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April 2024 Comox Valley Market Report

Comox Valley Real Estate Prices Stall Amidst Rate Uncertainty. Exploring Trends and Strategies in Comox Valley's Market As it Moves Sideways with a tilt downward.

In this April Market Update:

  • Real Estate Quote of the month

  • Comox Valley April 5 yr. home prices

  • Interest rates

  • Inflation expectations

  • VIREB Average Price

  • Single Family Dwelling Sold in March

Quote of The Month:

"Ninety percent of all millionaires become so through owning real estate." – Andrew Carnegie

Comox Valley March 5 yr. home prices

As a seasoned real estate professional in the Comox Valley, I'm dedicated to delivering precise and insightful information about our local market's pricing trends. In my March analysis, I focused on single-family dwellings (SFD) in Zone 2, excluding acreages and oceanfront properties, revealing an average price of $741,800, or a decline of -8% from last year. This marks the lowest March figure in two years, a significant point worth exploring further.

My methodology is finely tuned to our specific area, emphasizing the importance of reflecting local property dynamics in any market analysis. I meticulously gather data on properties sold within our defined parameters, ensuring a detailed and localized perspective for a comprehensive understanding.

While my analysis provides an in-depth view of our immediate market area, broader market statistics also offer valuable insights. According to the Vancouver Island Real Estate Board (VIREB), the average sale price for the same period in the Comox Valley stood at $947,555, indicating an 11% year-over-year increase with a massive -36% decline in volume. However, it's essential to note that VIREB's data encompasses areas beyond my research scope, potentially leading to variations in average prices and trends for my customer base.

The market has exhibited some volatility recently, prompting buyers to contemplate their strategies amidst uncertainties. Factors such as promised rate cuts and their potential impact on housing affordability add layers of complexity to decision-making. Looking ahead to April, upcoming home sales will play a pivotal role in shaping our understanding of market trends and aiding informed decisions for buyers and sellers alike.

In summary, my commitment to providing localized insights remains steadfast, empowering clients with precise and relevant information crucial for their real estate decisions within the Comox Valley.

Quarterly topic: Interest rates unchanged for February

Bank of Canada maintains policy rate, continues quantitative tightening

The Bank of Canada today held its target for the overnight rate at 5%, with the Bank Rate at 5¼% and the deposit rate at 5%. The Bank is continuing its policy of quantitative tightening.

Global economic growth slowed in the fourth quarter. US GDP growth also slowed but remained surprisingly robust and broad-based, with solid contributions from consumption and exports. Euro area economic growth was flat at the end of the year after contracting in the third quarter. Inflation in the United States and the euro area continued to ease. Bond yields have increased since January while corporate credit spreads have narrowed. Equity markets have risen sharply. Global oil prices are slightly higher than what was assumed in the January Monetary Policy Report (MPR).

In Canada, the economy grew in the fourth quarter by more than expected, although the pace remained weak and below potential. Real GDP expanded by 1% after contracting 0.5% in the third quarter. Consumption was up a modest 1%, and final domestic demand contracted with a large decline in business investment. A strong increase in exports boosted growth. Employment continues to grow more slowly than the population, and there are now some signs that wage pressures may be easing. Overall, the data point to an economy in modest excess supply.

CPI inflation eased to 2.9% in January, as goods price inflation moderated further. Shelter price inflation remains elevated and is the biggest contributor to inflation. Underlying inflationary pressures persist: year-over-year and three-month measures of core inflation are in the 3% to 3.5% range, and the share of CPI components growing above 3% declined but is still above the historical average. The Bank continues to expect inflation to remain close to 3% during the first half of this year before gradually easing.

Governing Council decided to hold the policy rate at 5% and to continue to normalize the Bank’s balance sheet. The Council is still concerned about risks to the outlook for inflation, particularly the persistence in underlying inflation. Governing Council wants to see further and sustained easing in core inflation and continues to focus on the balance between demand and supply in the economy, inflation expectations, wage growth, and corporate pricing behavior. The Bank remains resolute in its commitment to restoring price stability for Canadians.

Source: Bank Of Canada Press Release.

