zh/
Seagulls drift around ceaselessly, wind enlivening.
Today has a crispness to it that is owed to us this time of year.
The sun is not yet over Maple Mountain, yet the kids have mostly made their way to the schoolyard - alive with shrills of play and laughter.
The sleepiness from a winter morning is jolted and challenged when the outside is walked into, a dry cold plunging out our doors at our feet.
With the recent announcement of the Domtar Crofton Mill closure, many community members are understandably paying closer attention to what’s to happen in the market and wondering what it may mean for our community moving forward.
Other big moves in the valley are also affecting the market, here we will have a quick look.
North Cowichan – Residential Snapshot (November):
Average sale price: $725,000
Average days on market: 63
Number of Sales:113
Other Local News Affecting The Market:
North Cowichan Council recently voted to amend the Official Community Plan to expand the urban containment boundary north of Herd Road, opening the door for the West Vista Terrace residential and commercial development near the Cowichan Hospital. This change signals planning activity that could support more housing options in the future. chemainus.com
The municipality continues to receive and process building and development permit applications — including multi-family and intensive residential project applications — as part of active planning and development efforts across North Cowichan. Municipality of North Cowichan
Rental markets have softened compared to last year, with average asking rents showing declines, suggesting that as more rental units become available, rental prices are easing.
Crofton Local: 1438 Adelaide St: Rezone from (R1) Residential Rural Zone to (R3) Residential One and Two-Family Zone - to facilitate 68 Unit townhouse development
As always, if you’re curious about how your particular property fits into the current landscape — whether you’re thinking about selling soon, later, or simply staying informed — I’m always happy to talk it through.
Warmly,
Karli