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

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

The Basics of a Bi-Weekly Mortgage Payment Schedule 

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

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

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

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

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

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

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

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

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

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

Contact us About Houses for Sale in Comox Valley!

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

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Reasons to Invest in Waterfront Properties in the Comox Valley

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

Why Should You Invest in a Home on the Water?

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

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

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

More Reasons to Purchase Waterfront Properties in the Comox Valley

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

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

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

Contact us Today About Properties in the Comox Valley!

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

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Safety Tips When Moving into a House in Comox Valley

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Moving into a new home is exciting, especially if you’re a first-time home buyer! However, it can also be stressful and tiresome. 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. When you move into a new house in Comox Valley, it is good practice to take some safety precautions. For instance, changing the locks or installing a security camera. In this article, we will be going over some of our best security tips for moving into a new home. Although Comox is relatively crime-free, the following advice will ensure that your new home is safe and secure. Continue reading below to learn more!

How to Keep Your New House in Comox Valley Safe?

  1. Fire Safety

When you move into your new home, it is important that you take the necessary steps to ensure that it is fire safe. When people consider the safety and security of their homes, they often focus on human intruders. However, house fires are much more likely to occur. And the number one cause of house fires is usually unattended cooking. To mitigate the risks of house fires, be sure to check that your smoke detectors are working. Replace any dead batteries and test that all alarms are in order. 

Another fire-safety tip is to make sure that you have a fire extinguisher handy.  A good rule of thumb is to have one extinguisher per floor of your house. And, one of these should live in your kitchen! Fire extinguishers are often forgotten about tools. However, they can make the difference in a small incident vs. a major tragedy. 

  1. Carbon Monoxide Detectors

Another item to check is your carbon monoxide detectors. Carbon monoxide is colourless, tasteless, and odourless, which makes it virtually impossible to detect without an alarm. There are various household appliances that can produce carbon monoxide. For instance, water heaters, furnaces/boilers, fireplaces (gas/woodburning) and gas stoves. Homes that use gas or oil should have a carbon monoxide detector. Be sure to check your carbon monoxide detectors regularly. 

  1. Dryer Vent

Dryer vents can be unsuspectingly dangerous. Especially, when they’re clogged! When you move into a new home, it is important to check that your dryer vents are clean. A clogged dryer vent is a common cause of house fires. Cleaning your dryer vents regularly will mitigate fire risks and help your dryer run more efficiently!

More Tips!

  1. Evacuation Plan

If you have school-aged children, then you’ve probably been asked what the household evacuation plan is. Most children are taught early on in their education that every home should have an evacuation plan in case of an emergency. However, even those without children should think about this. Having a solid evacuation plan can prevent confusion and chaos in the event that something goes awry. Your evacuation plan should include exit strategies from every room in your home and a meeting place. Be sure to choose a meeting place that is off of, or near the edge of, your property.

  1. Door Locks

After moving into a new home, the last thing that’s probably going to be on your mind is changing the locks. However, taking the time to install new locks is a key step in your home’s safety. You should have your locks replaced or rekeyed upon moving in. Unless you are certain that your home’s locks are brand new, you never know who might have a key to your new home. At the end of the day, it’s better to be safe than sorry and take the time to replace your locks. 

  1. Security System

If your new house in Comox Valley doesn’t have a security system, then you might want to consider adding one. Houses with security systems are much less likely to be broken into or vandalized. Furthermore, it can add value to your home if you decide to sell it later on. Make sure you buy your security system from a reputable company. And, if you want to save some money, consider installing the cameras yourself.  

Contact us About a House in Comox Valley

If you are curious about what safety items to complete when moving into a house in Comox Valley, 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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Comox Real Estate: Economic Drivers in Comox Valley!

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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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Royal LePage Comox Presents a 2021 Real Estate Wrap Up!

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To celebrate the end of 2021, Royal LePage Comox has decided to write 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 year. From April to November we have written all kinds of helpful real estate articles to ensure our clients stay ready! Follow along below as we summarize each article from 2021. Be sure to view the full posts by clicking the article titles in the summaries if you haven’t already.

