Where are those buyers from?
Comox Valley real estate market is hot!
March 31, 2016: “The sales numbers for the Comox Valley are very impressive and well ahead of schedule for the spring market,” says Marty Douglas, managing broker for RE/MAX Ocean Pacific Realty. Media focus is on the Lower Mainland and the unique circumstances of shrinking inventory, foreign buyers, multiple offers and “shadow flipping.” On Vancouver Island, all markets are very active and the activity mirrors Vancouver – on a much smaller scale. Inventory is down, prices are edging upwards and multiple offers are frequent.
But where are our buyers coming from? From nearly 500 buyers over the winter market, Douglas points out eight out of ten buyers are from Vancouver Island! Breaking down the overall buyer sources – 66% were here already, from the Comox Valley. 13% came from the rest of Vancouver Island, from tip to tip, coast to coast and the offshore islands. 9% came from Alberta and 7% from the Lower Mainland. The remaining 5% of buyers are an eclectic bunch from Taipei to Toronto with eight buyers coming from Ontario, four from the Maritimes, three from the USA, two from Asia, two from Canada’s north, and one each from Manitoba and Saskatchewan.
Where on Vancouver Island? Turns out Campbell River and Victoria are tied with eleven buyers from each community purchasing here in the Valley. And from Alberta, as you might expect, Calgary, Edmonton and Fort McMurray lead eleven other cities of origin.
So – how is this different from past years? The latest buyer survey from the Vancouver Island Real Estate Board conducted in 2014, placed Alberta as the origin of 18% of Comox Valley buyers which indicates the oil patch troubles have cut that market source in half. Local, Vancouver Island and Lower Mainland buyers have nearly doubled in percentage supporting BC’s position as the strongest economy in Canada and the attraction of the Comox Valley as not only a place to retire but a place to work.
In summary, Douglas says “If you are waiting for an offshore buyer to solve your housing challenge, they are more likely to come from Quadra or Salt Spring or Gabriola Island than from a flight landing at YVR.”
Contact: Marty Douglas
RE/MAX Ocean Pacific Realty