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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.

We have recently experienced the first snowstorm of the season here in British Columbia, which may have been a good trial run to see how we can better prepare moving forward for the next few snowfalls over the winter months. Here are tips to prepare your home inside and out for the upcoming winter.

NFTs can be a complex topic deterring many from wanting to know about this art or even being a part of it, but that doesn’t mean they’re not worth exploring. NFTs are a very interesting and modern form of art that attracts lots of attention nowadays. With the hype surrounding NFT art, some assume that it’s a fad, but many predict that this evolving modern tech art will stay, so much so that people want to display it in their homes and travel to museums to view the galleries of this digital art.

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.

Vancouver Island constantly amazes me with how incredible it is here, and how much there is to discover. Whether you’re new to the Island, a local, or reading this internationally, here are some facts you may not know about Vancouver Island, located in British Columbia!

Vancouver Island is a very unique and outdoorsy place to live with the mildest weather in Canada, which is perfect for creating your own Westcoast outdoor environment outside on your deck or patio. The beauty of outdoor space is that it extends your living space, and studies show spending time outdoors can reduce blood pressure, muscle tension and heart rate. Finding ways to rock your outdoor space is the perfect opportunity to spend more time outside and create your own outdoor oasis!

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%.