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2024 Trends for Properties for Sale in Comox Valley

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Happy New Year everyone! If you’re planning on buying or selling properties in Comox Valley in 2024, there is a lot to know. Tucked away on the eastern coast of Vancouver Island, Comox Valley is a hidden gem in the real estate landscape. With jaw-dropping West Coast views and a vibrant cultural scene, you won’t find real estate like this anywhere else.

In this post, we will be delving into some of the forecasted Canadian real estate trends that could impact this year’s market in Comox Valley, BC.

Follow along below to learn more about what to expect as a buyer or seller in 2024!

Canadian Trends in Real Estate for 2024

Canada has experienced a rocky few years in the real estate sector. With interest rates at an all-time high and increased demand for housing, finding a home has been a challenge for many Canadians. Especially, for those in provinces like British Columbia where the cost of living is above the national average. However, despite these conditions, the real estate market is anticipated to return to a new normal this year. 

According to a report by Royal LePage, the Canadian housing market will see a 5.5% year-over-year increase in the aggregate price of homes by the end of 2024. This will result in a national average home price of $843,684. Royal LePage’s findings also suggest that home prices will return to pandemic peaks by the end of the year. The biggest change in 2024, is said to be Canadians’ acceptance of new interest rates. In the past, buyers and sellers have been eagerly waiting for interest rates to lower so that they could re-enter the market. However, this year, experts are predicting that a “great adjustment” will occur as more Canadians come to terms with mid-single-digit borrowing costs. 

Royal LePage predicts that the adjustment won’t begin until the second half of the year. This also happens to align with their estimate that the Bank of Canada won’t begin to cut interest rates until the late summer or fall. Despite this, many lenders are already offering discounted fixed-rate mortgages. 

Major markets near Comox Valley like Nanaimo and Victoria are forecasted to be in a buyer’s market for the majority of 2024. Entry-level home prices in these areas are expected to be between $750,000 to $850,000. Additionally, single-detached homes will be the most sought-after housing type in these cities. 

How Will This Year’s Trends Impact Properties for Sale in Comox Valley?

comox valley real estate 2024 outlook

If you’re a buyer or seller in Comox Valley, you may be wondering how the Canadian market trends will impact properties in your area. For first-time buyers, the new normal may present favourable conditions to enter the market. Especially, if you’ve planned and have accumulated enough savings. Anticipated adjustments in the latter half of the year, may bring affordability and improved access. Thus, making it a potentially favourable time for buyers to make a purchase.

As 2024 unfolds, buyers might find it in their interest to consider a fixed-rate mortgage. With many lenders already offering discounted rates, a fixed mortgage could provide increased stability and predictability in mortgage payments. 

For sellers, it will be important to understand buyer preferences and price listings strategically. This year on Vancouver Island, many buyers will be looking for single-family detached homes. Those with properties that fit under this label could benefit from tactically pricing their property to capitalize on this trend. 

Moreover, since housing prices are projected to rebound to peak pandemic levels, sellers may have an advantage in pricing their properties competitively. However, it is important to talk with your agent or a real estate professional about the price of your property before listing. Too high of a price could deter buyers and cause your home to go stale on the market. Be sure to do your research and consult an expert to ensure the best possible ROI for your property!

Contact us Today!

2024 is going to be a big year for real estate in Canada! If you are curious about buying or selling properties for sale in Comox Valley this 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 are excited to get your new year’s real estate goals 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 this year!

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2023 Blog Rewind on Homes For Sale in Comox Valley

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To mark the end of 2023, we will be continuing our tradition of writing a year-end recap on all of our blog articles from the year. By reading what we’ve written below, you’ll get a chance to catch up on any missed content from the past twelve months. From January to November, we have written numerous real estate articles to ensure your preparedness. Be sure to view the full posts by clicking the article titles in the summaries if you haven’t already. 

Winter and Spring Recap

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Jan – Why Invest in a House for Sale in Comox?

