May 2024 Comox Valley Market Report

May 2024 Comox Valley Market Report

Comox Valley Real Estate Prices move sideways — with a slight (-0.8%) slant downward.

In this Market Update:

  • Real Estate Quote of the month

  • Comox Valley Market Trends

  • Interest rate Outlook

  • VIREB Average Price

Quote of The Month:

"The best time to buy a home is always five years ago." – Ray Brown

Market Trends

In April 2024, the average price for a Single-Family Dwelling (SFD) in Comox Valley stood at $852,117. This represents a slight decline of -0.8% compared to last year's price of $859,144. While this may seem like a small change, it marks the lowest April average since 2022. However, there's a positive note as well - sales volume increased by 3.12% year-over-year, indicating ongoing interest in the market.

With a marginal YOY price change of only 0.8%, we can interpret the market as moving sideways with a slight slant downward. This suggests stability with a cautious trend.

Interest Rate Outlook

The Bank of Canada kept its benchmark interest rate unchanged on last Wednesday, noting a potential rate cut in June due to easing inflation, stagnant economic growth, and a softening labor market. Stating: “a rate cut in June is within the realm of possibilities.” I’m not sure how reassuring that is, or if it’s even something you’d want to Bank Of Canada on.

VIREB Average Price


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.