Reason I ask is that the wife is from the island, and has always wanted to get back at some point. If/when we do get to the island Comox would be my first choice.
Your money goes a lot further here than the mainland for sure. Finding good paying work can be a challenge though since the NIMBYs have killed of any industry and most of the construction jobs that once supported the valley. Once you're situated though, it's a freaking awesome place to live. Great restaurants, great hangouts in Cumberland and Courtenay, tons of recreation and (mostly) friendly people!
If you're not over the age of 60, I recommend looking for a place in Cumberland or Courtenay though. The geriatric mafia in Comox is unbearable and the whole freaking town shuts down at 6:32pm.