Local buyers dominate Comox Valley market

Local buyers continue to dominate the Comox Valley real estate market.

In a review of sales files since the beginning of the year, RE/MAX Ocean Pacific Realty managing broker Marty Douglas made an interesting observation about B.C.’s neighbouring province.

“Despite concerns about the future price of oil, Alberta continues to provide one in five of our out-of-town buyers.”

More than 20 per cent of 400-plus buyers surveyed responded to a series of questions about their origin, purpose and motivation, in the case of out-of-town buyers, for selecting the Comox Valley.

“Sixty per cent of all buyers were already resident in the Comox Valley. Their purpose in buying was primarily to downsize (28 per cent) reflecting the empty-nesting baby boomer,” said Douglas.

First-time buyers followed at 26 per cent, then upsizing and investment with 19 per cent each, followed by retirement at six per cent.

Out-of-town buyers are firstly from the rest of Vancouver Island (26 per cent), then Alberta and the Lower Mainland (20 per cent each), followed by Ontario and Quebec (14 per cent) and the Maritimes (nine per cent). The strength of the American dollar may have influenced the six per cent of buyers from the U.S.

Out-of-town buyers came here to retire (33 per cent), some buying smaller homes (18 per cent), some larger (15 per cent). First time buyers (12 per cent) equalled those who came here for employment while only nine per cent were purchasing a vacation or investment home.

Why the Comox Valley?

“No surprise here,” said Douglas. “Lifestyle (40 per cent) followed by family ties (19 per cent).”

Other important motivations were work and affordability (11 per cent each) and military relocation (eight per cent), while YQQ continues to be a factor in the decision-making process of four per cent of buyers.

“Sellers should also know how out-of-town buyers find their Realtor,” said Douglas. “It’s not through print advertising.”

Friends and family referred four out of 10 buyers to RE/MAX, followed by For Sale signs, websites, office locations, Realtor referrals and open houses.

“In summary, the composite Comox Valley buyer is here now, buying a smaller home for retirement. Based on current MLS sales, their first choice for that home is a single family dwelling (73 per cent), apartment condo (13 per cent), patio home (eight per cent) or townhouse (six per cent).”

Just Posted

Annual women’s march in Courtenay Saturday

The Women’s March was a worldwide protest on Jan. 21, 2017, to… Continue reading

Portables arrive for students on Hornby Island

Five portable classrooms have officially arrived on Hornby Island this week in… Continue reading

Cumberland multi-use development given the go-ahead despite parking concerns

Rideout Construction will pay $91,200 in lieu of 24 parking stalls

Union Bay police standoff ends peacefully

A police standoff in Union Bay was resolved peacefully Monday evening. According… Continue reading

First North Island College Artist Talk Series of 2019 features Barb Hunt

Internationally renown Canadian artist speaks at Stan Hagen Theatre

Giant rotating ice disk forms in Maine river

Ice disk that is roughly 100 yards wide has formed in the Presumpscot River

Theresa May wins no-confidence vote after Brexit deal rejection

UK PM can keep her job, after House of Commons voted 325-306

First Nation supporters march to Horgan’s MLA office

Dozens marched across the Greater Victoria community of Langford to support the Wet’suwet’en people

Bob Castle’s Under The Glacier cartoon for Jan. 15, 2019

Bob Castle’s Under The Glacier cartoon for Jan. 15, 2019… Continue reading

North Cowichan will host national rowing centre starting October 2020

Saanich’s bid for national rowing centre at Elk Lake sunk

Liberal candidate steps aside after singling out Jagmeet Singh’s race

Karen Wang says she made comments online that referenced Singh’s cultural background

SUV wedged on top of car in B.C. mall parking lot has customers confused

The accident occurred Tuesday, no injuries were reported

Tom Lavin and the Powder Blues Band among acts to perform at Comox Valley’s Winterfest

Participating hotels offering half-price “ski & stay” packages

Most Read