Inflation expectations:

VIREB Average Price

Single Family Dwelling Sold in March

Disclaimer:

The content presented in this newsletter is intended for general informational purposes only. Real estate market conditions are dynamic and subject to change, and the data shared herein is based on the best available information at the time of publication.

While I am committed to ensuring the accuracy and reliability of the statistics and market information presented, it is essential to recognize that my analysis is crafted from independent research and may differ from mainstream analyses that rely on distinct data sources. Real estate markets are influenced by a multitude of factors, both internal and external, which may not be fully captured in the provided data.

Readers are strongly encouraged to conduct their own research. I provide this information in good faith, and for those seeking a more personalized and detailed analysis tailored to their specific needs, I am available for individual consultations. Your trust in my dedication to delivering accurate and valuable information about the real estate market is sincerely appreciated.

Read

March 2024 Comox Valley Market Report

Marching into the Market: Comox Valley Homes Spark with 6.3% Surge, Yet a Silent Sales Symphony Plays On

In this March Market Update:

  • Real Estate Quote of the month

  • Comox Valley February 5 yr. home prices

  • Interest rates

  • Inflation expectations

Quote of The Month:

"Location, location, location." – Lord Harold Samuel

Comox Valley February 5 yr. home prices

In this month's real estate update, the spotlight falls on a noteworthy headline figure—the average home price has surged by 6.3% compared to the same period last year, transitioning from $789,735 to the current average of $842,226. While this initial glance may hint at a robust and flourishing market, a more thorough analysis reveals a nuanced narrative. A closer examination indicates a lateral movement in the market, triggered by the escalating challenges as mortgage debt begins to exert pressure, challenging homeowners with rising interest costs.

Volume Matters: A Closer Look at Sales Activity

One crucial factor demanding consideration is the volume of sales transactions. Despite the apparent increase in average prices, the Comox Valley has witnessed a decrease in sales volume, with a notable drop of -7.69%. This statistic prompts a fundamental question: Was the surge in average prices truly reflective of a thriving market?

Interpreting the Data: Quality vs. Quantity

Recognizing the driving forces behind the surge in average prices is essential. It's not solely attributed to heightened demand or competitive bidding; instead, the lower sales volumes suggest that the price increase might stem from reduced sales activity influenced by seasonal trends and overall market conditions.

For example, in the previous month, the average price for Single Family Dwellings in Zone 2, excluding Island, ocean, and acreage activity, hovered just below $600,000 (meaningless with very little sales). These variations are particularly noticeable during the winter months. Essentially, the current state of the market may be more indicative of a temporary pause in activity rather than an overwhelming surge in demand.

As illustrated in the graph above, the average price appears to be trending sideways with a subtle uptick. In summary, the market seems to be moving laterally with some downward pressure. The upcoming spring season is anticipated to provide a clearer direction.

New Home Builders Step Back with a home shortage?

Talking with new home builders in the Comox Valley reveals a common thread—many builders are choosing to postpone new home construction this spring, grappling with challenges of escalating construction costs homebuyers are struggling to afford. Over the years, new home regulations have played a role in the steady rise of construction expenses. The fundamental principle of supply and demand appears to be experiencing an intriguing misalignment.

Despite a robust demand for housing, the supply of affordable homes remains conspicuously scarce. Instead, the region is witnessing a notable uptick in mass apartment construction. Interestingly, some of the available living options range from residing in a van to being provided with a tent or navigating life on the streets. Paradoxically, amid these alternatives, the ability to construct a genuinely inexpensive home for personal use seems elusive.

Looking back to 2008, more than 4000 homes in BC were crafted by owner-builders—an initiative that has seen a significant decline, with the current number now standing at well under 1000 owner-built homes annually. This reduction of over 3000 homes signifies a notable shift in the wrong direction! The stark contrast between the high demand for housing and the scarcity of affordable options underscores the urgent need for innovative solutions to bridge the gap and restore a more balanced housing ecosystem.

Looking Ahead: Navigating the Real Estate Landscape

As we navigate the ever-evolving landscape of Comox Valley real estate, it becomes crucial for both buyers and sellers to stay informed and adapt to the changing dynamics. While the increase in average prices indicates a market with potential, understanding the nuances of sales volume is paramount for making informed decisions.

