Comox Valley Homes

Comox Real Estate Market mid January 2021

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After two weeks into 2021 what do we see so far? In the past 60 days there were 75 home sales and in the past 30 days there were 10. Overall, this level of activity was strong for the end of the year and more typical for the start of the new year.  At this early point of the year there were 204 listings of various types throughout the Comox Valley. This inventory is a good start to the year but the next 6 weeks should provide additional insight into what will come this year. More listings means more choice for home buyers who over the past year have not had the choice that a typical year offers. Of course, 2020 was certainly not a typical year.  Let’s all look forward to getting fully back to normal for 2021.

In a normal year the real estate market starts to pick up at this time of year and it accelerates to a different level by the end of February until in culminates in activity at around the end of May. The market drops a bit thereafter but stays active until Labour Day when it again drops in activity until the late fall. From mid December until early January it sits at its lowest level of activity. So, we are just past that point right now and we are anxiously heading into a new year with renewed hope and anticipation. What happens over the next six or so weeks should give us all a better sense of where the Comox Valley real estate market is headed this year.

Current market inventory includes 27 condos and lots below the $200 thousand level. There are 26 listings between $200 thousand and about $330 thousand that are comprised mostly of lots. Single family dwellings start at about the $420 thousand level. There are 55 listings in the $500 to $700 thousand range with most of them being single family dwellings. There are some condos and lots listed in the price range as well. There are 36 listings between the $700 thousand and one million dollar price range with most being single family homes. Thirty listings are over one million dollars. In a typical year we should see many more homes listed in the $500 to $700 thousand range.

 

There are currently 33 listings in the seaside town of Comox. There are 17 listings in Courtenay East and 19 real estate listings in Crown Isle. These three areas include some of the more sought after family neighbourhoods in the Comox Valley. In total, the City of Courtenay has 110 listings of a wide range of homes and properties. At the moment there is an imbalance in homes listed in these popular areas. As we move further into 2021 we should see more homes and properties listed and more balance achieved if 2021 becomes a more typical year.

 

There are only six listings currently on the market in Cumberland, 11 in the Merville and Black Creek area, and 15 in the Union Bay and Fanny Bay area. Rural listings in the Comox Valley are almost always outnumbered by those in the urban areas in any given year.

There are only 80 single family homes on the market at the present time and we should see this number start to increase fairly significantly over the next couple of months. If you are looking to relocate to the Comox Valley it is important to be patient and let the number of listings (and therefore choice) increase. Happy New Year and let’s look forward to a great year in the Comox Valley for home buyers and home sellers alike.

 

 

Comox Valley Real Estate Going into 2021

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After an interesting 2020, here we are in 2021. So where is the Comox Valley real estate market headed and what can home buyers and sellers expect for the coming year?

 

Let’s start with what the British Columbia Real Estate Association (BCREA) expects. They provide five reasons why 2021 is looking considerably brighter than 2020. First, despite what may be the second worst recession in BC history (a decline in BC’s real GDP by 5.5% in 2020), the housing market had a record fall 2020 season and prices are rapidly rising as pent-up demand floods into an under-supplied market. Second, as that pent-up demand from the loss of a spring season fades, sales will likely slow from their current pace, but activity is expected to remain strong as record-low mortgage rates and a recovering economy continue to drive sales. Third, the average Canadian 5-year fixed rate has fallen to under 2 per cent, the result of a rapid and overwhelming policy response to the COVID-19 pandemic from the Bank of Canada. The Bank has signaled that it may hold its policy rate at its effective lower bound of 0.25 per cent until as late as 2023 and will continue its quantitative easing program until the Canadian economy is on a sustained path to full recovery. The combination of those actions by the Bank of Canada should keep mortgage rates very low for the foreseeable future. Fourth, The BC economy is showing signs of recovery, though that recovery is very much K-shaped in that some sectors are recovering at a much faster rate while others continue to languish. Higher-wage sectors have seen employment fully regain pre-pandemic levels, which partially explains the continued strength of the ownership market in BC. Fifth, On the supply side, active listings remain low due to hesitation on the part of sellers to list during the pandemic. Some additional supply may come online following the end of mortgage deferral programs, but given the tightness of market conditions, that supply is unlikely to be disruptive. Overall, BCREA anticipates strong momentum heading into 2021, with sales ultimately rising 9.7 per cent to 99,240 units. The provincial MLS® average price will finish the year up 9.9 per cent before rising a further 2.6 per cent in 2021.

