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UP! UP! AND UP! … THE COMOX VALLEY REMAINS A SELLER’S MARKET DESPITE MODEST INVENTORY INCREASES
Home » Up! Up! And Up! … The Comox Valley Remains a Seller’s Market Despite Modest Inventory Increases

The Vancouver Island Real Estate Board (VIREB) reports that in June 2017 the average price for single family home hit $510,900 that is up 29% from June 2016 at $396,481. 107 single-family properties sold on the MLS® in June 2017  compared to 130 in June 2016,  a decrease of 18%.   Overall inventory of single family homes hovers around 200 listings. It has not remained this low for years. 

The Condo market is Hot! Hot! Hot! This is the only market segment we have seen an increase in inventory levels with 316 condos listed 12 months to date compared to 249 previously. Sales are up 61% 12 months to date with 262 sales compared to 169 .  The average selling price for condos for June 2017 hit $253,902.   As rents continue to rise investors are snapping up vacant & seller occupied units to rent out at current rental rates. 

We have been in a seller’s market for months now with frustration from both Buyers and Sellers. Buyers concerned with lack of inventory, escalating prices & competitive bids & Sellers fearing the right “timing” and finding a place to buy once selling.  Almost one third of the Buyers are now coming from Vancouver and the lower mainland so competition is fierce on those properties priced properly.    

Seller Tips 

  • Contrary to popular belief that all it takes is a sign on the lawn to sell a property at top $…. More important than ever to to work with an Agent that will AGGRESSIVELY market your property to secure you TOP dollar… Do not miss out on those “out of town, non- present cash buyers” who require comprehensive information at the push of a button….professional photos, virtual tours, floorplans, septic & water reports, readily available strata packages etc.  to make an informed decision to purchase sight unseen.   
  • Price properly and know the market you are getting into on the Buying side. 

Buyer Tips 

  • Check with your lender on recent Bank of Canada interest rate hike & how it impacts your purchasing power & confirm Pre-Approval 
  • Worth with an Agent who has their pulse on new inventory, savvy negotiation skills & will explain what to expect in this high stress purchase 
  • Ensure expectations and price point are in alignment & be as flexible as possible with dates & inclusions 
  • Know your limit and stay within it… 

My two cents… 

#1 Rule of Real estate… Location, Location, Location and the Comox Valley is where it is at.! A safe place to invest in the real estate market as it offers lifestyle, climate, affordability and infrastructure.  Real estate across Canada is a hot commodity and the Comox Valley has now been discovered… they are coming. 

Please contact 

Philippa Berg, Royal LePage Comox Valley

Facebook.com/PhilippaBergRealestate for regular updates on Real estate market conditions, valuable tips and benefits to working with a savvy Real estate Professional.

 

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The Secret is Out.... If you are looking for an invesment opportunity

 

The Comox Valley, the once "best kept secret" as the premier destination to live, work, play & retire on Vancouver Island is out of the box.  With the charm & quaintness of a smaller community balanced with a touch of urban sophistication. The pristine beauty of ocean, forest, farmland & mountains combined with the infrastructure- diverese economic opportunities, 19 Wing CFB Comox- leading employer & major economic driver, home to Vancouver islands only full service mountain resort- Mount Washington Alpine Resort & 3rd longest runway in the province of BC (YQQ); featuring daily direct service to Vancouver, Victoria, Calgary, and Edmonton and not to mention the new $331.7 Million Regional Hospital opening this Fall.

 

The Comox Valley checks all of the boxes as "THE best place to live, work, play, retire and now.... INVEST. 

 

Property rich Vancouver and Victoria Residents eager to invest are coming to the Valley.... As local residents balk at average housing prices teetering the $465,000 threshold the rest of BC eagerly gets financing secured to invest and/or relocate. In this hot sellers market inventory remains historically low and properties attract multiple offers before the ink is dry on the listing. It is crucial for serious buyers to work with a Realtor who has their pulse on the market conditions, has comprehenisive knowledge of upcoming inventory and the savvy dedication to respond, react and initiate within minutes. Without all three- "that" great new listing will go to the next Buyer... 

 

As we well know... one person can only be in one place at a time. Providing exceptional service and providing the best opportunity to succeed in locating and securing my clients that perfect property  is of great importance to me. I would like to welcome Brett Hall to my team. Brett has a keen eye for discovering those "diamonds in the rough", those properties that have "potential", those properties that often get missed as solid investments.  His personal experience in Real estate in the Comox Valley has been the best education for him to now pass on to Investors in this market. 

