Buying land and building your own home is a dream for many people. However, the process can be daunting, especially if you’ve never done it before. But don’t worry, with some research and careful planning, you can turn your dream into a reality. Here are some insightful steps to follow:
Nanaimo and Vancouver Island News and updates
Blog
2023 Q1 Vancouver Island Market Intelligence Report
From my perspective, Early 2023 reminds me of 2019 when it became more challenging to qualify for a mortgage. Everyone was wondering if the market would pick up in the spring, and I must say that this year feels similar.
March 2023 Market Update
The average single family home price in Nanaimo held steady from January to February. February saw more buyers return to the market. While this resulted in a 30% increase in transactions compared to January, this is still a decrease of 40% from February of last year. The number of homes listed in February decreased by 9% month over month and 37% from February 2022. In this month’s market stats update we will look at what these changes in supply and demand could mean for the Nanaimo real estate market as we head towards the spring market.
Building For The Future – Passive Home Designs
In today’s world, it’s becoming increasingly important to design and construct homes that are energy-efficient and environmentally sustainable. One approach that’s gaining traction is passive home design, which relies on smart building techniques and cutting-edge technology to create homes that require minimal energy to heat and cool.
February 2023 Nanaimo Market Update
The first month of 2023 saw an increase to the average sale price in the Nanaimo single family and towhome real estate markets. The statistics VIREB released for January 2023 for the Nanaimo real estate market gives a good look at how the market has shifted exactly one year from the peak of the pandemic driven housing market. Economists have been predicting that the bottom of the market is a 20% decrease from the peak, which can already be seen in the Nanaimo single family home average price.
Canadian Foreign Buyer Ban
January 2023 marks the beginning of a 2-year foreign buyer ban on real estate in Canada. This foreign buyer ban was introduced by the Canadian government in an effort to increase the housing supply for Canadians. In theory, the decrease in demand from foreign buyers should increase the supply available to Canadians resulting in a decrease in housing prices, but are there enough foreign buyers exiting the market to make a substantial difference in Canadian real estate markets? What counts as a foreign buyer?
January 2023 Nanaimo Market Update
December marked the end of another year in the Nanaimo real estate market. Nanaimo is starting the new year with an increase in the amount of sales from November to December. This increase in sales also comes with an increase to the average home price.
2022 Changes to Real Estate
Explaining Changes in Real Estate in BC and How They Can Affect You. There is never a shortage of news articles relating to Real Estate in Canada, especially these days. In the effort to curb rising home prices and provide homes for all Canadians, Legislative changes have been made.
December 2022 Real Estate Market Update
In this market intelligence report, we will cover our local market, the general trend across Canada as well as interest rates and consumer confidence.
November 2022 Nanaimo Market Update
In October Nanaimo saw a month over month increase in sales in the single family detached and townhouse markets. Part of this increase in sales is from buyers who were looking to capitalize on their fixed rate mortgage pre-approvals before they were affected by the interest rate increases. While the number of sales increased month over month, the amount of new listings on the market in October also increased meaning that there was a minimal impact on the months of inventory.
Sense Hacking your Living Space
Our Senses (sight, sound, touch and smell) can change how we think and feel. Have you ever felt sensory overload from technology, information, notifications, or even numbness to your surroundings? This can be a sign of sensory imbalance from too much of the same repeated senses every day, which also causes numbness to our surroundings at home, affecting our mood, productivity and energy. Not only can sense hacking your living spaces impact your well-being and enhance your home lifestyle, but it can positively impact others you have over to your home, whether it’s family, friends or even potential buyers if you’re trying to sell.
September 2022 Nanaimo Market Update
September saw a further decrease in the average home price in Nanaimo. September’s average single family home price was $801,021 – a decrease of 9.1% from August of 2022, and a decrease of 3.7% from September of last year. There are a few factors at play that have caused this decrease in average sale price, the biggest of which being the shift in supply and demand.
