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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?

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.

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.

In this market intelligence report, we will cover our local market, the general trend across Canada as well as interest rates and consumer confidence.

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.

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 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.

Are buyers looking for just bedrooms and bathrooms? No, buying is about the psychology of how something makes you feel. After 30 years of selling homes, we understand the importance of these little things and how to effectively create a connection between a buyer and a prospective home. The science of smell shows that scent, emotion and memory are all intertwined, making how your home smells very important!

The average sale price for August increased from the month of July. Part of this increase is due to less properties being listed for sale. July saw 223 new property listings whereas August saw 155. This makes it seem that July was an anomaly month where home prices were affected more by overwhelming inventory at the same time that demand started to decrease.

VIREB’s market statistics for July 2022 in the Nanaimo real estate market shows inventory has increased over 60% from July of 2021, while demand has decreased by over 40%.

Gillette & Associates tips for keeping your home cool during the summer months.

VIREB’s June statistics have been released! June was the first month in a year and a half that the sale to list price ratio has dipped below 100%