November 2016, Nanaimo Real Estate, RE/MAX of Nanaimo, Market Update

Market Update: An Amazing Year For Nanaimo Real Estate

Amidst scandal resulting from questionable “Ghost Flipping” practices on the Lower Mainland, a loss of self-regulation for the BC Real Estate community, more mortgage rule changes, CMHC rule changes, and Real Estate Services Act rule changes, our local market has thrived and continues to do so.

Market update

Single Family Home inventory remains at unprecedented lows of 229 active listings. To put this in perspective:

  • a normal market in November of 2011had the single family home active listings pegged at 521
  • the last hot market in November 2007 had active listings dropping to 460
  • our lack of inventory is in no small way the driver behind the continuos increase in price. Compare avg sell price:
    • Nov 2016 $472,137
    • Nov 2011 $357,000
    • Nov 2007 $364,163
  • the many multiple offers and an average days to sell down to 26

Nanaimo real estate buyers

Even in this busy market, buyers remain vigilant. When a well-priced and well-marketed home hits the market there is often a flurry of activity, resulting in multiple offers well above asking price.  One home in Nanaimo last week reported 17 offers to be presented to the sellers. Buyers may also be feeling the pressure as they wonder how they will afford a home.

In comparison, the average price of a home selling in:

Average home price, Nanaimo Real Estate, Market Update

  • Nanaimo as stated above was $472,137
  • Victoria’s benchmark price was $755,000 in October
  • Vancouver’s benchmark price was $919,300 in October

Affordable homes

Nanaimo real estate continues to be an affordable alternative, offering great amenities, stunning landscapes, and access to excellent services.  When my wife and I moved to Nanaimo in 2002 from the Lower Mainland, we chose Nanaimo because it was affordable, centrally located, and because it was a GREAT place to raise a family.

Thank you

All the numbers and statistics aside, each and every REALTOR®, Owner, and Staff member at RE/MAX of Nanaimo would like to thank the community for choosing RE/MAX to help them buy or sell, or rent a property in 2016, and every year.  It’s the support from the community that allows RE/MAX of Nanaimo to retain the highest Market Share in our area.  We would also like to wish everyone a Merry Christmas, Best of the Season and a safe, healthy and prosperous New Year in 2017!  We hope you will continue to choose RE/MAX for all your Real Estate needs.

Thank you for choosing RE/MAX of Nanaimo. If your 2017 goal or New Years Resolution is to move, let us find you the perfect home!

move-to-canada, RE/MAX of Nanaimo

Resources for Moving to Canada

Are you considering moving to Canada from the United States? Here’s some tidbits and resources that might help you along the way.

Moving to Canada?

  1. The Government of Canada Immigration website is a great resource. You’ll find everything you need to know about the application process, different types of visas available, and processing times for the various types of visa applications. There’s also information about preparing for life in Canada once you’re approved – what to expect culturally, socially or financially. Visit cic.gc.ca and click on Immigration for all the details, forms and guides.
  1. If you want to hire a representative to help with your application, go to the Use a Representative page of the Government website for information about who is considered an Authorized Representative and why this is important. It also gives details about how to make sure you “get what you pay for”, what to look for in a representative, what to expect from them and how to handle a complaint should the need arise.
  1. Finding a representative to assist you in immigrating to your new city can be done by getting a referral from someone you trust. You can check the local yellow pages, or Google “Nanaimo Immigration Lawyers”. Whoever you choose, be sure you clearly understand the services they’ll provide, establish the price you’ll have to pay for those services and get it all in writing. Speak to references if possible and find out how many years they’ve been in business. Interview them as you would any other service professional.
  1. Go to the City of Nanaimo website at nanaimo.ca for all the information you’ll need about living in our beautiful city. Find out the schedule for garbage and recycling pickups, learn about how to license your dog, where to find parks and recreation facilities or to check out the map of the city. You can also reach them by telephone at (250) 754-4251.
  1. Find a new home. That’s the easiest part! Call RE/MAX of Nanaimo at (250) 751-1223. Whether you want to buy a home or rent one for the first while, we can help you with both. Our expert real estate agents or our Property Management group can find you the perfect place to call home and get settled. You can also visit our website at remaxofnanaimo.com for more information on what’s out there.

