Comox Valley Real Estate News Blog

As the summer of 2024 progresses, the Vancouver Island Real Estate Board (VIREB) has reported a mix of trends in its latest real estate statistics. The housing market on the island is navigating through a period of transition, marked by significant changes in both sales activity and inventory levels.

Sales and Listings Overview

In July 2024, VIREB recorded 737 unit sales across all property types, which reflects a somewhat stagnant market with a modest decrease in activity compared to the same month last year. Active listings saw a notable increase, reaching 4,559 properties on the MLS® System. This represents a healthy inventory level that is shaping the current market dynamics.

Focusing on specific categories:

• Single-Family Homes: There were 363 single-family homes sold in July, a decrease of 11% from July 2023 but a slight increase of 1% from June 2024. The active listings for single-family homes stood at 1,596, a significant rise from 1,092 last year.
• Condo Apartments: Sales of condo apartments totaled 87 units last month, showing a 9% decrease from a year ago but a 6% increase from June. The inventory for condo apartments increased to 455, up from 312 in July 2023.
• Row/Townhouses: The row/townhouse sector saw 99 units sold, which is a 16% increase from the previous year and a 9% rise from June. The number of available row/townhouses also grew to 342, compared to 262 last year.

Market Conditions

The market’s absorption rate is currently at 16%, with approximately six months of inventory, positioning the VIREB housing market in balanced territory but leaning slightly towards a buyers’ market. This shift indicates that while inventory levels have increased, the overall market conditions are stabilizing, giving buyers more options and time.

VIREB CEO Jason Yochim noted that this year’s market behavior is unusual. The traditional spring and summer activity did not materialize as expected, with both buyers and sellers appearing to hold back despite favorable conditions such as interest rate reductions and increased inventory. “Inventory has risen considerably, and it’s been five years since active listings in the VIREB area were at this level, so buyers have more choice and more time to wait,” Yochim observed. “The same holds true for sellers, so there seems to be a waiting game going on.”

Price Trends

In terms of pricing, the benchmark prices for various property types showed mixed movements:

• Single-Family Homes: The board-wide benchmark price was $784,200 in July, marking a 2% increase from the previous year but a slight dip from June.
• Condo Apartments: The benchmark price was $414,300, up 1% from both the previous year and June.
• Townhouses: The benchmark price for townhouses was $540,800, down 2% from July 2023 and slightly lower than June.

Regional Highlights

Regional price variations offer a more nuanced picture:

• Campbell River: The benchmark price for single-family homes was $705,700, a 4% increase from the previous year.
• Comox Valley: The benchmark price rose by 5% to $842,100.
• Cowichan Valley: The benchmark price was $775,800, reflecting a 1% decrease from the previous year.
• Nanaimo: Prices increased by 1% to $815,800.
• Parksville-Qualicum: The benchmark price reached $899,900, a 1% rise from the previous year.
• Port Alberni: The price of a benchmark single-family home was $531,800, up 1% from last year.
• North Island: The benchmark price dropped by 2% to $431,300.

Looking Ahead

Despite a strong local economy, the Vancouver Island housing market remains subdued, as reported by the British Columbia Real Estate Association (BCREA). While economic growth persists in several regions, Vancouver Island’s market is still adjusting to higher inventory levels and evolving buyer and seller expectations.

As we move forward, it will be crucial to monitor how these trends develop, especially as we approach the fall and winter months. Buyers and sellers alike should stay informed and adaptable to the shifting market conditions.

Stay tuned for more updates and insights into Vancouver Island’s real estate landscape!

BC Government Responds to Industry Feedback on Residential Tenancy Act Changes

In the immediate wake of publicly voiced concern from the BC Real Estate Association (BCREA), the

BC Government has reversed course on two recent changes to the Residential Tenancy Act

(RTA) as they relate to buyers of tenanted properties.

The initial changes laid out in Bill 14, which came into effect on July 18, 2024,required four months'

notice – instead of the previous two months' notice – for evictions due to personal or caretaker use.

The legislation also raised the dispute period from 15 days to 30 days.

Now the government is amending the regulation to lower the personal-use notice period to three

months and the dispute period to 21 days for situations when a landlord gives notice to a tenant

on behalf of a purchaser. These changes come into effect on August 21, 2024.

