Find Out More About Comox Valley Real Estate Market Statistics
Comox Valley real estate market statistics are affected by broader economic issues. Our market is part of the Vancouver Island real estate market. In turn, the Vancouver Island market is statistically influenced by the larger British Columbia housing market. Statistics Canada maintains statistics on Economic Indicators that are updated monthly and quarterly. A number of indicators such as new residential construction are monitored each month by a variety of agencies at different levels within the region, province, and the country.
Why are Comox Valley real estate market statistics affected by both U.S. and Canadian Economic indicators? Because the economies of our two countries are inextricably linked and integrated. Nearly 85% of what Canada exports is sent to the U.S. and nearly 1/4 of what the U.S. exports is sent to Canada. We are each others most important single trading partner. What happens financially in one country has the potential to significantly affect the other. Effects at the federal level can be felt at the provincial, municipal and even the local level of our Comox Valley.
The Bank of Canada maintains statistics on Canada’s key interest rate. It carries out monetary policy for the country by influencing short-term interest rates by raising and lowering the target for the overnight rate. The overnight rate, or the Bank’s key interest rate, is the interest rate at which major financial institutions lend and borrow one-day funds among themselves. This rate is important because changes in it can affect other interest rates such as home mortgage rates as well as affect the exchange rate of the Canadian dollar.
According to the Canadian Mortgage and Housing Corporation news release published on 29 December 2011, housing-related spending accounts for more than 20 percent of Canada’s Gross Domestic Product (about $330 Billion in 2010). The growth in the influence of seniors on the housing market was one of the areas highlighted as the percentage of seniors in Canada rises from about 14% to 24% over the next 30 years. The Canadian Real Estate Association (CREA) produces a resale housing forecast each year. The British Columbia Real Estate Association (BCREA) also produces a BC real estate resale housing and mortgage rate forecast.
Comox Valley Realty Market Statistic Areas.
The Comox Valley falls under the authority of the Vancouver Island Real Estate Board (VIREB). They are responsible to maintain and promulgate Comox Valley real estate market statistics. Our market is located between the Campbell River real estate market to the north and the Qualicum Beach real estate market to the south. Comox Valley property is listed in several areas. The Merville/Black Creek area includes the Saratoga Beach area up to the Oyster River. The City of Courtenay area is divided into Courtenay East, Crown Isle, Courtenay North, Courtenay West, Courtenay South and Courtenay City. While Crown Isle is part of Courtenay, Crown Isle real estate has its own category of Crown Isle homes for sale. The Town of Comox area is situated on the Comox Peninsula. Courtenay South includes Royston (located to the south of the City of Courtenay). Further south is the area that includes the Union Bay and Fanny Bay areas down to Deep Bay.
Comox Valley Real Estate Market Statistics Categories.
In addition to being statistically divided into these geographic areas, this market is statistically divided into categories. Comox Valley property includes: single family homes, single family homes on acreages, single family homes on waterfront, single family strata, single family modular/prefab homes, condos (apartments, patio homes and town homes), half-duplexes, full duplexes, triplexes and fourplexes, manufactured and mobile homes on a pad, farms and ranches, lots, strata and waterfront lots, acreages, and waterfront acreages. Whether you are looking for a Comox Valley oceanfront home, a Crown Isle home or a Comox Valley modular home, we have them here!
Current Market Statistics.
When considering real estate statistics for the Comox Valley, it is important to ensure that the ones being considered are relevant to the specific circumstance being considered if they are to be meaningful. While any number of statistics may be interesting, they are generally only meaningful if they are relevant to a specific circumstance, time, and location. It is quite possible for one neighbourhood that is close to another to have very different market conditions. Therefore, the more that you know about the factors affecting the home that you are selling or buying, the more informed you will be when you have to make decisions. Being better informed means being better prepared to make decisions on your most important investment. Brett has expert knowledge of this market and he follows it statistically each and every day. The following charts are updated each month to provide you a general sense of our Comox Valley property market:
These two charts provide residential historical data between 1 January 2010 and 31 Jan 2015. This first chart (below left) displays the total number of monthly listings and sales in the Comox Valley. Active listings are in black, new listings are in blue and sales are in green. The second chart (below right) displays monthly average and median prices of all Comox Valley homes sales. Average prices are in blue and median prices are in red.
This chart depicts the 5 Year Average Mortgage Rates in Canada 1950 – 2015.
Having a good understanding of Comox Valley real estate market statistics is important to a basic understanding of what is happening in a specific real estate market. While factors such as mortgage rates may act as an external influence on a market, it is important to remember that real estate markets are first and foremost local and they exhibit localized effects. Working within a specific market day in and day out provides insights that statistics just cannot. Important Comox Valley realty statistics include the total number of listings, sales, and the average sale prices of all homes sold in the valley on a monthly basis. Both average and median prices are important to understand. If you are not familiar with the difference between these two prices, ask Brett to explain them to you. It is important to understand the difference in order to better understand what is currently happening in the market. There is also some general information on single family homes. This information is illustrative only and should not be used for any decision-making related to specific circumstances.
Statistics are maintained on each of theses types of homes and lots in each of the following Comox Valley real estate market areas:
- The Comox Peninsula;
- Courtenay City;
- Courtenay East;
- Courtenay North;
- Courtenay South;
- Courtenay West;
- Merville – Black Creek;
- Mount Washington;
- Union Bay – Fanny Bay; and
- Crown Isle.
Besides all of these statistics, there are also a number of unique attributes and situations in many of the more localized areas and neighbourhoods throughout the Comox Valley. The real estate market can and does change. One part of the market can be different than the other parts. As well, different geographic locations in the market can exhibit different characteristics. For these and other reasons it is important not to make decisions based merely on general statistics. Brett has expert knowledge of this market and follows it closely each and every day. He can provide you with insight into market statistics that you cannot obtain merely by looking at a few general charts. Contact him when you need to buy or sell and benefit from his knowledge and experience.