Two years ago, how many people projected an average home value that surpassed $600,000 towards the end of 2018 in the Town of Comox? Median and average home prices started to fluctuate significantly month-to-month towards the end of 2017 but the overall trend was up starting at the end of 2016. Where will the market head in 2019? It is too early to tell but some softening in prices may occur. To what degree will depend on a number of factors including the number of new listings that hit the real estate market in 2019. Keep watch starting about the end of February for more indicators and updates.
There is no question about whether or not the Town of Comox has grown and gotten busier over the past few years. However, it maintains the small-town charm that it has had since the 1960s when the population was around 2500. Since then it has grown steadily and it has expanded into the Comox Peninsula. Increasingly, there is evidence of new construction and major renovation in the local housing market in most areas of this community. Many of the homes built in the 1960s and earlier are being updated or replaced with homes built to modern standards. Why would anyone not want to invest in such a great area with such great temperate weather?
While some may point out that the town lacks things like big box stores for shopping, these amenities are only a few minutes drive away to the neighbouring city of Courtenay. The airport is about five minutes from downtown and there is a great deal of natural beauty all around the town. Where else can you find a nine-hole golf course nestled up against the main street and home to local deer who have become accustomed to life on the greens and fairway?
Comox does offer home buyers many different options from condos with views of the ocean to single family homes that have surpassed the one-million-dollar mark. While prices have gone up, they still remain affordable compared to most benchmarks on the BC mainland. For this reason, many people from the mainland either are, or are thinking of, a move to the island and the town of Comox. While the town is very close to its city neighbour there are distinct differences between the two communities. While not thought of as a high-end community of homes people may be surprised to know that nine homes in Comox sold in 2018 for more than one million dollars. Some home price softening may occur ibn 2019 subject to a number of factors such as how many listings enter the used home market in 2019. Trends should develop over the next month or two. Stay tuned for more.