Happy new year and welcome to the Comox real estate market in 2020. This local market started climbing in price in the spring of 2016. While there was monthly variance along the way, prices have essentially steadily risen since that time until average and median prices dropped in December of 2019.

Within the Comox Valley, home sales dropped about 7% from 2018 to 2019 while the average sale price of homes rose from about $540,000 to $579,000. The average sale price of homes in Comox in 2019 was just over $570,000. In December, the average price of homes sold that month dropped to about $474,000.

There were 173 single family houses sold in the Town of Comox in 2019. Most homes sold in the $500,000 to $600,000 price range with the next most homes sold in the $350,000 to $400,000 price range. Strong sales numbers were also present in price ranges up to $800,000. Two homes sold for more than $1 million with the highest going at $1.225 million. The town of Comox represented just over 20% of the entire real estate market in the Comox Valley.

So, what about trends in 2019 compared to the previous year? First sell to list price ratios only dropped by one percent from 98 to 97. Days to sell increased from an average of 32 to 37. Average sale prices rose from about $559,000 to $570,000 and median prices rose to $560,000. Total listings dropped by 20% and total sales dropped by 18%.

2020 will be a very interesting year for real estate and house sales in the Town of Comox. Will the one month decline in prices become a trend? Will listings and sales continue their decline in numbers? At this point in time it is simply too soon to tell. Once the 2020 market starts it upward activity swing after the end of February we will have a lot more information with which to speculate which way this small but essential market will move. The town has grown but it still maintains the small-town character and charm for which it has been known. This seaside community still attracts many tourists each year and some of the visitors end up deciding to stay. They are often swayed by the appeal of the higher quality of life and slower pace offered when compared to larger cities like Vancouver and its suburbs.

If you are planning or relocating to Comox in 2020 it is not too soon to start looking in order to gain an appreciation of this local real estate market and the charm of the community.

The Crown Isle Resort and Golf Community is a jewel in the Comox Valley real estate market. While it only accounts for a small faction of the overall home sales in the Comox Valley, it does account for a significant number of high-end executive and luxury home sales.

For the past three years this segment of the real estate market has been through change and fluctuations. In 2017, the entry level for single-family homes in Crown Isle was about $600,000. Back then, home sales followed the cyclical cycle of most of the valley which meant that home sales started to rise in the February-March timeframe with peak home sales occurring in the May-June timeframe and sales dropping off by about mid November. In 2018, Prices started to rise significantly and both median and average prices fluctuated significantly throughout the year. In some months the swings month-to-month were in the $300,000 to $400,00 range. However, in 2019 the swings were much less severe and prices began moderating and home prices dropped off by the end of the year. Crown Isle single-family home prices started the year off at about the $830,000 price level. By mid year the median price was around $890,000 but by November the median sale price had dropped to $746,000.

Another interesting statistic concerning Crown Isle concerns homes priced at the million-dollar mark and above. Before 2010 there were two homes listed above $1 million and only one sold above that price point. The next million-dollar sale occurred in 2013 and there were four in 2018 and one so far in 2019. As of early December 2019, there were five homes listed for more than a million dollars and time on the market varied from 5 days to 114 days. Clearly, this luxury homes market has gone through some interesting cycles, particularly those of 2018 with the wild swings in prices month to month. As of the writing of this update, there were 36 homes of all types on the market in this golf course bordered community, and their time on the market ranged from 5 days to 325 days.

Yes, 2018 was a significant real estate year in Crown Isle but 2019 moved back to a more normal cycle and prices stabilized and even corrected downwards slightly is some segments of the home market by year end. The used home market was also in direct competition to a new home builders’ market that continued strongly as it moved to encircle Crown Isle Drive and extend down Crown Isle Boulevard towards the Comox Peninsula. Soon, the new homes market will taper off as lots for sale have dropped in numbers commensurate with this development approaching its capacity. As it tapers off, the next big home development in Union Bay may just be moving forward.

Courtenay is the largest community in the Comox Valley. It was home to 25,599 people according to the 2016 Census and it has been growing constantly since then. Naturally is would be expected to be, and does, drive the Comox Valley real estate market. This city accounted for 53.3% of the single-family homes sales in this region this year while comprising 38% of the population.

