royal lepage comox valley real estate blog rewind

Year End Blog Recap of Property for Sale Comox Valley

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As 2024 comes to a close, it’s the perfect time to reflect on an extraordinary year for the real estate market in the Comox Valley. Whether you were actively seeking a new home, an investment opportunity, or simply curious about the evolving trends in property for sale Comox Valley, the past year brought significant developments and opportunities. In this post, we’ll recap the highlights of 2024, exploring key market trends, standout properties, and what these changes mean for buyers and sellers in the Comox Valley. Join us as we celebrate the year’s successes and look ahead to what 2025 has in store for this West Coast real estate destination.

Winter & Spring Were Dedicated to Advice About Property for Sale Comox Valley

waterfront property in comox valley

Jan – 2024 Trends for Properties for Sale in Comox Valley

If you purchased a home in the Comox Valley this year, we hope you found this article helpful. At the start of the year, we shared our predictions for 2024’s real estate market trends. Take a look to see how our forecast measured up to the reality of the market!

Feb – Sustainable Living Tips for Comox Valley Properties for Sale!

Living in Comox Valley comes with the privilege of being immersed in British Columbia’s awesome geography. However, to preserve wildlife and ensure that the landscape remains healthy, it’s important to practice sustainable living. Revisit this article for tips on how you can bring sustainable living into the New Year. 

Mar – Reasons to Invest in Waterfront Properties in the Comox Valley

Waterfront property is becoming scarce across the globe. If you want to invest in a property that will truly stand out on the market, a home on the water is the way to go. Check out this article from March to learn all about investing in waterfront properties!

Apr –  Real Estate for Sale in Comox Valley to Get New Transportation Path

Is one of your New Year’s resolutions to finally bid farewell to your car? If so, the improved transit routes in the Comox Valley could help make it happen. Back in April, we covered the newly approved transportation paths. Be sure to check out the article if you haven’t already!

May – Downsizing Homes for Sale in the Comox Valley as a Retiree

If 2025 will be the year you retire, consider looking back on our May article about downsizing as a retiree. In this blog post, we covered everything you need to know about where to live, financial considerations to make, and what kind of property to own. 

Summer & Fall Brought Change & Exciting Developments

best-comox-valley-waterfront-communities

June – Houses for Sale in Comox Valley: Are You Saving With a Bi-Weekly Mortgage?

For most Canadians, purchasing a home typically involves securing a mortgage. In this article, we covered a popular strategy homeowners use to pay off their home loans: bi-weekly payments. 

July – Understanding the Impact of Extreme Heat on British Columbia’s Real Estate: A Focus on Comox Valley

In July, we discussed the impact that extreme heat can have on British Columbia’s real estate. Our post focused on what buyers and sellers can do in the midst of unprecedented weather conditions. 

Aug – Best Waterfront Communities to Find Homes for Sale Comox Valley BC

Comox Valley is known for its gorgeous West Coast landscape. In August, we highlighted some of the best areas to find waterfront homes in the region.

Sept – Comox Valley REALTORS® Discuss Future Parks & Transit!

In September, our team wrote all about the changes to come given the new strategic plan for parks and trails in the CVRD. We also went over some of the changes being made to the CVRTS. Check this one out if you missed it!

Oct – Should You Renovate or List Homes for Sale Cumberland?

The decision to renovate or list homes for sale Cumberland is one that many long-time homeowners struggle with. Find the solution to your problem in this October blog post.

Nov – You Won’t Want to Miss Union Bay Real Estate Comox BC Canada

Looking for someplace to invest in property in 2025? Look no further than Union Bay Estates. Read this article to see what the future holds for Union Bay’s latest luxury community on the waterfront!

Contact us Today!

Thanks to all of our clients and industry partners who took the time to read our blog in 2024! If you are curious about buying or selling property for sale Comox Valley in the New Year, we encourage you to contact us today! Moreover, if you have any questions about properties in the area, be sure to reach out to us! We would be thrilled to get your New Year’s real estate goals on track. A home in the Comox Valley is the perfect investment for any buyer. Be sure to check out our social media here, and return next year for more real estate-related content! We look forward to working with you in 2025.

union bay new development coming soon

You Won’t Want to Miss Union Bay Real Estate Comox BC Canada

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Along the shores of Vancouver Island, where the waters of the Pacific meet the Comox Valley region, a groundbreaking new community is coming to life. Named Union Bay Estates, this  789-acre master-planned development will redefine the way we live, work, and play. Vancouver-based developer Sunwins crafted this ambitious project to be a self-sustaining community containing every aspect residents need to thrive. The new community which broke ground this year, will include single-family, multi-family, and low-rise residential housing. It will also include high-tech parks and educational districts, a town centre, five-star boutique hotels, a marina, medical services and shopping.  In this article, we will go over everything you need to know about this incredible investment opportunity. Follow along below to learn more about Union Bay real estate Comox BC Canada!

