5 Important Comox Valley Real Estate Statistics

Like the Ontario housing market, the British Columbia real estate market is at the epicentre of Canada’s current correction. For the last couple of years, it looked like the Western province would not experience even a modicum of a slowdown. Be it the astronomical growth in the Vancouver housing market or the growth in Victoria, the province’s real estate sector had exploded since the beginning of the coronavirus pandemic. But now that interest rates are on the rise and uncertainty is weighing on buyers and sellers, a shift is occurring throughout the Canadian real estate market. But is this transition to slowing sales activity and price normalization being realized in Comox Valley real estate?

Perhaps the trends can be found in the latest market data.

5 Important Comox Valley Real Estate Statistics

Here are five Comox Valley real estate statistics you need to know:

#1 Prices Remain High

Comox Valley real estate prices remain high and are still recording notable gains in today’s uncertain environment.

According to the Vancouver Island Real Estate Board (VIREB), the benchmark price for single-family properties rose nearly 0.4 per cent month-over-month in July to $914,100. On an annualized basis, prices have surged close to 21 per cent.

The same pricing trends can be seen for other property categories.

The month-over-month and year-over-year benchmark price growth for apartments was 1.3 per cent and 24 per cent, respectively, to $458,900. The townhome benchmark price increased 0.64 per cent month-over-month and 17 per cent, respectively, to $622,000.

#2 Is Demand Falling in Comox Valley?

Like other housing markets across the province and the country, association data show that a cool breeze has arrived for the sizzling sales activity.

According to the VIREB, residential property sales plunged nearly 40 per cent, totalling a tepid 46 units in July. Moreover, compared to the same time a year ago, housing transactions fell more than 30 per cent.

#3 New Housing Construction Activity Mixed

In the Comox Valley housing sector, which includes the town of Courtenay, new residential construction activity has been mixed, fresh data from Canada Mortgage and Housing Corporation (CMHC) highlights.

Housing starts rose about 15 per cent year-over-year in June, totalling 54 units. Year-to-date, housing starts have totalled 284, down more than 50 per cent from the same period a year ago.

In June, completions also eased 64 per cent to 28 units, and absorptions fell 71 per cent to 21 units.

#4 Population is Growing

The long-term future of the Comox Valley real estate market and perhaps the broader economy is bright. One of the reasons for this is the population increase between 2016 and 2021.

Statistics Canada data show that the population grew 8.9 per cent to 72,445 last year, up from 66,527 in 2016.

While some might dismiss this growth as being driven by retirees, the numbers show that the population jump is broad-based:

• 0 to 14: 13.7 per cent
• 15 to 64: 57.9 per cent
• 65 years and older: 28.4 per cent
• 85 years and older: 3.2 per cent

In addition, the average age of the population is 67.4, the latest figures from the statistics agency show.

#5 Don’t Expect Balanced Conditions Anytime Soon

British Columbia has a supply problem. Nearly every segment of the province’s housing market maintains insufficient inventory levels to satisfy demand.

While specific supply numbers for the Comox Valley real estate market are not shared, the Vancouver Island housing market can indicate what is available in the region.

So, for example, active listings of single-family homes soared 107 per cent year-over-year to more than 1,200 units. Likewise, active listings of condos and townhomes climbed 43 per cent and 60 per cent, respectively, compared to the same time a year ago.

“While we’re happy to see more listings coming onto the system, that doesn’t change the conversations we’re having with stakeholders regarding supply,” said Erica Kavanaugh, 2022 VIREB President, in a news release. “Vancouver Island has had historically low inventory for many months now, so unless demand drops significantly, it will take a lot of new housing stock to create a balanced market.”

Change is Coming

It is safe to say that change is coming to the Canadian real estate market. In the era of rising interest rates, subsiding demand and broader global uncertainty, many components of the nation’s previously red-hot housing industry are leading to adjustments, rebalancing and stabilization. Of course, there are many questions that buyers, sellers and even real estate agents may have.

How long will the correction last? Will every real estate market experience the same fundamental changes? Will housing affordability remain paramount heading into 2023? Can some of the country’s chief markets (Toronto, Vancouver and Ottawa) experience significant price declines to allow more families to attain home-ownership status? Will rural communities return to pre-pandemic levels? That all remains to be seen.