Happy New Year
For the Comox Valley and Campbell River, the year ended pointing to gains in the single-family average price of 19% and 18% respectively. Dollar sales volumes were up, but the number of units sold was down; partly as a result of higher prices, but also because of low inventory levels. In the November Edition of the Market Minute, we highlighted the factors which are driving the perfect storm in the real estate markets; strong demand and over restricted supply. The new mortgage regulations might not noticeably diminish demand, and may only serve to put some at a further disadvantage in the qualification process.
An article, which appeared last month in My Comox Valley Now, introduced a motion which, in part, sought to address the affordability issue in the over heated rental market. Mayor Jangula and Councillor Theos were defeated in the motion. We fully support Mayor Jangula in this initiative. The matter of affordability needs to be addressed in the rental sector, and across the development application process. Affordability may be difficult to achieve with average Comox Valley lot price at $241,741 up 35% from this time last year.