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Average Price of Properties in Comox Valley

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Over the last few months, real estate prices have continued to grow across Canada. The national average price for a home jumped up more than 20% according to the Canadian Real Estate Association. This left the average price of homes in Canada at a whopping $816,720. The massive increase in demand for more spacious homes and recreational opportunities has gone hand-in-hand with high real estate prices. People are searching for properties that will ensure the highest quality of life while working remotely. A shift in priority to put one’s lifestyle before work is certainly present in today’s economy. If you are interested in learning more about the cost of housing and what’s to come for properties in Comox Valley, Continue reading along below!

Is There Hope on the Horizon for Canadian’s in Real Estate?

The vast increases in price have allowed outside investors to get a glimpse of what the Canadian real estate market currently looks like. Despite the pandemic, real estate costs have continued to skyrocket. The cost at which houses are going for continues to shock real estate agents whose main focus is on selling. Competition is an aggressive element in the present market. Buyers are one-upping each other with steep offers in order to secure a home. 

Thus, putting sellers in an incredible position to make a large profit. Furthermore, the aggregate composite home price index was up 3.5% relative to last year during February. Indicating, that this was the strongest monthly gain on record. All of this is according to BMO Capital Markets’ senior economist Robert Kavcic. 

Prices are going up at an innumerable rate and investors are a key component in the increase in demand. Canadians are now buying presale homes in places far from their current home. 

Fear is yet another factor in high home prices. Hostile bidding wars and a lack of homes on the market are driving up the cost of real estate. People are afraid that they won’t be able to find a suitable place to live once they sell their homes. However, now that restrictions are being lifted in B.C, the question of whether or not people will list their homes for sale is posed. 

For the time being, many Canadian residents are left out of options when it comes to finding real estate. The average Canadian doesn’t have an infinite amount of money to spend on real estate. Moreover, the ability to bid on any given number in order to keep up with other interested buyers is a luxury. It is because of the lack of affordability that many Canadians are faced with a dead-end in their real estate goals.

Trends in Canadian Real Estate Reflective of Comox Valley’s Market Condition. 

The Canadian Real Estate Association predicts that the national average home price will settle around $786,000 at the end of 2022. Which is a 14.3 percent increase year-over-year. For reference, the average price of a property in Comox Valley last month was $814,500. CREA’s predictions are lower than the national average for February of 2022. This is because they believe that the high prices we are currently seeing will drop off by the end of the year. This is an important stat to consider, as it foreshadows balance in the future of Canada’s real estate market.

For buyers who have been patiently waiting for things to drop off, things might start to look up in the coming weeks/months. With new interest rate increases from the Bank of Canada, fewer COVID-19 restrictions, and war in Ukraine, bids are slowing down. Signs of cooling are beginning to surface throughout B.C and other provinces.

Although, it does remain unclear whether or not sellers will ramp up again. Or, remain quiet as we head towards the summer months. Overall, CREA believes that national home sales will end up dropping 8 percent from 2021 this year. This is to be followed by an increase of 2.7 percent in 2023.

Buy and Sell Properties in Comox Valley!

Check out this article by the Comox Valley Record for more statistics on this topic! If you want to remain in the loop with the quickly changing Canadian real estate market, stay tuned to our blog. Properties in Comox Valley are highly sought after given the current conditions. For those who are interested in learning more about real estate in Comox Valley, reach out to us today. We’d be more than happy to help answer any questions that you may have about buying or selling real estate during a time like this. Contact us now and let our team of experts guide you through your real estate goals. We look forward to working with you in the near future!

Royal Lepage in the comox valley

January Update on Comox Properties For Sale

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The Canadian real estate market continues to break records as prices reach newfound heights. The Vancouver Island Real Estate Board just revealed the latest stats for the month of January. If you’ve been following the trends in Canadian real estate, it should come as no surprise that prices were high and inventory was low. It is unknown for how long the market will remain favourable to sellers. However, many first-time buyers and new families are hopeful that the time will come sooner rather than later. As of now, Comox Properties for sale are experiencing a huge jump in price point.

Active listings of single-family homes were 39% lower than January 2021 on Vancouver Island. In the VIREB report, it is said that the market is so out-of-balance that without a substantial decrease in demand, active listings will not return to a healthy state. While inventory has always been an issue for many British Columbians over the years, it seems it has all come to a head. Given the pandemic and poor planning, many citizens are now left scrambling to find somewhere appropriate to live. 

Comox Pricing and Why Such Steep Costs?

Increasing amounts of time spent indoors is a major factor in why so many people are eager to move out. Finding somewhere with more space is a big draw for current buyers. Moreover, there is rumoured to be an influx of people moving to areas in and around the province for these very reasons. It is also affecting the number of people who are willing to sell their homes and downsize. For instance, the older generations who are now hitting retirement age and refusing to leave their single-family homes. 