In the coming months, I will continue to monitor and report on the trends shaping our local real estate market. My goal is to provide you with the insights needed to make informed decisions as you navigate the exciting journey of buying or selling a home in the beautiful Comox Valley.

Quarterly topic: Interest rates unchanged for February

Bank of Canada wary of premature rate cuts as underlying inflation persists

OTTAWA (Reuters) -Members of the Bank of Canada's (BoC) governing council were concerned about cutting borrowing costs too soon amid persistent inflation when they decided to keep the key overnight rate on hold on Jan. 24, minutes published on Wednesday showed.

The policy-setting governing council was "particularly concerned about the persistence of inflation and did not want to lower interest rates prematurely," the minutes said.

The Bank of Canada (BoC) aims to keep inflation at 2% and has increased its key overnight rate 10 times in 17 months to a 22-year high of 5% to tame inflation.

Shelter price inflation, which includes mortgage interest costs, rent and components related to house prices, remained the biggest contributor to above-target inflation, the minutes said.

"Members expressed concern that, going forward, shelter price inflation would continue to keep overall inflation elevated," the so-called summary of deliberations said.

The governing council was worried that if the housing market rebounded more than expected in the spring of 2024, shelter inflation could keep inflation materially above the target even while other price pressures abated, the minutes said.

Canada's shelter costs, which account for over a quarter of its CPI basket, rose 6% in December year-on-year even as overall inflation figure came at 3.4%.

Governor Tiff Macklem, while addressing a press conference at the Montreal Council of Foreign Relations on Tuesday, said the BoC expects a modest increase in prices in housing in 2024 and that was built into its forecasts.

The minutes showed that the BoC was also fretting about increase in wages amid zero productivity growth, which could have further inflationary pressures. Wages have been growing between 4% and 5% annually.

"Members expected wage growth to moderate gradually," the minutes said.

The central bank also sees risk to growth as restrictive monetary policy could impact consumer spending and could case a marked contraction in economic activity, forcing the BoC to ease interest rates "earlier and more quickly than anticipated".

Source: Investing.com

Inflation expectations:

Disclaimer:

The content presented in this newsletter is intended for general informational purposes only. Real estate market conditions are dynamic and subject to change, and the data shared herein is based on the best available information at the time of publication.

While I am committed to ensuring the accuracy and reliability of the statistics and market information presented, it is essential to recognize that my analysis is crafted from independent research and may differ from mainstream analyses that rely on distinct data sources. Real estate markets are influenced by a multitude of factors, both internal and external, which may not be fully captured in the provided data.

Readers are strongly encouraged to conduct their own research. I provide this information in good faith, and for those seeking a more personalized and detailed analysis tailored to their specific needs, I am available for individual consultations. Your trust in my dedication to delivering accurate and valuable information about the real estate market is sincerely appreciated.

Read

New home prices edge down in Canada.

New home prices in Canada edged down by 0.1% month-on-month in January 2024, following a flat reading in December and missing the market estimates of a 0.1% rise. Prices were down or unchanged in 21 of the 27 census metropolitan areas surveyed, led by Ottawa (-0.4%), Vancouver (-0.3%), Montréal (-0.3%) and Calgary (-0.2%). Notably, it was the 13th consecutive period of decrease in Ottawa, mainly due to offered promotions, as builders attempted to generate sales. Conversely, the largest increases were seen in Edmonton (+0.8%) and Trois-Rivières (+0.4%) amid higher construction cost and improved market conditions. On a yearly basis, new home prices dropped for the 10th month in a row by 0.7% in January, affected by elevated interest rates. The steepest declines were recorded in Ottawa (-5%) and Victoria (-3.2%). source: Statistics Canada

Read

February 2024 Comox Valley Market Report

"Luxury Lane or Budget Boulevard: January's Diverse Home Sales in Review"

In this February Market Update:

  • Real Estate Quote of the month

  • Comox Valley January 5 yr. home prices

  • Interest rates

  • Inflation expectations

Quote of The Month:

"In real estate, you make 10% of your money because you're a genius and 90% because you catch a great wave." – Jeff Greene

Comox Valley January 5 yr. home prices

Examining January 2023, the Comox Valley real estate market maintained a consistent trajectory, likely influenced by the impact of rising interest rates. The lingering mortgage debt from the era of historically low rates introduces an element of uncertainty into future price trends. With mortgages from the previous low-rate environment now up for renewal at the new, higher rates, the market is undergoing a transitional phase. The implications of this renewal process on home prices remain not fully understood, creating a dynamic element that warrants close observation for its potential impact on our local housing market.

