From Rare Luxury to Market Normal: $1M+ Homes in the Comox Valley

In the early 2000s, a single-family dwelling (SFD) selling for over $1,000,000 in the Comox Valley was a rare event. Today, it’s become a regular part of our housing market.

Our analysis of MLS data shows a dramatic shift:

-Before 2015, $1M+ sales were counted in the single digits annually.  In 2015, only 4 sales broke the million-dollar sale price mark.

-By 2021–2022, that number jumped into the hundreds each year. 

-In 2024, 253 sales had exceeded this price barrier. 

-This year (to July 31, 2025) 146 houses have sold at $1M+

So what changed?

Big Picture Drivers

-Ultra-low interest rates (2020–2021): Cheap credit supercharged affordability, fueling record-setting activity.  Let’s not forget about Bank of Canada ‘quantitative easing’ (aka – money printing)

-Pandemic migration: Remote work unlocked lifestyle driven moves to Vancouver Island, accelerating demand in amenity-rich communities.

-Population growth & interprovincial migration: BC, and specifically Vancouver Island became a top choice for retirees and young families alike.

-Global capital shifts: Policy changes in Vancouver and Victoria nudged buyers into smaller property markets like Comox Valley.

Local Market Drivers

-Limited land supply: With the ocean on one side and mountains on the other, vacant development land is becoming somewhat scarce in the Comox Valley.

-Desirability of sub-areas: Neighbourhoods like Crown Isle, Comox Peninsula, and Courtenay North have become highly sought-after for luxury builds.

-Upward pressure from new construction costs: Rising material and labour costs pushed replacement values (and resale prices) well into the $1M+ range.

-Lifestyle premium: Access to mountains, ocean, and vibrant community life has made the Valley one of BC’s most attractive “smaller city” markets, attracting higher net worth individuals cashing out of higher value, urban housing markets.

The story of the Comox Valley is clear: what was once the luxury exception is increasingly becoming the market expectation. 

If you’re ready to see where your property stands in today’s Comox Valley market, ask us for an appraisal report that goes beyond the surface and gives you confidence in the numbers.