Buying a house for sale in Comox can provide you with a new sense of pride, freedom, and stability. In this post, we listed a few of our top reasons to invest in a house for sale in Comox. Check it out!

Feb – When is the Right Time to Buy a Home in Comox Valley?

2022 was a rocky year for homeowners and real estate professionals alike. And, if you were wondering how 2023 was going to pan out, our blog was a great place to start. In this article, we took a closer look at housing trends in Comox Valley, and more generally, Vancouver Island. 

Mar – Safety Tips When Moving into a House in Comox Valley 

As you work towards unpacking your belongings and getting used to your new home, there are a few things you should keep in mind. The most important being safety and security. Although Comox is relatively crime-free, the advice we provided here was to ensure that your new home remained safe and secure. 

Apr –  How to Maintain Your Comox Valley Home’s Value?

Purchasing a home in the Comox Valley is a big investment. To maintain the value of their home, homeowners must be prepared to do a lot of upkeep. In this blog post, we went over our top tips on how to ensure your home is profitable when it comes time to sell. 

May – How to Maximize Space in Comox Valley Real Estate For Sale?

As more and more people occupy urban homes, space has become a rare commodity. Especially, since many homeowners are downsizing due to the high cost of living. In this article, we discussed the various ways in which you can get smarter with space. 

Summer and Fall Recap of Homes For Sale in Comox Valley

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June – Advantages of Adding a Laneway Home to a Comox Valley Property For Sale!

A laneway home, also known as a carriage house, accessory dwelling unit (ADU) or garden suite, is a small home that’s built on an existing home’s property. In this article, we wrote about the advantages of why you should build a laneway home. 

July – Property for Sale in Comox Valley – Things That Fail a Home Inspection

One way that buyers gauge the value of a potential home is by getting a home inspection. In this article, we went over some of the most common things that fail a home inspection.

Aug – How to Maintain the Value of Real Estate in the Comox Valley?

Homeowners must take the time to protect their investments. When it comes to real estate, this means keeping things clean, making necessary updates, and doing regular maintenance. In this post, you’ll find a list of tips to help you out. 

Sept – How to Add Value to Condos in the Comox Valley?

Home renovations are a great way to add value to your property. However, you must choose the right upgrades for your space. In this post, we discussed everything you need to know about renovating condos in the Comox Valley. 

Oct – Are You Ready to Buy a House in the Comox Valley?

If you’ve been renting for the last little while, you might be wondering when is the best time to buy. To help you out, we listed some reasons that you’re ready to own a house in the Comox Valley.

Nov – How to Make Comox Valley Houses More Sustainable

Reducing your home’s impact on the environment is a great way to take action and preserve the Comox Valley landscape. Check out our home sustainability tips in this post!

Contact us Today!

Thank you to everyone who tuned into our blog this year! If you are curious about buying or selling homes for sale in 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 are excited to get your new year’s real estate goals 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 year for more real estate-related content! We look forward to working with you soon.

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Are You Ready to Buy a House in the Comox Valley?

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Buying a home is a dream for many Canadians. If you’ve been renting for the last little while, you might be wondering when is the best time to buy. Owning a house is a great way to bolster your financial security and build equity. Although renting a home in Comox can provide you with freedom and less responsibility, you’ll eventually find yourself ready to be a homeowner. From unexpected rent increases to wanting your own space, there are a variety of reasons why renters ultimately end up buying a place of their own. So, how do you determine if you’re ready to buy? To help you out, we listed six different reasons that you’re ready to own a house in the Comox Valley.

Signs to Buy a House in the Comox Valley

  1. Your Rent is Going up

As a renter, you know all too well the troubles of annual rent increases. When your rent goes up each year, it becomes difficult to afford monthly costs while also saving for the future. This may have you feeling like you’re throwing away your hard-earned money. Dissimilar to renting, owning a house allows you to invest your money into an asset that’s yours. You also have full control over what you do, who lives in your space (e.g. pets), and what renovations you want to make. If you’re sick of rent increases, consider owning a house and investing in a property of your own. 

