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Real Estate Fast Facts on the Comox Valley

 

 ⌂  In the 12 months ending August 31st, 2016, there were 2040 sales of all property types, a 29% increase over 2015.  The highest number of annual sales was 2256 in 2007.  The lowest was 879 in 1998.  2016 is only the second year of above average sales numbers since 2007.  The twenty-two year average is 1533.


⌂  The twelve month average sale price of a Comox Valley home is $398,177, up 10% from 2015. The average lot price is $180,611, up 8%. If you purchased an ‘average’ home in 2006, you paid $293,254.  If you bought an average lot in 2006, you paid $149,128.


⌂  YTD in 2016, a record 117 houses per month have sold. (In 2015 – 78, for 2014 -73, for 2013 - 68, for 2012 - 68, 2011 - 66, for 2010 - 68, for 2009 - 73, for 2008 - 69, for 2007 - 100.)  67% of SFD sales occurred in the municipalities of Comox - 23%, Courtenay – 38%, and Cumberland - 6%.  


⌂  Houses make up 63% of the 471 residential properties currently offered for sale (condos – 32%, mobiles - 1%, duplexes – 4 %.)  The current active inventory of all properties is 752, a 38% reduction from 2015. Single family dwelling inventory is down 39%, condos down 41%.


⌂  If you bought an average home in Cumberland in 2006 you paid $177,333.  Today’s price is $369,278.  The largest local YTD average sale price differential is between the old City of Courtenay ($343,672) and Crown Isle ($616,482).


⌂  YTD in 2016, 18 houses have sold for less than $200,000.  In all 2015 - 41.  In 2014 – 35, in 2013 – 47, in 2012 – 37, in 2011 – 36, in 2010 – 29, in 2009 - 37.  There were ten residential sales over $1 million in 2008.  In 2009 – three, in 2010 – one, in 2011 – two, in 2012 – none, in 2013 – five, in 2014 – six, in 2015 – four and YTD 2016 – 15, a new record!  The 12 month median SFD price (half sales above, half sales below) is $388,900.


⌂  The 2016 residential sales pattern in the Comox Valley indicates 41% of all single family dwelling sales occur between $350,000 and $500,000. The list/sell ratio in August was 99%.  The 12 month list/sell ratio is 82% and currently, listings sell for 98% of list price in 40 days. 


⌂  From Building Links: Thrifty Foods has recently confirmed it will be moving from its current location in downtown Courtenay into the former Safeway building at 17th and Cliffe.

The Comox Valley Exhibition Society was awarded a grant of $400,000 from Island Coastal Economic Trust. This will allow CVEX to move to the design phase for the 9,000 sq. ft. building.

A building permit application for the 71-unit residential building known as Riverstone in Courtenay has been submitted. Once the building permit has been issued, construction is expected to begin immediately. 

The Comox Mall will be getting a makeover. A separate one-storey building will be constructed facing Comox Avenue and some of these units will be available for lease. Once all approvals are in place, the owner is expected to begin the renovations.

Construction has started on the north Courtenay connector. In early 2017, a tender will be issued for the remaining construction, including the new bridge. The connector is anticipated to be finished in late 2017.


Created by MGD for RE/MAX Ocean Pacific Realty from stats from VIREB and Building Links 2016-09-01