mortgage changes in bc real estate

Navigating through mortgage changes in BC real estate

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Recent changes in the housing market present exciting opportunities for homebuyers. As your Comox REALTOR®, I can guide you through these updates. A mortgage broker can help you build effective plans to achieve homeownership goals. In this way, you can establish what you are able to afford. This is one way to streamline your search for a property.

Knowing these new rules and guidelines will help with strategy and future goals of climbing the “real estate ladder.”

Expanded amortizations for first-time homebuyers

Starting December 15, first-time homebuyers will have access to 30-year amortizations. This change can be of benefit in two significant ways:

  1. Lower income requirement. By extending the amortization period, the income required to qualify for a home purchase decreases. This means more buyers can meet the necessary criteria.
  2. Reduced monthly payments. A decrease in monthly payments will make homeownership more financially manageable. For instance, on a $600,000 purchase, the monthly payment could drop by approximately $250, providing greater flexibility in budgeting.

Increased insured mortgage cap to $1.5 million

High income, but difficulty saving for a down payment? An increase in the insured mortgage cap to $1.5 million can accelerate your path to homeownership. Previously, purchasing a $1.4 million home required a down payment of $280,000. Now, as of December, clients can potentially purchase the same property with a down payment of about $115,000. This will save a whopping $165,000.00 in upfront requirements.

This change is also advantageous for “right-sizers” who want to downsize. It allows the buyer to allocate more funds from the sale of their larger home toward retirement. Then you can put less down on a new, smaller property. However, you should keep in mind that closing costs, typically between 2 and 4 percent of the purchase price, need to be accounted for in each scenario.

For a $600,000 purchase price, anticipate that clients will need an annual income of approximately $150,000 to meet today’s stress-test requirements.

Switching lenders at renewal: A business opportunity awaits from mortgage changes in BC real estate

While you may not initially think about how switching lenders can benefit you, it’s essential to understand that mortgages encompass more than just interest rates. The Canadian Mortgage Charter now allows insured mortgage holders to switch lenders at renewal without undergoing a stress test. This change opens up opportunities for borrowers to shop around for better rates and terms, potentially saving thousands of dollars.

Tax-efficient savings strategies around mortgage changes in BC real estate

As well, two important tax-efficient savings methods have emerged that can empower you on your journey to homeownership:

  1. RRSP withdrawal limit increase. The amount that can be withdrawn from an RRSP has increased from $35,000 to $60,000 per borrower. This change provides additional funds for you to put toward your down payment.
  2. First-time home saver account. Introduced in 2023, this account allows you to save $8,000 per year in contribution room, which reduces your taxable income.

Unlike RRSP withdrawals, funds from this account do not need to be repaid and any gains earned within it are tax-free. This account, however, has a sunset clause in 2028, making it vital for clients to act quickly to maximize its benefits.

These recent changes create valuable opportunities for purchasers. Make informed decisions on your path to homeownership. Speak to your mortgage broker about the implications and opportunities surrounding expanded amortizations, increased mortgage caps, flexible lender options, and tax-efficient savings strategies.

Call me if you would like to connect with a competent, knowledgeable, and experienced mortgage broker.

Little Impact to Comox Real Estate Market From Lower Interest Rates

Little Impact to Comox Real Estate Market From Lower Interest Rates

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So far, the Bank of Canada’s interest rate cuts are having little impact on housing markets in the Comox Valley. Activity in real estate markets has remained relatively weak with home sales below historical averages in July and August. New listings are edging upward, prices seem to have leveled and residential mortgages are lukewarm at best.


In the second quarter of the year mortgage balances grew by just 3% annually. This is the second slowest quarterly pace since 2000.


A lower debt-to-income ratio reduces the vulnerability of people who are trying to purchase and there may be more good news to come.


If the current trend to reduce interest rates continues, it should lead to a gradual increase in housing activity. Welcome news for sellers and buyers alike, it is expected rates are on the road to more decreases which should spark further interest later this year.