  1. You Have Good Credit

Credit is often a major component that holds renters back from purchasing their own house. If you have good credit (around 650), then you will likely qualify for a mortgage. The healthier your credit score is, the better chances you have at securing a great mortgage. Not to mention, the easier it will be for you to get approved. If you have excellent credit, it might be time to think about ending your lease and purchasing a home that’s yours. 

  1. You’re Able to Put Down Enough Money

Your down payment is almost as important as your credit score when it comes to buying a home. Having a solid down payment will help you out down the road. The more you put down on your home, the more you’ll save in mortgage costs. Additionally, having a substantial down payment (20% or more) will ensure that you don’t need mortgage default insurance. Besides your down payment, it is also important that you have enough saved to cover closing costs, any immediate repairs, maintenance, and emergency funds. 

Additional Signs

  1. It Makes Sense for Your Lifestyle

Owning a house is a big lifestyle change. So, the question is, are you ready to take on that commitment? When you buy a home, it’s crucial that you are ready to settle down for a while. If you know that you will be moving in the near future, it’s probably best to continue renting. You’ll want to be able to live in the home long enough to either make a profit on your investment, or at minimum, break even. It is much easier to terminate a lease than it is to sell a house, so keep this in mind while deciding what the best course of action is for you.

  1. You Can Manage Your Debt

Debt management is another key aspect that can help you determine your financial readiness for buying a house. Lenders pay close attention to your debt-to-income ratio when you apply for a mortgage. While no lender expects you to be free of debt, too high of a ratio can cause you to be denied a loan. This is because the more debt you have, the more risk you pose to the lender. Be sure to consider this before making the choice to purchase a house. 

  1. You Know What You Want

Before you buy a house, it’s a good idea to know what you want. This means determining where you want to live, what kind of property you want to live in, and what needs to be in the area. These are big decisions that you likely won’t have the answer to right away. Spend some time in different Comox neighbourhoods at different hours of the day to help you find the best location. Moreover, talk with your agent to see if they can provide you with some insight.

Contact us Today!

If you are curious about buying a house in the Comox Valley, we encourage you to contact us today! If you have any questions about properties in the area, be sure to reach out to us! We are excited to get your fall real estate goals 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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How to Add Value to Condos in the Comox Valley?

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Home renovations are a great way to add value to your property. However, it is important that you choose the right upgrades for your space. After all, making the wrong renovations can end up hurting your return on investment. The best remodelling projects will ensure that your home doesn’t exceed the average price point of similar homes in your area. You want to make sure that when all is said and done, your home has the updated features and finishes without being on the upper end of the price spectrum for comparable properties. In this article, we are going to be going over everything you need to know about renovating condos in the Comox Valley. Follow along below to learn more!

Before you Begin…

Before you can begin doing renovations in a condo, you will need to get written approval from your strata. There are very few renovations that homeowners can conduct without prior approval from their strata board. If you are planning on doing any sort of rewiring, altering plumbing, or removing walls that will need written consent beforehand. 

Instead of waiting for your strata council to meet, you can send them an email to speed up the process. In your E-mail, be sure to break down each project into small steps. You’ll also want to include your anticipated start and finish dates, building permits, and insurance information. 

Ideas for Renovating Condos in the Comox Valley

  1. New Flooring/Soundproofing

Condos are often constructed with carpet since it helps to dampen noise throughout the building. However, carpeted floors are not favourable for most buyers. Especially, if they are in rough shape or outdated. By updating the flooring in your condo you can get a better ROI. Installing hardwood flooring or replacing old carpets with new ones is a good idea. Whatever flooring you choose, you want to make sure that it’s easy to clean and maintain. 

