Comox Valley real estate: The 2012 edition. Happy New Year everyone and welcome to my first Comox Valley real estate blog of 2012. In case you were away over the holiday season and missed it, I reviewed what happened in real estate in Canada, and the Comox Valley, in my blogs dated 28 November 2011 and 20 Dec 2011. A takeaway from these blogs is that sales in the Comox Valley real estate market were down nearly 30% from 2007. To gain an appreciation of what happened over the past two years, visit my website visit the home page of my website and click on the Listings by Area. Then click on Real estate market statistics.
So much for 2011 and prior. What about 2012 and beyond? As of 2 Jan 2012 some economists are downgrading their 2012 Canadian outlook based on the overall global economic situation. Concerns over Europe’s sovereign situation and a euro-zone recession are the main factors. Financial stress in the US and UK is also a concern. The good news out of all of this, however, is that Canada’s financial credibility remains high and central banks understand the need to keep interest rates low.
Clearly the world financial situation is of concern to investors. Having said this, it is important to keep in mind that real estate markets are local. For example, while some parts of Vancouver were quite hot in 2011, this activity did not spill over into the Comox Valley real estate market. While the financial markets around the world will continue to be of interest to the news media, investors and financial institutions in 2012, for most of us, our lives will continue to go on. People will continue to retire in 2012 and they will be looking for a place to do so. People will continue to change jobs in 2012 and the Comox Valley will continue to offer opportunities.
The attractiveness of the higher end Comox houses by the sea will remain. Our valley offers one of the most temperate climates in Canada, scenic beauty all around us, great friendly people, and an abundance of recreational activities to choose from. Construction is continuing and stores and restaurants are being built. Assuming that local bureaucracies are willing to tackle issues such as the need to renew and expand our infrastructure (water, sewer and roads) to effectively support projected growth, our valley should remain attractive to people looking for the lifestyle that our valley offers.
The Comox Valley has many different ways to attract people. When prospective buyers see value in an area, their interest will generate sales. We all have a role to play in how our valley is recognized and regarded by those who do not live here. We are aided by prestigious publications like Conde Nast Traveller when Vancouver Island and some of what is has to offer is recognized for product and service excellence. Location is an extremely important element of real estate. The Comox Valley is a great location and place to live.
Our valley also offers great variety in the type of Comox Valley homes regularly offered for sale – single family urban, rural, farm, lakefront, waterfront, condos, duplexes, patio, manufactured, and others. People who come here have tremendous choice on where they will live and the type of home that they will buy. This presents opportunities for both buyers and sellers but buying and selling strategies will need to be appropriate to be effective in the type of market that we will experience in 2012.
Barring some unforeseen influence, the Comox Valley real estate market should level off in 2012 and we may see some recovery towards the mid to later part of the year. While the global economic situation could generate a negative effect on us, what our valley offers to people should generate a balancing positive effect. If you are thinking of buying or selling real estate in the Comox Valley in 2012, contact Brett Cairns of RE/MAX Ocean Pacific Realty. Be prepared for these opportunities by planning ahead and asking how he can help you with your Comox Valley real estate needs in 2012.
by Brett Cairns