At RE/MAX of Nanaimo, we love to welcome new residents to our wonderful “Harbor City” so when you’re ready, call us at (250) 751-1223.

winterize-your-home, RE/MAX of Nanaimo, Nanaimo Real Estate

4 Tips for Winterizing Your Home

Fall is here and it’ll be cooler before you know it. So what do you need to do to get your home ready for winter? Here are four key things for winterizing your home and to prepare it for the winter season!

Winterizing your home

  1. Make sure the furnace and gas fireplaces are ready to go. The best way to do this is to have a professional company service the units. They’ll replace filters, if necessary, and make sure there are no other obvious problems. If anything is wrong, they can fix it now, before the temperature drops too much. You don’t want to be the one whose furnace gives out on the coldest day of the year!
  1. Clean out the gutters and downspouts when the leaves have finished falling. Plugged up gutters and downspouts cause all sorts of problems if they overflow. Fascia or soffit damage, landscaping erosion, and roof leaks can all be avoided as long as you keep the gutters and downspouts clear. Check them at least twice a year (more if you have a lot of trees) and don’t forget the elbows and joints because these are prime spots for clogs.
  1. Blow out the irrigation/sprinkler system. If you have an underground sprinkler system, you need to blow out the water lines and shut off the water to avoid frozen lines. Pipes can crack or burst when they thaw, which can then damage your home or garden. Pay a professional to do this properly and you’ll be assured you won’t have pipe bursts in the spring.
  1. Make sure you have Ice-Melt, Sand or Salt on hand for the sidewalk and driveway. The sidewalk can get slippery from frost or ice even if it doesn’t snow, so it’s important to be prepared. Sprinkling the sidewalk with one of the noted products only takes a couple of minutes but can save a whole lot of aggravation later. You don’t want someone to slip and fall because you’ve forgotten to take care of this.

In Nanaimo, Bylaw 5000 requires that sidewalks be cleared by the homeowners within 24 hours of the snowfall. For more information, call the City of Nanaimo at (250) 758-222 or go their website at www.Nanaimo.ca, click on Departments and go to Engineering & Public Works. You can follow the links from there.

If you’re looking for your next home before winter arrives, call one of the expert real estate agents at RE/MAX of Nanaimo today at (250) 751-1223.

November 2016, Nanaimo Real Estate, RE/MAX of Nanaimo, Market Update

October 2016 Real Estate Market Update

The the local market has cooled, it appears that Vancouver’s resale market is strong and attracting the interest of foreign buyers. The Globe and Mail reports that Vancouver still has a strong interest from foreign buyers, even in the wake of a new property tax for foreign buyers.

Read the full article here.

The Market Update for some sales in Nanaimo has cooled. Inventory has dipped to a new historical low in October 2016, meaning there are very few homes on the market compared to months and years past. Here are some of the highlights for October 2016 Real Estate Market Update.

October 2016 Real Estate

IN October 2016, 399 single-family homes sold on the MLS® System compared to 368 last October – an increase of eight per cent.

Sales have decreased month over month by 24 per cent from September.

Reduced sales activity

Reduced sales activity in October was likely caused by typical late-summer cooling and continuing inventory challenges.

  • Active listings of single-family homes dropped once again in October, dipping to 1,158, the lowest VIREB has seen since the board began tracking inventory levels in 1999.
  • In October 2016, the benchmark price of a single-family home in the VIREB area was $393,700, up 16 per cent from one year ago.
  • Prices increased 19 per cent in Nanaimo and the Parksville-Qualicum area.
  • The benchmark price of an apartment rose approximately 18 per cent board-wide, with Parksville-Qualicum reporting an increase of 33 per cent.
  • The townhouse market also strengthened, posting a 12 per cent increase board-wide.

