Cowichan Houses for Sale will come with some west coast world class indoor and out door recreation, community and culture. Island Ryan has written up a detailed list to assist his clients that are looking for a place to host a party, throw a fundraiser or even looking for wedding venues in Cowichan.

Somenos Community Hall

3248 Cowichan Valley Hwy, Duncan, BC V9L 5Z4

(250) 510-5255

Cowichan Community Centre

2687 James St, Duncan, BC V9L 2X5

(250) 748-7529

Mesachie Lake Community Hall

9315 S Shore Rd, Lake Cowichan, BC V0R 2G0

(250) 749-6223

Vimy Community Hall

3968 Gibbins Rd, Duncan, BC V9L 6G4

No phone number. Contact form on website only.

Glenora Community Hall

3660 Glenora Rd, Duncan, BC V9L 6S3

(250) 748-0329

Saltair Community Centre

3850 S Oyster School Rd, Ladysmith, BC V9G 1Z4

(250) 210-8180

Cowichan Lake Community Services

121, Point Ideal Dr, Lake Cowichan, BC V0R 2G0

(250) 749-6822

The HUB at Cowichan Station

2375 Koksilah Rd, Duncan, BC V9L 6M5

(250) 746-1794

Mill Bay Community Hall

1035 Shawnigan Lake-Mill Bay Rd, Mill Bay, BC V0R 2P2

(250) 743-5922

Lake Cowichan Centennial Hall

309 S Shore Rd, Lake Cowichan, BC V0R 2G0

(250) 749-3322

Diamond Community Hall

4962 Christie Rd, Ladysmith, BC V9G 1J3

250-245-8317

Honeymoon Bay Community Hall

10022 Park Dr, Honeymoon Bay, BC V0R 1Y0

(250) 749-3841

Cobble Hill Community Hall

3550 Watson Ave, Cobble Hill, BC V0R 1L0

(250) 743-5431

Crofton Community Centre Society

8104 Musgrave St, Crofton, BC V0R 1R0

 (250) 246-3009

North Oyster Community Centre

13467 Cedar Rd, Ladysmith, BC V9G 1H6

(250) 924-7793

Island Savings Centre

2687 James St #2687, Duncan, BC V9L 2X5

(250) 748-7529

Stu Armour Hall

1438 Fisher Rd, Cobble Hill, BC V0R 1L0

(250) 743-5431

Cowichan Green Community Society

360 Duncan St, Duncan, BC V9L 3W4

(250) 748-8506

Shawnigan Lake Community Centre

2804 Shawnigan Lake Rd, Shawnigan Lake, BC V0R 2W0

(250) 743-1433

Cowichan Performing Arts Centre

2687 James St, Duncan, BC V9L 2X5

(250) 746-2722

Canadian Monthly Interest Rate Forecasts

Canadian home owners are pissed and they want answers. The average Canadian home owners have never seen such high interest rate increases in such a short amount of time.

Here are the past interest rate change announcements:

"The budget will balance itself", Justin Trudeau.

As you can see, in the table above, there has not been a 4% increase in interest rates in the last decade. The kicker is this happened in a time frame of 1 year! 

What is really really confusing is the "stress test" which was implemented to protect average Canadian home buyers from interest rate increases. Why bother implementing a "stress test' if you are going to just blow past it with interest rate increases after sky high real estate price increases? Is the bank of Canada and Canadian government trying bankrupt the middle class? 

Bank of Canada interest rate announcements scheduled for 2023 (source BoC):

• Wednesday, January 25, 2023
• Wednesday, March 8, 2023
• Wednesday, April 12, 2023
• Wednesday, June 7, 2023
• Wednesday, July 12, 2023
• Wednesday, September 6, 2023
• Wednesday, October 25, 2023
• Wednesday, December 6, 2023

When is the next Bank of Canada rate increase and what can I expect?

The current market overnight interest rate forecast for the next 12 months is (source: Word of Mouth in Industry):

• No change January 25th, 2023
• A 0.25% increase March 8, 2023
• No change April 12, 2023
• A 0.25% increase June 7, 2023
• No change July 12, 2023
• No change September 6, 2023
• No change October 25, 2023

*there is no way to predict the future to our knowledge, yet. The above forecast is a guesstimate. Please take as a potential guide, not factual knowledge of exact rate increases.

