March 2018 Comox Valley Real Estate Sales
Hi Everyone. Here is a short housing market report based on sales during March 2018 in the Comox Valley
Sales are down from 2017 but prices are still rising due to limited inventory in the Comox Valley. Some of the influencing factors driving down sales is the recently adopted guideline B-20 commonly known as the ‘stress test’. Uncertainty surrounding new provincial taxes on real estate are also influencing sales.
You can find out more about the stress test here https://rem.ax/2IIDy9l.
Last month, the benchmark price of a single-family home in the Comox Valley was $475,600, up 17 per cent from last year.
The MLS® Home Price Index (MLS® HPI) is a new method of reporting price trends in the real estate market. The MLS® HPI determines the value for a typical “benchmark” home, which is a notional dwelling that shares a specific set of qualitative and quantitative attributes. Benchmark prices tend to be slightly lower than corresponding medians and averages. Based on the information entered into the MLS® System at the time of sale, the Home Price Index is the best and purest way of determining price trends in the real estate housing market. More information on the Home Price Index can be found here https://www.crea.ca/housing-market-stats/mls-home-price-index/.