 

So, what about the Comox Valley? Sales activity remained relatively strong at the end of 2020 and multiple offers in the home sales average price ranges were relatively frequent. This was mainly because a falling supply of good listings. This, in turn, led to rising home prices. New home construction remained strong and as employment starts to recover, we should see the market pick up in strength and numbers of listings. Home sellers should not hesitate to get their homes on the market early this year and home buyers should expect an increased number of listings and more choice as 2021 progresses. In a typical year, the home sales listing cycle begins in early January and steadily climbs until it peaks around the end of May. Thereafter, this is a drop to the end of July and another drop after Labour Day.

 

For Vancouver Island, the Vancouver Island Real Estate Board expects, that, even as pent-up demand on the Island begins to fade, activity in the housing market will remain strong. Mortgage rates are expected to remain near historic lows for quite some time, and demand from those able to work from home or those accelerating retirement plans will keep demand for real estate robust on Vancouver Island. The Vancouver Island board region will likely see an increase of 7.9 per cent next year to 8,900 units. Here in the Comox Valley the expectation should be similar. Many people from the mainland have moved to the valley as their retirement and relocation choice given our great weather, scenery, and quality of life.

 

If you are looking for a retirement or relocation option why not give the Comox Valley serious consideration? Contact Brett for help either selling your home in the Comox Valley or for help finding and purchasing your next home in this fabulous part of Vancouver Island. Brett specializes in Crown Isle, Comox and Courtenay homes for sale as well as luxury and waterfront offerings. When you need local market expertise that you can count on contact Brett.

 

 

 

Crown Isle – Comox – Courtenay Real Estate May 2020

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During the COVID-19 reaction clients have called to ask if the Crown Isle real estate market is active. Yes, absolutely it is. There are currently 27 homes on the market and there were five sales in March and one in April even though we were in lock-down mode at the time.. May numbers will be out shortly but they will not tell the full story because many of the deals completed in May will not be completed until the June or July time frame and later.  There is a good selection of single-family homes in the $700,000 to $800,000 price range and some go up to over $1.2 million. Custom and semi-custom homes are the most common types and sizes are typically in the 1700 to 2500 square foot range.

Move over to the quaint seaside town of Comox and yes there is activity there as well. There are 60 homes for sale and the vast majority are single family. Most of the homes on the resale market are in the $500,000 to $800,000 range and the styles span a spectrum from the fairly common split level variety to West Coast contemporary. Within Comox there were 10 sales in March, 7 in April and 5 already reported in May. Sale prices ranged from $430,000 to $920,000. Resale home offerings can be found in most of the popular family neighbourhoods and listings continue to get added to the market each week. So, if you are in need of a home in this area perhaps now is the time to start looking so that you find the one that meets your needs before school starts in the fall – which is only just over 3 months away.

Courtenay is the powerhouse of the overall housing market is this region and there are 148 single-family homes for sale in many different price ranges throughout the five resale areas (Courtenay City, Courtenay East, Courtenay West, Courtenay North and Courtenay South). There were 44 homes listed in the month of May. Many of the homes are being offered in the $500,000 to $700,000 price range with a few that top the $1 million level. This part of the market has the most to offer in terms of numbers of homes and areas within the city. Why not drop by and take a first-hand look for yourself? If you are serious about buying or selling contact Brett in advance and make an appointment to discus your needs and he will tell you how he can help meet your real estate needs and what he does differently from others.