Amenities and Features Proposed for Union Bay

union bay master planned community

Union Bay Estates provides residents with every modern convenience, at their doorstep. The community boasts a host of impressive amenities. For instance, the Marina Village. At the heart of Union Bay Estates, the Marina Village will contain a 200-slip marina with berths for vessels ranging from 12 to 60 feet, along with floatplane capacity and even a pocket cruise ship dock. Surrounding this oceanfront hub, you’ll find shopping, dining, and entertainment options to suit all tastes.

Another key part of the development is its commitment to education. The educational district will feature an international college with student housing, sports fields, and supporting retail spaces. Additionally, land has been donated to a public elementary and secondary school.

Union Bay Estates will also include two boutique hotels: one offering a contemporary marina lifestyle and another featuring an oceanfront resort and spa experience. Together, these will provide luxurious accommodations for visitors and residents alike.

With 160 acres of dedicated parks and green space, Union Bay Estates prioritizes outdoor living. Highlights include a waterfront public park and a trail system that stretches from the ocean to the edge of the community, inviting community members to get outside and enjoy the West Coast scenery. Whether you like hiking, mountain biking, or paddling along the shores, Union Bay is the perfect home base for your outdoor lifestyle.

If the outdoors isn’t your thing, perhaps the fact that the development will feature over 100,000 sq. ft. of retail and commercial space will grab your attention. And, this is only the plan for Phase 1! Union Bay has plans to expand in future phases. Union Bay Estates has everything you need from daily conveniences like supermarkets and pharmacies to specialty shops and entertainment venues.

What Else Should You Know About Union Bay?

union bay in courtenay vancouver island new master planned community

Beyond creating a vibrant community, Union Bay Estates aims to make a lasting economic impact on the region. By providing much-needed residential options, contributing to public amenities, and creating jobs, this development will strengthen the socio-economic fabric of the Comox Valley. With all the proposed infrastructure, Union Bay aims to add millions of dollars to the region. 

Before the commencement of construction at Union Bay Estates, extensive efforts were made to prioritize the preservation and restoration of the area’s natural environment. By focusing first on protecting and rehabilitating the existing ecosystem, the development has been designed to harmonize with its surroundings. This thoughtful approach ensures that future residents can enjoy the community and lessen their environmental footprint. Through sustainable planning, Union Bay Estates is shaping a living space that thrives within its natural setting and actively contributes to its long-term health.

Union Bay Estates is being developed in nine phases, with the first phase already underway. This initial stage focuses on creating waterfront residential homes and establishing the Marina Village, which will serve as the heart of the community. Phase two will introduce a college along with additional residential spaces, while phase three will expand the residential offerings. Following these foundational stages, phase four will bring the development of a cutting-edge high-tech park. Phases five through eight will focus primarily on residential expansion, catering to the growing demand for diverse housing options. Finally, phase nine will blend commercial and residential spaces, completing the vision of this self-sustaining community.

Contact us Today About Real Estate Comox BC Canada

As construction of Phase 1 nears completion in 2024, the vision for Union Bay Estates is quickly becoming a reality. With opportunities for homeownership, commercial ventures, and more, now is the perfect time to join this community.

Whether you’re dreaming of an oceanfront estate, a work/live space, or a family home, real estate Comox BC Canada provides an unparalleled lifestyle in one of the nation’s most beautiful settings. If you are curious about buying a home in this development, we encourage you to contact one of our REALTORS®! Be sure to check out our social media, and return next month for more real estate-related content! 

cumberland renovations on real estate for sale

Should You Renovate or List Homes for Sale Cumberland?

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The decision to renovate or list homes for sale Cumberland is one that many long-time homeowners struggle with. Renovating is a popular way to modernize your home and refresh both the interior and exterior. However, as commonplace as renovating your home is, not every problem can be solved with a remodel. Sometimes, there are situations where selling your home makes more sense than getting out the sledgehammer. But, how do you know when to sell and when to renovate? In this article, we will walk you through a guide on how to make this choice. Continue reading below to learn more!

Reasons to Renovate 

For many homeowners, renovating is a great way to balance your new needs while still living in the home you love. This is especially true for those who don’t want to give up their current location or neighbourhood. A great remodel will help you fall back in love with your property, whether that be through updating certain rooms or making better use of the space. In many cases, this helps homeowners achieve their dream home without having to plan for a big move. However, it’s important to note that you will be living in a construction zone until renovations are complete. 

While renovating can help you rekindle your love for your home, it’s important that there are still aspects of your home you already appreciate. For instance, having great neighbours creates a sense of community and belonging that can’t be easily replaced. A convenient location might offer ease in commuting to work, school, or favourite amenities that would be hard to find elsewhere. Additionally, a large parcel of land provides space for entertaining or an area for kids and pets to play. These are foundational elements that a renovation cannot change, and they contribute to the overall satisfaction with your home. Renovating should enhance the aspects you already love, not attempt to compensate for things you can’t alter, like the location or neighbourhood atmosphere.