From a real estate perspective, there are five subareas in the City of Courtenay. These are Courtenay East with 18.4% of single-family home sales, Courtenay City with 18.1%, Courtenay South with 4.7%, Courtenay North with 4.4% and Courtenay West with 3.2%. Crown Isle adds another 4.5% and it is located in Courtenay East. The total volume of homes that changed hands this year is down a bit from last year but prices are up over last year. For example, Courtenay single-family home prices rose from an average of around $540,000 in November 2018 to about 580,000 in November 2019.

Courtenay City is essentially the downtown core area of the city and there were 11 single family homes listed in November 2019 compared to 25 the year prior.  Sales of this home type in this area were comparable between the two year with 10 sold in November 2018 compared to 11 in 2019. Days to Sell rose from 30 to 60 days. Courtenay East is located to the East of the Courtenay River and beyond the agricultural land located between Back Road and Comox Avenue. There were 7 single-family homes listed in November 2019 compared to 12 the year prior and fewer homes of this type were sold (8 compared to 12 the year prior). Courtenay North, in November 2019 had one home listed and 2 sold compared to 2 and 4 the year prior. The numbers for Courtenay South were 2 listed 1 sold in November 2019 compared to 4 listed and 1 sold in the same month the year before. As one can see from some of these numbers they are recorded in small in some areas and, as a result, one should be careful not to draw any conclusions based on a month or two of sales in some of the smaller areas. There are knowledgeable local area real estate experts who know the real estate market in the City of Courtenay and they can interpolate and extract information on the local market and its trends.

Besides listings sales. and price, other important home statistics include days to sell and inventory. These statistics often vary by area and home type. For example, the median selling price of a condo (apartment style) in the Comox Valley in November 2019 was 250,000 and they took an average of 94 days to sell compared to a year prior when they only took 37 days to sell. In contrast, single family homes took only slightly longer to sell in 2019 compared to 2018. Clearly, there are a significant number of statistics with which to analyze the Courtenay real estate market and one must be careful not to misinterpret what the market is actually telling us.

The year 2019 marked another change in the Comox real estate market. A total of 179 single family homes were listed in Comox year to date compared to 237 last year. Sales year to date (end of Oct) were 155 compared to 171 the year prior. Overall listings and inventory were down about 24% from last year while sales dropped only by about 9%. A higher percentage of the fewer homes on the market were sold this year compared to last year. With a lower inventory, buyers had less choice but the good homes sold relatively quickly while some of the less attractive homes sat on the market longer. Days to sell, on average rose from 48 to 60 days.

Home prices in Comox started climbing in the spring of 2016 and they rose fairly steadily until they levelled off by late summer of this year. The average and median prices for single family homes at the end of October was near $600K. By comparison, the average and median sales prices for condominiums was about $550K and $625K respectively while patio homes were at about $380K. With sales of all types of residential sales considered, the average prices rose by about 75K over the past year. This strong rise is significant for local residents because not only did prices increase, so did property tax assessments. In contrast, these prices remain attractive to mainland BC buyers.

Sell-to-list ratios varied considerably throughout the past year. In July of 2019 more homes sold than were listed yet in May only 5 of the 22 homes that were listed that month sold. Volatility was a hallmark of 2019 as prices bounced up and down each month along with activity and sales. The overall trend in Comox single family home prices was up from January through the fall when prices started to level off. This price leveling demonstrated that overall demand and the pressure it brings to a small market has dropped and that sellers who are listing above the market are finding this tactic is not working like it did earlier in the year. The number of competing offers has dropped as well.

So where is the market headed? Absent stronger pressure in the early spring from the mainland, prices should continue to level and perhaps correct downward somewhat. How much will be connected to how many listings hit the market early in the year. We should know a lot more about this and other trends by the late February to late March 2020 timeframe. Stay tuned for updates at that time.

The Crown Isle Resort and Golf Community is located in Courtenay East just past the intersection of Lerwick Road and Ryan Road. From there this large subdivision of custom and semi-custom homes can be accessed from either road. Drive down Ryan road a couple of blocks and turn right onto Crown Isle Drive or drive down Lerwick Road and turn left onto Malahat drive. Most people consider the main entrance to be Crown Isle Drive which extends through most of the development as it turns north and then connects with Royal Vista Way.