 

 

What Do You Want in a Comox Realtor

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Comox Valley Homes for Sale
What do you want in a Comox Realtor once you have decided to purchase a home in the Comox housing resale market? This is one of the first questions that Brett asks potential clients before asking them anything about their real estate needs. Why? Because real estate is all about a service being provided by people to other people. It involves a professional relationship between an real estate agent and their client. A real estate agent is often a Designated Agency of the Brokerage with which they are affiliated. An agency relationship involves fiduciary responsibilities by the agent to the client. This is currently explained in the Real Estate Council of BC pamphlet called “Your Relationship with a Real Estate Professional”.

Brett works on a client basis because it is the way that Brett can provide the highest level of real estate services by law to his clients. The law currently stipulates that clients can expect loyalty, full disclosure, avoidance of conflicts or interest and confidentiality. This applies to all clients. What the, can Brett provide to clients that the law does not already provide?

Provision of real estate services such as the showing of homes and property options in the City of Courtenay, involves a professional relationship between people. Brett understands that the measure of a person is built on their character and competence. The character of a person embodies who they are as a person. Are they ethical and honest? The competence of a person is demonstrated by what they know and how they perform in their profession through the practical application of their knowledge and skills.

People come to know the character of another person through their words, actions and behaviors and this often takes time when people first meet. This understanding can also be developed through other sources such as biographies and by interacting with other people who know the person or who have worked with them professionally. One can also start to gain an understanding of the competence of the person by listening carefully to what they say and how they say it and by observing how they go about their work. For example, do they use a checklist that is regularly updated to ensure that they do not miss anything important. Have they spent extra time developing material themselves to show their clients in order to give them a better understanding of the local real estate market such as Crown Isle or do they merely use someone else’s work to show this? How thorough are they? Do they provide information on the advantages and disadvantages of homes or do they merely focus on trying to sell you something? Do you feel rushed by them or do they take whatever time is necessary to explain things. How, and to what level of detail do they offer to explain the real estate process? Do what they say makes sense?

There are two adages in life that are almost always true. First, “you get what you pay for”. People who list homes often ask for a discount early on in a listing presentation. Some even raise the question up front. How can a person make any assessment on value without knowing what is being offered. If you want quality and thoroughness, you will often have to pay for quality and thoroughness. The agent has many expenses, both fixed and variable that they have to pay for and many of these cannot be negotiated. Thoroughness takes time and in business time is money.

The second is “actions are stronger than words”. Do not be fooled by persuasive marketing and other propaganda. Listen to what a person says but watch their behaviors and actions. At the end of the day each real estate agent varies in their character, competence, knowledge, skills, behavior and actions. Buying and selling a home is a very important transaction in most peoples’ lives, but the professional relationship and trust between a client and a real estate agent is more important. Are your best interests really being protected? Are your needs being placed first?

Contact Brett and make an appointment with him to find out what advantages he offers to home sellers and buyers in the Comox Valley

Is the Comox Valley Real Estate Market Open during the Coronvirus Response

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Brett with Clients
Is the Comox Valley real estate market open during the Coronavirus lock down? YES it is. The BC Government stated that real estate services are an essential service in BC that that people rely on real estate agents for these services. Not all real estate agents are working during this challenging period but Brett is. Why is that?

Brett has enough life experience to know what it takes to be safe through a pandemic. Brett also understands how important it is for you and your family to relocate and find a home that meets your needs WHEN you need to do so. Brett also understands that real estate purchases and sales are very significant monetary transactions for most Canadians. Finding a trusted source of real estate information, advice and expertise is very important for peace of mind during this process. Brett has been a professional for more than 35 years while working for the Federal Government and for more than 10 years while working as a licensed real estate agent in the Comox Valley. While working for the federal government, he was responsible for multi-billion dollar programs but more importantly, he was responsible for people’s livelihoods and their lives. He rose to the second highest rank in the Canadian Air Force before he retired and he gave direction to people who trusted him with their lives and he gave trusted. advice on many important other issues as well. A summary of his first 35-year career can be found here ​

What makes Brett different from other real estate agents? His background and experience is one area. Through many years of being selected for and performing well in increasingly demanding areas of responsibility, Brett learned just how critically important it was to be trusted by others and that trust had to be earned through actions and not words. Brett takes this same approach to providing real estate services to his clients.