New Construction remains strong in Comox Real Estate Market

While the resale market has been sluggish, new construction is strong. The surge of residential starts is dominated by multi-unit construction. Apartment and condominium construction is healthy at just below recent all time highs experienced in 2021. Single family new builds have been weaker, but are still ongoing.


A shortage of construction workers, zoning restrictions and supply bottlenecks, along with slow municipality response, is not helping. This has led to delayed completions and brought the number of dwellings under construction to record highs.


Recent provincial government legislation is designed to alleviate some of these situations, but it remains to be seen whether it will. Courtenay, Comox, Cumberland, and other locales have reset some of their bylaws to allow increased capacity. It is much too soon to see whether this will improve timelines for permits and other approvals. Economic growth has slowed to about 1% this year and isn’t expected to do much better next year. The costs of running a household don’t seem to be coming down. Easing of interest rates and other measures introduced by provincial and federal governments should allow housing markets to recover this year and next.

Check with me to find out what the real estate trends are in the Comox Valley. I am always available to provide you with more and better information so you can make informed decisions and realize your housing dreams.

interest rate cuts

Half of sidelined homebuyers waiting for interest rate cuts to resume their purchase plans

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Many Canadians put their home-buying plans on hold for the last two years. Of those who did, 51% say they will return to the market when the Bank of Canada reduces the key lending rate.

Over the past two years, there has been a huge increase in the cost of borrowing. This has forced millions of Canadians to reconsider or readjust their plans to purchase a home.

The Bank of Canada began raising its key lending rate in March of 2022.

Since then 27% of the country’s adult population has been active in the market. However, a recent Royal LePage survey, conducted by Leger, found that many have had to put their search on hold. In total, 56% say they have been forced to postpone their property search because of rising interest rates.

Lower interest rates are a welcome relief for variable-rate mortgage holders. They also help those who have been forced to put off their home-buying plans. However, the 25 basis point decrease announced in June is not enough for most. Among those who have had to postpone a purchase, 18% say they are waiting for a cut of 50 to 100 basis points. Another 23% say they need to see a cut of more than 100 basis points before they will consider resuming their search.

“Following the first-rate hold by the Bank of Canada in March of last year, we saw an immediate surge of activity in the market as consumer confidence strengthened. I expect a similar wave of buyer demand at the first indication that highly-anticipated cuts by the central bank are on the horizon,” said Phil Soper, president and CEO, of Royal LePage. “Buyer behaviour is strongly linked to their confidence that the home they want to buy today will not be less expensive tomorrow.

A full 20% of sidelined buyers say they no longer plan to purchase a home. If the BoC’s key lending rate remains unchanged another 12% say they are ready to jump in again.

The most popular mortgage type and term in Canada is a four or five-year fixed-rate mortgage. That’s what almost 45% of prospective buyers intend to do. Just 22% of respondents say they will choose a variable-rate mortgage and 12% say they will opt for a short-term fixed-rate mortgage.

Of those who have postponed their home-buying plans, many are still browsing listings. This gives them a bit of a respite and more time to save for a down payment and apply for pre-approval for a mortgage. Less than 10% have obtained a mortgage pre-approval. Some have completely abandoned their home-buying plans for the time being.

The Bank of Canada’s overnight lending rate currently sits at 4.75%. The next interest rate announcement is scheduled for July 24th.

Royal LePage commissioned Leger to conduct an online survey among 1579 Canadians, 18 years of age or older, via Leger’s online panel, LEO. The data was collected from January 26 to 28, 2024. No margin of error can be associated with a non-probability sample (i.e. a web panel in this case). For comparative purposes, though, a probability sample of 1579 respondents would have a margin of error of ±2.5%, 19 times out of 20.

Get in touch with Janice to learn more!

zoning changes british columbia

Zoning Changes Coming to British Columbia

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In 2023 the British Columbia government announced there will be changes to zoning laws. It was decided municipalities will have to revise their bylaws by June 2024. These changes are intended to create more options for both homeowners and prospective buyers.