Central Bank of Canada Overnight Interest Rate: 4.25% (source: BoC)

SEPTEMBER 1, 2022

NANAIMO, BC – Supply is up, and transactions were down in August.

In August, active listings of single-family detached properties (not acreage or waterfront) jumped to 1,368, a 153% increase from August 2021. VIREB’s inventory of condo apartments hit 332 last month, up from 164 listings 12 months ago. There were 280 row/townhouses for sale last month compared to 109 one year ago.

Increased supply is great news for buyers, giving them more options to choose from and easing the pressure to move too quickly when making an offer. 

307 single-family-home sales in August, a 33% decrease from one year ago and up by 3% from July. There were 66 condo apartment sales last month, a decline of 33% year over year and down by 12% from July. In the row/townhouse category, 51 units changed hands in August, down 43% from one year ago and the same number as in July.

After a long period of steadily rising prices in virtually every VIREB region, slight month-over-month price dips began appearing in June. However, 2022 continues to post higher prices than seen in 2021.

VIREB wide benchmark prices of a single-family homes reached $842,800 in August, up 18% from one year ago. In the apartment category, it hit $444,800 last month, a 22 per cent increase from August 2021. The benchmark price of a townhouse increased by 19%, climbing to $615,400 in August.

MLS® SALES SUMMARY - AUGUST 2022

Full the full stats report provided by the Vancouver Island Real Estate Board CLICK HERE

A housing recession is a term used to describe a recession within the housing industry. A softening of the industry or the housing market. 

Are we in a housing recession? Short answer is Yes. We are in a housing recession. 

What does that mean? Well, The number of transactions and numbers of homes sold are down and it is thought for the next foreseeable future this will be the case here in BC, Canada. The numbers of new homes being built is down currently and will continue to slow. Builders nationally are slamming on the break as far as building new homes.

Does this mean that the prices on houses are going crash? Short answer is it depends. Some areas will always be a hot spot due to location, price and demographics. Some areas will continue to rise as the demand stays strong and some will fall as over inflated values don't usually hold in a housing recession. 

IS NBOW A GOOD TIME TO BUY? Short answer; it depends. Now is when investors buy real estate because they are able to negotiate on price, possession dates and subjects (like subject to inspections, subject to financing etc.). This is also when you do not end up in multiple offers so you can take your time to pick the dream home or investment you were hoping for and don't rush into something you don't really want just so you can get into the market. Those who were waiting for the market to slow can now jump in before it is too late and they miss the boat for the last time. HOUSING RECESSION = BUYERS MARKET

Here is some recent stats from VIREB over the last month.

Underground or buried residential oil tanks were commonly used all over Vancouver Island. Once the potential damage was realized this method of heating was basically abandoned along with the tanks in the ground. The oil storage tanks that were normally located in backyards, in parking lots, and buried underground were filled with sand or were capped and left underground. The problem with moving away from oil and switching to natural gas was the method in which the oil tanks were disposed. The oil storage tanks corrode over time and the remaining oil that was not capped would leak and move throughout the owner’s property, which results in serious contamination.

A recent example of how the contamination can be horrendous is in 2020, Victoria where a pair was ordered to pay more than $50,000 by the Supreme Court of B.C., to the people they sold their home to almost in 2016 after an underground oil storage tank was found on the property in Esquimalt. "Christopher Warren and Antonia Warren were ordered to pay $44,774.30 in damages, plus $10,655.03 in litigation costs to William Walton and Nikolas Hill for the costs they paid to remove the tank and to remediate the contaminated soil associated with it." Source: Vancouver Island Free Daily.

There are instances where people have had to pay out hundreds of thousands of dollars in damages for underground oil tank damage as it can also effect neighbouring properties if the contamination has gone unchecked for long enough.

For this reason whenever you are searching for a residential detached home or property on the island make sure you put into your offers subject to oil tank inspection. It is not worth the time and stress and could be a reason you lose the dream home you are searching for in the first place. Oil tanks are not the only thing to be weary of as well. Make sure to get a seasoned experienced agent on your side who knows how to protect you in what will likely be the biggest investment of your life.