RSS

Today I will be exploring the differences between living in The Comox Valley and living in Nanaimo. I want to start off by saying that in no way is this intended to say one is better than the other but is to simply highlight aspects that might make one location more desirable if you’re considering a move to Vancouver Island.

The Comox Valley is a picturesque region encompassing Courtenay, Comox, and Cumberland, about an hour's drive north of Nanaimo. It boasts a warm community vibe with a population of around 75,000 and a population density of 44.40/km².

In comparison, As of 2022, the City of Nanaimo has a population density of 1,147/km² and a population of just under 105,000 people. Keeping in mind that this is for the city of Nanaimo proper and The Comox Valley includes 3 regions, the Comox valley offers a more intimate setting compared to the hustle of the larger city of Nanaimo. If you're after that tight-knit feel, the Comox Valley might be calling your name.

Now, let's talk amenities! 

While the Comox Valley provides all the essentials, the larger population in Nanaimo means a broader array of shopping, dining, and cultural experiences. However, don't count the Comox Valley out! It's got everything you truly need, including a Costco for shopping, often with shorter travel times. And while Nanaimo might have more activities for you to do on a night out, Comox also has plenty of festivals and music events throughout the year, especially in the warm summer months such as the BC Seafood festival and Vancouver Island Musicfest.

Housing Costs and Taxes

Ah, the big question: housing costs. In the Comox Valley, the median price for a 3-bedroom home hovers around $630,000. It's an attractive option for those seeking affordability without sacrificing quality. Property taxes in 2023 in Comox is 0.409651%. Now, compare that to Nanaimo's median home price of $749,950, and a property tax rate of 0.600870%. If you meet in the middle and consider a $700,000 property, that home in the Comox will cost you $2868 in property taxes whereas in Nanaimo that same home will cost you $4,206 in property taxes and remember -Nanaimo is also ranked number 3 in third highest property taxes in BC.

If you’re in the rental market, The Comox Valley offers a variety of options, with a vacancy rate of around 3%. The average cost for a 1-bedroom apartment is approximately $1,300. In Nanaimo, the vacancy rate is slightly lower at 2.2%, with an average rental cost of $1,450 for a 1-bedroom unit.

Outdoor Paradise

If you’re an outdoor enthusiast like myself, you’ll love both the Comox Valley and Nanaimo which grant easy access to stunning outdoor activities. 

The Comox Valley has become a meca for mountain bikers, particularly in Cumberland which has become what they call the “Squamish” of Vancouver Island with many young active families are relocating to take advantage of the outdoor living. Cumberland was ranked number 1 in the country for mountain biking, according to Osprey.com. Many of these trails surround Puntledge River. It also has proximity to Mount Washington for skiing. Also check out breathtaking Brown’s River Falls which we had the privilege to visit a couple of times this summer, my dogs, especially Tika, and Simon had a blast!

Nanaimo offers majestic Mount Benson and there are no shortage of Mountain Biking Trails. It’s central location makes it a great starting point for exploring all of Vancouver Island’s beauty so you can take advantage of what other areas have to offer a little easier. Which leads me to my next point…

Travel

For jet-setters, the Comox Valley Airport offers convenient regional connections. Nanaimo Airport provides similar options, and both cities have BC Ferries terminals, however the Comox terminal in Little River only provides service to Powell River on the sunshine coast. Nanaimo has two terminals in Departure Bay and Duke point which connect you to either West Vancouver or Tswassen and with Nanaimo’s new Hullo Ferries service, you can be in downtown Vancouver in only 70 minutes. I think when you compare the Comox Valley to Nanaimo, Nanaimo is simply a more convenient place to live for travel due to it’s central location and transportation options.

Weather

When it comes to Vancouver Island cities, Nanaimo and Comox, Courtenay and Cumberland are very similar. Both are located on the east coast of the island and experience moderate winters and summers. The coldest month is December, with average temperatures of between 2-6 degrees C. During this month In terms of snow, Comox wins with a slightly higher snowfall than Nanaimo in terms of quantity. Comox Valley will accumulate on average 45 millimetres of snow on average compared to Nanaimo’s 31 millimetres of snow. Both areas are also similar for “wet days” or days with precipitation with at least 1 millimetre of rain. Both regions experience an over 55% chance of rain during the month of November. So if you’re trying to pick based on weather, it’s safe to say you’ll be getting about the same in both areas. 