The looming changes mandate that every municipality of over 5,000 people throughout BC allow at minimum, four plexes up to three stories tall on lots currently zoned for single-family or duplex use. For larger lots or those within 400 meters of a frequent transit network, six units can be built. The province
estimates that these changes could result in over 130,000 new small-scale multi-homes over the next decade. The zoning changes are expected to prioritize the development of affordable housing units. This could involve incentives for developers to include affordable housing in their projects. It could involve requirements for a certain percentage of units in new developments to be affordable for low- and medium-income earners.

Mandating affordability measures or overstepping?

By mandating affordability measures, the government is hoping to ensure that housing remains accessible to more people, particularly in high-demand areas. Another aspect of the zoning changes is the promotion of transit-oriented development. This involves concentrating new housing and commercial spaces around public transit hubs, such as subway stations or bus terminals. By encouraging dense development near transit, the goal is to reduce car dependence, ease traffic congestion, and promote sustainable urban growth. This approach not only benefits residents by providing them with convenient access to transportation options. It also contributes to environmental sustainability goals.

Overall, these zoning changes represent a significant shift in how land use is regulated in British Columbia. By prioritizing mixed-use development, affordable housing, and transit-oriented planning, the government aims to create more vibrant, inclusive, and sustainable communities across the province. It remains to be seen how successful these initiatives will be.

The question is, is the government becoming too involved in the personal property rights of BC owners and investors?

Reach out to me to learn more!

comox real estate market

Great News! Fly Direct Between Kelowna and Comox!

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Exciting news is on the horizon for both buyers and sellers in the picturesque town of Comox, British Columbia! Pacific Coastal Airlines has recently unveiled plans to introduce direct flights between Kelowna and Comox, starting June 25. This development enhances regional connectivity and also presents a myriad of benefits for people in the real estate market.


For prospective Comox Valley homebuyers, the introduction of direct flights provides newfound convenience and accessibility. Kelowna serves as a bustling hub in the heart of the Okanagan Valley. It is renowned for its vibrant culture, stunning landscapes, and thriving real estate market. With seamless air travel now available between Kelowna and Comox, those exploring real estate for sale in Comox can easily hop on a short flight to visit the area. This expedites their search process and facilitates informed decision-making.


Comox real estate market to benefit from direct flights to Kelowna

The addition of direct flights signifies heightened exposure and potential buyer interest for sellers in the Comox real estate market. Some Kelowna residents seek out Vancouver Island as a preferred destination for both business and leisure. Now accessibility to explore real estate opportunities in Comox will be increased greatly. This increased accessibility translates into a broader pool of potential buyers. Ultimately this could benefit both buyers and sellers by increasing real estate sales.


The sentiments echoed by Kelowna’s Sam Samaddar, YLW’s chief executive officer, underscore the significance of this development. Sam Samaddar highlights the enduring appeal of Vancouver Island for Okanagan residents. This further emphasizes the symbiotic relationship between these two picturesque locales.


Pacific Coastal Airlines, a respected regional airline in British Columbia, adds another feather to its cap with this expansion. With a commitment to providing efficient and seamless travel options, the airline continues to improve connectivity across the province. The benefit to residents, visitors, and businesses alike is apparent.


The introduction of direct flights between Kelowna and Comox marks a significant milestone. One that buyers and sellers in the Comox real estate market will appreciate and reap the rewards of. As accessibility improves and regional connectivity strengthens, the stage is set for a flourishing real estate market. This will help to increase opportunities and enrich community engagement.


If you’re visiting us from Kelowna, and are interested in learning more about the local Vancouver Island real estate market, please get in touch with me today!

real estate in comox

Navigating Comox Valley Real Estate in 2024

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Happy New Year! If you’re looking to invest in Comox Valley real estate, 2024 is looking ripe with opportunities. National trends and new assessment data from BC Assessments are showing signs of a shift toward a buyer’s market in many of Canada’s major cities. In this article, I will be going over some of the 2024 market insights to pay mind to in the months to come.

Follow along below to learn more about what to expect from Comox Valley real estate in the New Year!

