As we close out January 2011, there are some positive signs for the real estate listings for the entire Comox Valley market. The BC Real Estate Association is forecasting an increase in home sales this year and some analysts are forecasting movement towards a more neutral market. Canadian and America economic indicators are both important given how intertwined our two economies are (nearly 85% of what Canada exports goes to the US and nearly 25% of what the US exports goes to Canada). We are each other’s most important single trading partners. Interest rates, mortgage rates, and consumer confidence are all important elements of a healthy market.
While some experts discuss a move to a more neutral real estate market we are too early in the current Comox Valley real estate market cycle for this to happen locally. More likely is a continued home buyer’s market. As a Comox Valley realtor who works this market each and every day, we have not seen anything to justify a move from the Comox Valley home buyer real estate advantage we see currently. Real property is not selling well and oceanfront and high end home sales have diminished significantly. Comox Valley home sellers still can succeed in this real estate market if their homes are correctly priced and properly presented. There is increased pressure to sell but far fewer buyers making the real estate commitment necessary for home sales to increase. Real estate prices have stayed fairly stable at this point in the Comox Valley real estate market cycle.
Sign up for the free Private Client Services Pro service of my website to keep your finger on the pulse of our Comox Valley realty market. Contact Brett Cairns of RE/MAX Ocean Pacific Realty for updates on the current realty market.