Many people ask how homes are selling in Crown Isle. First of all, homes continue to be listed in Crown Isle. As of the 23rd of June 2020, there are 67 homes and properties on the real estate market.  Of these, 36 are single family homes, 9 are condos, 17 are lots and 5 are in the row/townhouse (patio homes) category.

The single family homes listed start at $629,500 and they go up to $1.25 million. Most of these homes are priced in the $700 to $800 thousand dollar range. For the most part, single family homes have 3 bedroom and 2 bathroom configurations. The smallest home listed is about 1400 square feet and the largest is almost 4000 square feet. Ranchers and ranchers with bonus rooms are very popular and generally these homes appeal to the majority of Crown Isle buyers. Also popular are homes in the 1700 to 2500 square foot size.

Freehold ownership dominates the Crown Isle subdivision while there are also strata properties for sale. Bare-land strata properties can be found in the newer gated community areas. Most of the homes being built today are custom or semi-custom in nature. A few spec homes are also available from local builders but most of the offerings show up on the resale market. Home construction in Crown Isle started back in the mid 1990s and it continues in two main areas. The Eastern part of Crown Isle Boulevard that encircles the golf course is being completed over the next few years and the secondary part of Crown Isle to the north of Ryan Road is also being expanded. The amount of vacant land continues to decrease as this 871 acre development nears maturity as a fully build area.

So what kind of single family homes have sold in 2020? There were 5 sales in January, 5 in February, 5 in March and one in April. Some homes with accepted offers have yet to appear in the database as being sold. The status of these home sales will change once their contracts become unconditional.  when all types of homes and properties are included, there have been 30 sales this year to date.  So yes, the market continues to be active.

If you are not familiar with what Crown Isle offers it will be worth taking a trip to this area so that you can see first-hand what both the area and the high-end subdivision have to offer. Where else can you get the scenic views, the family-friendly neighbourhood, and amenities so close to one another? You can walk to Cosco, Home Depot, Time Hortons and the local Crown Isle Shopping Plaza. The Courtenay aquatic centre and regional hospital are just a few extra minutes farther away. Also close by is a middle school and a high school. What are you waiting for? As the locals say drop by for a Tee time and stay for a lifetime.

COVID-19 and Comox Valley real estate. Yes, we are open for business. Real estate services were declared an essential service by the government of BC. Many award-winning realtors are still working and helping their clients buy and sell homes. There has been a great deal of confusion and fear generated by the government on this virus and the propaganda on the news has been continuous. Fear not, the real estate industry has been given some guidelines so that we can continue to work with you to provide real estate services.

The World Health Organization provides us guidance on the use of masks in the context of COVID-19 . The document provides advice on the use of masks in communities, during home care, and in health care settings in areas that have reported cases of COVID-19. It is intended for individuals in the community, public health and infection prevention and control (IPC) professionals, health care managers, health care workers (HCWs), and community health workers. This updated version includes a section on Advice to decision makers on the use of masks for healthy people in community settings. Under Community settings it states:

Studies of influenza, influenza-like illness, and human coronaviruses provide evidence that the use of a medical mask can prevent the spread of infectious droplets from an infected person to someone else and potential contamination of the environment by these droplets.  There is limited evidence that wearing a medical mask by healthy individuals in the households or among contacts of a sick patient, or among attendees of mass gatherings may be beneficial as a preventive measure. However, there is currently no evidence that wearing a mask (whether medical or other types) by healthy persons in the wider community setting, including universal community masking, can prevent them from infection with respiratory viruses, including COVID-19.

A study conducted by the National Academy of Sciences dated April 8, 2020, examined the effectiveness of homemade fabric masks in protecting others. They concluded:

The current level of benefit, if any, is not possible to assess.

According to the US Center for Disease Control (CDC), the virus spreads mainly through close contact from person to person through respiratory droplets from an infected person who coughs, sneezes or talks in close proximity to someone else. So, perhaps some common sense is needed in conjunction to what these health experts are telling us above. One interpretation could be:

Forget the masks – just stay away from someone who is coughing or sneezing and do not come in close physical contact with someone you do not know.

So, based on a more liberal application of common sense, there is NO need to be fearful of this virus that the top health bureaucrat (Dr Fauci) in the US describes in his March 26, 2020 editorial in the New England Journal of Medicine on COVID-19 – Navigating the Uncharted in which he states:

This suggests that the overall clinical consequences of Covid-19 may ultimately be more akin to those of a severe seasonal influenza (which has a case fatality rate of approximately 0.1%) or a pandemic influenza (similar to those in 1957 and 1968) rather than a disease similar to SARS or MERS, which have had case fatality rates of 9 to 10% and 36%, respectively.

