Snap, Crackle and…. In Around Town

March 5, 2020

Has the bubble just popped?  The cyclical property market trend suggests that we have been due for a correction for some time.  Closer to home, after strong sales figures in the single-family market in November and December, sales were off sharply for the month of January.

Screen Shot Kutyn Property Services website.
In this week’s Around Town, Kutyn Property Services tackles the subject of market correction and reports on the Vancouver Island Real Estate Board’s statistics for February.

Once again this month, sales are down in the Comox Valley by 1% and in Campbell River by 9%.  This is in spite of the fact that inventory levels are up: potential buyers have more to choose from.  Our research also indicates that last month, across all residential types (single-family, condo, etc), there were 47 price reductions in the Comox Valley and 37 in Campbell River.

February 2020 VIREB stats

Comox Valley – Single Family Dwelling Sales

  • 68, down 16% YTD Feb 1 – Feb 29
  • 699, down 6% 12 MTD in the past 12 months
  • Average Price – $579,280, up 5% average sale price based on 699 sales

Campbell River – Single Family Dwelling Sales

  • 39 – down 29% YTD Feb 1 – Feb 29
  • 438, down 10% 12 MTD in the past 12 months
  • Average Price – $492,007, up 7% average sale price based on 438 sales

Market Minute by Kutyn Property Services,

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