  1. Energy Efficient, Quiet Appliances

Nobody likes a loud washer and dryer. Or, a dishwasher that doesn’t clean the dishes. If you notice that your appliances are starting to go, it’s a good idea to replace them. Buyers often search for homes with new appliances since they tend to be more energy efficient. Not to mention, more aesthetically pleasing. If you’re thinking of updating your appliances, choose models that are stainless steel. By installing them prior to listing, you can make them a point of sale! 

  1. Maximize Your Kitchen Space

In a condo, maximizing space is everything. So, if you can make your kitchen feel or look bigger, it’s probably a good idea. One of the best ways to improve your kitchen is by adding more counter space. If you have room for a kitchen island or the potential for more counter space, capitalize on it! While you’re at it, consider replacing old laminate countertops with granite, quartz, or marble. This will instantly elevate your kitchen!

More Valuable Remodelling Projects!

  1. Add Built-in Storage Wherever Possible

Storage comes at a premium in condos. From cabinetry to closet systems, it all makes a big difference in how you are able to store your belongings. Smart storage systems are essential in small homes because they help maximize the space that you have. Additionally, the level of storage that your unit possesses can make the difference between your listing and someone else’s. Having great storage will help reduce clutter, promote organization, and create more living space. Talk with a contractor about how you can add built-in storage solutions to your condo. 

  1. Upgrade Doors to Save Space

Upgrading your condo’s doors is a great way to maximize space and update the look of your unit. Most condo doors were chosen by the developer because of their affordability rather than their functionality for the space. Consider replacing closet doors with sliding or bi-fold doors. Bonus points if they are mirrored! You can also change out the hardware on your doors or repaint them for an updated look. Sometimes the simplest changes can make all the difference. 

  1. Don’t be Afraid to Repaint

If you want to update your condo but are on a tight budget, consider repainting. Sometimes, all it takes is a fresh coat of paint to revamp your space completely. If you’re planning on selling right away, choosing neutral colours is best. 

Contact us About Condos in the Comox Valley Today

If you are curious about what other things you can do to up the value of your condo in the Comox Valley, we encourage you to contact us today! If you have any questions about homes in the area, be sure to reach out to us! We are excited to get your summer real estate goals on track. A condo in 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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Advantages of Adding a Laneway Home to a Comox Valley Property For Sale!

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A laneway home, commonly referred to as a carriage house, accessory dwelling unit (ADU) or garden suite, is a small home built on an existing home’s property. These units are self-contained and can be used for a number of different purposes. Whether that be vacation rentals, housing family/friends, or as a home office. If you are thinking about adding a laneway home to your Comox Valley property for sale, you’ve come to the right place! In this article, we will be going over all of the advantages of why you should build a laneway home. Follow along below to learn more!

The Perks of Having a Laneway Home on Your Comox Valley Property for Sale

  1. Generate Extra Income

One of the biggest benefits of having an ADU is that you have a large opportunity to generate extra income. Renting out your laneway home can provide you with additional monthly cash flow. This is great for those who are interested in finding ways to pay off their mortgage, travel more, or retire sooner. If your property is zoned correctly, you could even consider doing vacation rentals. Overall, the possibilities for bolstering your income are limitless when you have an ADU!

  1. Add Value to Your Property

Another awesome perk to having a laneway home is that it will add value to your property. Even if you don’t rent out your garden suite, when it comes time to sell your home, this additional living space is likely to boost your profit. This is because an ADU provides buyers with so much flexibility and opportunity. For instance, if a buyer needs space for a home office, a property with an ADU will be an enticing option. 

  1. Create a Multipurpose Living Space

If you decide against renting your laneway home, it can be converted to fit a number of different needs. For example, a home gym so that you can work out in peace and without any additional costs. Or, as a guesthouse for when friends and family come to visit. Other options include a home office, teen hangout spot, kid’s play area, workshop, or entertainment space. This flexibility is great for those who spend most of their time at home. An ADU is a great way to provide separation between work and play. They are also great for growing families that need more privacy/division.

