Condominiums to outperform single-family segment in Canada this year as buyers seek entry-level housing

Demand for condos in Comox is expected to outpace that of the single-family residential segment this year. It is anticipated homebuyers will be in search of more affordable housing options. They may have been sitting on the sidelines amid higher interest rates and increased day-to-day living costs.

What will happen to the median price of condos in Comox?

According to the 2023 Market Survey Forecast, Royal LePage predicts the median price of a condominium will increase slightly year-over-year. The median price of an apartment-style condo in the Comox Valley at the end of 2022 was $409,000. For a townhouse median sale price was $469,000.

The median price of a single-family detached property is projected to decrease a bit from $727,000 during the same period. With the exception of a couple of larger centres in Alberta and Saskatchewan, condominium prices are expected to outperform single-family detached home prices in all major markets next year.

Despite activity and price declines in many locations over the last six to eight months, buyers are expected to return to the market in 2023. Many of them will be looking for more affordable properties. Some areas that are experiencing a shortage of available inventory, as we are in the Comox Valley, could see condominium prices increase more. Lack of supply continues to be a challenge in many markets.

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