The Courtenay real estate market is forging new ground in March of 2020. The City is divided into six parts for real estate statistical tracking. It comprises Courtenay City – the downtown area; Courtenay East, Courtenay West, Courtenay South, Courtenay North and Crown Isle. Each area is distinct and separate. For example, in the month of February, Courtenay South had the highest average sale price of $794,300 with three home sales. Crown Isle followed with an average price of $742,980 and five home sales. Courtenay City realized an average price of $534,467 and six sales. Courtenay West came in at $505,000 with two sales and Courtenay East followed with four sales with an average price of $498,750. There were no sales in Courtenay North.

When the first two months of 2020 are examined and analyzed the results are as follows. There were a total of 19 home sales in Courtenay City. Eleven of them were in the $500 to $700 thousand dollar range. Ten sales occurred in Courtenay East with eight in the $450 to $700 thousand dollar price range. There were nine in Crown Isle with all of them in the $600 to $900 thousand dollar price range. There were also five in the South, two in the North and two in the West parts of Courtenay. Courtenay offers many types and varieties of homes for sale within and near the boundaries of the city.

Interestingly, when one looks at the overall Comox Valley average prices. the trend upward has been consistent since March 2018. Starting in November 2019 prices flattened at about $580,000. A similar trend has started to emerge in some areas of Courtenay. For single family homes, total listings were up about 19% in February 2020 compared to the previous year but sell to list ratios dropped from 61% to 53%. While Courtenay area statistics vary, one thing is clear: Courtenay is the primary driver of the Comox Valley real estate market with a total share of nearly 56% of total sales.

As of the 23rd of March 2020 there were 152 active home listings in the City of Courtenay. Home types and styles included the following: ranchers, split entry, main level entry with basement, main level basement and 2nd floor, and ground-level entry with main up. While some of the listings describe the age as unknown, most are dated between one and one hundred years old. Quite a few are newer homes (less than 10 years old, but most are in the 20-40 year old range. Most of the homes are three bedroom with a few that are two bedroom and a few that are five or more. List prices vary between $324,900 and $2.2 million.

Clearly, the City of Courtenay has a lot to offer when it comes to real estate options. The type and style of homes are quite varied and the prices range from modest to expensive. Location is also diverse with both urban, semi-urban and rural options on the market. Courtenay is both the economic engine of the Comox Valley and the prime mover in the real estate market. If you are considering relocating to a business-friendly city that offers a terrific quality of life and scenery that is wonderful, this city may be worth finding more about. It is located about an hour and fifteen minutes drive north of the ferry terminal in Nanaimo and accessed via a modern four-lane expressway.

The Comox real estate market continues to change in 2020. As of the 23rd of March there were 45 listings in the seaside town. Single family homes started at $363,900 and increased to $2,750,000. The majority of the houses were listed in the $500,000 to $700,000 price range. Home options included the following home types: heritage, mobile, cottage, rancher, two level with main up, split level, rancher style with basement, split entry, ground level entry with main up, two-storey with main level entry, main level entry with basement, renovated, and Westcoast contemporary. All of the best homes on the market are typically found on the Multiple Listing Service.

The age of homes on listings can show unknown for some of the oldest homes when local records do not have sufficient data dating back to the early days of the home. Others show renovated which means nothing more than that. Although, it would be nice to know how old the home is along with when it was renovated, by whom, and to what extent. Substantially renovated homes, as defined by Revenue Canada, can trigger GST to be applicable on used home sales of this type. The current ages of these listings range from 9 years old to 80 years old. While most of them are 3-bedroom homes, some only have two while others have up to six. Clearly, while the current selection of homes in Comox is limited in numbers, there is a good selection of variety.

This time last February, there were 11 homes listed in Comox. A total of 17 were listed in February of 2020. In the same months, however, the sell to list dropped from 45% a year ago to 35. So, while listings have crept up in numbers the total number selling has dropped. The average sell price in those two months also dropped from $612,000 to $532,400. Most notably is that the days to sell rose from 11 days to 78 days. Based on this month and the previous there is a change coming to this local real estate market. We will know more about any trends when the end of March 2020 numbers are published.

Next to single-family homes in popularity are condominiums (Patio homes and townhouses). This should not be surprising as many older people have recently moved into the local area who do not want the added maintenance of the outside of their home so they choose strata type homes where it is done for them for a monthly fee. Lots are currently very hard to find as are acreages. Much of the land in the local area has been developed and what is not yet developed is often found being held by either developers, builders or private individuals with future plans to relocated to Comox and build.