"Since the amendments came into force, government has listened to feedback from industry

stakeholders that a four-month notice period could prevent first-time buyers from purchasing a

tenanted property," the government said in a statement on Thursday.

The BCREA Government Relations department is proud to have been a key part of the industry

response, along with partners from the Canadian Mortgage Brokers Association – BC (CMBA-BC). In

open letters and a joint press release, the two organizations pointed out the flaws with lengthening

both the personal-use notice period and the dispute period, including their effect on first-time

homebuyers.

"We appreciate the government responding quickly to our concerns," said Trevor Hargreaves, BCREA

Senior VP, Government Relations, Marketing &Communications. "This legislation caused confusion

and concern amongst both REALTORS® and the public, including buyers and sellers, and we're

happy to see changes made to alleviate that."

In BCREA's open letter, the organization reiterated its call for government to launch a permanent

housing roundtable made up of housing policy experts and other stakeholders from across the BC

housing sector, as it would have allowed for this round of feedback to be delivered before the

legislation took effect.

Navigating the Impact of BC's Bill 14 on Residential Tenancies

As many of you are aware, the BC Government recently passed Bill 14 into law, bringing significant changes to the Residential Tenancy Act (RTA). Effective July 18, 2024, this legislation aims to protect residential tenants from bad-faith tenancy terminations. While the intentions behind Bill 14 are commendable, it has raised several concerns within the real estate community due to potential unintended consequences.

Unintended Consequences and Industry Response

The Canadian Mortgage Brokers Association – BC, along with our organization, has identified several issues with Bill 14 that require immediate attention. We've voiced our concerns through open letters to the government and a joint press release, which has garnered coverage from major publications such as the Globe and Mail, Financial Post, Business Examiner, Storeys, and Real Estate Magazine.

Key Issues Raised by Bill 14

One of the most significant changes introduced by Bill 14 is the new requirement for landlords to provide four months' notice for evictions due to personal or caretaker use, an increase from the previous two months' notice. This extended notice period poses a considerable challenge for many, particularly high-ratio buyers, including first-time buyers who often rely on mortgage default insurance to secure financing.

The legislation also does not distinguish between a buyer of a tenanted unit who simply wants to move into their new home and a landlord who might be using a bad-faith eviction to raise rents beyond allowable limits. This lack of distinction creates confusion and potential hardships for genuine homebuyers and tenants alike.

Advocacy and Next Steps

In response to these concerns, the BCREA Government Relations Committee has sent a letter to BC Minister of Housing Ravi Kahlon outlining our concerns and suggesting potential solutions. Our advocacy efforts, supported by media outreach, are crucial in highlighting the practical challenges posed by Bill 14 in real-life real estate transactions.

The real estate community is committed to working with the government to ensure that the implementation of Bill 14 achieves its intended goals without causing undue disruption. As we continue to navigate these changes, we encourage all stakeholders to stay informed and engaged in the ongoing dialogue.

Click here to read our full letter to government.

Click here to read the press release.

This centrally located, flat lot is in a prime area to start from scratch and build your dream home. Only minutes from the ocean, all levels of school and all amenities nearby. Don't miss out on this opportunity to secure a piece of land in a great neighborhood. No value has been assigned to the house on the property. LAND VALUE ONLY - TEAR DOWN!

Buying your first home is an exciting venture, and the Comox Valley offers so much for this significant life milestone. However, in the thrill of homeownership, it's crucial to tread carefully and avoid common mistakes. To help you navigate this journey seamlessly, here are the top 10 mistakes to avoid when buying your first home in the beautiful Comox Valley.

 1. Neglecting Financial Preparedness

Before embarking on your homebuying journey, ensure your finances are in order. Many first-time buyers make the mistake of underestimating the costs associated with purchasing a home, including down payments, closing costs, and ongoing homeownership expenses.

 2. Skipping Mortgage Pre-Approval

Don't house hunt without a mortgage pre-approval. Knowing how much you can afford will streamline your search and give you a competitive edge when making an offer in the Comox Valley's competitive real estate market.

