In the 12 months ending March 31, 2018, there have been 1938 sales of all property types, a 6% decline over the same period in 2017.  The highest number of annual sales was 2256 in 2007.  The lowest was 879 in 1998.  2018 is the fourth year of above average sales numbers since 2007.  The twenty-five year average is 1537.

So what does that mean for pricing?  Well, as of March 31, 2018 the 12 month average sale price of a Comox Valley home is $501,400, up 18%. The average lot price is $224,970, up 10%. If you purchased an ‘average’ home in 2008, you paid $321,015.  If you bought an average lot in 2008, you paid $116,250. In ten years, home and lot average prices have increased 56% and 94% respectively.

Although 2018 has started out strong at the Bryce Hansen Team office, we have certainly had clients who have been impacted by the new mortgage rules.  Everything has a ripple down effect, and new home buyers looking for entry level homes may find that they have to lower their threshold a bit.  The intention, of course, is to keep everyone in affordable housing with room to adjust should mortgage rates increase.  It may make it more difficult, however not all change is bad. 

If you are wondering about the value of your home in today's market, please give us a call at (250) 218-2545 and we'll be happy to arrange for a complimentary market evaluation.

Posted by Bryce Hansen on
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