The seaside community is growing but it is still keeping the small town charm it has become know for. Located beside Comox Bay and with a view of the local mountain range and Glacier, it symbolizes the scenic beauty in much of the surrounding area. And yes, quality of life is another attractive feature of this wonderful little community.

The 2020 Courtenay real estate market has entered its second month. So, what has happened so far? In the downtown area of the city single-family-homes listings were down 39% in January and days to sell were up by 182% over the same time last year. In the eastern part of the city, single-family-home listings were down 21% and days to sell were up by 25%. In the north, listings were down by 50% and there were no sales in this area in the first month of this year. There was one sale in the south and listings were down by 33%. Listing were down by 50% in the west and there were no sales of single-family-homes in that area in January. The average single-family-home sale price was about $569 thousand. The average home sale price this month in Crown Isle was the highest of the areas at $719 thousand.

Condominium (apartments) averaged about $401 thousand, patio homes averaged about $371 thousand and townhomes averaged about $313 thousand dollars. Lots in the City of Courtenay averaged about $285,000. While the overall average sale price in the Comox Valley rose about 2% in January when compared to the same month a year ago, the overall number of sales dropped by 33%. One month is not a long enough period to confirm a trend but early indicators certainly do suggest changes in the Courtenay re-sale housing market.

In the first month of the year, Courtenay accounted for almost 64% of the total home sales so what happens in this city certainly will have an impact on the overall Comox Valley real estate market and where it is headed in 2020. Many of the typical indicators are down for the first part of the year. The next couple of months will be important to watch as the market continues to become active and listings are placed on the market. Indicators such as list to sell price, days on the market, average and median sale prices, price changes, trends in localized parts of the real estate market and inventory will all contribute to form the overall picture.

Will 2020 mark the end of the current cycle and seller’s market conditions? Will sales continue to be down from the same time last year? Will prices correct and reverse the trend of the past couple of years? Will the demand from the mainland remain strong? Will local buyers and sellers jump into the market. These are just a few of the many questions that can be asked about what will happen this year. There are, of course, a few other factors that may come into play. For example, On February 18, Finance Minister Bill Morneau announced changes to Guideline B-20, also known as the mortgage stress test. The new benchmark rate used to determine the minimum qualifying rate for insured mortgages, which takes effect on April 6, 2020, will be the weekly median five-year fixed insured mortgage rate from mortgage insurance applications, plus two per cent. Stay tuned for more on our 2020 real estate picture for the City of Courtenay and the overall Comox Valley region.

The 2020 real estate market in the town of Comox started off with a whimper. January home sales statistics are down from this same month last year. Let us start with single family home listings which were down 27%. Then look at sales that were down 67%. Sales dollars volume was down a massive 82%. Certainly, one month is only one data point but these data point, if they start to develop into a trend will mean a change in market and one that will move from sellers to buyers. Average sell price was also down about 25%.

By the end of January this local housing market is just getting started for the year and the next couple of months will tell us much more. With most things in life change is inevitable. The real estate market is not different because it often works within cycles and it is affected by any number of things including local effects. The Comox market has had a good run. The upward climb in prices began in the fall of 2015 and there some was price increase slowdown starting to show at the end of 2018 and again at the start of 2020. Small housing market rarely stay strong and favor sellers for very long but this one has done so over a period of about 4 years which for this micro market area is remarkable. However, the end of the trend may be near and a new trend may be about to begin.

Interestingly, there were no single-family waterfront or single-family strata or lots listed in the month of January. Overall market statistics were comparable to single-family homes. Overall listings were down 26%, sales down 59% and total dollar volume down 54%. The one bright spot was that the overall average sell price actually was up 13% compared to this time last year but this figure was still down from the fall of 2019 numbers. With a total of only 83 active listings, there is not much inventory to sustain market growth.

The average and median sell prices of a single-family home were $426 thousand and $410 thousand respectively. In contrast, the numbers for condo apartments were $744 thousand and $839 thousand with patio homes showing up in the middle of the two types of homes at $555 thousand. Perhaps this is also noteworthy. Are buyers starting to focus on a different type of home? Again, too early to tell based only on the out of the 2020 gate numbers but this is worth watching to see if buyer demographics are changing in this local area.

If this area of the Comox Valley sparks your interest this may be the year to drop by and check it out. The small-town charm is still there and so is the quality of life offered by the surrounding area whose landscape is replete with mountains, ocean and terrific flora and fauna. Sporting, recreational and social events are varied and offer the visitor and resident alike with many great options. These offerings are outmatched by the tremendous variety of homes available in the local area. Stop by and browse what could very well be your next home in a great area.

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.