by Christopher Kutyn

In its day, Dickens’ classic was a best seller. There may still be some lessons to learn from his genius. I will leave his European comparisons for another time, but today I would like to consider the high cost of Regulation.  In 2018, the Comox Valley will celebrate ten years since the adoption of the Regional Growth Strategy. Thus far, Campbell River has avoided this additional layer of regulation.

We have highlighted the issue of low inventory levels, and have documented the strong upward pressure on price.  Again, this month, the upward pressure continues. At a recent council meeting of the Town of Comox, an 18 lot subdivision was approved. A reliable source told me that this is the first subdivision to be approved in three years.

The average lot price in the Comox Valley is $214,801, compared to the level of  $141,358 for Campbell River. The average house price in the Comox Valley is $443,930. In Campbell River, the average price is $365,526. These differences beg three questions……What is the cost of Regulation? Is the tail wagging the dog? For all the talk of ‘affordability’, is an average lot price of over $200,000 really necessary?

Comox Valley

Single Family Houses Sold

372 16% YTD
951 1% 12MTD
$ 443,930 16% 12MTD

Campbell River

Single Family Houses Sold

214 15% YTD
614 10% 12MTD
$ 365,526 12% 12MTD
We must not for our own pleasure lose sight of the interest of our children. - General Robert E. Lee

Christopher Kutyn

Chris has been appraising Real Estate for over 30 years and has served on the board for the local chapter of the Appraisal Institute of Canada.

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