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

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Buying a home is one of the biggest investments a person will make in their lifetime. So, it is important that homeowners take the time to protect their investments. When it comes to real estate, this means keeping things clean, making updates when needed, and doing regular maintenance. If you have plans to one day cash in on your investment, it will be critical that you have taken care of your property. After all, it is difficult to turn a profit on a poorly maintained home. To help you get a better understanding of how to protect the value of your real estate in the Comox Valley, we’ve compiled a list of tips. Follow along below to learn more!

Ways to Protect the Value of Your Real Estate in the Comox Valley

  1. Improve Your Curb Appeal

If you want to sell your home, you need to give the best first impression. To do so, it is important that you 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. Thus, protecting the value of your property!

  1. Perform Regular Maintenance

Nobody wants to pay full price for a home in disrepair. So, it is crucial that you spend the time and money to perform regular maintenance. This doesn’t just mean fixing major issues with your plumbing, HVAC system, or electrical. It also means taking care of the little things. For instance, replacing broken or missing shingles, tending to your leaky faucet, cleaning your gutters, and other mundane tasks. By staying on top of your home maintenance, you can preserve your property’s value. 

  1. Keep Renovations to Code

Home renovations can be super exciting! Not to mention, great value boosters for your home’s worth. However, this is only the case when renovations are kept to city code. While your renovations may better suit your lifestyle, they can seriously harm your property’s worth if they aren’t done right. To avoid making any mistakes, be sure to do your research before taking on a new home improvement project. And, don’t be afraid to hire a professional if you’re not confident you can get the job done right. The last thing you want is to spend more money down the road!

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More Tips!

  1. Update Appliances When Needed

After years of living in a home, appliances start to break down. From toilets to kitchen ovens, lots can begin to malfunction. This is no fault of the homeowner, but rather the years of wear and tear. No matter how well you take care of your appliances, they’ll all need to be replaced eventually. When you replace older items, don’t feel pressured to buy the most expensive, high-tech model. Although, whenever possible, look for something that is energy-efficient. 

  1. Clean Often

As a homeowner, you likely lead a busy life that makes it hard to keep up with cleaning. However, doing your best to clean on a weekly basis can do wonders for your property value. Instead of waiting until your showing day, try and clean on a more frequent basis. This will make things easier for you in the long run and ensure that your property ages well. 

  1. Protect Your Home From Pests

Pests are a major red flag for potential buyers. Things like rodents and insects can harm your home’s structure and create an unsanitary living environment. Unfortunately, many homeowners wait until it’s too late to deal with these sorts of problems thinking that they will go away on their own. However, without human intervention, you can easily have an infestation on your hands. If you notice signs of pests in your home, contact a professional pest control expert to help you out. Pests are not something that you want to ignore!

Contact us About Real Estate in the Comox Valley Today!

If you are curious about what other things you can do to maintain the value of your real estate 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 house 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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Why Invest in a House for Sale in Comox?

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Buying a house for sale in Comox can provide you with a new sense of pride, freedom, and stability. There are numerous reasons why so many Canadians choose to buy a home for their long-term goals instead of renting. However, if you’re still unsure of whether buying a home is the right option for you, we’re here to help. After all, the more you know about buying a home, the better. Below we have listed a few of our top reasons to invest in a house for sale in Comox. Continue reading to learn more!

Reasons to Buy a House for Sale in Comox.

  1. Homes Appreciate

One of the biggest reasons to invest in a house is the fact that real estate appreciates. Although the price of real estate tends to fluctuate, at the end of the day, real estate generally goes up in value. However, the amount your home appreciates depends on how long you live in it and what the market conditions are like when you decide to sell. Although, any profit you make off of selling your home is greater than what you will make as a renter. With that being said, buying a home doesn’t make sense for everyone. So, be sure to think about the details of buying a house before purchasing. 

  1. You’ll Love Owning a Home

Besides having an asset that appreciates in value, owning a home provides freedom like no other. Want to paint the walls neon pink? Or, remodel the kitchen? Perhaps add a patio? You don’t have to ask when you own a home. Furthermore, you can host large gatherings without fear of being evicted. Your home is exactly that – yours. So, enjoy all of the perks that come with living freely on your property. Just be sure to stay neighbourly if you live in the suburbs. 

  1. Enjoy Stability 

There are so many variables in life. But, your house doesn’t need to be one of those. Instead, through homeownership, you can minimize the risks that come with housing. For instance, as a homeowner, you won’t need to worry about landlord changes, lease terminations, rent spikes, and strata fees. Owning a home provides better control over your monthly housing costs. This is because you can opt for a fixed-rate mortgage and save on monthly utility bills with energy-saving tactics. Take away some of your stress and enjoy the stability of owning your own home. 

More Reasons to Buy!

  1. Enhanced Privacy

Owning a house for sale in Comox means increased privacy. You can bid farewell to shared spaces, running into people in the parking garage, walls too thin, sketchy tenants, and awkward elevator conversations. Whatever you hated about living in proximity to others, can be fixed by owning your own property. When you own your own home, you can take privacy to the next level by adding fences, clever landscaping, and a nifty home security system. Let your worries melt away with a home that’s yours. 

  1. Achieve Mortgage Free Living

Another reason that people choose to buy a home, is to eventually achieve mortgage-free living. This is a great plan if you are thinking about retiring from your home. Owning your property outright means even fewer housing expenses, which is ideal if you are planning to retire in your home. Once your income starts to fix, the amount you spend becomes critical in how you are able to live your life. Furthermore, even if you don’t stay in your home for retirement, you can always sell it and make a profit to help fund your retirement!

  1. Tax Breaks

There are a number of tax benefits that come with owning a property. Here are some of the top tax breaks that homeowners can take advantage of:

  1. Energy Incentives
  2. Principal residence exemption 

These are just some of the most popular tax benefits that come from owning a home. If you are looking for another reason to buy a home, let it be a tax break!

Contact Us Today!

If you are curious about buying a home, we encourage you to contact us today! If you have any questions about your first house for sale in Comox, be sure to reach out to us! We are excited to get your new year’s 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 Facebook page, and return next month for more real estate-related content! We look forward to working with you in the near future.