Back then to real estate. Using a bit of common sense and a few precautions, buyers and sellers should be able to continue to sell and buy homes with the help of a competent real estate agent without an irrational fear that can be generated by the propaganda currently being employed on television and through other media. People, continue to live your lives and look forward to an enjoyable and rewarding real estate experience.

The real estate market in the Comox Valley has once again been energized and it is now active. A few recent multiple offers should show us that many people are once again in the house buying and selling mindset. However, there is not a great deal on the market when compared to years past. For example, all of the custom and semi-custom homes in Crown Isle being offered on the resale market are numbered in the “less than 30” spectrum. Asking prices range from just under $700,000 to over $1.2 million. So, if you are in that market perhaps now is the time to move forward and find your dream home in a great upscale neighbourhood.

The City of Courtenay has even more to offer an aspiring home shopper. Courtenay offers many different styles, types and price ranges from which to shop for homes. There are about one hundred and fifty homes on the market at this time of year. Single family homes can be found in the low $400,000 range up to around $2 million so if you are looking for options now is a good time to look. If you are a seller, buyers are becoming increasingly active so contact a great award-winning realtor and get the listing process underway.

Next is the Town of Comox. There are about 60 homes on the single-family housing market at this time of year. The asking price of most homes exceeds the $500,000 threshold and the odd home will hit the market above $2 million. Once again, why not get out and start looking for your next dream home in this quiet ocean-side community with terrific views of the ocean, mountains, and even the nearest glacier, a short distance away. Scenic paradise and great people. What more can you ask for when considering quality of life and a new unhurried lifestyle far from the hustle and bustle of the nearby mainland?

Some people are asking if the Comox Valley real estate market is still active in April of 2020 with all of the Coronavirus restrictions. The short answer is yes. The BC government announced that real estate services are an essential service so real estate agents can provide you with the services that you need to sell your home and move up or down to your next home purchase.

The City of Courtenay forms the largest part of the resale homes market in this region of Vancouver Island. As of the 2016 Statistics Canada census of the Comox Valley there were 66,527 people living in the valley and there were 32,076 private dwellings. Of these, 20,230 were single detached homes. The City of Courtenay accounted for 25,529 people and 12,013 private dwellings at that time and 5970 were single detached homes. The city population grew 5.7% from 2011 to 2016 and with similar growth the city should be around 27,000 people by the census of 2021.

Courtenay’s lively downtown core features an assortment of shops, galleries, and restaurants — many with locally
produced ingredients from a thriving agricultural community. The stunning Courtenay Riverway connects downtown
Courtenay with the City’s southern boundary. This walkway borders the Courtenay Estuary, off ering visitors an
opportunity to view a variety of birds, fi sh, and native plants. World-class recreational opportunities await in Courtenay and its neighbouring communities, including golf, mountain biking, skiing, and hiking. The total value of building permits in 2018 was $91.9 million compared to only 60.8 million the year prior. Real estate growth was similar. One hundred and two subdivision lots were approved in 2018 compared to 90 the year prior. Today there are a considerable number of homes on the Courtenay resale housing market with a wide spectrum of styles and types of single family homes available for purchase.

The town of Comox is the next largest community in the Comox Valley. As of the 2016 census, there were 14028 people living in this seaside community in 6410 private dwellings of which 4150 were single detached homes. The town population grew about 2.9% during the previous 5-year period and there is an expectation that this growth will be exceeded when the 2021 statistics are taken. A population of 15,000 or more is not unrealistic. Comox is primarily residential in nature, and it covers almost 1,700 hectares. Located in the centre of a rich agricultural area producing potatoes, vegetables, fruit and dairy products, Comox retains a friendly village atmosphere. At any given time there are a significant number of homes for sale on the Comox resale housing market. The moderate climate of the area, unsurpassed recreational opportunities and comprehensive community services are just three of the reasons that Comox is rapidly becoming known as a preferred retirement location.

Another highly desirable location is the luxury homes subdivision of Crown Isle. There are quite often a good selection of custom and semi-custom homes for sale on the Crown Isle resale housing market. The entry price point for a detached single family home is around $700,000.  While some of the housing options include strata properties (bare-land, patio homes and condominiums, the vast majority offered freehold ownership both on and away from the golf course. One only has to drive through this magnificent area to see why it is so attractive to home buyers.

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.