One of the most important factors to consider before renovating is whether you have the necessary funds—and then some—to cover the costs. Renovations often come with unexpected challenges, so having extra money on hand ensures you’re prepared for any surprises, changes, or new ideas that may arise. Additionally, homeowners who are confident in their vision are more likely to have successful renovations compared to those who are unsure of their goals.

Reasons to List Homes for Sale Cumberland

Renovating is not for the faint of heart. It often involves great budgeting, project management skills and a lot of patience. If you don’t foresee yourself being able to tick off these boxes, it might be easier for you and your family to look elsewhere for your dream home. This is also true if there are things that you hate about your home, but know that you won’t be able to change. For example, a tiny yard or obnoxious neighbours. Taking the time to step back and honestly evaluate your circumstances will make it apparent which option is right for you. 

If you’re still unsure about selling vs. renovating, consider selling as a smart way to boost your financial portfolio, especially if you’ve built up equity. If the value of your home exceeds what you owe on the mortgage, it might be an ideal time to sell. You’ll want to ensure you have enough equity to not only pay off the remaining mortgage but also cover closing costs, moving expenses, and a potentially larger down payment on a new home. Alternatively, you may think about downsizing to ease financial pressure and help you regain control of your finances.

Finally, you should sell your home if you’re unsure of what you want in a new space but feel confident that you’ll recognize it when you find it. Sometimes, it can be hard to pinpoint exactly what you need or desire in a home until you’re actively exploring new properties. Walking through different homes and seeing various layouts can give you a clearer idea of what resonates with you. By moving, you give yourself the chance to discover a place that naturally fits your preferences in ways you might not have anticipated during a renovation.   

Discover Your Future in Cumberland!

Determining whether to renovate or sell homes for sale Cumberland is not an easy task! If you are curious about moving forward with your homeownership goals, we encourage you to contact us! Moreover, if you have any questions about renovations or selling, be sure to reach out! We are excited to get your real estate dreams on track. A home in the Comox Valley is a great lifetime investment. Be sure to check out our social media here, and return next month for more real estate-related content! We look forward to working with you in the near future.

parks near real estate in comox valley

Comox Valley REALTORS® Discuss Future Parks & Transit!

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The Comox Valley Region District (CVRD) is about to undergo several changes. Currently, the CVRD is working through the final stage of the regional parks and trails strategic plan process. This will shape how the CVRD manages and invests in parklands over the next 20 years. Beyond changes to the governance of parks and trails, the Comox Valley Regional Transit System (CVRTS) is also about to see changes in its fares and legacy payment system. If you are a homeowner or a curious investor, follow along below as your Comox Valley REALTORS® unpack the changes to come in the Valley. We will also explore how these shifts might impact property values, development opportunities, and overall livability in the region.

Comox Valley REALTORS® Urge Citizens to Engage With New Parks Plan

parks and transit real estate in comox valley

The Comox Valley Regional District’s (CVRD) new Regional Parks and Trails Strategic Plan is poised to influence not just the area’s environmental landscape but also its real estate market. With the plan set to shape park management and investment for the next 20 years, homeowners and investors should consider how these changes might impact property values and development opportunities. Proximity to green spaces is a well-known driver of real estate prices, often boosting the assessed value and desirability. New or expanded parks could increase the demand for homes near these areas, making them more attractive to buyers.

The plan also addresses how to balance conservation with recreational use, which could appeal to environmentally-conscious buyers. As the Comox Valley continues to grow, the preservation of greenways and natural areas will likely play a crucial role in maintaining the region’s livability. 

Homeowners have a unique opportunity to voice their opinions on the final phase of this strategic plan. The CVRD is inviting feedback from the community until October 15, 2024, through an online comment form. This is a key moment for property owners to weigh in on how the region’s parks and trails will be shaped, potentially influencing the future development of their neighbourhoods.

It is important to note that this plan does not focus on existing trails or parks that are currently managed by the province or community. Instead, it focuses on bridging the gap between provincial and community parklands.

The CVRD has already consulted with the K’ómoks First Nation, community members, and interest groups in the earlier phases of the plan. However, the current feedback phase allows individual homeowners to express their thoughts on conservation, recreation, and how parklands should be distributed across the region. To learn more or to provide input, homeowners can visit engagecomoxvalley.ca/RegionalParksPlan.

What You Should Know About Fare Changes to the CVRTS

Starting on October 1, 2024, the Comox Valley Regional Transit System (CVRTS) will transition to a new fare system. This will replace legacy passes with Umo-enabled alternatives. BC Transit’s shift could have a direct impact on the local real estate market.

For homeowners in the Comox Valley, this change represents a modernization of the local transit system. This change could enhance property values, particularly in neighbourhoods near major transit routes. Reliable and accessible public transportation is often a key factor for homebuyers, especially for those looking to reduce their reliance on personal vehicles. The Umo system offers greater flexibility by allowing users to choose between a mobile app or a reloadable card, making transit more convenient for a broader range of residents, from students to seniors.

