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

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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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’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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2022 Recap of Real Estate Advice in Comox!

It’s that time of year again when we write our year-end blog recap. December is quickly passing by and 2023 is right around the corner! Over the course of 2022, we wrote several articles about real estate in the Comox area. From January to November we have posted eleven different articles to help our buyers and sellers find the information they need. Achieving your real estate goals can be tricky. However, we hope that some of our content helped to steer you in the right direction. In this article, we will be going over a brief recap of all of the articles we wrote during 2022. Follow along below to learn more!

Winter and Spring Blog Recap of Real estate advice in Comox:

Jan – Transit & Comox Valley Houses For Sale

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. This article is filled with information about transit in Comox Valley

Feb – January Update on Comox Properties For Sale

Understanding the current market statistics is an important part of buying a home. This article goes over the real estate stats from January of 2022. Check it out for a trip back in time to see how real estate prices were doing at the beginning of the year. 

Mar – Average Price of Properties in Comox Valley

In March, we wrote all about the soaring real estate prices and the jump in interest rates. Our March article talked about buyer motivations, and the cost of housing in Comox, and provided an update on the national real estate market. 

Apr – Summer Activities Near Homes for Sale in Comox!

Are you planning on moving to homes for sale in Comox this summer? If yes, then we recommend reading this article. Discover a list of fun summer activities to familiarize you with the town. By participating in some Comox summer fun, you can get to the locals! Make friends and find new favourite hangout spots by exploring Comox Valley.

Summer Blog Recap:

May – Comox Real Estate: Economic Drivers in Comox Valley!

If you are looking to move to Comox real estate, it is important to consider the economic drivers within the city. Comox has various economic drivers that can help you create and foster a business. Or, find a job within your interests. The city of Comox and surrounding areas have diverse economies that thrive in industries like tourism, agriculture and construction.

June – About Cumberland BC Real Estate.

Living in Cumberland BC real estate is a quiet place to settle down. Sea-to-sky views and lush green trees are the perfect backdrop to any home. Cumberland has a fascinating history as a former coal-mining town. If you’re looking for a great place to call home, Cumberland BC real estate is the place to move.

July – Making Your Property in Comox Valley Energy Efficient!

Energy efficiency in your home can help you save thousands of dollars. For most individuals, the costs associated with living in their house account for a large portion of their income. Going green shouldn’t require months and months of saving. In fact, it’s possible to save the planet on a budget! Most of the changes we wrote about will even help you save money over time. 

Aug – New Measures in Place for Buying a Comox Valley Property.

After a rocky start to the housing market in Canada, many government officials worked to reduce high-pressure sales. There were several efforts made in British Columbia over the early months of 2022 to combat the scorching real estate market. Check them out in this article. 

Fall Blog Recap of Real estate advice in Comox:

Sept – Home Improvements to Add Value To Comox Valley Properties.

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. 

Oct – Home Security for Properties for Sale in Comox!

While Comox Valley’s crime rate is virtually zero, having a thorough security system is never a bad idea. Those buying properties for sale in Comox should consider investing in some basic home safety equipment. Contrary to popular belief, it doesn’t cost an arm and a leg to keep your home safe. Read more about this in our October blog post!

Nov – Selling a Stigmatized Property For Sale in Comox 

Selling a stigmatized property for sale in Comox can be a tricky feat. It is important that you consider any stigmas associated with your home and how they can affect the listing price of your property. In this article, we went over all things to do with buying and selling stigmatized properties. 

At Royal Le Page Comox we want to thank our clients for another great year in real estate! 2022 came with lots of surprises and we were happy to have all of you stick with us. Check back next year for more real estate content and information. As always, be sure to contact us with any questions or concerns you may have. We look forward to working with you in the new year. Happy holidays to everyone!

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Comox Real Estate: Economic Drivers in Comox Valley!

If you are looking to move to Comox real estate, it is important to consider the economic drivers within the city. Comox has various economic drivers that can help you create and foster a business. Or, find a job within your interests. The city of Comox and surrounding areas have diverse economies that thrive in industries like tourism, agriculture, and construction. Join the workforce in this gorgeous city today with Comox real estate! Follow along below to learn more about the top three economic drivers in Comox Valley. 

Tourism Near Comox Real Estate.

It should come as no surprise that tourism is one of the leading industries in the city. Comox Valley and surrounding areas on Vancouver Island draw in many visitors from around the world. Over the years, Comox has been making a name for itself as a culinary and adventure destination. This epic city provides visitors with a unique opportunity to experience some of the world’s most spectacular views. For instance, it isn’t every day that you can ski down the mountainside whilst gazing over the pacific ocean. Or, cross-country skiing through one of the world’s oldest forests. Comox also has some of the most scenic golf courses in the country! Tee off overlooking the diverse Vancouver Island landscape. Visitors can mountain bike and hike through the extensive trail systems and paddle along the scenic shores.

No matter what season you visit Comox Valley, the tourism industry will always be booming! This is why tourism is one of the most prominent industries in Comox Valley. In the winter, Mount Washington is always looking for new staff to help with the season. As are various spas, restaurants, and markets. Comox also offers a range of outdoor tours and adventures. These activities can include, fishing tours, marine and wildlife tours, ziplining, hiking, mountain biking, golfing and so much more! 

Whether you are looking for a seasonal job or starting a business, tourism is a great industry to get into. There is a large influx of people that visit Comox each year to experience the unique landscape and thrilling adventures. 

