Market Minute
The Cavalry Is On Its Way!
For some time we have highlighted the over heated demand and the restricted supply, which have created the most aggressive real estate market conditions which many of us have ever experienced. Recently, in the rural area south of Courtenay, signs for ‘Union Bay Estates’ have appeared. On the supply side at least, help is on the way as some 2900+ residential units are proposed. This comprehensive phased development of 346 hectares will also include commercial, recreational and institutional (school and fire hall sites) components.
The statistics this month for the Comox Valley suggest that the market may be changing. The sell/list ratio has fallen and the days to sell has increased. Campbell River still offers better affordability as compared to the Comox Valley. The average single family house price is 16.5% ($85,922) cheaper in Campbell River. The prospect of many new homes being started by this time next year in Union Bay is great news for the Comox Valley.