For those considering selling their homes, this could be an important selling point. Improved transit access through the user-friendly Umo system could appeal to buyers looking for a more commuter-friendly lifestyle. Additionally, the integration of cashless payments may attract younger buyers who prefer digital solutions.

Homeowners should also be aware of how this transition will affect them personally. If you or members of your household use public transit, you will need to switch to the Umo app or card before October 1, 2024. Legacy passes will be phased out, though cash payments will still be accepted. HandyDART services, however, will continue to sell legacy tickets and passes without changes.

As public transportation continues to evolve, it’s important to stay informed about these changes, especially if you’re a homeowner interested in how they could influence both convenience and property value in the Comox Valley. To learn more, visit bctransit.com/comox-valley/fares.

Contact us Today!

Understanding how local and regional changes affect property values is important as a buyer or seller! If you are curious about moving forward with your real estate goals, we encourage you to contact Comox Valley REALTORS®! Moreover, if you have any questions about mortgages, be sure to reach out to us! We are excited to get your homebuying dreams on track. A home in the Comox Valley is a great lifetime investment. Be sure to check out our social media here, and return next month for more real estate-related content! We look forward to working with you in the near future.

waterfront communities in comox valley bc

Best Comox Valley Waterfront Communities to Find Homes for Sale

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Tucked away on the eastern coast of Vancouver Island, the Comox Valley is a known destination for those seeking a coastal lifestyle. The valley offers an extensive number of waterfront communities that cater to different tastes and preferences. This region is renowned for its breathtaking west coast landscapes, where the mountains meet the sea. If you’re looking for a rural and serene experience on Vancouver Island, the Comox Valley is an ideal place to settle. Whether you’re drawn to the historic charm of Royston, where the area’s rich logging history is still palpable, or the tranquil, sandy shores of Kye Bay, each waterfront community in the Comox Valley has its appeal. In this article, we will be taking a closer look at some of the region’s most loved waterfront communities. Follow along below to learn more!

Why Live in Comox Valley Waterfront Communities?

Living in a waterfront community offers an unmatched balance of tranquillity and a close connection to nature. The appeal of waterfront living extends beyond just the scenic views and relaxing ambiance. While we’ve written extensively about living near the waterfront, let’s do a quick recap on the advantages of investing in real estate close to the water.

Waterfront properties provide breathtaking views and a constant, soothing presence of water, whether it’s an ocean, lake, or river. This proximity to water not only enhances your quality of life but also offers opportunities for recreational activities. Imagine spending your weekends boating, fishing, kayaking, or simply strolling along the shore. Activities such as these become an integral part of daily life in a waterfront community.

Additionally, waterfront living often fosters a strong sense of community. Many waterfront areas are close-knit, with residents who share a common appreciation for the natural surroundings. This can lead to a friendly neighbourhood atmosphere, where local events and gatherings centred around the water create opportunities for social interaction.

The natural beauty and serenity of waterfront communities also contribute to a healthier lifestyle. The proximity to water encourages outdoor activities and offers numerous options for exercise. For instance, swimming, paddleboarding, and scenic walks. Moreover, being near water has been shown to reduce stress and enhance overall well-being.

In terms of investment, waterfront properties typically hold their value well and can be a wise financial choice. The demand for homes with water views remains strong, making them a desirable asset. If you’re curious to learn more about investing in waterfront properties, check out our past blog post: “Reasons to Invest in Waterfront Properties in the Comox Valley”.

The Best Waterfront Communities in the Comox Valley

  1. Royston

Located just south of Comox, this seaside village offers a peaceful, laid-back lifestyle with the convenience of being close to larger towns and essential services. Royston’s rich history as a major port for the logging industry in the early 1900s adds character to the community. The remnants of the breakwater, built from old Canadian warships and freighters, still visible in the harbor, are a testament to the town’s historical significance.

With easy access to both the ocean and the nearby Comox Lake, residents can enjoy a variety of outdoor activities, from kayaking and fishing to hiking and wildlife viewing. Despite its rural feel, Royston is well-connected, with transportation links including bus, car, ferry, and air services, making it easy to travel within the Comox Valley or further afield.

  1. Kye Bay/Cape Lazo

Kye Bay and Cape Lazo are located just north of Comox in the Comox Valley. This area is known particularly for its waterfront homes and relaxed small-town feel. The community has several sandy beaches, perfect for swimming, paddle sports or beachcombing. Real estate in Kye Bay and Cape Lazo primarily consists of single-family homes, with many properties offering direct access to the beach or panoramic ocean views. The area has a mix of both seasonal cottages and year-round residences. Given its oceanfront setting and appeal to those seeking a coastal lifestyle, real estate in Kye Bay and Cape Lazo is considered a sound investment.

  1. Union Bay

For a true small-town, coastal experience, Union Bay is the place to be. This historic coal port town is evolving, with new developments adding to its appeal. Homes here offer panoramic views of Baynes Sound, Denman Island, and the mountains. It’s an ideal spot for those seeking a quieter lifestyle.

Contact us About Homes for Sale Comox Valley BC!