 3. Overlooking Hidden Costs

Beyond the purchase price, consider additional costs like property taxes, insurance, maintenance, and potential homeowner association fees. Failing to budget for these expenses can lead to financial strain down the road.

 5. Falling in Love with the First Home

While it's tempting to jump at the first home that captures your heart, take the time to explore different options. Comox Valley offers a variety of neighborhoods, each with its unique charm. Consider your long-term needs and explore multiple properties before making a decision.

6. Foregoing Home Inspections

Never underestimate the importance of a thorough home inspection. Skipping this step can lead to unexpected and costly repairs. Work with a qualified inspector to uncover any potential issues before finalizing your purchase.

 7. Not Researching the Neighborhood

Comox Valley boasts diverse neighborhoods, each with its own character. Research the amenities, schools, safety, and future development plans to ensure the neighborhood aligns with your lifestyle and long-term goals.

8. Neglecting Future Resale Value

Think ahead when purchasing your first home. Consider the potential resale value of the property and its location. An investment in a thriving area can yield substantial returns in the future.

 9. Failing to Secure Professional Representation

A real estate transaction involves intricate details and legalities. Avoid DIY mistakes by securing the services of a reputable real estate agent in Comox Valley. Their expertise will guide you through the process and safeguard your interests.

Buying your first home in the Comox Valley is a rewarding experience, provided you navigate the process wisely. Avoiding these common mistakes will set you on the path to homeownership success, allowing you to fully enjoy the beauty and charm that Vancouver Island has to offer. Happy house hunting!

Buying a house is a monumental decision, and your realtor plays a crucial role in guiding you through the process. To ensure that the property you're eyeing aligns with your needs and preferences, it's essential to ask your realtor specific questions about the house itself. Here are the top seven questions to consider:

1. What is the House's History and Age?

   Gain insights into the house's history and age. Ask your realtor about any major renovations or repairs that have been done and whether there are upcoming projects planned. Understanding the property's past can provide valuable information about its condition.

2. Are There Any Potential Issues with the House?

   Inquire about potential issues or concerns with the house. This could include information about the foundation, roof, plumbing, and electrical systems. Understanding the condition of these critical components is essential for budgeting and planning future maintenance.

3. What Features and Upgrades Does the House Have?

   Get a comprehensive list of the features and upgrades the house offers. This may include energy-efficient appliances, smart home technology, or recent renovations. Knowing what the house has to offer can help you assess its value and determine if it meets your lifestyle needs.

4. How is the Neighborhood and Community?

   While this question pertains to the surrounding area, your realtor can provide valuable insights. Ask about the neighborhood's amenities, local schools, safety, and community vibe. Understanding the overall environment will help you make an informed decision about whether the house is the right fit for you.

5. Are There Any Zoning Restrictions or Future Developments Planned?

   It's important to know about any zoning restrictions or future developments in the area. Your realtor can provide information on potential changes that may impact the property's value or your quality of life in the future.

6. What's the Resale Value of the House?

   While you may be focused on buying, it's wise to consider the resale value. Ask your realtor about the current market trends and the potential resale value of the house. This information can guide your long-term investment strategy.

By delving into these specific questions about the house itself, you'll be equipped with the knowledge needed to make an informed decision and ensure that your new home meets your expectations and requirements.

The holiday season is upon us, and while many are busy hanging festive decorations and sipping on hot cocoa, savvy homeowners in the Comox Valley are seizing the opportunity to prepare their homes for the winter real estate market. As the snow blankets the picturesque landscapes, there's no better time to showcase the warmth and charm of your property. In this guide, we'll explore the essential steps to ensure your home stands out during this winter market season.

1. Curb Appeal that Sparkles:

First impressions matter, and during the winter market, the exterior of your home takes center stage. Spruce up your curb appeal by adding subtle holiday touches like wreaths, garlands, and outdoor lighting. Clear walkways and driveways of snow and ice to make your home easily accessible and welcoming to potential buyers.

2. Cozy Interiors:

Create a warm and inviting atmosphere inside your home by incorporating cozy winter decor. Consider adding plush throws, festive pillows, and seasonal centerpieces to enhance the ambiance. Highlight the fireplace and use soft, ambient lighting to showcase the comfort your home offers during the colder months.

