January Real Estate Fast Facts on Campbell River

January Real Estate Fast Facts on Campbell River

• For the month of January 2015 there were 17 residential home sales – a 35% decrease from the 26 sales in 2013.
• This decrease is attributed to the drastic decrease in oil prices which may affect employment of those that are living in our City but are commuting to work.  There was a year over year decrease in sales in all the east coast communities with exception of the Nanaimo area.
• The median sale price of a Campbell River home for the month of January was $337,500 – up 32.5 % from the previous month.  This is the first time since the early 2000’s that Campbell River’s median home price was higher than the median home price in the Comox Valley ( which was $305,00 for the month of December – although this is considered an aberration).  However it does indicate the continued convergence of the real estate prices in all the Vancouver Island east coast communities.
• There was only one lot sale during the month at $119,800 (the number of sales, or lack thereof is typical for this time of the year – last year there were no lot sales!)
• The strata apartment market finally appears to be stabilizing with the same number of sales this year same as last yewars (2 sales)  The selling prices were within 95% of the list price. However the inventory of strata apartment is still high at 60 units representing over 2 years of supply.
• The strata patio home market continues to be stable with sale prices within 98% of the list price.  Inventory of units for sale did not change from the December inventory of 22 units.  Patio homes continue to be a very popular with retirees.
•  Every dark cloud has silver linings and the drastic decline in world oil prices is definitely ‘a dark cloud’ but the silver linings include:
  • Lower interest rates.  Five year fixed rates are as low as 2.99 per cent compounded semiannually and variable fixed term rates are as low as 2.6% calculating monthly.
  • Many older employees working in the oil fields will take this opportunity to retire and move to Vancouver Island
• Also Campbell River is fortunate to be inoculated against a possible down turn in the Canadian economy due to the current capital investment of approximately $2 Billion being invested in the Campbell River area over the next 10 years  (Yes that is $2 Billion with a “B”)
• All in all, we are expecting a stable real estate market in 2015 with a good chance of it being stronger than last year’s.