As summer unfolds across the Island, the real estate markets in both Comox Valley and Campbell River are showing signs of balance and cautious optimism. With updated data from the Vancouver Island Real Estate Board (VIREB), here’s what buyers and sellers need to know.
Comox Valley Market Snapshot – Single-Family Homes
Benchmark Price: $864,600
Up 3% year-over-year, reflecting steady appreciation.Units Sold: 420
Up 16% from July 2024, though down 11% from June, indicating seasonal shifts.Active Listings: 1,483
Slightly down from 1,596 last year, but still offering buyers a healthy range of options.Market Balance: Roughly six months of inventory, placing the region in a balanced zone.
Campbell River Market Snapshot – Single-Family Homes
Benchmark Price: $703,000
Down slightly from June 2024, suggesting a soft correction.Median List Price: $693,144
Up 0.74% month-over-month, showing mild upward pressure.Median Sold Price: $660,052 (June data)
Down 6.29% from May, indicating buyer leverage.Days on Market: 57 days
Homes are selling steadily, with well-priced listings moving faster.Active Listings: 343
Up 5.54% month-over-month, giving buyers more choice.
Regional News Highlights
Wildfire Near Comox Lake: A 5.6-hectare blaze was contained in late July. No structures were threatened, but it’s a reminder of the importance of fire-smart landscaping.
Transit Fare Review: The Comox Valley Regional District is considering fare increases to support expanded transit services. This could impact commuting patterns and housing demand near transit corridors.
Interest Rate & Policy Update
Bank of Canada Rate Hold: The BoC maintained its overnight rate at 2.75%, keeping prime rates near 4.95%. This pause follows seven consecutive rate cuts earlier in the year.
Speculation & Vacancy Tax Expansion: Courtenay, Comox, and Cumberland are now included in BC’s tax zone. This has led some investors to exit the market, creating new opportunities for owner-occupiers.
Tariff Uncertainty: Ongoing trade tensions could influence future rate decisions. A rise in tariffs may prompt further cuts, while a trade deal could lead to tightening.
What This Means for You
Buyers:
Comox Valley offers stability and long-term value.
Campbell River presents negotiating power and affordability.
Look for homes with energy-efficient features, secondary suites, and proximity to transit.
Sellers:
In both regions, well-presented and competitively priced homes continue to move.
Highlight lifestyle appeal, smart upgrades, and location advantages.
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.