Fast Facts For Real Estate in the Comox Valley 2009 Review

Posted: Jan 29, 2010

Source: Marty Douglas, Manager Coast Realty Group (CV) Ltd.

In the 12 months ending December 31st, 2009 there were 1426 sales of all property types, sixteen more than in 2008. The highest number of annual sales was 2252 in 2007.The lowest was 879 in 1998. The fifteen year average is 1552.

For 2009, the average sale price of a Comox Valley home was $336,541, down 5%. The average lot price was $133,407 down 12%. If you purchased an �average� home in 2003, you paid $169,153. If you bought an average lot, you paid $64,200.

73 houses a month are currently selling. (For 2008 the number was 69, for 2007 -100.) 74% of all residential sales occurred in the municipalities of Comox - 30%, Courtenay - 38%, and Cumberland, 6%. Houses are about half of the 659 residential properties currently offered for sale. The active inventory of all properties is 955, down 20% from 2008.

If you bought an average home in Cumberland in 2003 you paid $108,058. Today�s price is $276,911 (+155%). The greatest price differential is between the old City of Courtenay ($263,782) and Crown Isle ($536,054).

In 2008, 29 houses sold for less than $200,000. In 2009 � 37. There were ten sales over $1 million in 2008. In 2009 � three. Six out of ten sales in 2009 were under $350,000. The median price (half sales above, half sales below) is $325,000.

In 2009, approximately 290,000 passengers experienced award winning service through Comox International Airport (YQQ). The passenger growth trend for the latter half of 2009 was significantly upward. YQQ currently offers direct weekly winter flights to Mexico and daily flights to Vancouver, Calgary and Edmonton. A significant development of the Comox Airport�s infrastructure has been completed. A fuel facility in partnership with Shell Oil and autonomous from DND allows YQQ to supply certainty and future fuel price commitment to long haul carriers.

From January through early March, Olympic and Paralympic teams from fourteen countries are on Mt. Washington competing in biathlon, ski cross, freestyle ski, cross country, snowboard and Nordic combined. The 2010 Olympics will leave a legacy on Mt. Washington, not only in facilities but in the international media and team exposure to over 400 athletes and their supporters. The Olympic hockey game here on Feb 7^th is a direct result of Mt. Washington.

In September of 2010, the BC Seniors Games will be hosted jointly by the Comox Valley and Campbell River, expanding a very exciting year of sports.

Major commercial projects on Mt. Washington and Crown Isle and residential developments in Union Bay and Comox are expected to move forward substantially in 2010.