Now is the time to get a move on your fall 2024 goals in real estate! If you are curious about buying or selling homes for sale Comox Valley BC, we encourage you to contact us today! Moreover, if you have any questions about mortgages, be sure to reach out to us! We are excited to get your homebuying dreams on track. A home in the Comox Valley is a great lifetime investment. Be sure to check out our social media here, and return next month for more real estate-related content! Our Comox Valley, real estate agents look forward to working with you.

rlp comox extreme heat real estate effects

Understanding the Impact of Extreme Heat on British Columbia’s Real Estate: A Focus on Comox Valley

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British Columbia is no stranger to nature’s extremes, but recent years have seen unprecedented heatwaves that have left residents and experts alike questioning the future. Among the regions affected, Comox Valley stands out, not just for its scenic beauty and vibrant community, but also for how its real estate market is evolving in response to these climatic changes. This article explores the interplay between extreme heat and the real estate landscape in Comox Valley, offering insights for potential buyers and investors.

The Rising Heat: A New Normal for British Columbia

British Columbia’s weather patterns have shifted dramatically, with heatwaves becoming more frequent and intense. The summer of 2021 was a stark reminder, as temperatures soared to record-breaking highs, affecting the environment, economy, and daily life. These heatwaves are not isolated incidents but part of a larger trend linked to global climate change. The implications are vast, from health risks to infrastructure stress, and they inevitably ripple through the housing market.

Comox Valley: A Jewel Under the Sun

Nestled on the eastern coast of Vancouver Island, Comox Valley is renowned for its picturesque landscapes, outdoor activities, and a strong sense of community. Traditionally, the valley has enjoyed a temperate climate, making it a desirable place to live. However, the area’s real estate market is experiencing notable shifts as extreme heat becomes more common.

Climate’s Influence on Real Estate in Comox Valley

  1. Demand for Climate-Resilient Homes:
    Homebuyers are increasingly prioritizing climate resilience in their search criteria. Properties with features like energy-efficient cooling systems, high-quality insulation, and heat-resistant landscaping are in higher demand. Builders and developers in Comox Valley are responding by incorporating these elements into new construction developments, making them more attractive to environmentally conscious buyers.
  2. Shift in Buyer Demographics:
    The extreme heat is influencing demographic trends in Comox Valley’s real estate market. Retirees, who have traditionally flocked to the region for its mild climate, are now more cautious. Meanwhile, younger families and professionals, who can adapt more easily to changing conditions, are becoming a more prominent buyer demographic.
  3. Insurance and Maintenance Costs:
    As temperatures rise, so do the associated costs of homeownership. Increased utility bills for air conditioning, higher insurance premiums due to the risk of heat-related damage, and the need for regular maintenance to combat the effects of extreme weather all contribute to the overall cost of living. Prospective buyers need to factor these considerations into their decisions.
  4. Value of Outdoor Spaces:
    Outdoor living spaces have always been a selling point in Comox Valley, but their value has surged amid the changing climate. Properties featuring shaded gardens, covered patios, and swimming pools are seeing increased interest. These features not only provide comfort but also enhance the property’s appeal and market value.

How Royal LePage REALTORS® Are Adapting to the New Reality of Extreme Heat

For real estate agents and brokers at Royal LePage in the Comox Valley, understanding and addressing the implications of extreme heat is crucial.

Here are some strategies we employ to help our buyers and sellers:

  1. Educating Clients:
    Informing potential buyers and sellers about the impacts of extreme heat on properties can build trust and credibility. Providing data on energy-efficient homes, climate resilience measures, and cost implications can help our clients make better, more informed decisions.
  2. Highlighting Resilient Properties:
    Emphasize listings that feature climate-resilient designs and technologies. Use marketing materials to showcase how these homes are equipped to handle extreme heat, thus offering long-term value and comfort to buyers.
  3. Encouraging Sustainable Practices:
    Advocate for sustainable living practices among homeowners. Simple steps like installing solar panels, using drought-resistant plants in landscaping, and upgrading to energy-efficient appliances can make a significant difference in mitigating the effects of extreme heat.
  4. Staying Informed:
    Keep abreast of the latest research and trends in climate change and its impact on real estate. Being knowledgeable allows our agents to better serve their clients and adapt to the evolving real estate market landscape.

Looking Ahead: A Balanced Perspective on Extreme Heat

While extreme heat presents challenges, it also offers opportunities for innovation and growth in Comox Valley’s real estate market. By focusing on sustainability, resilience, and education, the community can adapt to the changing climate while maintaining its appeal as a desirable place to live.

For potential buyers, now is the time to invest in properties that not only meet current needs but are also equipped to handle future climatic shifts. For sellers and real estate professionals, highlighting the features and benefits of climate-resilient homes can set them apart in a competitive market.

The intersection of extreme heat and real estate in Comox Valley underscores the importance of forward-thinking and adaptability. As the climate continues to evolve, so too must our approach to living and thriving in this beautiful region. With the right strategies and mindset, Comox Valley can continue to be a vibrant, sustainable community for years to come.

