Nanaimo and Vancouver Island News and updates

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December 2017 Market Update

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.

November 2018 Market Update

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.

Prepare Your Home for Fall

September is typically a busy month with kids going back to school and outdoor enthusiasts trying to squeeze in a few more island adventures before the weather turns cold. So although you are probably trying to take advantage of those final lazy, hazy, crazy days of summer, we thought we’d help get you started with your home maintenance checklist for September. With cooler climates looming, you’ll soon be taking refuge inside, so it’s a good time to think about giving your home a little TLC.

July 2018 Market Report

Prices of single-family homes, apartments, and townhouses continue to rise in the VIREB area despite cooling sales in certain markets. Last month, 437 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 438 in June and 556 one year ago, a decrease of 21 per cent.

May 2018 Market Report

The benchmark price of a single-family home in the Vancouver Island Board area broke the $500,000 mark in May, rising to $507,700, a 17 per cent increase from one year ago. With Nanaimo above the $525,000 mark. Single-family homes are down 17 per cent from last year but posted a month-over-month increase of nine per cent. Last month, 520 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 476 in April and 630 one year ago.

Summer Time on the West Coast – BBQ and Desserts Ideas

Finally it’s the time of the year to bask in some warm weather and enjoy our West Coast cuisine in the great outdoors! The conditions are perfect to put your barbecue into action, so gather the family and friends and enjoy those long summer days. Whether you are at home or off camping, look here for a list of some West Coast signature recipes.

2018 BC Budget Changes Explained

The news has been flooded with articles regarding the 2018 BC Budget changes and people talking about how these changes will affect Real Estate for both Buyers and Sellers. We have broken these changes down to explain how they will affect the Central Vancouver Island Real Estate Market.