Shifting our focus to January 2024 transactions, a snapshot reveals a modest number of single-family dwellings (SFD) changing hands—only four transactions in total. Notably, two of these transactions exceeded the $1,000,000.00 mark, while the other two fell below $700,000.00. However, it's essential to exercise caution when interpreting these figures, considering the limited number of transactions that can distort averages and potentially provide a misleading representation of overall market conditions.

While the average price derived from these four transactions may imply a figure surpassing $1,000,000.00, it's important to recognize the necessity for a more nuanced perspective. The real estate market is diverse, encompassing various property types, locations, and dynamics, which collectively paint a more comprehensive picture. Therefore, due to the limited number of sales, the data was directly sourced from VIREB's database and includes the Islands, a deviation from my usual analyses where they are excluded.

Looking ahead to 2024, our dedicated real estate team is committed to closely monitoring evolving market trends. As we navigate through the year, timely updates will be provided to ensure you are well-informed and empowered to make sound decisions in the dynamic Comox Valley real estate landscape.

Quarterly topic: Interest rates unchanged for February

Bank of Canada wary of premature rate cuts as underlying inflation persists

OTTAWA (Reuters) -Members of the Bank of Canada's (BoC) governing council were concerned about cutting borrowing costs too soon amid persistent inflation when they decided to keep the key overnight rate on hold on Jan. 24, minutes published on Wednesday showed.

The policy-setting governing council was "particularly concerned about the persistence of inflation and did not want to lower interest rates prematurely," the minutes said.

The Bank of Canada (BoC) aims to keep inflation at 2% and has increased its key overnight rate 10 times in 17 months to a 22-year high of 5% to tame inflation.

Shelter price inflation, which includes mortgage interest costs, rent and components related to house prices, remained the biggest contributor to above-target inflation, the minutes said.

"Members expressed concern that, going forward, shelter price inflation would continue to keep overall inflation elevated," the so-called summary of deliberations said.

The governing council was worried that if the housing market rebounded more than expected in the spring of 2024, shelter inflation could keep inflation materially above the target even while other price pressures abated, the minutes said.

Canada's shelter costs, which account for over a quarter of its CPI basket, rose 6% in December year-on-year even as overall inflation figure came at 3.4%.

Governor Tiff Macklem, while addressing a press conference at the Montreal Council of Foreign Relations on Tuesday, said the BoC expects a modest increase in prices in housing in 2024 and that was built into its forecasts.

The minutes showed that the BoC was also fretting about increase in wages amid zero productivity growth, which could have further inflationary pressures. Wages have been growing between 4% and 5% annually.

"Members expected wage growth to moderate gradually," the minutes said.

The central bank also sees risk to growth as restrictive monetary policy could impact consumer spending and could case a marked contraction in economic activity, forcing the BoC to ease interest rates "earlier and more quickly than anticipated".

Source: Investing.com

Inflation expectations:

Disclaimer:

The content presented in this newsletter is intended for general informational purposes only. Real estate market conditions are dynamic and subject to change, and the data shared herein is based on the best available information at the time of publication.

While I am committed to ensuring the accuracy and reliability of the statistics and market information presented, it is essential to recognize that my analysis is crafted from independent research and may differ from mainstream analyses that rely on distinct data sources. Real estate markets are influenced by a multitude of factors, both internal and external, which may not be fully captured in the provided data.

Readers are strongly encouraged to conduct their own research. I provide this information in good faith, and for those seeking a more personalized and detailed analysis tailored to their specific needs, I am available for individual consultations. Your trust in my dedication to delivering accurate and valuable information about the real estate market is sincerely appreciated.

