Around Town: Market Minute by Kutyn Appraisals
Chris Kutyn of Kutyn Appraisals has recently published a short analysis of the Comox Valley and Campbell River real estate markets. Here are a few highlights from his August newsletter.
- The tight rental market forced rental levels up and encouraged first time buyers (renters) into the housing market.
- We are witnessing the surge from the lower mainland which is due in part to the influx of buyers from China.
- The North Island Hospitals Project is employing 1,000 people, local workers make up about 66% of that number. The two hospitals have a budget of $606 million having major economic impacts in Campbell River and the Comox Valley.
- Lack of inventory affecting the supply side of new development due to the expensive and time consuming approval process.
Campbell River (VIREB July statistics)
- Single Family Sales: 597, up 22% in the past 12 months
- Average Price: $330,190, up 6% average sale price based on 597 sales
Comox Valley (VIREB July statistics)
- Single Family Sales: 972, up 17% in the past 12 months
- Average Price: $391,307, up 9% average sale price based on 972 sales
Article courtesy of Kutyn Property Services.
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