More Benefits!

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  1. Multigenerational Living

Besides generating income, one of the main reasons that people choose to build ADUs is for multigenerational living. Since COVID-19, multigenerational living has become increasingly popular. However, in order to maintain some privacy, many homeowners opt to build ADUs. If your parents need support or you have adult children who need a place to live, an ADU can provide the space they need without sacrificing everyone’s privacy. 

  1. Support Family From a Distance

A laneway home is also a great option for those who need to take care of family members with disabilities or illnesses. An ADU provides the person in care with some independence, while still affording the ability to get assistance when needed. Having this option can make caretaking much easier and less stressful. 

  1. Create More Housing in Your Community

Lastly, a large perk of building a laneway home is that you will be creating additional housing in your community. Given Canada’s high cost of living, it is important that more affordable housing options are created. Carriage homes can help alleviate housing problems by generating more spaces to live in high-density areas. If you can, consider building a carriage home to help create more housing options for members of your community. 

  1. Sustainability

Laneway homes are typically quite small and can be an excellent option for a sustainable home. Especially, if it is built with energy-efficient appliances and materials. In addition to this, ADUs usually use fewer resources to build and maintain compared to full-size homes. If you want to create more sustainable housing in your community, consider investing in a carriage house!

Contact us Today

If you are curious about what other perks come with building an ADU on your Comox Valley property for sale, we encourage you to contact us today! If you have any questions about real estate in the area, be sure to reach out to us! We are excited to get your summer real estate goals on track. A house in Comox Valley is a great lifetime investment. Don’t hesitate to contact us with any concerns or inquiries about real estate in Comox Valley. 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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How to Maintain Your Comox Valley Home’s Value?

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Purchasing a home in the Comox Valley is a big investment. In order to maintain the value of their home, homeowners must be prepared to do a lot of upkeep. Without regular maintenance, homes can quickly become dilapidated and lose their value. If you are planning to sell one day, it is crucial that you protect your home’s value to ensure that you can still turn a profit on your investment. Those who fail to maintain their property value could risk losing a large profit! This is why this month’s article is going to be focussed on ways to protect your home’s value. Below we will be going over our top tips for how to ensure your home is profitable when it comes time to sell. Continue reading to learn more!

Perform Regular Maintenance

If you want to maintain your home’s value, you will need to perform regular maintenance duties. After all, very few buyers will be interested in purchasing a home that’s falling apart. One of the best maintenance tasks that you can do as a homeowner, is clean your home regularly. Keeping a neat and tidy home is a great way to ensure that it ages well. Plus, if your home is clean (inside and outside), then you will be better able to spot issues when they arise. 

In addition to this, repainting every 5-10 years is another good maintenance task to perform in order to keep your home looking new. If you just moved in, be sure to take care of any major issues that you are aware of right away. For instance, electrical problems, water damage, and plumbing issues should be addressed immediately. However, it is also important to make little fixes/take preventative measures so that you can avoid larger problems down the road. For example, weatherproofing, replacing broken roof tiles, cleaning gutters, repairing insulation, or fixing a leaky faucet. Staying on top of your regular maintenance duties is the number one way to ensure that your home maintains its value!

Make Sure Your Comox Valley Home is in Line With Government Standards

After living in your home for a while, you may be tempted to make renovations/upgrades. This is a normal desire and can often help increase the value of your home. However, this is only the case when improvements are done right. Before you start any project, consult with a professional or at the very least do some research. You’ll want to keep in mind how your proposed project will affect your ROI, what kinds of permits are needed, and whether it is worth the extra money.

If you decide to go ahead with your project, be sure that everything is built to local health and safety standards. This means that if you are an avid DIYer, having a professional come and inspect your project is a good idea. Furthermore, it is crucial that you obtain the necessary permits to complete your project. Failure to do so could cost you a lot of money later on. Especially if you are making a major upgrade! Overall, making sure that your home stays up to government standards is very important. 

