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 and Vancouver Island News and updates
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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.
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.
Tips to Help Sell Your Home During the Summer Months
Summer is almost here and while we wait with excitement for long hot days, beach time, family vacations and endless outdoor activities, the reality is that it can be an extremely busy time. If your home is on the market or if you are thinking of selling, you might want to keep in mind the following tips:
Derek Gillette Recognized Internationally
Congratulations to Derek Gillette for being internationally recognized and awarded among 113,804 associates in over 100 countries around the globe, RE/MAX International Network wide!
