Easter Long Weekend is fast approaching and we have compiled a list of some family fun activities happening in and around Nanaimo for you to partake in. Events are indoor and outdoor with activities sure to delight young and old. Peruse our list and check out the links for all the specific details. So read on and start planning!
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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.
Spring Maintenance Checklist for Your Home
Spring is finally in the air and it’s the perfect time to get your home looking its best for when our gorgeous Vancouver Island weather arrives! Start checking off our to-do list to get your home looking shipshape for Spring!
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.
Nanaimo-Vancouver Anticipated Commuter Ferry Launch
Nanaimo residents have long awaited an alternate option of getting to the Mainland in an affordable and timely way. The dream of a high-speed commuter passenger ferry service between downtown Nanaimo and a berth at the SeaBus terminal at the Waterfront Station in downtown Vancouver is finally looking like a reality!
2018 Housing Market – Nanaimo
Annual sales of single-family homes in 2018 totalled 4,543, a 19 per cent drop from 2017. However, this reduction reflects the market returning to more normal levels after the robust housing markets witnessed in 2016 and 2017. Government policy-side measures introduced to cool the market, such as the mortgage stress test (Guideline B-20), eroded the purchasing power of some prospective home buyers by as much as 20 per cent. Despite lower demand, however, year-over-year benchmark prices of single-family homes continue to rise board-wide, up 10 per cent from December 2017.
Home Staging to SELL
When you’re selling your home, you want to ensure it’s picture perfect for potential buyers who walk through the door. That is where the important art of home staging comes in.
December 2017 Market Update
Sales of single-family homes in November on Vancouver Island declined by 28 per cent from one year ago and were 21 per cent lower than in October. Last month, 305 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 384 in October and 426 one year ago. Modest inventory increases are helping The Vancouver Island Real Estate market transition from one favouring sellers to a balanced or near-balanced market. Active listings of single-family homes have dropped each month since hitting this year’s high of 1,418, which occurred in July.
November 2018 Market Update
The erosion of affordability in larger markets is pushing more buyers away. However the purchasing power caused by the mortgage stress test and rising interest rates continue to be a concern though, continuing strong performance in the economy combined with favourable demographics is expected to push home sales above their 10-year average in 2019.
Market Moving Towards Balanced Conditions
Sales of single-family homes in September dropped by 32 per cent from one year ago and 25 per cent from August 2018.
Prepare Your Home for Fall
September is typically a busy month with kids going back to school and outdoor enthusiasts trying to squeeze in a few more island adventures before the weather turns cold. So although you are probably trying to take advantage of those final lazy, hazy, crazy days of summer, we thought we’d help get you started with your home maintenance checklist for September. With cooler climates looming, you’ll soon be taking refuge inside, so it’s a good time to think about giving your home a little TLC.
