I see the housing market in BC continuing to be stronger in 2020 and I expect we may go back to a more typical year of home sales as markets recover from the policy-induced slowdown of the past two years.
Gather the latest information on the real estate market in Nanaimo, Vancouver Island, and Canada-wide with our Gillette and Associate Market Updates
Category: Real Estate Updates
B.C. Strata Insurance Rates Increasing
Insurance companies are hiking building insurance premiums to unprecedented levels causing a severe impact on consumers in the condo sector in B.C.
December 2019 Market Update
2019 Housing Market ends on a positive note with growth expectations for 2020. Sales of single-family homes in December increased by 40% from one year ago and were 24% lower than in November.
Market Conditions Starting to Reflect Seasonal Norms
As 2019 winds up we are witnessing conditions that reflect seasonal norms. 2020 will see a tightening of inventory which will balance supply and demand. With more clarity, interest rates projected to hold, we expect this momentum and sustained demand to carry through into 2020 and the latest outlook from the Conference Board of Canada forecasts real GDP growth of 1.8% for 2020 and 1.9% in 2021.
November 2019 Market Update
Reviewing the market across Canada helps give me a pulse on our local market as many buyers I work with come from out of Nanaimo. In this report, I have included a few more national statistics with home sales in the Canadian MLS® Systems staying somewhat steady in October which followed a string of monthly increases that began in March.
September 2019 Market Update
Sales of single-family homes in September were virtually flat year over year but dipped by 16 per cent from August. However, apartment and townhouse sales rose by 15 per cent and 11 per cent year over year, respectively.
Mid-August 2019 Market Update
Residential sales in every B.C. region forecast to recover in 2020. Total home transactions across province expected to rise 11 per cent versus 2019, with average sale prices also predicted to increase in every area.
August 2019 Market Update
Sales of single-family homes in July board-wide rose by three per cent year over year and were 12 per cent higher than in June. Last month, 453 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 406 the previous month and 438 in July 2018 with an increase in townhouse sales by 22 per cent. Some areas remain active and even brisk at specific price points.
Slower Than Average Spring Housing Market Continues
Sales of single-family homes in May board-wide dropped by 12 per cent but rose by 11 per cent from April. Last month, 459 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 412 the previous month and 519 in May 2018. Sales of apartments dipped by seven per cent year over year while townhouse sales increased by 19 per cent. The British Columbia Real Estate Association reports that on a seasonally adjusted basis, sales in the VIREB area are close to 2014 levels, and current market conditions are expected to continue into the fall.
Local Realtor, DEREK GILLETTE Top Producer
Congratulations to Derek Gillette for the prestigious recognition and being ranked and awarded as one of the top producers in Canada and Internationally within the RE/MAX network of over 123,000 plus Realtors in over 100 countries worldwide, through the RE/MAX International Network!
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.
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.