So, which one's your dream destination? The Comox Valley invites you to its warm, tight-knit community, while Nanaimo dazzles with a broader array of amenities. No matter your choice, you'll be embraced by breathtaking landscapes and the charm of Vancouver Island.

Read

Renting Vs. Buying Your First Home: Pros and Cons

Everyone needs a place to call home, but should that place be rented or bought? That is a question everyone must answer at some point in their lives. As you earn more money, you will invariably come to a place where you want to make crucial decisions to reflect your changing status.

One of those essential lifestyle changes will involve deciding on the home you live in. Should you save money to buy your own home? Or is it wiser to keep renting and use that money for something else? What are the long-term and short-term benefits of either of these options?

In the past, most people didn’t have to think about this because owning their own home was considered the best financial decision a person could make. People viewed their homes as their most valuable asset. The home was also a symbol of a higher social status and a mark of responsible citizenship.

But all that is changing, partly due to the rising cost of home ownership in Canada. The other reason for the changing views on home ownership is that younger Canadians value the freedom that comes with renting over the stability that comes with owning their own home.

What should you do? Should you continue to rent or make plans to buy your own home? The proper answer depends on your current situation and where you think your life will be in the next ten years. In this post, we explain the pros and cons of both options to help you make the decision.

Renting

The pros of renting your own home

  • Lower upfront costs: Unlike when buying a home, where you must save up to 15% of the home’s value to get a mortgage, you don’t need much money to rent a decent home.

  • No maintenance costs: The only financial obligation you have as a renter is your rent.

  • The landlord takes care of all the maintenance needs of the home.

  • Fixed rent amount: As a renter, you know exactly what your housing costs will be every month. There is no risk of unexpected costs due to problems in the home.

  • Greater flexibility: Renting not only gives you more options when deciding where to live, but you also have the freedom to leave whenever you want.

The cons of renting your own home

  • You cannot customize the home: Most landlords will not let you change the design of the rented house to suit your tastes. You must live with the owner’s design.

  • You don’t control the rent amount: The landlord can increase the rent beyond what you can afford. Rents may also be out of reach in the places where you want to live.

  • You may be forced to move: If the owner sells their property or decides to renovate it, you will be forced to move. You are at the mercy of the owner’s decisions.

  • You don’t build equity: The rent you pay goes to securing the landlord’s future. Instead of building equity in your home, you help the landlord pay off their mortgage.

Owning

The pros of owning your own home

  •  Customize your home: You can design your home to reflect your needs, lifestyle and style preferences. You can also renovate the house to make it better or improve its value.

  • You build equity: Unlike renting, your monthly payments are an investment in your future. You gain equity in the home by paying the mortgage.

  •  You can leverage homeownership: You can leverage the built-up equity in your home to increase your borrowing power. It is easier to build wealth with this strategy.

  • Stability and peace of mind: Owning your own home will inject a level of stability into your life. It makes it easier to plan your future with confidence.

         The cons of owning your own home

  • Heavy upfront costs: To buy a house, you need to save enough money for the down payment on the property. That can be as much as 15% of the market value of the house.

  • You must maintain the house: In addition to the monthly mortgage, interest and insurance payments, you have to cover the maintenance costs for your home.

  • Lack of flexibility: It is not easy to move when you own your own house. Even if you want to sell the house, it will often take some time to find the right buyer.

  • Your home could lose value: A downturn in the housing market could wipe out your home’s value, and there is no guarantee that you will recover the lost value.

So, should you rent or buy your home? That is an important question, and you may not have all the right tools and information to make the best decision. Talking to an expert will let you see the bigger picture when answering this question, allowing you to make a choice that will truly benefit your future.

Read
MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.