by Christopher Kutyn

For Comox Valley and Campbell River, the trends for the Zone Totals for 2018 (sales across all market sectors) are remarkably similar. For the Comox Valley, the total sales of $783 Million was down 2% from last year, but reflecting a 10% increase in the average price. The Campbell River market was off 6% to $346 Million, with a 17% increase in the average price. For the month of December alone, sales in the Comox Valley were off 38% to $31 Million, while sales in Campbell River were off 31% to $13 Million.

In the Comox Valley there were 27 price reductions in December. In Campbell River there were 8.

It is interesting to note that average lot prices are very similar; $246,584 in the Comox Valley and $235,228 in Campbell River, albeit on relatively small sample sizes of approximately 3 sales per month through the MLS. There is still a large discrepancy in the average Single Family house price; $539,897 in the Comox Valley and $453,935 in Campbell River. In the late 1990’s Single Family average prices were virtually identical. It begs the question… ‘is there scope for additional increase in the Campbell River Single Family house price?’

This months’ thought provoking quotation below comes from Elon Musk and addresses Artificial Intelligence, something which is not on the radar screen for most people. For an up to the minute analysis, we include a hyperlink to a talk by Oxford University Professor – Dr. John Lennox. Dr. Lennox is a triple PhD holder, including mathematics and philosophy of science. This talk is 53 minutes long, but the first 10 minutes on robots and narrow artificial intelligence is worth everyone’s time.

Dr.John Lennox – Should We Fear Artificial Intelligence?

Comox Valley

Single Family Houses Sold

770 13% YTD
770 13% 12MTD
$ 539,897 10% 12MTD

Campbell River

Single Family Houses Sold

487 21% YTD
487 21% 12MTD
$ 453,935 11% 12MTD
"The pace of progress in artificial intelligence (I'm not referring to narrow AI) is incredibly fast. Unless you have direct exposure to groups like Deepmind, you have no idea how fast - it is growing at a pace close to exponential. The risk of something seriously dangerous happening is in the five-year timeframe. 10 years at most." - Elon Musk

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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