Comox Valley Real Estate Market Update – 2022

2022: The Bank of Canada works to curb inflation

Another year that began a bit slowly, as is wont to happen. Once the first couple of months passed, we were back into a busy real estate trend. June and July things began to change again. The government decided to try to curb inflation so the Bank of Canada began raising interest rates and looking at other regulations to cool the hot markets across the country. It is working!

Unprecedented price increases, growing numbers of offers, dwindling supply since 2020, have now (August) been replaced by leveling prices, properties remaining on the market longer, some price reductions, and increased numbers of active listings.

The government is still talking about other measures to come so we will see what that brings.

In the meantime, it looks like some of the changes are having the desired effect.