Upgrade Your Curb Appeal

Lastly, if you are planning on selling in the near future, then you should consider upgrading your home’s curb appeal. The first impression your home gives off is crucial to potential buyers. In fact, most buyers will form their judgements about a home within the first few seconds of looking at the property. In order to give the best first impression, it is important to maintain your home’s curb appeal. This means weeding garden beds, replacing soil where needed, mowing the lawn, pruning plants, and raking away debris. Moreover, you may consider pressure washing outside surfaces like your driveway, walkways, steps, deck, siding, or fence. It is also good practice to repaint the exterior of your home if it is looking faded or weathered. Simply spending a couple of hours per week in your yard can drastically improve your curb appeal. 

Contact us Today about finding a new Comox Valley Home!

If you are curious about what other items you can do to maintain the value of your home, we encourage you to contact us today! If you have any questions about houses in the area, be sure to reach out to us! We are excited to get your spring real estate goals on track. A house in Comox Valley is a great lifetime investment. Don’t hesitate to contact us with any concerns or inquiries about real estate in Comox Valley. 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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When is the Right Time to Buy a Home in Comox Valley?

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2022 was a rocky year for homeowners and real estate professionals alike. And, if you’re wondering how 2023 is going to pan out, you’ve come to the right place. The real estate market on Vancouver Island is generally known to be quite stable. However, in the last two years, it has seen some ups and downs—much like other typically stable markets in Canada. Since the beginning of 2022, citizens of Canada have been hopeful that with time, the prices of real estate would come down. And, in many places, housing prices have come down—with a catch of course. In this article, we will be taking a closer look at housing trends in Comox Valley, and more generally, Vancouver Island.

Follow along below to learn more about whether or not you should buy a home in Comox Valley!

What to Expect When Buying a Home in Comox Valley in 2023?

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If your goals for 2023 involve buying a home in Comox Valley, there are a few things you need to know. Firstly, home prices have undoubtedly gone down in 2023 and are rumoured to continue to drop off. This is not to say that prices have dropped dramatically. Instead, they have simply cooled from their peak.  For homebuyers, this is good news. It means that the market is stabilizing. Another thing that buyers and sellers need to be wary of, is the cooling-off period that was announced last July. On January 3, 2023, this new rule was formally implemented in British Columbia.

According to CTV News, this new legislation is intended to provide “buyers some protection in the face of rising interest rates and what [the government] calls high-pressure sales tactics.” It is important to note that the cooling-off period does not apply when homes are auctioned or when the home is on leased land. The cooling-off period allows buyers three business days to think about their purchase. Furthermore, it allows buyers to back out of the deal for a number of reasons including: 

  1. They no longer want to purchase the home
  2. The pruchaser cannot secure financing
  3. They cannot arrange a home inspection

However, despite this new recession period, backing out of the deal is not free. If a buyer back out of a deal, they will have to pay 0.25 percent of the offer. On a one million dollar offer, that equates to a $2,500 fine. The reason for a fine is to prevent buyers from having an unfair advantage. 

Interest Rates, How to Navigate the Market, and More.

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The other thing that buyers need to be wary of, is interest rates. If you’ve paid attention to the news at all in the last few months, you’d know that the Bank of Canada has been increasing the key interest rate bit by bit. This has resulted in the average cost of a mortgage skyrocketing. For those with variable-rate mortgages, the pressure has been immense. And, in the case of first-time home buyers, many have been forced to hold off on their dreams of homeownership. Most analysts have predicted that 2023 will be a rough year in terms of mortgages. However, with that, they also predict that rates will come down again by early 2024. 