The severely low housing stock is causing a crisis for low-income families. As well as other individuals who cannot afford to pay such steep prices for real estate. In Comox Valley, the year-over-year benchmark price jumped up 32%. Thus, making the average single-family home price a grand $814, 500. 5 years ago the same house would be afforded for almost half the cost, at $412,000! Since last January Comox Properties for sale have gone up 31.8%.

Given such steep prices, many people are trying to find other ways to accommodate themselves. Renting, however, appears to be just as expensive as buying to some degree. After a down payment of 5-10%, plus mortgage payments, many people are finding that renting isn’t any cheaper than buying. This leaves minimal options available to anyone who can’t stomach the cost of an $800,000+ home. 

Stay Up-To-Date on Comox Properties for Sale!

If you want to remain in the loop with the ever-changing real estate prices, stay tuned to our blog. Comox properties for sale are hot commodities given the current conditions. For those who are interested in learning more about real estate in Comox Valley, reach out to us today. We’d be more than happy to help answer any questions that you may have about buying or selling real estate during a time like this. Contact us now and let our team of experts guide you through your real estate goals. We look forward to working with you in the near future!

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Transit & Comox Valley Houses For Sale

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Getting to and from your everyday destinations is an important part of your daily life. While many people opt for a car, living in Comox Valley houses for sale provides a host of other transit options. The city is equipped with buses, bike paths, boat access, float planes, ferries, and more. All to ensure that you arrive at your destination no matter where that may be. You can get from Vancouver Island to the mainland in a number of ways. Continue reading below to learn more about all the places you can go when you live in Comox Valley houses for sale.

Busing is Available to Comox Valley Houses for Sale!

Comox Valley is supposed by the BC Transit system. As such, the city has a variety of bus routes to get you from A to B in a timely manner. There are 15 bus routes that travel throughout the city of Comox and extend to Cumberland, Fanny Bay, Oyster River, and all neighbouring towns in between these areas. You can also get to Campbell River via the BC Transit buses, however, separate fees do apply. Bus routes 14, 13, 12, and 10 travel mainly outside of the downtown area. The 11 route connects you to the airport and ferry terminal to allow easy access to other transportation methods. You can view the BC Transit schedule and route map for Comox Valley by clicking here. People who are looking to plan their routes or see what the commute times are like can click here.

Residents of Comox Valley can purchase bus passes and bus tickets at many local locations. For instance, pharmacies and drug stores, municipal buildings, and sports and recreation centres. For a full list of the locations and addresses where you can purchase bus tickets and passes click here. The prices to ride the bus varies depending on age, status, and what type of pass you’d like. Bus fare costs $2.00 per person unless you are 12 and under in which case it is free to ride the bus. For seniors and students, a monthly pass is $35.00 and for adults, a monthly pass is $55.00. These are the two most common ways people pay for bus transit. However, there are several other options to finance your public transportation. To view these options, click here.

There is an option for handyDart use which is similar to the community bus. Learn more about the handyDart here.

Cycling is Easy in Comox Valley!

The city of Courtenay in Comox Valley has made an effort to make cycling a safer and more accessible option for transportation. Since 2019, they have been working on long-term plans for more cycling infrastructure to be integrated into the city. This is something they hope to continue to design and implement for the foreseeable future. The public was a major catalyst in starting this endeavour for more cycling infrastructure. $227,665 has been funded through the BikeBC program for the latest two cycling projects. 

These projects include painted cycle lanes, paved and unpaved shoulders, protected bike lanes, and off-street bike paths. This way people can connect their cycling experience with BC Transit to get more places in a safe and timely manner. Not only is this good for those looking to commute around the city, but also for the environment!

The plan includes proposals for river crossings, highway crossings, and parallel routes, and more bike parking options. Moreover, they hope to introduce multi-use pathways to provide space for cyclists and pedestrians alike. Read more about Courtenay’s plan for cycling here.

BC Ferries and Airport Access.

Residents of Comox Valley are not just limited to biking and bussing. There is a ferry terminal in Comox and an airport to help residents get around Vancouver Island and to the Mainland. The Comox (Little River) terminal takes passengers from Comox on Vancouver Island to Powell River on the Mainland. This terminal is a 10-minute drive from the town of Comox. In order to get on your scheduled ferry, you must arrive 30-60 minutes before your departure time. The time you arrive changes depending on whether you are traveling by foot or by car.

Additionally, the Comox airport provides flights to neighbouring cities in Vancouver Island, like Victoria. Furthermore, you can also fly to cities like Vancouver and Edmonton from the Comox Valley Airport, YQQ.

Purchase Comox Valley Houses For Sale Today!

Buy Comox Valley houses for sale today and discover a relaxing life on Vancouver Island. There is so much to be seen and explored in Comox Valley. You can access all of your destinations through public transit and other green methods of transportation. Learn more about the transit options in Comox Valley by contacting us today. We’d be happy to shed some light on your most pressing transportation questions. If you have any inquiries about a home for sale in this area, don’t hesitate to reach out to us!

Our Comox Valley REALTORS® look forward to working with you in the near future.