For more information on what this means for you, contact one of RE/MAX of Nanaimo’s REALTORS®

November 2016, Nanaimo Real Estate, RE/MAX of Nanaimo, Market Update

September Real Estate Market Update

By far the biggest question we get asked in the real estate industry is “how is the market.” Here is an update from VIREB for Nanaimo’s September real estate market update.

September real estate market update highlights

  1. Number one on our list is our inventory statistic. With historic lows in inventory, buyers are challenged to find homes on the market. A nine per cent decrease in inventory from the previous month and down 40 per cent from one year ago.
  2. We saw an increase of 23 per cent in September compared to last September – 531 single-family homes sold on the MLS® System compared to 431 last September.
  3. Month over month, sales decreased by 14 per cent from August, which saw 623 unit sales.

September 2016 Market Update

Sales of single-family homes in September were lower than in August but rose significantly over September 2015.
Last month, 531 single-family homes sold on the MLS® System compared to 431 last September, an increase of 23 per cent. Month over month, sales decreased by 14 per cent from August, which saw 623 unit sales. Inventory dropped to a new historic low, dipping to 1,265, a nine per cent decrease from the previous month and down 40 per cent from one year ago. The last time inventory was this low occurred in 2005 when the supply of single-family homes for sale dropped to 1,629 units. VIREB began tracking inventory levels in 1999.
In September 2016, the benchmark price of a single-family home in the VIREB area was $389,200, up 14 per cent from one year ago. Prices increased in every zone, ranging from 11 per cent in Campbell River to 17 per cent in Nanaimo and the Parksville-Qualicum area. As in August, the benchmark price of an apartment rose approximately 15 per cent board-wide, with Duncan and Parksville-Qualicum reporting 21 and 29 per cent increases, respectively. The townhouse market also strengthened, posting an 11 per cent increase board-wide.
For our media release and a detailed breakdown of sales activity by zone, click here.

If you are thinking about selling your home, now is the time!  Inventory dropped to a new historic low, dipping to 1,265. The last time inventory was this low occurred in 2005 when the supply of single-family homes for sale dropped to 1,629 units.


Call RE/MAX of Nanaimo to list your home at 250.751.1223

consumerism

Consumerism

Consumerism can very generally be defined as a preoccupation with and inclination toward the buying of consumer goods. There are other interpretations as well but to simplify it – we work more, to earn more, to spend more.

Consumerism

While there are different types of consumerism, the decision to buy a home falls into the category of “purchase with a high amount of decision making”. These types of purchases are usually unfamiliar and expensive and the items are bought infrequently – cars, homes, or computer systems for example. The buyer often invests a significant amount of time gathering information before committing to the purchase because there’s a high degree of risk financially.

Buying a new home

When looking at scaling down, you’re going to spend a lot of time on that decision. What items can you not live without in a smaller home, and what can you easily dispose of? If you’re at a place in your life where you don’t want to worry about so much “stuff”, you’ll need to be honest with yourself in your assessment and get rid of whatever is surplus or not used.

Is your new home move-in ready or are you going to do some renovating. If you’re renovating, will you consider the type of materials you use? Are they environmentally friendly, are they sustainable? Are they durable or will you end up replacing them again before long?

Informed purchase with your home

To avoid falling into the consumerism trap, you’ll want to make sure your decisions are made based on as much information as possible. Are the materials going to last or will you be replacing it all again in a few years? This can apply to both the house structure itself, as well as the fixtures and fittings inside. Can you lower your impact on the environment by using more energy efficient items or fixtures that help reduce your water consumption?

Give careful consideration to the purchases and investments you make. Evaluate whether or not they are a necessity or a luxury, the origin (how it’s made and where) and what impact it may have on the environment. Then make your decisions based on what best meets your needs, in the most economical way.

