Welcome to Penny Lane, a charming 2020 built home on the shores of the Cowichan River in historic Lake Cowichan. This bright and modern 2-bedroom, 2-bathroom home offers open concept living with a functional layout. The main level features a cute kitchen and living area, one bedroom with Murphy bed, and a powder room. Step outside to your private, fully fenced patio with a covered roof, perfect for year-round enjoyment. Upstairs you'll find the primary bedroom, full bathroom, and convenient laundry. Large windows throughout fill the home with natural light. Recent updates include new appliances, a ductless heat pump, and refreshed front landscaping. Enjoy access to the strata's shared riverfront dock, ideal for swimming, tubing and watching all the happenings on the river. Located within walking distance to town and with easy access to the Cowichan Valley Trail, this home is perfect as a full-time residence, weekend getaway, or investment property.
Property details
2
Beds
2 full
Baths
804 ft²
Floor area
1,149 ft²
Lot size
2020
Year built
1
Parking
$300/mo
Strata fee
$3,637/yr
Gross tax
Location & structure
Single Family
Type
Lake Cowichan
Area
Listed
June 24, 2026
Structure
House
PID
031-248-543
Property highlights
Patio
Features & inclusions
Heating
Heat Pump, Baseboard heaters, Electric
Cooling
Air Conditioned
Parking
Open
Lot
Central location, Other
Community
Family Oriented, Pets Allowed With Restrictions
Additional details
Common interest
Condo/Strata
Listed by RE/MAX Island Properties (DU). Last updated Jul 6, 2026, 10:50 AM.
The information contained on this site is based in whole or in part on information that is provided by members of The Canadian Real Estate Association (CREA), who are responsible for its accuracy. CREA reproduces and distributes this information as a service for its members and assumes no responsibility for its accuracy.
Jessica specialises in residential financing across Greater Vancouver, helping buyers secure competitive rates and navigate complex purchases with clarity.
Jessica Kuan
Licensed Mortgage Broker
This is an estimate only and does not constitute financial advice or a mortgage offer. Based on $103,000 down (20%) on $515,000, Canadian semi-annual compounding. Property tax sourced from listing. Strata fee sourced from listing. Home insurance, land transfer tax, and closing costs are not included. Consult a licensed mortgage professional for personalised advice. Mortgage professionals featured here are independent licensed brokers. Ray Rasouli may receive a referral fee if you choose to work with one. You are under no obligation to use any recommended provider. Full disclosure.
Supply outlook
Where supply, demand, and prices are heading by 2035
CMHC scenario data, applied to this listing's metro area
House prices, 2024 to 2035
CMHC scenario comparison
18.4 percentage points
Building enough supply could keep prices 18.4 percentage points lower by 2035.
Source: CMHC supply-shortages report (2026)
Housing starts needed each year
Current pace vs CMHC supply target
7,245 units short
Vancouver is starting about 7,245 fewer units per year than CMHC says is needed to keep prices stable.
Source: CMHC supply-shortages report (2026)
Housing stock, 2024 to 2035
Projected dwellings under current trajectory
24.0 percentage points
Stock grows about 24.0% over the period under the business-as-usual scenario.
Source: CMHC supply-shortages report (2026)
Apartment construction pace
Apartment starts in 2025 vs the 10-year average
8.6% above
Condo and rental apartment construction is running 8.6% above the 10-year pace, easing future apartment scarcity.
Source: CMHC supply spring 2026
Family-home construction pace
Houses and townhomes started in 2025 vs the 10-year average
20.9% below
Ground-oriented (houses + townhomes) construction is running 20.9% below the 10-year pace, squeezing family-sized supply.
Source: CMHC supply spring 2026
Inventory mix
What this area trades in
Within 3 km of this listing · 57 listings
Detached
33
57.9%
Land
7
12.3%
Townhouse
6
10.5%
Condo / Apartment
3
5.3%
Mobile home
3
5.3%
Other
5
8.8%
Source: active, display-eligible listings within 3 km of this listing. The radius widens automatically when nearby inventory is sparse.
Housing stock here
What this neighbourhood is built of
Census 2021 dwelling structural-type mix · Lake Cowichan · 335 dwellings
Single-detached295 · 88.1%
Apartment in duplex15 · 4.5%
Low-rise apartment15 · 4.5%
Row house5 · 1.5%
Movable dwelling5 · 1.5%
Source: Statistics Canada · 2021 Census of Population
Neighbourhood demographics
Who lives in this small neighbourhood
The following information covers the Dissemination Area that contains this property. A dissemination area is the smallest standard geographic area Statistics Canada publishes data for, typically 400 to 700 residents.
Statistics Canada Area #59190157· Lake Cowichan· 0.82 km²
Median rent here
$950
Owner shelter cost
$950
Renters
12.5%
30%+ on shelter
18.5%
Population (2021)
698
Median age
55.2
Avg household size
2.1
Avg household income
$77,200
Renters
12.5%
Owners
89.1%
Immigrants
5.1%
Post-secondary
47.2%
Avg home value
$572,000
Single status
23.0%
Not in labour force
48.0%
Households with kids
22.4%
Median rent
$950
Owner shelter cost
$950
30%+ on shelter
18.5%
Breakdown
$15,000 to $19,999
10
3.0%
$20,000 to $24,999
15
4.5%
$25,000 to $29,999
10
3.0%
$30,000 to $34,999
15
4.5%
$35,000 to $39,999
15
4.5%
$40,000 to $44,999
10
3.0%
$45,000 to $49,999
25
7.5%
$50,000 to $59,999
30
9.0%
$60,000 to $69,999
25
7.5%
$70,000 to $79,999
25
7.5%
$80,000 to $89,999
35
10.4%
$90,000 to $99,999
20
6.0%
$100,000 to $124,999
45
13.4%
$125,000 to $149,999
35
10.4%
$150,000 to $199,999
10
3.0%
$200,000 and over
10
3.0%
Source: Statistics Canada, 2021 Census of Population (Census Profile, dissemination area 59190157).
Market story
Rent in Lake Cowichan
Census 2021 avg $950/mo here · Vancouver 2BR rent trend below
Estimate, not a prediction. Forward values use CMHC scenario growth rates applied to the latest actual. Actual outcomes will differ. Do not use as financial advice.
CMHCBritish Columbia outlook
British Columbia’s labour market expected to recover in 2026, but demographic factors will weigh on housing markets
British Columbia’s (B.C.) economy is expected to improve in 2026 after limited growth in 2025. As forecasted in our Housing Market Outlook summer 2025 update, a weak labour market and trade volatility were the main factors impacting B.C.’s economy in 2025.
From the CMHC Housing Market Outlook 2026 · Jan 2026