Read

January 2024 Comox Valley Market Report

"Decoding Market Trends: Unveiling the Nuances Behind December's Real Estate Fluctuations in Comox Valley"

In this January Market Update:

  • Real Estate Quote of the month

  • Comox Valley December 5 yr. home prices

  • Interest rates

  • Inflation expectations

  • Data used for Comox Valley December 2023 pricing

Quote of The Month:

"Real estate cannot be lost or stolen, nor can it be carried away. Purchased with common sense, paid for in full, and managed with reasonable care, it is about the safest investment in the world." – Franklin D. Roosevelt

Comox Valley December 5 yr. home prices

In the final month of 2023, the real estate landscape in Comox Valley witnessed a substantial 18.3% dip in the average price of single-family dwellings (SFD), coupled with a significant 57.1% reduction in sales volume when compared to the previous month of November 2023.

It is crucial to recognize the natural ebb and flow within these figures, especially during the holiday season. Historically, December experiences a slowdown due to reduced activity, reflecting familiar patterns seen month after month and year after year. However, what sets this year apart is the sustained decline observed over the last three years, surpassing the typical fluctuations confined to a single month or year. Notably, the magnitude of this shift since the peak in April 2022 is a noteworthy factor influencing the current market scenario.

The downward trajectory of December home prices in Comox Valley has surpassed the levels seen in the past three Decembers by a considerable margin. While some may attribute this to seasonal variations, it's essential to question why the prices and sales volumes in the last three Decembers were considerably higher. The answer lies in the influence of interest rates. During those periods, interest rates were notably lower, impacting affordability significantly. The recent increase of interest rates by 4% or more has inevitably affected buyer behavior and market dynamics.

Looking ahead to the spring season, an anticipation of price recovery looms on the horizon. The pivotal question remains: by what extent will prices rebound? While avoiding speculation, it is challenging to envision prices surpassing last year's spring highs unless external factors, such as a potential buyer's strike or mortgage renewals forcing sales, flood the market.

It's essential to note that the data used for calculating the average price in December excludes acreages or waterfront properties and is for Zone 2. For a comprehensive breakdown of this data, please refer to the detailed information provided at the end of this newsletter. Stay informed and navigate these shifts wisely in the ever-evolving real estate market of Comox Valley.

Quarterly topic: Interest rates unchanged for November

Inflation expectations:

Data used for Comox Valley 5 year average price:

Included: Zone 2, Excluded: ocean front, acreages

Disclaimer:

The content presented in this newsletter is intended for general informational purposes only. Real estate market conditions are dynamic and subject to change, and the data shared herein is based on the best available information at the time of publication.

While I am committed to ensuring the accuracy and reliability of the statistics and market information presented, it is essential to recognize that my analysis is crafted from independent research and may differ from mainstream analyses that rely on distinct data sources. Real estate markets are influenced by a multitude of factors, both internal and external, which may not be fully captured in the provided data.

Readers are strongly encouraged to conduct their own research. I provide this information in good faith, and for those seeking a more personalized and detailed analysis tailored to their specific needs, I am available for individual consultations. Your trust in my dedication to delivering accurate and valuable information about the real estate market is sincerely appreciated.

Read

December 2023 Comox Valley Market Report

The Impact of higher Rates on Real Estate. "Comox Valley Real Estate Undergoes A Transition In Pricing: Down 25% Since April 2022 Levels"

In this December Market Update:

  • Real Estate Quote of the month

  • Comox Valley November 5 yr. home prices

  • Interest rates

  • Inflation expectations

  • Data used for Comox Valley October 2023 pricing

Quote of The Month:

"Don't wait to buy real estate, buy real estate and wait." – Will Rogers

Comox Valley November 5 yr. home prices

As anticipated, pricing has continued to soften, marking a decline into the fall season. While at first glance, it may seem that prices have remained relatively stable since last November 2022, it is crucial to recognize that last November marked a significant correction from the peak observed in April 2022, as clearly illustrated in the chart above. Following this correction, there was a subsequent recovery in prices up until July—an observable bounce—followed by a continued decline, bringing us to our current standing.

It's important to acknowledge the inherent fluctuations in these figures, particularly during the autumn season, which is often influenced by reduced activity and recurring patterns evident month after month and year after year. What distinguishes this year is the persistence of the decline over two years, surpassing the typical confines of a single-month or single-year fluctuation. Additionally, the magnitude of this shift since the peak in November 2021 is noteworthy.

