HAS THE COMOX VALLEY MARKET STABILIZED? ARE PRICES CLIMBING?
Based on the number of sold signs continually showing up, I would say yes. I hear so many stories of Buyers who find a great property only to lose it by the time they have decided to make it theirs. The more frustrated people are those who saw the market soften earlier this year and decided to wait until "the market hit bottom".
This reminds me of a Man I met last year. He mentioned that he had the opportunity to buy a house 6 years ago but had decided not to because (in his words) prices and rates were too high, I'm waiting for the prices to fall." This was a poor decision given prices have steadily climbed since then and certainly his rent has increased as well.
The best stories I hear are the ones where folks have realized they needed to get into the market and bought when they could within their affordability range with a plan of upgrading as the market went up. It is fantastic to see a family start off in a condo, move to a duplex, then jump into a house. It takes these steps to get ahead, if you never get in you have Zero chance of making the upgrade. These people all struggled at first with their purchase as real estate prices are always high - they were when I bought 14 years ago with an average house price of $130,000! Those people who have been in their homes since 1960 will tell you the same thing! It was and still is a stretch to buy a home ~ but one you soon become accustom to and it is the very best move you can make!
The reality is on one ever knows in advance when a market has hit bottom. The only time you know is when it has already begun to swing upward. So the key is to get into the market when the time is right for you! Just know that at first it will be uncomforatable but in a short while you'll reap the reward of your investment.