Here is one recent example. A client called him up just before Christmas last year and said that he was interested in purchasing a cottage on a waterfront property in the northern part of Vancouver Island. His clients informed Brett that they had been in conversation with the listing agent on the property and that he was ready to sell it to them at a good price. Brett asked them to wait before working with him and he explained how the new real estate law did not allow them to be properly represented by the other agency because of the ban in dual agency in the province by the government. They decided to give Brett an opportunity to show why he was correct. Brett worked diligently for weeks getting as much information as he could about the property and got to together with his clients just before Christmas. At the end of his presentation Brett recommended that they NOT buy the property because of a number of issues he had discovered and because it would be a bad investment for them based on local recent sales. They agreed with his assessment and recommendation and thanked him for helping them avoid a major financial mistake. Brett received nothing in compensation for his time and expenses other than the knowledge that he did the right thing for his clients.

Brett understands that trust and confidence must be earned and he aims to build and earn this with each of the clients he helps in the Comox Valley real estate market. Brett has personally moved 18 times across North America so he understands the relocation process well and he has developed and maintains a focused local market knowledge that he uses for the benefit of his real estate clients. If you are looking for someone who will go above and beyond for you in this currently challenging market contact Brett through this website and set up an appointment to meet him.

Why the Internet Google Facebook Wikipedia and the main stream new media cannot be trusted to provide us with facts and the truth

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The Internet

The internet was initially developed as a mechanism for information dissemination, and a medium for collaboration and interaction without regard for an individual’s geographic location. A brief history is available here https://dl.acm.org/doi/pdf/10.1145/1629607.1629613.

Cleary, the internet provides a service of unprecedented capability. Information can be disseminated and shared quickly around the world, and individuals can interact and collaborate without having to be in the same geographic area. As well, the internet provides us with a way to purchase products from widely dispersed geographic locations. This is a good thing.

Many people are connected to the Internet on a regular basis each and every day. But, can the information obtained from the Internet be trusted to be accurate and true? The short answer is NO. Not without an independent (and sometimes significant) verification effort. Why is this?

There now is a great deal of crap, fake news, deception, half-truths, lies, and just plain rubbish that litters the Internet. Anyone with access to a computer can express an opinion, write a blog, or make a comment on just about anything on the Internet without any regard for the facts or the truth. Worse, this type of garbage is often now given prominence in search results without any disclosure as to the factual accuracy or truthfulness of the information being presented to you.

Google

Companies like Google use algorithms (such as Rank Brain) to give search prominence today to some things that used to linger in a tiny corner of the Internet in obscurity. Now, when you search for something, your previous search patterns are used by algorithms to present you with things based on your previous search patterns. As well, search algorithms now use things such as popularity to give prominence to what is displayed in search results. Following is an article written by a former Google employee expressing real concern with this approach. https://www.businessinsider.com/google-algorithm-change-fake-news-rankbrain-2016-12

Facebook

When Facebook came onto the scene as a social networking platform, friends, relatives and acquaintances were given a mechanism with which they could communicate and share social information with each other. However, algorithms currently being used by Facebook now limit the information that is shared and to whom it is shared based on factors that include what the intended recipients appear to be interested in. So, even if you intend to send something out to all of your contacts, Facebook will not allow that to happen.

Facebook is NOT a news organization and its so-called “news feed” is not news. Facebook is a social networking platform. Facebook’s algorithm scans and collects information on everything posted in the past week by your friends, everyone you follow, each group you belong to, and every page you have liked. Then it ranks the posts and displays the ones that the algorithm believes that you will find worthwhile.

Worse, is the censoring of information now being undertaken on Facebook by so-called “fact-checkers” under contract with Facebook. This type of selective presentation, brainwashing, and censorship is similar to how a communist party operates. If you are searching for news, stay away from Facebook.