In November 2023, the average price of a single-family dwelling (SFD) experienced a 1.8% decline, coupled with a 30% reduction in sales volume compared to October 2023.

Please be aware that the data used for calculating the average price for November excludes acreages or waterfront properties. For a detailed breakdown of this data, please refer to the end of this newsletter.

Quarterly topic: Interest rates unchanged for November

Inflation expectations:

Data used for Comox Valley 5 year average price:

Included: Zone 2, Excluded: ocean front, acreages

Disclaimer:

The content presented in this newsletter is intended for general informational purposes only. Real estate market conditions are dynamic and subject to change, and the data shared herein is based on the best available information at the time of publication.

While I am committed to ensuring the accuracy and reliability of the statistics and market information presented, it is essential to recognize that my analysis is crafted from independent research and may differ from mainstream analyses that rely on distinct data sources. Real estate markets are influenced by a multitude of factors, both internal and external, which may not be fully captured in the provided data.

Readers are strongly encouraged to conduct their own research. I provide this information in good faith, and for those seeking a more personalized and detailed analysis tailored to their specific needs, I am available for individual consultations. Your trust in my dedication to delivering accurate and valuable information about the real estate market is sincerely appreciated.

Read

November 2023 Comox Valley Market Report

"Comox Valley Real Estate Heads South, Taking A Two-Year Price Plunge Beyond October 2021 Levels"

In this November Market Update:

  • Real Estate Quote of the month

  • Comox Valley September 5 yr. home prices

  • Interest rates

  • Inflation expectations

  • Data used for Comox Valley October 2023 pricing

Quote of The Month:

"Location, location, location... unless it's haunted, then it's a deal-breaker." - Unknown

Comox Valley October 5 yr. home prices

In the past three years, we've witnessed noteworthy price hikes, some surging by as much as 25% within a single year. However, this month, the Comox Valley is following a somewhat different path.

It's crucial to recognize that these figures tend to fluctuate, especially in the autumn season, affected by reduced activity and the recurring patterns that unfold month after month and year after year. What sets this year apart is that the decline spans two years, extending beyond the confines of a single month or year. Furthermore, the swiftness of this shift since the previous peak in September is remarkably striking.

In October 2023, the average price of a single-family dwelling (SFD) dropped by 5%, with a sales volume decline of 74.36% compared to October 2022. Back in October 2021, there was a more significant decrease in the average sale price, down by 11%, coupled with an 83% reduction in sales volume.

Please note that the data used for the average price for October does not include acreages or waterfront properties and can be found at the end of this newsletter.

Please be aware that the data used for calculating the average price excludes acreages or waterfront properties. For a detailed breakdown of this data, please refer to the end of this newsletter.

Quarterly topic: Interest rates unchanged for October

The Bank of Canada's recent announcement on October 25th revealed a decision to maintain the current interest rates, citing a revised economic growth forecast and heightened concerns regarding inflation. This move retains the policy rate at 5%, a level unseen in the past two decades. Furthermore, the central bank emphasized its preparedness to entertain additional interest rate hikes if the persisting inflationary pressures persist.

One significant factor that could potentially trigger further interest rate increments is the ongoing depreciation of the Canadian dollar vis-à-vis the US dollar, a development that is currently unfolding as the US upholds its 10-year interest rate at 5.5%. This particular circumstance might compel the Bank of Canada to contemplate rate hikes as a preemptive strategy to counter the escalating threat posed by rising import prices. Such a scenario could potentially exacerbate the existing inflationary concerns within the Canadian economy.

The robust position of the US dollar, bolstered by its elevated interest rates, highlights the critical need for the Bank of Canada to carefully consider strategic adjustments aimed at preserving overall economic stability.

Inflation expectations:

Data used for Comox Valley 5 year average price:

Included: Zone 2, Excluded: ocean front, acreages

Disclaimer:

The content presented in this newsletter is intended for general informational purposes only. Real estate market conditions are dynamic and subject to change, and the data shared herein is based on the best available information at the time of publication.

While I am committed to ensuring the accuracy and reliability of the statistics and market information presented, it is essential to recognize that my analysis is crafted from independent research and may differ from mainstream analyses that rely on distinct data sources. Real estate markets are influenced by a multitude of factors, both internal and external, which may not be fully captured in the provided data.