Agriculture in Comox Valley.

Agriculture is another one of Comox Valley’s most popular industries. The humid climate and mild temperatures make for fertile farmland. Agriculture, fishing, and hunting are popular career segues in this area of Canada. Comox Valley boasts an incredible food culture because of its locally sourced goods. Fruits, vegetables, cheeses, yogurts, meats, and seafood are all locally produced, grown, caught, and harvested. Over 400 farms contribute to the agricultural production in Comox Valley. 

Starting a farm or providing your agricultural expertise to a farm in Comox are both viable career options in this area. Produce from your business can be sold at the renowned Comox Valley Farmers’ Market. This market is one of the only year-round markets in the country. People come from all over the coast to visit the vendors at the Comox Valley Farmers’ Market. Here you can find fruits, veggies, local meats and seafood, cheese, fresh pasta, wines, ciders, beers, and crafts! And, the farmers’ market also has an online marketplace for non-locals to access all products and produce. 

Join the Construction Industry With Comox Real Estate!

Construction is a major economic driver in not just Comox Valley but various other cities on Vancouver Island. One in ten workers on Vancouver Island is employed within the construction industry. A large majority of these employees work in manufacturing and the construction of houses. Forestry and logging have been popular job sectors in the past, however, they have faced some challenges in recent times. The demand for new houses has kept many construction companies/workers busy. The industry remains one of the most popular and stable in Comox. Joining the construction industry can provide a wealth of opportunities for you and your business.

Contact Us About Comox Real Estate Today!

Comox has a healthy economy with many opportunities in the tourism, agriculture and construction industries! If you want to learn more about the various economic drivers in Comox Valley, stay tuned to our blog. Comox real estate is the perfect place to start your career. 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 in this area. Contact us now and let our team of experts help you achieve your real estate goals. We look forward to working with you in the near future!

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Summer Activities Near Homes for Sale in Comox!

Are you planning on moving to homes for sale in Comox this summer? If yes, then we have a list of fun summer activities to familiarize you with the town. By participating in some Comox summer fun, you can get to the locals! Make friends and find new favourite hangout spots by exploring Comox Valley. You’ll see why so many people have chosen to move to homes for sale in Comox. Follow along below to discover all of the awesome activities available to you in Comox Valley!

Outdoor Activities Near Homes for Sale in Comox.

Comox Valley is situated in one of the most attractive locations in all of British Columbia. This makes for scenic outdoor adventures and endless summer fun. From ocean views to lush hikes, Comox has it all. Residents of Comox Valley are familiar with the vast number of hiking trails and parks. Each one is popular for its stunning views and well-kept grounds. Some of the hiking trails and parks include Strathcona Provincial Park, Seal Bay Nature Park, Nymph Falls Nature Park, Wildwood Interpretive Forest, Royston Seaside Trail, Comox Marina Park, Miracle Beach and MacDonald Wood Park.

These parks and trails are the perfect places to get outside and do some exercise. For instance,  Strathcona Provincial Park allows visitors to camp, hike, and explore the backcountry. This park offers several kilometres of family-friendly and advanced trails. If hiking and camping aren’t up your alley, grab lunch and have a picnic at one of the aforementioned parks. Oceanside picnicking is sure to provide you with a view you won’t forget. 

Comox also has an extensive number of beaches and outdoor water activities for you and your family to try. Stand-up paddleboarding and kayaking are two popular pastimes in Comox. Try them out at one of the local favourite beaches like Goose Spit Beach, Kye Bay Beach, Miracle Beach Provincial Park, Comox Lake, or Saratoga Beach! Summer in Comox is surely best spent at the beach. Enjoy hours of beachcombing, swimming, kayaking, paddleboarding, and lounging in the sunshine. 

Activities, Markets and Food!

Homes for sale in Comox are close to some of the most incredible daytime activities and food markets. For those who would rather stay in the city, Comox has plenty of recreational opportunities. Residents who want to get a better sense of the town may find it beneficial to go on a tour of their choice. Tours are a great way to get to know the area and meet new people. Comox Valley offers tours of breweries, wineries, distilleries, and culinary hot spots. As well as, local art studios, galleries, and fishing tours. For the more adventurous citizens, there is also the Mount Washington ZipTour, which features ocean and alpine views!

Besides tours, Comox Valley also has nine different golf courses for residents to enjoy. These courses are perfect for all levels of experience. A day of golfing is a fun experience for friends and family. Check out the various golf courses in Comox Valley here

Furthermore, there are also tons of markets and craft fairs to peak your inner foodie. Local produce, handmade items, drinks, and baked goods can be found at the year-round Comox Valley Farmers’ Market. Comox offers a number of markets throughout the season in areas like Cumberland and Courtenay. These include the year-round Saturday market pop-up summer markets, fall markets and winter markets. If you are interested in what vendors will be at the market, check out the vendor location map. The map will be active by 5 pm the evening before the market. This way you can see if your favourite vendors will be attending. Moreover, the Comox Valley Farmers’ Market also offers an online store for citizens to support vendors. 

Buy Houses For Sale in Comox!

Houses for sale in Comox are close to so many summer activities! If you want to learn more about the various activities and seasonal opportunities, stay tuned to our blog. Houses for sale in Comox are the perfect place to spend your summer. 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 in this area. Contact us now and let our team of real estate experts help you achieve your real estate goals. We look forward to working with you in the near future!

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Average Price of Properties in Comox Valley

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!