If you’re looking for a REALTOR® who can help you with climate-minded real estate in Comox Valley then get in touch with us today!

comox valley houses for sale in bc

Houses for Sale in Comox Valley: Are You Saving With a Bi-Weekly Mortgage?

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For most Canadians, purchasing houses for sale in Comox Valley typically involves securing a mortgage. Since buying a home is a significant investment, obtaining a mortgage is often the most practical option for achieving the Canadian dream. Considering the substantial amount a mortgage represents, it’s crucial to be aware of all your available options. In this article, we will explore a popular strategy homeowners use to pay off their mortgages: bi-weekly payments. Here, we will break down common myths, explain how bi-weekly mortgage payments work, and give some insight into their value. Read on to find out if bi-weekly mortgage payments can truly save you money.

The Basics of a Bi-Weekly Mortgage Payment Schedule 

Many people often get caught up in deciding what kind of payment frequency to choose for their mortgage. Lenders typically offer six different options that range from monthly, to bi-weekly. These options can be confusing as many of them sound the same. To help you better understand what each of these means we will use the following as a case study:

Case: Hayley has a $1000 mortgage payment and wants to know what option is best for her. Let’s take a look at some of her choices.

Semi-monthly mortgage payments are when you make two payments per month on specific dates, like the 1st and the 15th. This results in 24 payments per year. In Hayley’s case, this would mean $500 paid twice per month.

On the other hand, bi-weekly payments are when you make one payment every 14 days (e.g. your monthly payment multiplied by 12 and divided by 26). Consequently, this results in 26 payments per year. If Hayley chose a bi-weekly payment schedule, she would be paying $461.54 every second week.

Another similar option is the accelerated bi-weekly payment schedule where you make one payment every 14 days in the amount of your monthly payment divided by two. This results in you paying one extra monthly payment per year. For Hayley, this would equate to $500 paid every second week. 

If Hayley wants to pay down her mortgage faster and accrue less interest, the accelerated bi-weekly option is likely going to be the best choice. However, it’s important to consider other factors like lender fees to enroll in an accelerated mortgage program, financial capability, and other potential risks. Talking with a trusted broker/lender is always a good choice before you make any changes to your payment plan. 

What to Know about Bi-Weekly Mortgage Payments for Houses for Sale in Comox Valley

People who choose to enroll in a bi-weekly mortgage plan, generally do so to help minimize the amount of interest they will pay on their loan. However, it is important to note that the amount of interest saved when choosing bi-weekly payments is often inconsequential. Depending on the value of your home, bi-weekly payments may only save you a few grand. And, your mortgage will generally still take the same amount of time to be paid off as in the case where you choose monthly payments. Thus, monthly and bi-weekly payments are, overall, nearly the same. 

What’s more, is that unlike semi-monthly mortgage payments, bi-weekly payments often don’t coincide with paydays. Since you are paying every 14 days, there is no set date for when you make a payment. Instead, it is usually based on a specific day of the week, for example, Friday.  This means that some months you will make only two payments and others you could make three. 

If paying down your mortgage fast is what truly matters to you, then an accelerated bi-weekly payment is where you want to look. Accelerated bi-weekly payments result in you paying an additional monthly payment per year for a total of 13 instead of 12. This can substantially reduce your amortization period and reduce the amount of interest you will have to pay over time. In a case study where a home buyer has a $500,000 mortgage with an interest rate of 5% for 25 years, the mortgage could be paid off in as soon as 21.5 years with accelerated bi-weekly payments. Thus, paying off your mortgage 14% faster than monthly or regular bi-weekly payments. 

Contact us About Houses for Sale in Comox Valley!

Now is the time to get a move on your 2024 goals in real estate! If you are curious about buying or selling real estate for sale in Comox Valley, we encourage you to contact us today! Moreover, if you have any questions about mortgages, be sure to reach out to us! We are excited to get your homebuying dreams on track. A home in the Comox Valley is a great lifetime investment. Be sure to check out our social media here, and return next month for more real estate-related content!

retiring tips for downsizing

Retiring in Comox Valley? Get tips on downsizing your home, here!

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As a retiree, you are faced with several decisions about what to do with your finances, where to live, and what kind of property to own. One of the most common practices amongst retirees is to downsize into a smaller home. This often affords more freedom and flexibility for homeowners looking to soak up their golden years. However, is downsizing always the best option? And, what should you consider before making the choice to downsize? Answering all of these questions is critical as you work towards determining the best course of action for your housing plan. In this article, we will be providing you with insight into why you might consider downsizing and some of the questions you should ask yourself before taking action. Follow along below to learn more!

Questions to Consider Before Downsizing to Homes for Sale in the Comox Valley

One of the first things to consider before downsizing is if your current home fits the lifestyle you want. For retirees who are still living in a single-family home, it is important to ask this question. Having your ideal retirement lifestyle in mind will help you come to this conclusion. Are you interested in traveling…living closer to family…being somewhere walkable or transit-friendly? All of these factors can impact your decision to downsize or remain where you are. Once you get a better idea of how you envision your retirement, you’ll have a clearer sense of what home is right for you.  