3. Holiday-Themed Staging:

Embrace the holiday spirit with tasteful, neutral decorations that complement your home's style. Avoid overcrowding spaces with too many decorations; instead, focus on elegant touches that enhance the overall appeal. Showcase your property's unique features while maintaining a festive and inviting atmosphere.

4. Showcase Winter Amenities:

Take advantage of the winter season by showcasing any amenities your home offers for cold-weather enjoyment. If you have a fireplace, spa, or well-insulated sunroom, highlight these features to demonstrate the year-round appeal of your property.

5. Highlight Local Winter Activities:

Incorporate the charm of the Comox Valley's winter activities into your strategy. Embark on an Alpine Adventure, Winter Trails Beckon, Festive Lights and Community Delights and more!

In the Comox Valley, winter isn't just a season; it's an invitation to embrace a tapestry of activities that celebrate the beauty of the colder months. Whether you're carving through the snow on Mount Washington, exploring winter trails, or immersing yourself in the festive charm of the community, the Comox Valley offers an array of experiences

The holiday season is upon us, and there's no better way to embrace the joy than by turning your home into a real estate wonderland. Whether you're hosting a small gathering or a grand soirée, these holiday hosting hacks will elevate your space and leave a lasting impression on your guests.

1. Festive Frontage: First impressions matter, especially during the holidays. Spruce up your curb appeal with twinkling lights, a welcoming wreath, and a doormat that spreads festive cheer. Potential buyers will be enchanted by the inviting atmosphere as they approach your property.

2. Cozy Corners: Create cozy nooks in your home by strategically placing soft throws and plush cushions. Embrace warm, neutral tones to make spaces feel inviting and comfortable. These thoughtful touches not only enhance your holiday decor but also showcase the potential for cozy living.

3. Culinary Magic: The heart of holiday gatherings is often the kitchen. Ensure yours is ready for the festivities with well-organized spaces, charming serving platters, and a touch of holiday aroma – think cinnamon and pine. A well-staged kitchen speaks volumes to potential buyers about the possibilities for entertaining in their new home.

4. Twinkling Transformation: Strategically placed holiday lights can transform any space. Highlight architectural features or create a magical ambiance in the backyard. Potential buyers will be able to envision hosting their own celebrations in these enchanting surroundings.

5. Tablescaping Brilliance: Set a dazzling holiday table that showcases the potential for entertaining. Elegant dinnerware, seasonal centerpieces, and tasteful decorations create an atmosphere that's both festive and sophisticated. Buyers will be able to envision their own holiday celebrations in the space.

Congratulations on your new home in the enchanting Comox Valley! As you settle into your sanctuary, there's no better time to infuse the spirit of the season into every nook and cranny. Follow our guide to turn your house into a holiday home that captures the magic of Christmas. 

## 1. Festive Focal Points:
Deck your halls with statement pieces that capture the eye and warm the heart. Consider a beautifully adorned tree or a dazzling mantel as the centerpiece of your holiday decor. In the Comox Valley, let the natural beauty outside inspire your indoor festivities.

## 2. Warm & Cozy Corners:
Create intimate nooks within your home with plush blankets, soft pillows, and warm lighting. These spaces are perfect for sipping cocoa, sharing stories by the fire, and enjoying the picturesque views that the Comox Valley offers during the winter season.

## 3. Charming Entryway:
Welcome guests with a festive entrance that reflects the charm of the Comox Valley. Adorn your front door with wreaths, twinkling lights, and a touch of holiday greenery to set the mood right from the moment they step inside.

## 4. Dining Delights:
Set a table that dazzles and celebrates the joy of the season. Elegant tablescapes with holiday-themed dishes and centerpieces make every meal a special occasion. Incorporate elements from the local artisan scene to add a unique touch to your dining experience.

## 5. Dreamy Bedrooms:
Make bedtime magical with cozy bedding, festive pillows, and soft lighting. In the Comox Valley, where nature intertwines with daily life, bring the outdoors inside by incorporating natural elements into your bedroom decor for an extra touch of holiday charm.

Ready to make this Christmas unforgettable in your new Comox Valley home?  Contact us for a personalized tour, and let the holiday cheer begin! 

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