Readers are strongly encouraged to conduct their own research. I provide this information in good faith, and for those seeking a more personalized and detailed analysis tailored to their specific needs, I am available for individual consultations. Your trust in my dedication to delivering accurate and valuable information about the real estate market is sincerely appreciated.

Read

October 2023 Comox Valley Market Report

"Comox Valley Real Estate Resurgence: Unexpected September Revival and Market Trends" This month saw an uptick in property values".

In this October Update:

  • Real Estate Quote of the month

  • Comox Valley September 5 yr. home prices

  • Interest rates

  • Inflation expectations

  • Data used for Comox Valley September 2023 pricing

Quote of The Month:

"The best investment on Earth is Earth." – Louis Glickman

Comox Valley Single Family Dwellings(SFD).

September 2023 witnessed an unexpected resurgence in the real estate market, defying the conventional autumn slowdown. The sudden influx of buyers took many by surprise, prompting us to wonder where they were during the typically bustling month of June. While it's true that, on average, last September featured lower prices compared to this September (+7%), the market still lags significantly, with a decline of over $100,000 since May 2022, marking an 11% decrease overall.

However, when viewed from a different perspective, the market's resilience since hitting its lows in June 2023 is remarkable. It has rebounded, showing an increase of $128,000 or 14%, approximately. This positive turnaround can be aptly described as a substantial bounce back.

In summary, when considering the average sale price for Single Family Dwellings in the Valley, it's evident that a peak was reached in May 2022, and the prevailing trend points downwards. But then again, who expected September to ellipse June?

Quarterly topic: Interest rates unchanged for September

Inflation expectations:

Data used for Comox Valley 5 year average price:

Included: Zone 2, Excluded: ocean front, acreages

Disclaimer:

The content presented in this newsletter is intended for general informational purposes only. Real estate market conditions are dynamic and subject to change, and the data shared herein is based on the best available information at the time of publication.

While I am committed to ensuring the accuracy and reliability of the statistics and market information presented, it is essential to recognize that my analysis is crafted from independent research and may differ from mainstream analyses that rely on distinct data sources. Real estate markets are influenced by a multitude of factors, both internal and external, which may not be fully captured in the provided data.

Readers are strongly encouraged to conduct their own research. I provide this information in good faith, and for those seeking a more personalized and detailed analysis tailored to their specific needs, I am available for individual consultations. Your trust in my dedication to delivering accurate and valuable information about the real estate market is sincerely appreciated.

Read

I have sold a property at 1726 Tofino Pl in Comox

I have sold a property at 1726 Tofino Pl in Comox on Jul 15, 2022. See details here

Cozy & Bright 3 bedroom West Coast Style home! Located on a quiet cul de sac in a highly sought after neighborhood in Comox. Front foyer welcomes you to an open area living room with vaulted ceilings & cozy gas fireplace. The newly remodeled Ikea kitchen has an eating nook with additional storage, stainless steel appliances, & lots of room for entertaining in the dining area. Patio doors from the kitchen open up to the cedar deck with a fenced yard, storage shed & beautiful large apple tree. Lots of room to create garden space. Primary bedroom is complete with walk-in closest, private balcony & ensuite. With 3 bedrooms & den this home has lots of room for entertaining and enough room for the whole family. Laundry room has a new washer/dryer & sink. All exterior doors were recently replaced and new blinds. This home is walking distance to shopping, schools & close proximity to marina, hiking trails & beaches. Great opportunity to become part of a wonderful community in Comox.

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I have sold a property at 1079 Williams Beach Rd in Merville

I have sold a property at 1079 Williams Beach Rd in Merville on Jul 5, 2022. See details here

Large 6 Bedroom country West Coaster on 6.67 acres over looking Duck's Unlimited Estuary. Formal living & dining areas, large open kitchen with adjoining nook/family room: open staircase to 2nd level with 4 bedrooms, chair lift in place requiring attention. Main bedroom is vaulted/oversized ensuite; large walk-in closet. Partially finished walk out basement with illegal 2bdrm suite - untenanted. Separate illegal barn/structure - tenanted @ $1600/month.

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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.