Another question that you should keep in mind when deciding whether or not to downsize is how much space you need. Downsizing often means selling off some of your belongings to accommodate a smaller living arrangement. If you don’t choose to sell, you will likely have to pay for additional storage space to house your things. For example a storage locker or shipping container. Similar to this, if you frequently have guests stay with you, downsizing could make it harder to entertain family and friends. 

Thinking toward your future in your current home, can you imagine the property being suitable when you are 70, 80, or 90? This question is paramount in understanding how to proceed with your housing goals. If you can’t see yourself being able to maintain the yard, go up and down the stairs, or keep up with general housework, downsizing could be the right move. Moreover, can you see yourself being able/wanting to move in the next few years if you realize that you want to live somewhere smaller or more accessible? If you’re not sure about these questions, it’s important to carefully consider what your future self will need. 

Why Should You Downsize?

There are numerous reasons why retirees choose to downsize during their retirement. A prime example is to offer more freedom for hobbies and travel. If your plans involve extensive travel or spending minimal time at home, downsizing usually makes the most sense. Not to mention it can help you save money and put more towards the trips you’ve always yearned to go on. Furthermore, you won’t need to worry about the maintenance and upkeep of your home while you’re gone. Especially, if you downsize into a stratified building/community. 

Downsizing can also be an effective way to ensure a better quality of life as you age. Owning a smaller space with elevators in the building can help you keep your independence throughout your retirement. It also enables you to live with fewer daily chores, clutter, and stress. When you downsize into a smaller home you’ll get the opportunity to eliminate belongings that took up too much space in your old home and make room for what matters most. This will create a better sense of organization and make it easier to move homes if you decide to relocate again. 

Lastly, the most common reason to downsize as a retiree is to do away with the constant maintenance of owning a single-family home. As you grow older, the energy and time you have to spend on home maintenance diminishes. Many seniors often find it challenging to shovel snow and tend to repair tasks as time passes. While it is possible to hire others to do these things, it can cost a lot of money and end up eating through your retirement savings. Moving somewhere where you don’t need to worry about taking care of these tasks can be more cost-effective and less stressful. 

Contact us Today!

Now is the time to get a move on your 2024 goals in real estate! If you are curious about buying or selling real estate for sale in Comox Valley, we encourage you to contact us today! Moreover, if you have any questions about downsizing as a retiree, be sure to reach out to us! We are excited to get your retirement dreams on track. A home in the Comox Valley is a great lifetime investment. Be sure to check out our social media here, and return next month for more real estate-related content!

Our Comox Valley real estate team looks forward to working with you!

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Comox Valley to Benefit from Enhanced Transportation Routes.

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If you have aspirations of making 2024 the year that you finally ditch your car, we have excellent news! Following the approval of Comox’s Active Transportation Network Plan Strategy in 2023, getting around without a car could get a whole lot easier. The implementation strategy intends to construct active transportation paths to further connect real estate for sale in Comox Valley with the surrounding infrastructure. This will make it much simpler for residents to get to and from their daily destinations. In this article, we will be going over the details of this project and how it may be of benefit to your property value. Follow along below to learn more!

All About the New Active Transportation Paths in Comox Valley

The Comox Valley Regional District (CVRD) is planning to construct two new active transportation paths to connect communities in the Comox Valley. The project defines active transportation as any means of self-propelled transportation. For example, biking, walking, or rollerblading. The infrastructure for active transportation often comes in the form of a designated pathway, which is intended to provide a safe and accessible location for people to get from A to B. This could mean completing daily errands or ensuring a secure route for children to get to school. The CVRD has emphasized that this project is commuter-focused, not recreational. 

These two projects have sparked excitement in several residents as they will help foster a more connected community. Moreover, they will provide greener and more diverse options for citizens to get around. It should be noted that both pathways are still in the planning stages. However, they remain a top priority for the CVRD. The first pathway (Cumberland to Courtenay) will link the Village of Cumberland to the City of Courtenay. This is via a 4km long path. The second pathway, (Royston Road) will run from the waterfront Seaside Trail to Livingston Road near the elementary school. This is via a 725m long path. 

The CVRD intends to design the pathways so that they are accessible to all residents regardless of their age and ability. This means ensuring that the pathways can be used with various active transportation methods including wheelchairs and scooters. 

Currently, the estimated cost of the Royston Road pathway is between $600,000 and $2.2 million to complete. On the other hand, the Courtenay to Cumberland Connector (a much larger project) is expected to cost between $5.2 to $7.8 million. 

If grant applications are successful, the CVRD intends to begin construction later on in 2024. 

How Can This Improve Real Estate for Sale in Comox Valley

As a homeowner of real estate for sale in Comox Valley, you may be wondering how this project could benefit your property. To help you gain a better understanding of what this development could mean for you, we’ve outlined a few key points. 