If you are considering moving, call one of our expert agents today at RE/MAX of Nanaimo at (250) 751-1223. They can help you find exactly what you dreamed of when you first thought of scaling down.

fall-cleaning-scaling-back-on-consumerism

Fall Cleaning – Scaling Back on Consumerism

How can scaling down on consumerism can help simplify your life? Can it actually get you into a smaller home? Perhaps it’s time to do some fall cleaning and scaling back on consumerism.

Fall cleaning

Consumerism is, very simply, our inclination toward buying and owning a lot of “things”. By scaling back on consumerism, we are less controlled by the things we own and are better able to live life without added stress.

Simplifying spaces

We don’t have to pay for storage units because we have so many possessions. We don’t have the added financial burden of paying a bigger mortgage on a larger home, not to mention the extra utility costs, extra insurance costs for all our possessions and extra property taxes.

Scaling down and getting into a smaller home not only reduces the financial obligations you face, but lowers the stress associated with it.

The time and money we put into managing all our stuff can be significant. A bigger house means more time spent cleaning, more time for maintenance and repairs, and less time for enjoying your life and your family. Scaling back on consumerism gives you the opportunity to really experience the things you want to experience – a quick trip somewhere fun, going to the kids after school activities or sporting events or lazing away a sunny day with friends and a bbq.

Space planning

Smaller homes can be just as tasteful, cozy, relaxing or beautiful as a larger home. Planning the space, deciding which piece of furniture makes the most of the living room, or laying out your bedroom furniture in the most attractive way ensures you’ll enjoy the smaller home just as much. Let the kids plan their bedrooms  – how it will look and what to put where, so they’re comfortable right from the start. If they can make the space their own, they’ll adjust to a smaller space before you know it.

If you’re ready to simplify your life and scale down your home, give a RE/MAX of Nanaimo real estate agent a call today at (250) 751-1223.

 

technology-advancements-in-real-estate

Technology Advancements In Real Estate

There was a time when real estate agents were the gatekeepers of all property information. Buyers would have to come to their agents with a list of their wants and preferences, and the agents would line up suitable options for them to look at. Let’s take a look at how technology advancements in real estate effect how home buyers look for homes.

Home buyers

These days, most prospective homebuyers do much of their own research online. Not only are they coming to REALTORS® with specific homes in mind but they have often done the research about which areas have the best schools, amenities and lowest crime rates as well. On one hand this sounds like it makes the REALTORS® job easier, but in some ways it does the exact opposite.

The real estate market is highly competitive and for agents to succeed they have to be constantly coming up with new and improved ways to get the attention of prospective homebuyers, by using the internet and social media in particular. The latter is a powerful way to keep existing clients informed and to catch the attention of new ones on a global scale.

Mobile technology for REALTORS®

Mobile technology itself has had a positive impact on the daily life of the average real estate agent. For example, these days with the use of laptops, tablets and even wireless printers, REALTORS® can do much of their work in the field. They are no longer chained to their desk or paper files, which means more time to spend with clients and more time researching and visiting homes for sale in person.

Handheld devices, often cell phones, can be used to take both verbal and text notes while also storing and filing photos of properties and anything else that the buyers would like to see.

There are also software programs developed specifically with REALTORS® in mind. Some will help manage appointments, while other systems provide comprehensive mobile marketing platforms that can be used by the entire team.

Technology advancements in real estate

As you can see, while current technology is adding to the competitive nature of the business, it is also simplifying it. There is more to consider and manage, but it has never been easier to keep in touch and up to date with prospective homebuyers.

Search Homes For Sale     Find A REALTOR®      A Career In Real Estate

 

3-things-you-must-know-when-buying-a-condo

3 Things You Must Know When Buying a Condo

If you’re thinking of buying a condo, there are Strata Bylaws governing the management and operation of the strata property. The Strata Property Act, legislation for British Columbia, requires all Bylaws be registered at the Land Title’s Office.

