Sales around the province have surged back to pre-COVID-19 levels in June. These may be temporary as pent up demand could be a factor helping push this demand forward. I am continually watching and monitoring to see if prevailing trends will remain.
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
May 2020 Market Update
The question I am asked the most these days is what is the Real Estate outlook for the central Island area? As difficult as it is to predict how long it will take for Canada’s housing market to recover, one thing for certain is that the impact in our area will be less affected.
New CMHC Rules For Homebuyers 2020
Starting July 1st, it will be harder for homebuyers to qualify for mortgage default insurance as Canada’s federal housing agency is tightening around insured mortgage applications.
Homeowners of B.C. – Speculation Tax Reminder
A friendly reminder to our clients! You would have received your “declaration” package in the mail mid-January to mid-February and a prompt to claim an exemption from the speculation and vacancy tax. We understand during these current exceptional events our country and the world is experiencing, it may have been put off or forgotten. We would like to this time to remind you that you have until March 31st to claim your exemption.
Housing Market in BC Getting Stronger
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.
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.
