Despite lower demand year-over-year benchmark prices of single-family homes continue to rise board-wide, up around nine per cent from January 2018. Price increases in individual markets ranged from five per cent in Nanaimo to 17 per cent in Port Alberni. Although Vancouver Island has felt the effects of the mortgage stress test. Also referred as Guideline B-20. The toll on single-family housing sales throughout the province in January dropped by 28 per cent from one year ago, albeit they did rise by 23 per cent from December 2018. General demand is lower while potential Buyers adjust however there still is very little supply in active price points keeping the markets somewhat balanced.
Nanaimo residents have long awaited an alternate option of getting to the Mainland in an affordable and timely way. The dream of a high-speed commuter passenger ferry service between downtown Nanaimo and a berth at the SeaBus terminal at the Waterfront Station in downtown Vancouver is finally looking like a reality!
Annual sales of single-family homes in 2018 totalled 4,543, a 19 per cent drop from 2017. However, this reduction reflects the market returning to more normal levels after the robust housing markets witnessed in 2016 and 2017.
Government policy-side measures introduced to cool the market, such as the mortgage stress test (Guideline B-20), eroded the purchasing power of some prospective home buyers by as much as 20 per cent. Despite lower demand, however, year-over-year benchmark prices of single-family homes continue to rise board-wide, up 10 per cent from December 2017.
When you're selling your home, you want to ensure it’s picture perfect for potential buyers who walk through the door. That is where the important art of home staging comes in.
Sales of single-family homes in November on Vancouver Island declined by 28 per cent from one year ago and were 21 per cent lower than in October. Last month, 305 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 384 in October and 426 one year ago. Modest inventory increases are helping The Vancouver Island Real Estate market transition from one favouring sellers to a balanced or near-balanced market. Active listings of single-family homes have dropped each month since hitting this year’s high of 1,418, which occurred in July.
Wintertime is not typically when one thinks about shopping for a new home or selling a current residence. Most people are cozy in their homes baking cookies, planning family festivities and getting ready for the upcoming holiday season. Don’t let this month pass you by if you are wanting to buy or sell! There are so many wonderful winter opportunities to be had!
The idea of shopping for Christmas gifts for loved ones can be a daunting task even for the most seasoned shoppers amongst us. Let us help you with some ideas we have gathered that are sure to be enjoyed by even the most difficult on your holiday shopping list! These are some very practical and fun presents that are guaranteed not to be dust collectors!
The erosion of affordability in larger markets is pushing more buyers away. However the purchasing power caused by the mortgage stress test and rising interest rates continue to be a concern though, continuing strong performance in the economy combined with favourable demographics is expected to push home sales above their 10-year average in 2019.
There is a magic in the air this time of year with Christmas around the corner. As families and friends savour quality time together we would like to suggest attending a theatrical performance as an enriching activity to enjoy with your loved ones.
Performing arts is a wonderful source of intellectual learning and inspiration that shouldn’t be forgotten. Whether it be in the form of drama, ballet or music. It is wonderful to watch familiar, old favourite performances or branch out to discover something new.
Sales of single-family homes in September dropped by 32 per cent from one year ago and 25 per cent from August 2018.
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