What to Know About Buying Comox Valley Real Estate in 2024

The first thing that buyers should be aware of going into 2024, is the current status of interest rates. The Bank of Canada has been steadily increasing the policy rate since 2022 in an effort to curb economic growth, discourage spending, and minimize demand. Over the past few months, the BOC has not raised the key lending rate any further. Many experts predict that rates will remain stable for the first half of 2024. After this, Canadians can expect to see modest cuts made. 

According to BC Assessments, property values on Vancouver Island have increased from $385 billion to over $386 billion. Despite this, most cities/towns on the Island experienced slight decreases in value. For instance, in the North Island region, Courtenay and Comox property values diminished by 4%. Additionally, in Cumberland, the average home worth plummeted 7%. 

Homeowners should keep in mind that although values dropped in 2023, they are predicted to rebound in the new year. Experts are hopeful that the national average property value will go up by 4.7% in most primary markets. 

Contact me Today!

If you are interested in learning more about buying Comox Valley real estate, contact me today! I’d be happy to help you make sure that you buy the right home for your family! For more information about real estate in the area, stay tuned to my real estate blog. And, check out my social media for the latest updates and more.

I look forward to working with you in 2024!

janice leffler comox valley real estate market update 2023

Comox Valley Real Estate Market Update – 2023

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In the past year, there have been many changes in real estate and the Comox Valley real estate market itself. It was, well you could say, an interesting year overall. High inflation, rising interest rates, prices in flux, and still more buyers than sellers were contributing factors. The year started off reasonably strong and that continued, to the surprise of some, into the fall market.

The last quarter of the year saw a marked reduction in sales. Buyers were worried about the federal government continuing down the path of elevating the cost of borrowing. On top of that, the provincial government was in the process of making changes to various things real estate-related. For example, rental and age restrictions in all strata developments were outlawed. Any strata bylaws that did not allow rentals were out the window. The only age restriction that held up was for strata complexes that had a minimum age of 55 years.

New taxes and Legislation affecting the Real Estate Market in Comox Valley

Add to this a speculation and vacancy tax, an extension to the foreign buyer ban, and other measures, some good, some not. Home Buyer Rescission Period and Federal Housing Tax Changes, including a tax credit for multigenerational home renovations and taxes imposed on homes purchased and sold in a short period of time (house flipping) were also instituted. All changed the landscape for real estate. Investors began thinking about getting out of the landlord game and that is an ongoing concern. Yes, there is a lack of housing, but if people are not willing to own property and rent to tenants, how does that benefit people who rent and do not want, or are not able, to buy?

Housing was and remains to be a top priority even though some of the proposed and implemented solutions are not panning out the way they were intended.

Residential sales in 2023 peaked in May and declined for the remainder of the year.

The number of homes on the market did not improve either though, and this affected prices. Of note, at the end of December 2023, there were just 121 single-family homes on the market. That is less than the 135 on the market in December 2022. However, the average sale price at the end of 2023 was just under $825,000 as compared to $786,000 in December 2022.

  • A total of 635 sales occurred in 2023 which isn’t far off the 674 that changed hands overall in 2022
  • The strata property market wasn’t much different with just 59 active listings of apartment-style condominiums at the end of 2023 instead of 50 in 2022
  • There were just 35 townhouses for sale in December 2023. December 2022 saw 50 offered for sale
  • Land only, with no buildings, shows similar trends with a mere 49 lots on the market in December 2023 as opposed to 64 in 2022
  • Interesting to note that the lower-priced strata apartments were selling in 2023 at an average sale price of $245,000, down from $416,600 the previous year, but in the townhouse segment of the market, the price in 2023 was up to $557,000 from $512,000 in 2022

Comox Valley Neighbourhoods In Demand

Another thing buyers and sellers may be interested in knowing is that, when it comes to areas, there are consistent preferences. Comox easily leads the way annually with Courtenay City and Courtenay East following in that order.

