January 2024 Comox Valley Market Report

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


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.

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.