April 2021 – Why Invest in Real Estate in Comox Valley?

Real Estate in Comox Valley

Not everyone knows about the awesome perks of living in a place like Comox Valley. In this article, we wrote all about the stunning landscape and beautiful outdoor scenery available to Comox residents. Discover the benefits of living on Vancouver Island and why so many people are choosing to in Comox! From festivals and markets to gorgeous views and a great culinary scene, Comox is the place to be. Read the article “Why invest in real estate in Comox Valley“!

May 2021 – Comox Valley Real Estate for Retirees!

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Comox Valley is a great place to plan your retirement. The slow-paced lifestyle is perfect for anyone looking to spend their retirement in peace. Moreover, the outdoor life in Comox provides retirees with endless activities seasonally. Residents of Comox can ski, swim, hike, and bike without leaving the city! For more information on why you should retire in Comox Valley, view the article “Comox Valley Real Estate for Retirees”.

June 2021 – Comox Valley homes for sale – Deciding between open and closed concept housing.

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Deciding between open and closed concept housing is a big challenge for many homeowners. An open concept home is great if you like your house to flow seamlessly from room to room. However, there are cons like noise pollution and lack of privacy that also come with an open floor plan. Closed concept homes are great for those who like a little more privacy, although there is usually minimal natural light in a closed concept home. To read more about the pros and cons of open vs closed concept housing, check out the article “Comox Valley homes for sale – Deciding between open and closed concept housing”. 

July 2021 – 10 common questions about Comox Valley real estate brought you by Royal LePage Comox

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When it comes to buying real estate, many questions can arise. In lieu of this, we wrote an article detailing the answers to your most pressing questions. For instance, what a buyer’s market is and what a seller’s market is. Or, why you definitely need a home inspection! Find all sorts of helpful tips and info in this article. To view the full piece, check out our post “10 common questions about Comox Valley real estate”.

August 2021 – Moving to Houses for sale Comox Valley

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Summer in British Columbia was smokier than ever! But, not that bad in Comox Valley. Many people packed up their things and headed for the coast when wildfire season started. Fire season is a prime factor in why so many British Columbians choose to settle on Vancouver Island. In the last few years, the Island has also had limited numbers of COVID-19 cases. Make Comox Valley your newest home and enjoy clear skies and limited illness. To read more about the benefits of moving to Comox, check out the post “Moving to Houses for sale Comox Valley”.

September 2021 – Comox Houses For Sale are Close to Mount Washington!

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Comox Valley houses for sale are close to Vancouver Island’s favourite ski hill! If you love skiing, snowboarding, or winter fun, Mount Washington is the place for you. Luckily, residents of Comox are super close to this epic ski hill. Wake up to the ocean waves crashing against the beach, then head up to the mountain for an afternoon of skiing, and end your day with a drive through the forest. For more information about Mount Washington and all of its perks, take a peek at the article “Comox Houses For Sale are Close to Mount Washington”.

October 2021 – Parks Near Houses In Comox Valley!

Comox Valley has all sorts of parks and outdoor places for you to explore. In October, we kick-started our ‘Park’ content. In these articles, buyers can find info about all of the various provincial parks and hidden gems of Comox Valley. Our first article focused on the popular park known as Miracle Beach Provincial Park. This gorgeous place has something for everyone in the family. To read more about Miracle Beach Provincial Park, check out the post “Parks Near Houses In Comox Valley”.

November 2021 – Homes in Comox Valley Near Parks!

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In November we continued our park content and wrote about MacDonald Wood Park. This stunning outdoor area has trails, ocean views, and a whole lot of heritage. By reading the full article you can discover the rich history of this park. Moreover, we wrote about the history and future projects of the MacDonald Wood Park Society. To learn more about MacDonald Wood Park, take a read through the post “Homes in Comox Valley Near Parks”.

At Royal LePage Comox we want to thank our clients for another great year in real estate! 2021 came with lots of surprises and we were happy to have all of you stick with us. Check back next month 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. And be sure to follow along with us on Facebook!

Happy holidays to everyone!