That’s a wrap! Let’s review what went on in the 2016 Nanaimo Real Estate Market Review. Depending on the statistics you follow, our 2016 market saw price increases of 13% (average price per unit) to 17% (Home Price Index). This is exciting news for homeowners, particularly home SELLERS, as until the BC Assessment Authority releases their updated assessments, changes in market prices can be a worry. This is the time of year when friends, family and clients of REALTORS® call to confirm, not always believing the good news. The BC Assessment Authority has valued homes very close to market values, with the usual exceptions. This also accounts for huge spikes in the assessed value of a home.
As a home seller you may ask: “How much will this cost me in property taxes?”
To find a proper answer, take the time to visit the Assessment Authority website and find out how their process works. They aren’t perfect, and by the mere fact that they offer the public an appeal process, they acknowledge their own limitations. However, the many hardworking individuals at BC Assessment do try their best to convey true and accurate information. As a home seller, you should also consider that the City of Nanaimo determines taxes based on a formula called the ‘Mill Rate’. This formula is adjusted up and down to make sure the City receives the tax base it needs to continue all the services it provides, and to show it is not in place to extort the Tax Payer. There is a breakdown of this process on the City of Nanaimo website that can be found here:
As another consideration, if your assessment has increased significantly, it may be time to contact a RE/MAX of Nanaimo REALTOR® to get a good market value for your home.
2016 Nanaimo Real Estate Market Review
2016 has been a great year for home sellers in Nanaimo and the surrounding area. Home prices have gone up and volume has been strong, especially when you consider the lack of inventory. If you’re downsizing or even hoping to leverage the equity in your home to downsize, a RE/MAX of Nanaimo REALTOR® can give you a great foundation for your decision.
As a home buyer, prices have also gone up, but rates remain VERY appealing. The Canadian Government does offer several new programs to help first-time buyers into the market, and if you’re buying in Nanaimo, you are in a market that offers great value, a spectacular place to live, and plentiful amenities for you and your family.
That’s a wrap for our 2016 Nanaimo Real Estate Market Review. Come back monthly to stay current with the monthly Market Updates for 2017 and to find quick tips for buying, selling, renovating and so much more.
- Find more information on the Nanaimo Real Estate Market Updates from 2016.
- What does the 2017 Real Estate Market have in store?
The REALTORS®, staff, management and owners at RE/MAX of Nanaimo want to thank all our clients for their business in 2016 and every continuing year. We wish you and your family the very best in your 2017 home search!