By Gordon McKinlay
PropertyGuys.com Comox Valley & North Vancouver Island
PropertyGuys.com Comox Valley & North Vancouver Island
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Comox Valley Market Update for February 2020
The monthly Comox Valley Market Update for February 2020 shows the market is starting to show signs of life from the winter period. Overall the market is still a buyer’s one but Single Family homes are entering a balanced market and newer patio homes are still very much in demand.
In January sales were sharply off. In February inventory levels have risen and sales are still depressed however coming from our very slow start in January, February was positive.
Sales are down in the Comox Valley by 1% and in Campbell River by 9% however choice for buyers is up, as there is more inventory. Across all residential types (single-family, condo, etc), there were 47 price reductions in the Comox Valley and 37 in Campbell River.
However, in February Vancouver Island sales as a whole show a positive sign that buyers are feeling optimistic as we head into spring, which is historically a busy time for real estate. Another positive outcome is Minister of Finance Bill Morneau’s announcement regarding changes to the
benchmark rate used to determine the minimum qualifying rate for insured mortgages. Guideline B-20, also known as the mortgage stress test, significantly reduced the purchasing power of some buyers and pushed others to the sidelines.
“The change to the stress test is a move in the right direction,” says 2020 VIREB president Kevin Reid. “Guideline B-20 compressed more demand into our mid- and lower-priced property market. Combined with limited inventory in that price range, many buyers couldn’t move ahead with their home purchase.”
Source: Vancouver Island Real Estate Board – MLS® Statistics
| Single Family Homes | |
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The Average Sale Price this year ↑ increased by 5% ↑ from last year. This year’s Average Sale Price was $579,280. There are 5.15 Months of Inventory of Single Family in the Comox Valley. It is currently a Balanced Market. This month’s Inventory increased to 201 Active Listings. There were 74 units listed and 39 units sold. PLEASE NOTE: SINGLE FAMILY property does NOT INCLUDE acreage with a house, condominiums, duplex/triplex, mobile homes/on a pad, single-family waterfront or single-family strata. LOTS do NOT INCLUDE acreage or waterfront acreage. |
| Lots | |
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The Average Sale Price this year ↑ increased by 27% ↑ from last year. This year’s Average Sale Price was $264,262. There are 22 Months of Inventory of Lots in the Comox Valley. It is currently a Strong Buyers Market. This month’s Inventory increased to 44 Active Listings. There were 4 units listed and 2 units sold. |
| Apartment Condos | |
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The Average Sale Price this year ↑ increased by 7% ↑from last year. This year’s Average Sale Price was $307,510. There are 7.86 Months of Inventory of Condos (Apt) in the Comox Valley. It is currently a Avg. Buyers Market. This month’s Inventory increased to 110 Active Listings. There were 38 units listed and 14 units sold. |
| Patio Condos | |
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The Average Sale Price this year ↑ increased by 13% ↑ from last year. This year’s Average Sale Price was $445,504. There are 1.4 Months of Inventory of Condos (Patio) in the Comox Valley. It is currently a Avg. Sellers Market. This month’s Inventory remained the same to 14 Active Listings. There were 10 units listed and 10 units sold. |
| Townhouse Condos | |
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The Average Sale Price this year ↑ increased by 2% ↑ from last year. This year’s Average Sale Price was $360,693. There are 13 Months of Inventory of Condos (Twnhse) in the Comox Valley. It is currently a Strong Buyers Market. This month’s Inventory increased to 39 Active Listings. There were 10 units listed and 3 units sold. |
Market Legend
- Seller’s Market – In a seller’s market, conditions are favorable for sellers to get higher prices for their homes. The number of buyers who want homes exceeds the number of homes available. In this type of market, the homes sell quickly, prices will increase, and a large number of buyers are available for a minimal inventory of homes. These characteristics have implications for the buyer who has to make decisions quickly, must pay more, and frequently has their conditional offers rejected.
- Balanced Market – In a balanced market, the number of homes on the market is equal to the demand or number of buyers. Houses sell within a reasonable period, the demand equals supply, sellers accept reasonable offers, and prices are generally stable. The implications for the buyer in this type of market are that the atmosphere is more relaxed. There is a reasonable number of homes from which to choose.
- Buyer’s Market – A buyer’s market allows buyers to come in at lower prices. The supply of homes on the market exceeds the demand or the number of buyers. Homes will be on the market longer, fewer buyers will be available compared to the higher inventory of homes, and house prices are reduced. The implications for the buyers in this type of market are more favorable, negotiating leverage, more time to search for a home, and better prices.
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Meet Gord
Gord is the owner of PropertyGuys.com in the Comox Valley & North Vancouver Island. Gordon is a private sales expert who loves helping people sell their own homes and save tens of thousands of dollars. He has created this website to help others sell their homes privately. For more information, download his free Guide to Selling Without an Agent.
PropertyGuys.com has developed a system that has helped over 90,000 private home sellers in Canada to sell their homes successfully. PropertyGuys.com is the largest private home sales network in Canada.