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Nanaimo and Vancouver Island News and updates
Blog
Guideline B-20 Continues to Dampen Housing Sales
Guideline B-20 Stress test continues to impact housing sales in BC but Vancouver Island is a bit more sheltered. The Vancouver Island Real Estate Board, which stretches from North of the Malahat on Vancouver Island, reported sales of single-family homes in February dropped by 28% year over year but were up 10% from January.
Spring Maintenance Checklist for Your Home
Spring is finally in the air and it’s the perfect time to get your home looking its best for when our gorgeous Vancouver Island weather arrives! Start checking off our to-do list to get your home looking shipshape for Spring!
Prices still rise but Mortgage Stress Test slowing Housing Sales
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-Vancouver Anticipated Commuter Ferry Launch
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!
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.
Market Moving Towards Balanced Conditions
Sales of single-family homes in September dropped by 32 per cent from one year ago and 25 per cent from August 2018.
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.
Summer Outdoor Activities to Stay Fit
We have had such a gorgeous summer here on Vancouver Island and some of the most fun activities before the cooler weather comes is making the most of being outdoors. Why not combine your summer outings with a chance to keep in shape with these very easy and fun ideas!
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.
