by Christopher Kutyn

The monthly stats for April 2020 compared to April 2019 reflect the expected slump in sales. In the Single Family sector, sales dropped 60% in the Comox Valley and 52% in Campbell River. Average prices were off 9% and 7% respectively.

The Apartment/Condo market was especially hard hit with sales off 97% in the Comox Valley and 96% in Campbell River.

The zone totals (all property types) show a 65% decrease in the volume of sales for the Comox Valley with an 11% increase in the average price. In Campbell River the total volume of sales was down 61% with the average price showing a 2% increase.

So… while the COVID pandemic has resulted in lower sales volumes, the possibility of sharp downward pressure on price, at least until now, has not materialized. Part of the reason for this is the pent up demand in many sectors which existed from the beginning of the year. Lifestyle considerations have resulted in a strong surge of inquiries for the Northern Gulf Islands. This bodes well for Vancouver Island generally, and specifically for the Comox Valley and Campbell River markets.

Comox Valley, April 2020 VIREB stats

Single Family Houses Sold

159 18% YTD
676 4% 12MTD
$ 578,345 4% 12MTD

Campbell River, April 2020 VIREB stats

Single Family Houses Sold

112 19% YTD
428 12% 12MTD
$ 491856 5% 12MTD
“ One of the most dangerous things right now is the illusion that alternative technologies, like wind and solar, are somehow different from fossil fuels" Ozzie Zehner - Visiting scholar, University of California at Berkley Quote from: 'Planet of the Humans' by Michael Moore and Jeff Gibbs. Released this week on YouTube: https://www.youtube.com/watch?v=Zk11vI-7czE

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.

Stay up to date with the local market
Sign up for the Market Minute

sign up

We're here to help