The next choice is Cumberland, though it trails by quite a bit. The balance of the Comox Valley follows well behind these top choices and includes Comox Peninsula, Courtenay North, Courtenay South, Courtenay West, Crown Isle, Merville/Black Creek, Mt. Washington, and Union Bay/Fanny Bay.

New Construction in the Comox Valley Real Estate Market

There has been a lot of construction going on in the Comox Valley over the past several years. Single-family and condominiums, both townhouses and apartments, have led the way. Now there seems to be, in addition to houses and strata buildings, a lot of rental apartments being built to assist with the housing shortage. Builders are taking advantage of some of the incentives the federal government has put in place. Keep in mind that plans for new construction begin long before it is approved and actually available. The permit process is a slow one. Land availability has an impact on that as well.

So far in 2024, pricing, interest rates, and property available to buyers seem to be following the trends we have seen taking shape over the past couple of years. It sounds as though we may start seeing interest rate relief sometime this year, but that remains to be seen.

In all segments of the market, there is information that can be deduced. It is not the same from one type of property to another, nor from one price range to another. If you would like further insight, please feel free to contact Janice. She is always available to help!

janice leffler comox valley real estate market update 2022

Comox Valley Real Estate Market Update – 2022

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2022: The Bank of Canada works to curb inflation

Another year that began a bit slowly, as is wont to happen. Once the first couple of months passed, we were back into a busy real estate trend. June and July things began to change again. The government decided to try to curb inflation so the Bank of Canada began raising interest rates and looking at other regulations to cool the hot markets across the country. It is working!

Unprecedented price increases, growing numbers of offers, dwindling supply since 2020, have now (August) been replaced by leveling prices, properties remaining on the market longer, some price reductions, and increased numbers of active listings.

The government is still talking about other measures to come so we will see what that brings.

In the meantime, it looks like some of the changes are having the desired effect.

janice leffler comox valley real estate market update 2021

Comox Valley Real Estate Market Update – 2021

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2021 is still a good time to invest in Comox Valley Real Estate

With historically low-interest rates still anticipated to be around for a while and prices relative to many other locations still reasonable, it remains to be a good time for buyers to take advantage and invest in real estate in 2021 if you have a down payment and consistent income. You have to live somewhere and it doesn’t seem best for you to pay the landlord when you can invest in yourself. Also, buyers who have been waiting for prices to drop could simply remain out of the market longer since it doesn’t seem likely that will happen in the next while.

Sellers in some price ranges still have to be patient, but with the number of active listings declining it looks like it will continue to be a sellers’ market. It is always important for people with their property on the market to do what they can to make it stand out from the masses, which includes being price-conscious.

If you are considering selling or buying a home/investment in 2021, wondering about the current market, or just want to talk to me about your real estate, I’d love to hear from you! I will provide you with professionalism, integrity, honest, accurate information, local market expertise, and keep you current which are all valuable insights that I can offer as your real estate agent.

janice leffler comox valley real estate market update 2020

Comox Valley Real Estate Market Update – 2020

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2020: The year of COVID-19

The year began as many do with a slow start, picking up as February and March roll around. This was a different year though, as we came to realize. COVID-19 reared it’s head and by mid-March businesses and employees were becoming affected in ways no one expected. As March, April and May progressed, real estate was almost at a standstill. Then came June and what a change. The flood gates opened! We all know what happened next. Lots of buyers, not as many sellers, more than one offer at a time, waiting to entertain offers because there was so much interest.

This carried on into 2021 and, if it is possible, became increasingly evident. There were fewer listings than we had ever seen and people wanted to move closer to relatives, out of the city, to lower priced markets and so on.

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Important information about Comox Valley real estate:

The following information is from end-of-year 2020 statistics and supports the overall decline in sales numbers as a result of fewer people selling and, therefore less available to purchase. It also reflects a general reduction in activity due to government strategies aimed at cooling the real estate market – from the B-20 stress test for financing, foreign buyer’s tax which is not applicable in this area yet but does have some impact, constant threats of increased interest rates along with other measures.