To take a driving tour of Crown Isle, travel down Crown Isle drive and turn left on Clubhouse drive if you want to view the main resort complex which is also where the golf pro shop, Crown Isle restaurant, and hotel properties are located. From there, head back out to the main drive. Go straight across the intersection to access The Grove, a subdivision of 18 patio homes located at 2828 Bristol Way. If you turn left instead you will follow the main drive through the subdivision along many freehold single-family homes. As you pass Royal Vista Way on the left you will see a town home complex on the right called The Timbers and a few more blocks down the street, a bare land strata gated community on the left called Hampton Gate. Continue down Crown Isle Drive and the road will bend north and double back towards Royal Vista Way. You will pass Kensington Crescent on the left which is a loop that provides access to Crown Pointe which is a 55+ patio home development located at 3100 Kensington Crescent. Britannia Place is further down on the right located at 3339 Crown Isle Drive. This is an upscale gated community of patio homes. As you reach Royal Vista Way you can turn right towards Corinthia Estates, a six complex of condominiums, or you can turn left back down towards Crown Isle Drive.

Other parts of Crown Isle include Southpoint, a small area of townhomes located at 2315 Sussex drive, Sussex Lake which is an area of single-family homes accessed via Sussex Place, and the Rise which is an area of single-family homes across the other side of Ryan Road and accessed via Crown Isle Blvd past the Costco. While Crown Isle does have condos, patio homes and town homes on the property as well as some homes located in a bare-land strata development, most of the homes are single-family homes and freehold properties. Some homes are located on the border of the golf course but most are not.

If you are looking for a high-end subdivision of homes located close to many amenities such as the Crown Isle Plaza, Costco, Home Depot, Aquatic Center and hospital as well as the airport this may be the place for you. As the resort slogan goes – drop by for a Tee Time and stay for a lifetime. This development has a great deal to offer and it is worth a drive through if you are in the area.

Courtenay is the largest and fastest growing city in the Comox Valley. It spans both sides of the Courtenay river and extends out into the north, south, east and west regional areas. The original main street is 5^th street where you will still find an active shopping area along with a number of eating and drinking establishments. The new main street is now recognized as Cliffe Avenue where you can find a number of strip malls and larger shopping mall complexes. This business-friendly town has a Walmart, Superstore, Canadian Tire, Best Buy, Costco, Home Depot and many other big box stores as well as a wide variety of smaller businesses. Eating, drinking, social, entertainment and recreational choices are numerous.

Over the past few years new construction in the city has continued at a fairly brisk pace. Courtenay offers a number of established neighbourhoods to families such as Valley View Estates and Aberdeen Heights in East Courtenay. The downtown core offers both historic turn of the century homes and newly constructed options. Many split-level homes and similar homes built in the 1960s are located throughout the main city area while many other styles of homes can be found in the western, northern and southern areas of the city. There are some great condominiums located downtown near the boardwalk by the Courtenay river and a variety of patio homes, town homes, and half-duplexes within and near the downtown areas. Farmland and acreages border the city to the west, east, north and south.

Housing options within the City of Courtenay are extensive. The 2019 average price for single family homes in the central part of the city sits around $500,000 while East Courtenay approaches $600,000. The north, south and west are quite varied in the type and style of homes offered for sale. There is not much you cannot find in and near this city. Oceanview, mountain view, and farmland properties dot the landscape as do most styles of homes. Some are located in well established large neighbourhoods whiles others occupy space in smaller areas.

Most people who are aware of the City of Courtenay are also familiar with some of the local events such as the annual Vancouver Island Music Festival. This music festival brings in a variety of well-known performers in the July time frame. In 2019, the festival takes places at the local fairgrounds from July 12-14.

Courtenay is located about mid way up Vancouver Island about an hour and 15 minutes north of Nanaimo. It is also located about 5-10minutes drive away from the Comox Valley airport where flights are regularly scheduled to Vancouver, Calgary and Edmonton.

Courtenay offers a variety of eating and drinking options that range from fast food establishments to upscale restaurants. Recreational opportunities are extensive and include almost everything that you can think of. Social clubs are active and they cater to a variety of different age groups. If you are looking for urban living without the stresses of a large city this location may be a great option for you. Just about everything is located within 15 minutes of the city except for the Mount Washington Alpine Resort and ski hill which is about 35 minutes from downtown. Why not drop by and explore what this area has to offer.