So how do you buy a home given the conditions? And, is it risky to sell your current home? The answer is not one-size fits all. Depending on you and your specific situation, the current conditions might not impact you in a way that prevents you from buying or selling. However, for others buying a home could be pushing the bounds a little too far. If you are unsure, we encourage you to consult with one of our Comox REALTORS® to find an option that best fits your unique position. Buying a home in Comox Valley is a big milestone, and it is important to take the time to assess the situation before rushing into anything! 

Contact us About Buying or Selling a Home in Comox Valley. 

If you are curious about buying or selling a home in Comox Valley, we encourage you to contact us today! If you have any questions about the market conditions in Comox, be sure to reach out to us! We are excited to get your spring real estate goals on track. A home in Comox Valley is a great lifetime investment. Don’t hesitate to contact us with any concerns or inquiries about real estate in Comox Valley. 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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Home Improvements to Add Value To Comox Valley Properties

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Home renovations are a great way to add value to Comox Valley properties. Or, make the space more inviting. However, not all home renovations are worth your time and money. It is important that you choose the right home renovation projects so that you can get a sufficient return on your investment. Because of such high-interest rates, it is expensive to afford home renovations. Materials and lending rates are through the roof. Thus, forcing homeowners to pick and choose their renovation projects. In this article, we will be going over the top renovations that you should make to your home before the year is over. Follow along below to learn more!

Add Space to Comox Valley Properties.

Since the onslaught of the pandemic, buyers are looking for space now more than ever. This means homeowners need to make their properties feel as spacious as possible. Adding outdoor spaces, workspaces, and recreation spaces to your home is a sure way to add value. Any kind of remodel that increases your square footage or gives the illusion of more space, will be a worthwhile investment. 

One of the ways you can achieve this is by creating a home office. If your property doesn’t have a workspace, it is a good idea to add one. Whether you build a detached building on your property or convert a room is up to you. However, there are a lot of folks looking for a home with adequate office space. An in-home office is a great addition that is certain to add value to your property. According to HomeLight, a home office can add over $10,000 in resale value. In fact, if you decide to add a detached office space it can provide about $66,000 in value to your home. 

Another way to add value by making space in your home is to finish your basement. If you have an unfinished basement, you’re practically throwing away valuable space. Take charge and make it your winter project. A finished basement can add $50,000 in value to the asking price of your home. You can leave this space blank or turn it into a gym, office, or lounge area.  

Next, is opening up the floorplan. If your home is dated and feels cramped because of the walls, consider knocking some of them down. Free-flowing space in the kitchen and living areas is essential to buyers. Open layouts are the key to good workflow.

What About the Outside?

Curb appeal and outdoor spaces are another big draw for buyers. A lackluster exterior will make buyers question how you’ve taken care of the interior. Don’t make this mistake! An attractive landscape will entice buyers from the moment they see the property. And, it will give them the idea that your home is well-taken care of. Performing simple tasks such as weeding, cutting the grass, and replanting dead plants, can make all of the difference. 

If you want to take your home’s outdoor areas to the next level, consider hiring a professional. Investing in a rock wall or raised garden beds can help enhance the look and feel of your home. Moreover, adding or re-building a patio in your backyard will provide buyers with more usable outdoor space. This is great for those who want to entertain guests or enjoy the Comox Valley weather. 

Another way that you can add curb appeal to Comox Valley properties, is to get new doors and windows. A bright and bold front door can make a big difference in the overall look of your home. And, it can help improve the home’s energy efficiency. The same thing holds true for windows. Brand new windows on your home not only look great but also help to insulate the home. 

While we are on the topic of doors and windows, consider replacing your garage door. These large features have a big impact on the look of your property. If your neighbours have newly renovated garage doors, consider jumping on the bandwagon. HomeLight has found that a new garage door will give you a 133% ROI. Upgrading your garage door is a simple way to make Comox Valley properties stand out!

Contact Us About Comox Valley Properties!

