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.
Nanaimo and Vancouver Island News and updates
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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!
Easter 2018 Events on Vancouver Island
Spring Break is almost over but there’s another long weekend left before going back to school that little and big kids get excited for, Easter weekend! If you don’t have any plans and are looking for adventures to be had around the Island, read-on!
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.
December 2018 Market Report
The real estate industry is the healthiest it’s been in over 20 years— with less drama due to a more stable economy. So what’s in store as we look ahead in the year to come? We might see Millennials delaying their home purchase as a result of feeling financial pressure from student loan debt; coupled with relatively low wages, this makes it difficult to put a downpayment on a home. In higher-priced areas, many feel squeezed out of the market, unable to purchase even a so-called starter home. The 2016 market changes caught us by surprise and then the 2017 market started to balance out. There are still affordable options in Nanaimo with our average home price around $550,000, and we will see a more stabilized market in 2018.