 

If you are looking to invest in the Comox Valley having my proven track record for success, combined with Brett's fresh perspective towards investment please get in touch. Myself and Brett offer a team approach to securing your next investment Property in the Comox Valley. 

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Meet Mackenzie Gartside of Mackenzie Gartside & Associates... Mortgage Broker Extraordinaire!  If you are looking to getting into the market start with a meeting with Mackenzie to get pre-qualified. If your mortgage is up for renewal now is a good time to meet and explore your options.   I highly recommed her to my clients for her knowledge, professionalism and creative financing! www.comoxmortgages.com  

 

 

 

 

 

 

 

 

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I often get asked "What is the market doing?" "What is driving up prices?" "Is Vancouver coming?" "Can our market 

sustain itself?"  In this video I attempt to answer all of these questions while drawing a parallel to the Kelowna area.

Enjoy! 

Philippa

 

 

 

 

 

 

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Thinking of getting your kitchen or bathroom cabinets refinished? Perhaps a new custom mantle or bookshelf or specialty sundeck?  I have seen some of Doug's finished work and it is superb!  Give Doug Poetker of Suncrest Holdings a call for an estimate. Doug has just shy of  20 years general contracting experience. Visit www.suncrestholdings.ca for call Doug Poetker at 250 650 1333.

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Meet the lovely Erin Postle Feature Trades Person Extraordinaire of the Week! Erin is a Master Success & Life Style Coach and lives right here in the Comox Valley.  Start with a visit to her Facebook page which is a wealth of information and inspiring lifestyle tips. Her live video clips and daily quotes I really enjoy.  

 
Erin Postle is a Master Success Coach & Entrepreneur who's mission is to help people create incredibly healthy bodies and lives they love. 
 
She believes every day is meant to be lived by serving others, spending time with those you love most, eating the best superfoods on the planet, creating a fit and healthy body, and meeting like-minded people all while having tons of fun and creating a life-long legacy. 
 
Erin has helped thousands of people create better health, wealth and the freedom to enjoy it. Whether you are looking to detox, build muscle, age gracefully or create income from home Erin has a solution for you. Book your free 15 min consult today. 
 
Erin@erinpostle.com  or Visit Erin on her Facebook Page 
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Meet Karen Guinan.. Trades Person Extraordinaire of the Week! Karen has been doing my taxes the last few 

years and is personable, efficient and saves me $$$$ ! I highly recommed her. Her firm has just merged with MNP, one of the largest national accounting and business consulting firms in Canada, effective February 1, 2017. She can still be found downtown Courtenay at 535 6th Street. Check out her webstite at thorburnguinan.ca

 

Karen loves being a partner at Thorburn Guinan. Having watched her parents manage a successful gravel and excavating business while she grew up, coupled with her keen interest in working with numbers, Karen always knew her career would take her to the financial management field.

 

Now, with over 20 years’ experience working in public practice and 6 years as a chartered professional accountant, Karen helps her customers make sense of their finances by building strong personal relationships, providing quality advice, and ultimately building trust, which leads to long term business and personal relationships. For Karen, it’s not just about the numbers, it’s about getting to know her clients and their families, and helping them succeed.

A strong believer in actively supporting the community, Karen currently serves on the boards of the Dawn to Dawn Homelessness Society, as well as the Comox Valley United Soccer Club.

 

Karen also recognizes the need for balance and has many interests that keep her active and healthy. Her and Roger have two boys that are very busy with hockey in the winter and golf in the summer. Karen is also an avid soccer player, mountain biker and gym enthusiast, so when not active at work, in the community, or at the arena, she and can be found up in the trails in Cumberland or on the soccer field.

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Join Me at Open House this Sunday February 19 10:30-Noon at #8 2010 20th Street in Courtenay. 

Lovely 2 bedroom, 1 bath patio home in immaculate condition in coveted "Stratford Gate" a gated 55+ community in the City of Courtenay. Close to downtown shopping & walking trails. Bright cheery kitchen & breakfast nook w/attractive white cabinets, lots of counter space, new stainless appliances. Spacious living/dining room with gas fireplace & picture window - lots of natural light! Newly painted in tasteful colours, radiant heated laminate flooring. Master bedroom overlooking rear gardens with ample closet space. There is a walk in shower & large soaker tub with skylight. Second bedroom is at the front of the home to take advantage of the morning sun. Peaceful rear patio area off the family room with sliding gas doors / privacy hedge, BBQ patio area. There is an attached single car garage & room for parking in front or the home for guests + additional guest parking available. Bring your 4 legged member of the family (under 25lbs) as your pet is welcome.

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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.