The Comox Valley real estate market is moving—but not as fast as last year. Here’s what you need to know whether you're buying or selling.

For Sellers: Pricing Power, But Patience Required

The good news? Prices are holding steady. Over the past 12 months, the average sale price for single-family homes rose 3.98% to $888,671. Buyers are paying close to asking price, with homes selling at 98.2% of list price.

The challenge? It’s taking longer to sell. The average days on market for detached homes is now 49 days, though in January, it stretched to 90 days—a reminder that winter tends to slow the market down. If you're selling, price smart and expect a longer timeline.

Townhouses continue to be the star of the market—prices have jumped 21.5% over the past year, and demand remains strong. Condos, on the other hand, saw a 7.33% price drop in January and are taking longer to sell, suggesting buyers are holding out for deals.

For Buyers: More Choices, But No Fire Sale

If you’ve been waiting for prices to drop, that’s not happening. Inventory has increased slightly, but prices remain stable. The recent Bank of Canada rate cut could lower borrowing costs in the months ahead, which may bring more buyers into the market this spring.

What to Watch For in February & Beyond

• Interest Rates: If mortgage rates drop further, expect more buyers to jump in.

• U.S. Tariffs: A potential 25% U.S. tariff on Canadian steel and aluminum could increase construction costs.

• Spring Inventory Surge: More listings typically hit the market in February and March—if you’re buying, this could be your window for more choices.

Bottom Line?
Sellers, be realistic with pricing and patient with timelines. Buyers, there’s more to choose from, but don’t expect bargains. The market is stable, just moving at a slower pace.

Thinking about buying or selling? Let’s chat.

The real estate landscape in British Columbia just got a shake-up. With new rules under Bill 14, buying, selling, or renting a property now comes with an updated rulebook. Let’s break it down so you’re ready to make your next move.

Key Changes You Should Know

1. Plan to Stick Around: 12 Months Required

Landlords evicting tenants to move in must now stay for at least 12 months. This change eliminates short-term evictions and ensures genuine intent. Buyers, if you’re eyeing a tenanted property, consider this in your timeline. What Happens If You Don’t Wait 12 Months? Failing to meet the 12-month occupancy requirement can have serious consequences. Tenants can report the violation, leading to penalties, including fines and compensation payments to the displaced tenant.

2. Growing Families Get a Break

Landlords can no longer raise rent just because your family grows. Adding a child to your household won’t lead to an unexpected rent hike.

3. No More Baseless Evictions

Frivolous eviction notices are out. Landlords must follow strict guidelines to ensure tenants aren’t being unfairly displaced.

4. Evictions Go Digital

All Notices to End Tenancy for personal use must now be issued through an online portal. This ensures compliance and standardizes the process. You can access the portal Here

5. Three-Month Notice for Buyers

Buying a tenanted property and planning to move in? You’ll need to provide tenants with three months’ notice—down from the previous four months. Yes, you read that right. The government initially extended the notice period to four months before walking it back to three. Why? Let’s just say it was a case of trying to fix one problem and creating another. The rollback helps buyers who need possession quickly align with mortgage and financing deadlines.

6. Faster Dispute Resolution

Tenants now have 21 days to dispute a Notice to End Tenancy for buyer occupancy, helping streamline the process for buyers needing possession.

What This Means for Buyers and Sellers

Buyers: Plan your move-in timeline carefully, factoring in the three-month notice period and possible tenant disputes. Work with an experienced agent who knows the rules.

Sellers: Be transparent about tenancies to avoid surprises during the sale. Clear communication can make all the difference.

For Landlords

Landlords, these rules are here to stay, so play by them. Use the online portal for all notices, and be prepared to commit to a full year if you’re planning a personal-use eviction. The penalties for non-compliance aren’t worth the risk.

Larger Rental Buildings: A Quick Note

For those managing larger buildings (five or more units), personal-use evictions are no longer allowed. While less relevant in the Comox Valley, it’s good to know for multi-unit investors.

Bottom Line

BC’s updated tenancy laws bring new challenges but also opportunities to level the playing field. Whether you’re buying, selling, or renting, staying informed and working with professionals can make all the difference. These rules seem to change frequently, so staying in the know is essential. To dive deeper into these regulations, visit the BC Tenancy Act.

Got questions? Let’s talk.

Philippa Berg 

Happy New Year!  As we usher in 2024, let's take a practical look at what lies ahead in our local real estate landscape. Join me for a straightforward exploration of trends and forecasts shaping the Comox Valley market.

2023 Recap: Understanding Market Dynamics

The past year brought shifts influenced by rising interest rates and decreased buyer confidence. Single-family home inventory decreased by 16%, sales by 6%, and the average house price landed at $849K. Reflecting on recent years:

• 2023: $848,672
• 2022: $889,663
• 2021: $797,678
• 2020: $631,705
• 2019: $579,567

Digging into the details, 21% of single-family home sales exceeded $1M, and the $700-$800K range accounted for 25% of total sales. Notably, Comox played a significant role in 27% of sales, with Courtenay City and East Courtenay combining for 38%.

The Vancouver Island Real Estate Board (VIREB) summarizes local real estate conditions each month, providing valuable market information for single family homes, condos, townhouses, waterfront properties, acreages, and lots. Each market segment is unique to its supply and demand, pricing, and sales. I am happy to decipher and explain what these stats mean to you as a Buyer or Seller. 

Looking Ahead to 2024:

Optimism abounds for a more stable and balanced market in 2024. Analysts anticipate interest rates to stabilize in the first half of the year, potentially decreasing in the latter half. This expected reduction could breathe new life into the market, leading to a moderate price increase. The Canadian Mortgage and Housing Corporation (CMHC) projects a 5% nationwide price increase, emphasizing the ongoing housing shortage.

For the Comox Valley in 2024, my predictions include:

• A gradual price increase in the third or fourth quarter with increased buyer confidence
• Overall, a robust and healthy market as buyer confidence returns.
• Busy market in the $500-$900K price threshold. 
• Multiple offers on properties with coveted locations and high demand.

The Comox Valley is poised to attract more residents as demand across Canada rises. Your dream home might just be the protagonist in the next chapter of our real estate narrative!

BC's Real Estate Policies

Recent government measures and reforms have impacted the short-term rental market, with new legislation defining short-term rentals and introducing stricter regulations and fines. Investors are adapting to changing rules, exploring mid-term rentals, and facing challenges due to the speculation and vacancy tax expansion.

A Pragmatic Approach to 2024

For those with questions or a desire to discuss specific real estate goals, I'm here to help. 

Cheers, 

Philippa Berg