Improving the look of your Comox Valley properties will help you add value to the asking price o your home! By choosing your renovations wisely, you can stand to make a great ROI! If you have any questions about renovating a property in Comox Valley, be sure to reach out to us! We are excited to get your fall real estate goals on track. A property in Comox Valley is a great life-long investment. Don’t hesitate to contact us with any concerns or inquiries about real estate in Comox Valley. Be sure to check back next month for more real estate related content! We look forward to working with you in the near future.

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New Measures in Place for Buying a Comox Valley Property

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After a rocky start to the housing market in Canada, many government officials have been working to reduce high-pressure sales. There have been several efforts made in British Columbia over the past few months to combat the scorching real estate market. However, despite their efforts, B.C’s finance minister has declared that there will be another measure put into place that will affect the property market in B.C. In May, there were several recommendations made in an effort to slow the intense competition in the market. Now, one of these measures will be put into effect this coming year. Follow along below to learn more about buying a Comox Valley property with these new measures. 

3-Day Cooling Off Period to be Introduced When Buying a Comox Valley Property.

British Columbia will be implementing a new homebuyer protection period that will go into effect on January 1, 2023. This period has been implemented in order to prevent homebuyers from skipping key aspects of the home buying process. Moreover, this 3-day period will be the first ever introduced in Canada. Government officials are hopeful that the 3-day period will allow buyers the opportunity to have a home inspection, secure financing or take any other steps needed. 

It is evident that many homebuyers have been forced to skip these important steps in order to try and secure a home. Because of how the market has been, the government of British Columbia has decided to take BCFSA’s suggestion to implement a 3-day homebuyer protection period. The plan will help buyers in today’s market and in the future. 

The homebuyer protection plan includes a number of clauses. For example, buyers can still make offers on a home that is conditional on home inspections or financing. Furthermore, there will be a fee for buyers who back out of a deal. The fee will cost $250 for every $100,000. So, a $300,000 property would have a recission fee of $750. 

By giving buyers the opportunity to do their due diligence, officials are optimistic that it will reduce the risk of purchasing the wrong property. This way homebuyers can have an inspection done and avoid purchasing a home that has costly problems. Overall, the protection period is being put into place to ensure that buyers have enough time to make a sound decision on such a life-changing purchase. 

Speculation Tax Expanding to Vancouver Island?

In addition to the announcement of the cooling-off period, there has also been news about B.C expanding its speculation tax to some areas on Vancouver Island. The speculation tax was first introduced in British Columbia in 2018. However, the tax only applied to select municipalities. Come January, the government decided to add six more municipalities that will be subject to this tax.

Speculation and vacancy tax has been designed to help British Columbia turn empty homes into housing for residents. It also ensures that non-Canadians contribute to Canada’s tax system. Specifically those with a foreign income. That being said, most B.C residents are exempt from this tax if their home is their primary residence.  

At the moment, anyone with a vacant residence is required to pay 0.5% of their assessed property value. This increases to 2% for foreigners. The municipalities currently affected by the tax are Kelowna, West Kelowna, Nanaimo, the District of Lantzville, most areas in the Lower Mainland, and Southern Vancouver. 

Once the new year arrives, the provincial government will expand the speculation tax bounds to Lions Bay, Squamish, North Cowichan, Duncan, Ladysmith, and Lake Cowichan. This means that newly affected homeowners will need to declare and claim an exemption for January of 2024. This decision was made in an effort to relax housing markets where pressure was high. 

The B.C finance minister declared that the tax has worked well to help people find places to live. Moreover, the tax aided in lowering the price of the properties. Between 2018 and 2020, there were 18,000 new condo units available for rent because of the speculation and vacancy tax. 

Contact Us Today if you have questions about the new housing rules in Comox!

For more information on these newly added policies on housing in British Columbia, contact us today. We’d be happy to help you find a Comox Valley property that is within your budget. For those who are interested in learning more about real estate in Comox, 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 in this area. Let our team of experts help you achieve your real estate goals. We look forward to working with you in the near future!