To begin, the new active transportation paths could lead to a rise in overall property value. Oftentimes, homes situated near well-maintained and accessible transportation pathways attract buyers looking for convenient commuting options. The addition of these paths could lead to increased desirability, thus leading to higher selling prices. 

Further to this, implementing these paths is a big, positive change for the community. As such, it could result in more appeal from out-of-town buyers to relocate to the Comox Valley. Especially, for families who are looking for a well-connected area with a variety of transportation options. For those planning to sell their home, an influx of buyers could improve your ROI and shorten the days that your home is listed on the market. 

Another potential benefit for residential real estate is improved environmental conditions. With more people choosing to travel by bike or on foot, there will be less greenhouse gas emissions. In addition, there will be a decrease in traffic. Consequently, leading to quieter streets and less congestion for those who still travel by car. A greener environment also means cleaner air and improved quality of life. And, buyers who prioritize living in a sustainable environment may be more inclined to purchase a property near active transportation infrastructure. 

Contact us Today

Spring is here! Now is the time to get a move on your 2024 goals in real estate! If you are curious about buying or selling real estate for sale in Comox Valley, we encourage you to contact us today! Moreover, if you have any questions about new developments in the area, be sure to reach out to us! We are excited to get your aspirations on track. A home in the Comox Valley is a great lifetime investment. Be sure to check out our social media here, and return next month for more real estate-related content! We look forward to working with you in the near future.

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Reasons to Invest in Waterfront Properties in the Comox Valley

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A home on the water is an appealing option for any buyer. Homes in Canada that are situated on or near a lake, river or ocean are more likely to sell for a higher price. If you’re looking to invest in a property on the water this spring, look no further than Vancouver Island. Owning real estate in this locale is sure to diversify your property portfolio and yield a high ROI. Whether you’re a homeowner or an investor, waterfront properties in the Comox Valley make ideal investments. To help you decide where to buy your next home, we decided to compile a list of reasons why you should consider investing in a waterfront property in Comox Valley. Follow along below to learn more. 

Why Should You Invest in a Home on the Water?

Buying a home on the water has several benefits. Those who have purchased waterfront real estate before will know that one of the greatest perks is the demand your property holds. Buyers all across the world share the knowledge that a waterfront home is a coveted investment. As such, when the day comes to relist your property, you can rest assured that there will be a buyer waiting to make a bid. Especially if you’ve kept up with maintenance or turned it into a profitable business (wedding venue, rental home). 

Moreover, there is an apparent scarcity of waterfront real estate available globally. Many municipalities/governments have put restrictions in place to prevent homes from existing on waterfront land. As a result, properties that exist in proximity to bodies of water are often safeguarded from inflation and can help investors preserve capital. In other words, during market downturns, waterfront real estate is generally more resilient than properties that are not on the water. In addition to this, their limited availability makes buyers all the more prepared to pay a higher asking price. 

Having a waterfront property is also advantageous for its potential uses. A home on the water can easily be converted into a vacation property, rental investment, or primary residence. Furthermore, depending on the zoning, you could also start a business on the property, featuring the waterfront as a memorable backdrop. From swimming and sailing to fishing and water skiing, there are endless possibilities for the use of waterfront real estate. These types of properties are generally in demand all season long, as water bodies often provide a peaceful retreat for leisurely activities. 

More Reasons to Purchase Waterfront Properties in the Comox Valley

Living close to the water isn’t all about the capitalistic benefits, it’s also directly related to improved health and well-being. For instance, in a study conducted by Dan Crouse in New Brunswick, he found that those who lived in proximity to the water saw a 12-17% increase in lifespan. It’s also been noted that being near the water contributes to stress reduction. Water has long been known to have a calming effect. Thus, the peaceful environment of a waterfront property can help promote relaxation.

Further to this, researchers have discovered that being near the water encourages individuals to be more active. As well as spend more time outdoors. The air quality near water bodies is also said to be better due to fewer pollutants in the air. If you’re someone who likes to listen to the sounds of water to help you fall asleep, it may come as no surprise that living near the water leads to enhanced sleep quality. 

Beyond the health benefits, there is also the potential to diversify your investment portfolio. As an investor, keeping your portfolio risk-free has a lot to do with ensuring that you have a range of different investments. This way, during points of economic instability, you decrease the chances of major portfolio losses. Investing in only one type of real estate can increase your odds of bankruptcy. As such, a waterfront home could be a good addition to your current investments. Especially, given the nature of their resilience. 

Contact us Today About Properties in the Comox Valley!

Spring is rapidly approaching! Now is the time to get a move on your 2024 goals in real estate! If you are curious about investing in waterfront properties in the Comox Valley, we encourage you to contact us today! Moreover, if you have any questions about real estate for sale in the area, be sure to reach out to us! We are excited to get your aspirations on track. A home in the Comox Valley is a great lifetime investment. Be sure to check out our social media here, and return next month for more real estate-related content! We look forward to working with you in the near future.