Every market sector has its own characteristics. Water front property is no exception. Owning water front property is prestigious, making it sought after for those who can afford it. But is it worth it?
Sales of water front houses in the Comox Valley over the past 12 months have declined 27% from $44 million last year to $32 million this year. However, the average price has increased 19% from $638,812 to $762,079.
Sales of water front houses in Campbell River over the past 12 months have declined 11% from $10.3 million last year to $9.2 million this year. However, the average price has increased 40% from $543,979 to $762,500.
Currently, the average price of a non-waterfront house has increased 20% in the Comox Valley and 17% in Campbell River. It appears that the price increase for water front houses is out performing its non-waterfront counterpart!