The sales activity of new homes and lots has increased significantly during the past few months at The Ridge. Homes and new lots are selling at a brisker pace than at any other time since we started building new homes six years ago. Nearly all of the existing new homes by our preferred builders have been sold. Our existing inventory of lots and homes in Phase 3A is 80% sold and the remaining lots will likely be sold in the next few months. To meet market demand, we are introducing our newest and final phase – 61 new lots in Phase 3B – in the fall of this year.
People impacted by the Covid-19 situation are looking at their homes in a different light. Perhaps they are looking at getting a dedicated home office to accommodate working from home and may also be looking at a separate area for schooling from home as well. During this time, after spending an increased amount of time at home, more and more people are seeking to increase the size of their home. We have welcomed some new residents to The Ridge who are relocating to the Comox Valley from larger, more urban cities, perhaps to reduce exposure to a larger population. With interest rates at an all-time low, more are making the move to either get into the market or to move into a bigger home.
According to the BC Real Estate Association in their third-quarter housing forecast published in August 2020, MLS residential sales are forecast to increase by 6.5 percent by the end of 2020 and are predicted to increase by 17.6 percent in 2021.
In the Comox Valley, Chris Kutyn, a local real estate appraiser has stated in his monthly market update for September 2020 that the Comox Valley area will continue to see upward pressure on the price of a home. He also states that “The single-family statistics for August point to a rising average price in the Comox Valley. The market is quite active and even aggressive at times.” According to the Vancouver Island Real Estate Board, the average price of a home in the Comox Valley in August 2020 was $601,913 up 5% from the average sale price compared to the same time period last year.
What does this mean for you, the new home buyer? Well, if you have been thinking of building a new home in Courtenay on Vancouver Island, now is the time to shift into action. Get started by contacting one of our preferred builders to arrange a consultation regarding a custom home build or to view one of the homes that are under construction. Our inventory of new lots is getting lower every month. Contact us for more information about the remaining lots in Phase 3A or about the upcoming 61 lots in Phase 3B.
Contact Bruce Clapham | Developer of The Ridge