Real Value In A Changing Market
As the affordability of detached homes have decrease over the past two years, townhouses have become a realistic alternative to detached home ownership. For the cost, a townhouse provides more indoor and outdoor space with your own front door.
As of the end of September 2018, the average price of a detached home in the Comox Valley is $532,000 and Campbell River is $447,000. Compare that to the average price of a townhouse as of the end of September 2018; Comox Valley $341,000 and Campbell River $219,000.
The cost differential between detached homes and townhouses is putting upward pressure on the price of townhouses. In the Comox Valley reported sales dollars for townhouses have increased 71 percent from $38.8 million last year to $66.1 million this year. While in Campbell River reported sales dollars for townhouses have increased 8 percent from $9.1 million last year to $9.8 million this year. As housing is more affordable in Campbell River (the average price of detached homes is 19 percent less than the Comox Valley) there is less demand in the townhouse sector. That being said it is interesting to note that the increase in price of Townhouses over the past year was 16 percent in the Comox Valley and 15 percent in Campbell River. This increase has outpaced the detached housing market, which over the same time was 11 percent for the Comox Valley and 13 percent for Campbell River.
With a choice between all housing options, a townhouse is still an affordable middle ground and is being perceived as real value for your dollar in our changing market.