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).”

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Guenther’s efforts are aimed at persons in need. Photo by Mike Chouinard
Courtenay group provides showers of chivalry for those in need

Guenther just got federal tax status for Wiseland Humanitarian Association

Comox Strathcona Waste Management expects to go to tender this summer for the regional organics compost facility in Campbell River. File photo/Black Press
Comox Strathcona compost site should go to tender this summer

The regional organics facility is on target to open for the fall of 2022

The site of the King George Hotel in Cumberland. Photo by Mike Chouinard
VIU students research Cumberland’s past, future

Specific practicum topics were King George Hotel’s significance, densification incentives

Courtenay–Alberni MP Gord Johns says 12 million Canadians do not have dental insurance. Photo by Bofu Shaw, courtesy of Unsplash
Courtenay–Alberni MP, CDA consider dental care for all Canadians

Gord Johns has initiated a mail-out that asks constituents the date of… Continue reading

A 407 Squadron CP-140 Aurora, along with a Halifax-Class frigate enforce United Nations sanctions against North Korea in support of Op Neon in 2019. Canadian Forces photo/submitted
407 Squadron defends Canada for 80 years

The Comox-based squadron celebrating special anniversary

(The Canadian Press)
Trudeau won’t say whether Canada supports patent waiver for COVID-19 vaccines

‘Canada is at the table to help find a solution’

Cannabis bought in British Columbia (Ashley Wadhwani/Black Press Media)
Is it time to start thinking about greener ways to package cannabis?

Packaging suppliers are still figuring eco-friendly and affordable packaging options that fit the mandates of Cannabis Regulations

The following is a list of restaurants offering take-out and patio dining. ADOBE STOCK IMAGE
List of Comox Valley restaurants offering take-out, patio dining options

Restaurants in the Comox Valley continue to adapt to government-imposed restrictions in… Continue reading

Edmonton Oilers’ Connor McDavid (97) celebrates his 100th point this season with Leon Draisaitl (29) against the Vancouver Canucks during second period NHL action in Edmonton on Saturday, May 8, 2021.THE CANADIAN PRESS/Jason Franson
Edmonton superstar McDavid hits 100-point mark as Oilers edge Canucks 4-3

NHL scoring leader needs just 53 games to reach century mark

Nuns of Mother Teresa’s Missionaries of Charity, carry some of her relics during a vigil of prayer in preparation for the canonization of Mother Teresa in the St. John in Latheran Basilica at the Vatican, Friday, Sept. 2, 2016. In which city did she do much of her charitable work? (AP Photo/Gregorio Borgia)
QUIZ: How much do you know about these motherhood issues?

In honour of Mother’s Day, take this 10-question quiz

A map showing where the most number of cases were recorded from April 23 to 29. This map, revealing a breakdown of infections by neighborhood, was pulled from a data package leaked to the Vancouver Sun last week (and independently verified).
36 Abbotsford schools flagged for COVID-19 exposures in the last 2 weeks, shattering record

Clearbrook Elementary recorded an ‘exposure’ on all 11 school days

Island Health has confirmed COVID-19 exposures at Ecole des Deux Mondes in Campbell River on May 4 and 5, and at Mill Bay Nature School in Mill Bay on April 28, 29, 30 and May 3. (Metro Creative photo)
Two new COVID-19 school exposures confirmed by Island Health

Health authority contacting anyone exposed at Ecole des Deux Mondes, Mill Bay Nature School

Canada’s chief public health officer is reminding Canadians even those who are fully vaccinated are not immune from transmitting the COVID-19. THE CANADIAN PRESS/Adrian Wyld
Canada’s top doctor warns full vaccination does not equal full protection from COVID-19

Post-inoculation, Theresa Tam says the risk of asymptomatic infection and transmission is far lower but not obsolete

Most Read