Wikipedia

Wikipedia is supposed to be an online encyclopedia that was launched by Jimmy Wales and Larry Sanger in 2001. The problem with Wikipedia is that almost anyone can create an account and edit the information in an article. If the edit is not challenged or changed by the relatively small number of editors who have a major influence on the site, what is added becomes “fact”. The problem with this approach is the real names of the Editors and their backgrounds and credentials are not known or displayed. Also not known are their knowledge, expertise or motivations. For example, I created an account to make a small correction to an article that had been written on myself. Within a few hours of me making the correction, the incorrect information once again appeared on the site in place of what I had corrected. Does anyone know me better than me? An anonymous editor on Wikipedia thinks so. The approach followed by Wikipedia is reminiscent of what happened with the now defunct Google Business directory. Abuse and self-serving editors contributed to it being shut it down. Secrecy should never be part of anything related to an encyclopedia. Secrecy breeds mistrust and Wikipedia is an online asset that simply cannot be trusted.

Main Stream News

Getting to the facts and finding the truth in the main stream news media has become increasingly difficult. I can still remember what I was told about four decades ago by a very prominent Canadian news broadcaster. He said, remember that first and foremost that we are a business aimed at making money.

 

A Forbes article reported that 15 billionaires own America’s News Media companies. Part of this article pointed out how a couple of the billionaire owners directly influenced news reporting on items of interest to them and their political and/or social agenda.

https://www.forbes.com/sites/katevinton/2016/06/01/these-15-billionaires-own-americas-news-media-companies/#283bba07660a  The following article much more direct comments on the growing tendency of “influence-seeking oligarchs” to directly influence journalism. https://www.ocregister.com/2017/05/07/the-news-media-are-losing-their-search-for-truth/

The prominent, very well known, and respected Canadian news broadcaster mentioned earlier also states that the person who writes a news story needs to ensure that there is enough truth in an article so that the news organization does not get sued. He added that the headline was intended to grab attention to the article and that the person who wrote the headline was often different than the person who wrote the actual article.

Fake news is not new. A 1995 Harvard Business Review article entitled “Why the news is not the truth” makes the point that much of what appears in the press as business news is corporate propaganda. This does not mean that there is no truth in the main stream media because there are journalists who diligently work towards that aim. It does mean that you cannot take what is provided in the media as factual or truthful at face value without additional work on your part to investigate the veracity and completeness of what is reported. https://hbr.org/1995/05/why-the-news-is-not-the-truth

So How do we find out the facts and the truth?

Carefully and by being prepared to do a lot of reading and research on your own. First, do not “Google” something on the internet and take anything at face value as either factual or truthful (including Wikipedia). Second, do not use Facebook as a news source.

There are far too many political, social, environmental, and other special interest agendas at play in the world. Learn as much as you can about a topic and research both sides of the issue before making a judgement on the veracity of the information. It is also important to check on and confirm the source of the information. Stay open-minded and continue to learn as much as you can. Be prepared to evolve and, if necessary, change your viewpoint based on increased knowledge and experience.

Following are a few other things to consider in your search for facts and the truth.

  1. If the source of the information is not provided, or provided anonymously (as is frequently the case on websites with no “About Us” section and websites that do not provide the names of the authors along with verifiable credentials, move on to a different source.
  2. If someone tells you that the issue or the science has been settled, move on to a different source. Life is constantly evolving and we should be continuously learning.
  3. If someone will not release the facts, figures, or assumptions that provide the foundation or underpinning of the information or argument, move on to a different source.
  4. If someone tries to prevent or stifle debate on the issue or information, move on to a different source.
  5. If information is filtered or censored, move on to a different source
  6. If you are told to accept the information without question, move on to a different source.

There is, of course, much more to this story. In the end, much of what you see, hear, and watch is dependent on the trustworthiness and character of the person who produces the information. Truth Decoded discuss this in much more detail. https://www.amazon.ca/TRUTH-DECODED-Uncovering-Truth-World/dp/1973136309