  • This past year in real estate (2020) ended much as it began with more buyers than sellers. It is very different from anything I remember over the life of my 33-year real estate career. We saw fewer listings, taking less time to sell, more people wanting to buy, multiple offers on most properties, and rising prices.
  • The average price of single-family homes was on the rise in 2019 and that trend continued throughout 2020, beginning at about $580,000 in January and finishing out the year at $632,000. Total number of single-family sales in all price ranges was down from just 850 to 778 between 2019 and 2020.
  • By far the most active price ranges for homes are between $450,000 and $800,000, accounting for 78% of the total market with $400,000 to $450,000 and $800,000 to $1,000,000 encompassing another 17% of the sales;

Infill, subdivision, and new construction in Courtenay

  • As usual, the majority of all single-family sales in our area occur in Comox, but there has been a shift with the City of Courtenay now moving ahead of East Courtenay (which has historically been second to Comox). Sales in Comox, at just over 26% of the total market, amounted to 204 in total for the year, up from a 20% market share in 2019. With infill, subdivision, and new construction in Courtenay City, sales sat at 22% with 172 of total area sales and East Courtenay moving down slightly from 2019 at 16.9% or 132 sales.
  • Due to new homes being built and more lots coming on the market in Cumberland, it has picked up 1% of that market change now sitting at just under 9% of the total number of sales with 70 in 2020. Also of interest is that Cumberland prices are now in line with the rest of the municipalities in the Comox Valley as far as sale prices with the majority of them between $450,000 and $700,000. With home sales in Crown Isle at 72 in 2020, that is double what they were in 2019 and it looks like what has happened there is that all other areas have caught up to Crown Isle pricing where the bulk of the market was between $600,000 and $900,000  There is a wide range of sales numbers and prices in all other areas that has, interestingly, decreased from the previous year to almost 15% of the local sales market from 30% in 2019. It appears that buyers preferred to live in town in 2020 by quite a wide margin which would account for the bigger numbers in urban areas.

Rural areas in Comox Valley Real Estate

  • In the rural areas – outside Courtenay, Comox, and Cumberland – there was quite a change last year with the number of sales on the Comox Peninsula and Courtenay North, Courtenay South, Courtenay West, and Union Bay/Fanny Bay tallying just half the sales of the previous year. Two other notable mentions are Merville/Black Creek and Mt. Washington. In the case of Merville/Black Creek, sales dropped last year by more than 30% and Mt. Washington sales figures increased by over 40%.
  • Interestingly in 2019, 66% of what was listed was sold, and in 2020 that increased to 88% which is similar to the 2017 market and still much better than other previous years. At this moment it is very much a sellers’ market because of low inventory and huge demand – in part because of COVID-19, it seems.
  • As always, buyers are particular about what they will buy and what they are prepared to pay for it, but they will pay based on their experience which has elevated sales prices much to some buyers’ consternation.

Apartments and Condos in Comox Valley

  • The Comox Valley condominium market remains strong with most listings being apartment-style, but the best prices realized are for patio or townhomes. Of note is that there were almost as many patio and townhome sales in 2020 as in 2019 and of apartment-style condos too, along with increased prices. All are being built even though the time from inception to realization is still of concern to developers and there are more rental apartments under construction now too. Townhouse sales have been good and they, along with the single-family market, have seen considerable increases in sale prices. They continue to be a preference for certain buyers because of the built-in maintenance and affordability while providing good living space in comparison to the single-family home price, age, and size.
  • The lot market has picked up with some subdivisions taking place in Courtenay, Cumberland, and Crown Isle primarily. While there were 175 active listings, up only a little from 163 in 2019, there were twice the sales over the past year with the average price at about $334,000. The lack of affordable development property is a factor and has led to the majority of subdivisions being bought up by builders. The increase in initial price, infrastructure, and building costs has pushed up the cost of new construction as well.
  • To summarize, the most active price ranges up to the end of December are now $450,000 to $800,000. There were a significant number of people, 604 or almost 78% of total sales, who sold their homes between $450,000 and $800,000, and only 85 sales over $800,000. That includes less sales than in 2019 over $1M down from 41 to 26.