Comox Valley real estate is a phrase that is used to describe a number of different things related to real property and many other aspects of the real estate sector. Canada’s real estate industry is multi-faceted and includes a number of business, financial, tax, and advisory services across the country. This industry serves owners, investors, lenders, lease holders and buyers of real estate and related services. Within Canada by some estimates the real estate sector accounts for about half of the country’s economic growth. While accurate and up-to-date figures for the Comox Valley are elusive, the impact of the real estate industry is substantial. As of the 2016 census there were 66,527 residents living in 32,076 private dwellings.
Real property, also referred to as real estate, includes all land, structures, firmly attached and integrated equipment, anything growing on the land, and all interests in the property (which include surface, subsurface and above surface rights). This means that real property includes the land including the soil on the surface of the Earth, all of the water contained on or below the surface, oil and gas, etc. (unless separated from the rights to the land via a deed or other rights instrument) and most of the airspace above the land.Most structures that reside on land fall into the residential or commercial category. Real property ownership is conveyed via rights and interests on documents such as land titles. Within BC these documents are maintained by the BC Land Title and Survey Authority.
Regulatory Real Estate Bodies in BC
The BC Real Estate Council regulates real estate within and throughout the province of BC in the public interest. This body licenses more than 23,000 individuals and brokerages engaged in real estate sales, rental property, and strata management. They enforce the Real Estate Services Act and ensure that the public is well served by real estate licensees. The BC Real Estate Association represent the interests of the 11 real estate boards in the province and associations and licensees on all provincial issues related to real estate. They also provide continuing professional education for more than 20,000 real estate agents in BC, advocacy, economic research and standard forms to help Realtors provide value to their clients.
Vancouver Island Real Estate Board
The Vancouver Island Real Estate Board (VIREB) is the body that provides oversight and real estate services to all area of Vancouver Island north of the Malahat. Victoria has its own real estate board to provide services to areas south of the Malahat. VIREB is a not-for-profit, member-based association of about 1,000 Realtors who deal in real estate sectors that include residential, commercial, industrial, land development, rental property management, and strata management. This board has its start in 1951 and it currently provides members with tools, services, information, statistics, reports, systems, and education, and maintains the Multiple Listing Service that services this part of Vancouver Island. The MLS is divided up into nine zones to service the part of Vancouver Island that is north of the Malahat. There are: Zone 1 (Campbell River), Zone 2 (Comox Valley), Zone 3 (Duncan), Zone 4 (Nanaimo), Zone 6 (Port Alberni), Zone 7 (North Island), Zone 9 (Other Boards – for listings maintained by VIREB but outside of VIREB area of responsibility) and Zone 10 (Islands).
The Comox Valley Region
The Comox Valley is a regional district of Vancouver Island that comprises 1,699.90 square kilometers of land that is home to 66,527 residents currently occupying 32,076 private dwellings. While the population density is calculated to be 39.1 people per square kilometer, about 60% of the residents live in the City of Courtenay (25,599 residents) living in 12,013 private residences and the Town of Comox (14,028 residents) living in 6,208 private residences . Additional Information can be found in the following link to the City of Courtenay and the following link to the Town of Comox here. These residents reside in the region known as the Comox Valley the boundaries of which are displayed on the following map.
Regional Real Estate Boundaries
The Comox Valley, for real estate purposes, is divided into 12 sub areas (also sometimes referred to as tracts). These include: Z2 Courtenay City; Z2 Courtenay East; Z2 Courtenay West; Z2 Courtenay North; Z2 Courtenay South; Z2 Comox (Town of); Z2 Comox Peninsula; Z2 Crown Isle; Z2 Cumberland; Z2 Merville Black Creek; Z2 Union Bay Fanny Bay; and Z2 Mount Washington as shown on the following map.
An Overview of our Market
The following 2 and 1/2 minute video provides a high level overview of the Comox Valley and some of the types of homes that you can expect to find here.
Real Estate Growth
According to BC Statistics, the total number of building permits in the Comox Valley rose 10.5 % from $147.338 million in 2015 to $162.826 million in 2016. Building permits in the City of Courtenay rose about 0.5% from $90.525 million in 2015 to $90.923 million in 2016 while they rose 51% in the Town of Comox from $17.066 million in 2015 to $25.768 million in 2016.
The aforementioned increases broke down into a 32% increase in Comox Valley residential building permits from $85.885 million in 205 to $13.4 million in 2016. At the same time the average sell price for all homes sold in the Comox Valley rose 36% from $300,854 in February of 2016 to $410,092 in February of 2017. For all types of single family homes there was a 22% increase from $382,91 to $$467,363 in this same time period.
In the same period industrial permits were down 25.7% and commercial permits were up 8.6% Click on the following link to view the detailed BC Building Permit statistics collected by Statistics Canada
Residential Home Types
Residential property types include single family homes, half duplexes, condo /strata units (town homes, patio homes and apartments), and mobile homes. Farms / ranches and lots are also residential options. Homes are further broken down into categories for statistical purposes based on the sub area, type of home and features of the property such as acreage, and waterfront. The following infographic presents data on single family homes, condominiums and town homes for the Comox Valley in Dec 2016.
Real Estate Listings
Real estate listings in the Comox Valley are presented here. Comox Valley real estate is about more than zones, regions, areas, subarea, and statistics. It is about quality of life in a part of Canada that offers one of the most temperate climates and scenic backdrops in the country. It is about people, culture, and a laid back lifestyle. It is about the outdoors and recreational opportunities. It is about social offerings such as great restaurants, pubs and wineries. It is about small business, development, and one of the main economic engines of the Comox Valley.
Our Real Estate Market and Quality of Life
Sure there are oceanfront and waterfront homes that most people can just dream of owning. However, there are many Comox Valley homes here that most people can afford. There are homes bordering on golf courses and ones that overlook the Comox Harbour and the Comox Valley from nearby mountains. There are homes that look across the Georgia Strait towards the Coastal Mountains. There are also many homes in both urban and rural areas. About 3/4 of the homes that changes owners do so in either Comox or Courtenay while the rest are found in the rest of the Comox Valley. Many people who come to the Valley to look for homes stress location and views as desirable factors. A great thing about the valley is being able to walk or drive a few minutes for a great view of the mountains, glacier or ocean. So, if you do not have a view from your home it does not take long to find one.
What are you waiting for? Come out to the Comox Valley for a visit and see why more and more people are deciding to live here. Contact Brett to be your guide and realtor.