1
00:00:00,160 --> 00:00:02,880
- As we roll into 2019, we
thought it'd be a good time

2
00:00:02,880 --> 00:00:06,030
to look back, and look
forward to the coming year.

3
00:00:06,030 --> 00:00:08,070
- The weather out here might be gloomy,

4
00:00:08,070 --> 00:00:10,503
but the market forecast is not.

5
00:00:10,503 --> 00:00:15,503
(cheerful music)

6
00:00:21,540 --> 00:00:23,140
- Certainly, the past three years,

7
00:00:23,140 --> 00:00:25,040
we've seen some pretty
tremendous growth here

8
00:00:25,040 --> 00:00:26,420
in the Comox Valley.

9
00:00:26,420 --> 00:00:28,030
- This is largely due to the influx

10
00:00:28,030 --> 00:00:29,207
of the Lower Mainland people,

11
00:00:29,207 --> 00:00:30,970
and people from across Canada,

12
00:00:30,970 --> 00:00:33,280
moving to our lovely corner of the world.

13
00:00:33,280 --> 00:00:35,709
With this influx, it certainly
has been a seller's market,

14
00:00:35,709 --> 00:00:37,710
and you can see by the graph behind me

15
00:00:37,710 --> 00:00:39,860
how prices have increased year-over-year.

16
00:00:39,860 --> 00:00:42,800
- At the same time, the
number of listings declined,

17
00:00:42,800 --> 00:00:44,450
and new construction had a hard time

18
00:00:44,450 --> 00:00:45,670
keeping up with demand.

19
00:00:45,670 --> 00:00:48,760
- This resulted in days on
market dropping below 30 days,

20
00:00:48,760 --> 00:00:50,890
and in a lot of cases, they
were only on the market

21
00:00:50,890 --> 00:00:52,510
for two or three days.

22
00:00:52,510 --> 00:00:54,630
- As we transition into 2019,

23
00:00:54,630 --> 00:00:56,900
there have been numerous
legislative changes,

24
00:00:56,900 --> 00:00:58,440
which will effect our market.

25
00:00:58,440 --> 00:00:59,410
- The mortgage stress test

26
00:00:59,410 --> 00:01:01,110
has probably been the biggest one.

27
00:01:01,110 --> 00:01:03,870
But the vacant property
tax, and the speculator tax

28
00:01:03,870 --> 00:01:06,480
have resulted in a
moderated Vancouver market.

29
00:01:06,480 --> 00:01:09,440
- So, in the Comox Valley,
we can expect to see

30
00:01:09,440 --> 00:01:11,330
a very balanced marketplace.

31
00:01:11,330 --> 00:01:14,650
This coming year, will
reflect longer exposure times

32
00:01:14,650 --> 00:01:16,130
for properties before they sell.

33
00:01:16,130 --> 00:01:19,050
One byproduct of this
will be steady pricing

34
00:01:19,050 --> 00:01:20,880
without drastic swings,

35
00:01:20,880 --> 00:01:23,807
and we will see fewer
multiple-offer situations.

36
00:01:23,807 --> 00:01:25,903
All-in-all, the market will
return to historic norms.

37
00:01:25,903 --> 00:01:28,630
- It's gonna be a good market in 2019.

38
00:01:28,630 --> 00:01:30,590
We're really looking
forward to helping you.

39
00:01:30,590 --> 00:01:31,600
If you have any questions,

40
00:01:31,600 --> 00:01:33,503
certainly give us a call.

41
00:01:33,503 --> 00:01:36,920
(cheerful melodic music)