Buying a Condo

Bylaws

Some Bylaws detail how the strata council is formed, the number of required council members and the responsibilities they have in managing the interests of the strata property. Other Bylaws deal with:

  1. Restrictions on pets, age or rental units
  2. Types of window coverings
  3. Use of bbq’s

In order for a Bylaw to be added, amended or repealed, the proposed change must receive approval of ¾ of the owners in attendance at either an Annual General Meeting (AGM) or a Special General Meeting (SGM). If ¾ of the owners in attendance do not approve it, the Bylaw is rejected. If the owners approve the change, the Bylaw must be registered at the Land Title’s Office to take effect.

Condo rules

Rules don’t need approval of ¾ of the owners, but can be implemented by the strata council at any time. They remain in effect until ratified at the next AGM with a simple majority vote. Or, if a rule is not ratified, it is defeated and is no longer in effect. Rules don’t have to be registered at Land Title’s but must be provided to each owner, in writing. Examples of rules are:

  1. Quiet hours – no noise after 10 p.m for instance.
  2. Use of amenities such as guest suites, fitness rooms.
  3. Where smoking is/is not permitted.
  4. Use of the parking area.
  5. Move-in or move-out procedures.

By-laws and Rules aren’t easy to change, so be sure you’re comfortable with them before committing to the purchase and moving into the property. Don’t assume you can move in and have them changed just because you don’t like one of them, as you may face opposition from your new neighbors.

Condo strata fees

This is another consideration when buying a strata unit. The monthly strata fees can pay for the costs of common area utilities, maintenance and repairs, insurance, taxes, property management and more.  They are based on an annual budget approved by the owners at the AGM each year and by the requirements of Provincial Legislation requiring a Contingency Reserve Fund.

Always review the budget for the current year so you know exactly what your fees are covering – sometimes they include items such as gas for your fireplace, heat for your own unit (in-floor radiant hot water heat for instance), and more rarely, cable tv/internet.

The Bylaws, Rules and Strata Fees should be factored into your decision BEFORE you complete your purchase. They can not only affect your lifestyle, but the added financial obligation you have to the strata, in addition to your mortgage or other financial commitments, can be taxing if you’re stretched too thin. Think carefully and make the best decision for your own personal situation.

If you’re thinking about buying a Condo call RE/MAX of Nanaimo at (250) 751-1223 to guide you in the purchasing process.

JOB POSTING: Property Manager Assistant

Job Posting: Property Manager Assistant (Unlicensed)

Do you have what it takes to succeed in an exciting and high-paced career as a Property Manager Assistant? We are looking to expand our team by hiring a Property Manager Assistant in our in-house Property Management department.

RE/MAX of Nanaimo’s Property Management division is currently seeking an Unlicensed Assistant for our Property Rentals Department.  The individual must have at least 2 years of office administration experience, hold a BC driver license in good standing, and have excellent communication skills.

Property Manager Assistant

Responsibilities include, but not limited to:

  • Show rental real estate to prospective tenants
  • Perform office administration, collect rents, damage deposits, etc
  • Regularly inspect rental property
  • Ability to work with people and establish good working relationships and problem solving
  • Receive rental applications from prospective tenants for presentation to the Broker

The applicant should also have good computer and organizational skills, as well as knowledge of our local real estate and rental market.

Salary will be based on experience and industry standard.


Company highlights

  • July 2007: RE/MAX of Nanaimo was purchased by the current owners: Charlie Parker, Mike Heinrich, and Graeme Parker.
  • 2007 – 2016: Vancouver Island Real Estate Board Sales Participation.
  • 2012 – 2013: RE/MAX of Nanaimo completed a full renovation to create a modern and updated look. This included an expanded office space to welcome new REALTORS® to RE/MAX of Nanaimo.
  • 2014: A RE/MAX University training center was established in the office complex, offering full education and training opportunities for the REALTORS®.
  • 2016: RE/MAX of Nanaimo won RE/MAX Brokerage of the Year in their region, Western Canada, and Brokerage of the Year for RE/MAX Canada

If you know someone who may be the right fit for this position share this post with them or have them call Jodi at (250) 751-1223 or email [email protected]