Plus a look at the Comox Valley real estate market
One of the questions I commonly get asked is, “How’s the Vancouver Island real estate market these days?”
In my 25 years as a Comox Valley Realtor I can honestly say that the past few years have been some of the best for both Vancouver Island and the Comox Valley specifically, and the future continues to look positive.
But don’t just take my word for it, let’s look at some numbers from the Vancouver Island Real Estate Board (VIREB).
Home prices have gone up across Vancouver Island
Demand for housing on the Island and throughout BC is being driven by a provincial economy that is outperforming much of the rest of the country, which has had a net positive effect on the housing market.
Across Vancouver Island, benchmark prices for houses, condos and apartments are up from 2016. In fact, according to VIREB, the benchmark price of a single-family home in the Comox Valley in January 2017 was $400,000, up 20 per cent from that period the previous year!
Inventory continues to be a challenge for Comox Valley Realtors
The past year has seen a decrease in the number of units for sale in the Comox Valley, and stats for Vancouver Island show a reduction of available properties of more than 35 per cent.
What does this mean for you?
If you’re a buyer, you need to act right away when you find the right home and be prepared for the possibility of multiple offers. The buying process may take a little longer because the inventory is low. Essentially, be patient but also be prepared to act quickly.
If you’re a seller, the ball is in your court because it’s a seller’s market. So act now – because real estate is cyclical and this won’t last forever! My new seller’s guide offers great tips on how to sell your home fast and get what it's really worth; click here to download it.