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In order for a Bylaw to be added, amended or repealed, the proposed change must receive approval of ¾ of the owners in attendance at either an Annual General Meeting (AGM) or a Special General Meeting (SGM).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 Or, if a rule is not ratified, it is defeated and is no longer in effect.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]

Market Update August 2016 Nanaimo

August 2016 Market Update For Nanaimo

As the “Dog Days” of summer come to an end, the local Real Estate market continues to be very healthy.  We are never surprised by a drop in the number of new listings or sales in July or August, as families finish their holidays, parents get kids back to school and settled in, and everyone soaks up the last great days of sunshine and warm weather. Read more about Nanaimo’s August 2016 Market Update.

August 2016 Market Update

This has been the case for August, as the number of new single family listings when compared to July, drop by 22 or 11%.  What is interesting is that the number of sales went UP in the single family category for August 2016. July 2016 showed 147 single family sales, while August posted an impressive 166 units sold (a 30% increase over August of 2015) or a 13% increase.

The number of days to sell in August 2016 is 27, while in July 2016 they were 17.

Pricing strategy

I always suggest that sellers seek the advice of a REALTOR® to help them sell their home.  Part of that recommendation relies on the seller also following that advice, particularly when it comes to a pricing strategy.  None of us want to hear our home is potentially worth less than we expected.  Buyers are savvy, well informed and experts in their given price range.  They are also often working with REALTORS® who are advising them along the way.  Sometimes even a subtle change in price is enough to entice a buyer to feel the value is right in the home they want.  If you are overpriced, your home may sit for more days on the market.

Local market

Total inventory of single family homes is now at 272, versus 445 in August of 2015, and 327 in July of 2016.  It’s possible that some of those homes which have been sitting on the market at the wrong price, are now coming into that “value” range through price changes, or market improvement.

For most people the purchase or sale of a home will be the largest transaction of their life.  Don’t trust that decision to chance, contact a REALTOR® at RE/MAX of Nanaimo, Nanaimo’s market leader for over a decade.

Call a RE/MAX of Nanaimo REALTOR® today at (250) 751-1223 to get the advice of a REALTOR® and pricing strategy.

*For more information on Nanaimo’s Market Conditions review our local Market Updates.

JOB POSTING: Property Manager Assistant

JOB POSTING: Real Estate Receptionist

RE/MAX of Nanaimo is currently looking for a permanent, full time Receptionist. The individual will be responsible for maintaining and managing the front desk, greeting & welcoming guests, as well as conducting various filing, mailing and administrative duties.

Real Estate Receptionist duties

RE/MAX of Nanaimo is currently looking for a permanent, full time Receptionist.

The candidate must be a motivated self-starter able to work with little supervision. Organized, strong attention to detail with efficient follow-up skills. Must also possess a keen sense of customer service, ability to work within a team, multi-task and handle a fast-paced work environment. Real estate experience is an asset but not necessary.

Requirements

  • Minimum 2 year experience in an office administrative role
  • Excellent customer service
  • Passionate and motivated person
  • Ability to problem-solve, excellent attention to detail and highly-organized
  • Professional standards with impeccable phone mannerisms

All enquiries, please reply to [email protected].


About RE/MAX of Nanaimo

Here at RE/MAX of Nanaimo, we have established an atmosphere of excellence, productivity and service. At RE/MAX of Nanaimo we value being proactive and responsive to the needs of our community and as such, RE/MAX of Nanaimo is recognized as one of the finest real estate companies on Vancouver Island.

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 or have them call Jodi at (250) 751-1223 or email [email protected].

Market Update August 2016 Nanaimo

Navigating Your Real Estate Transactions in Todays Market – July Market Update

Another interesting month in the Nanaimo Real Estate Market.  As a REALTOR®, it is always intriguing to review the statistics at the end of the month to see if they match your own business, or your own “busy-ness”. Navigating your real estate transactions in todays market takes strategy and dedication that come from having a good REALTOR® on your side. Find out more in July’s Market Update.

Market Update

Traditionally we begin to see the local market slow down in the latter part of July, which will continue through August and into September when families have returned from holidays, and have kids securely back into the day-today routine of school.  Although in 2014 and 2015, we did not see this type of market “cooling”, it appears 2016 is looking that way.  To keep things in perspective however, the slowdown we have felt in volume of sales for July 2016 still represents an increase of units reported sold on a 12 month average of 17%, of 1628 units over 1392 (single family sales only).  What is also interesting from the statistics provided from the Vancouver Island Real Estate Board (VIREB) the average number of days to sell for a single family listing in Zone 4 (Nanaimo) in July 2015 was 35, but in July 2016 was only 17…as a Home Buyer you are probably well aware of this statistic.

Nanaimo Real Estate Transactions

The total inventory of single family homes also fell again to 327 in July 2016 versus 471 in July of 2015.  This is what causes anxiety for homebuyers, who can’t get to a home quickly enough, or get caught-up in multiple offers.  The same can be said for a Seller, who has to buy after selling their home very quickly.

The VIREB RECAP Summary also states:

  • almost 1/3 of properties (31.6%) in Zone 4 sold in 1 week or less in July of 2016
  • in July of 2015, only 18.5 % of properties sold in 1 week or less
  • prices continue to climb with the average sell price per unit for a SFH climbing to $422,255 from $385,986 or 9% on a 12 month average

This is a tricky market to navigate, and the strategies, and dedication that come from having a good REALTOR® on your side are invaluable.  It can also make/save you money!

Call a RE/MAX of Nanaimo REALTOR® today at (250) 751-1223 and have the best working for you.

*For more information on Nanaimo’s Market Conditions review our local Market Updates.

VIREB Nanaimo Graphstats

Month of Miracles

August the Month of Miracles

RE/MAX of Nanaimo cares about our Corporate Social Responsibility. One of the largest ways we do this is by assisting local and Canadian children that have been hospitalized during August, the Month of Miracles.

RE/MAX Miracle Home Program

The RE/MAX Miracle Home Program allows our real estate professionals the opportunity to make a donation to Children’s Miracle Network on behalf of each home sold. At RE/MAX of Nanaimo, we believe we can make a difference in our community. RE/MAX of Nanaimo is a Miracle Office. Meaning that 100% of the homes sold by RE/MAX of Nanaimo sales associates are helping local hospitalized children. RE/MAX of Nanaimo REALTORS® have voluntarily pledged a portion of their income from the sale of homes they sell to the Children’s Miracle Network helping the Children’s Hospital closest to our community. Fundraising throughout the year for the Children’s Miracle Network (CMN) and celebrating in August with the Month of Miracles.

Month of Miracles

During the Month of Miracles consumers and REALTORS® alike will become familiar with the community contributions that RE/MAX makes through the Miracle Home Program. Every August we celebrate the Month of Miracles and thank our community for helping us raise over $52 million in Canada to help over 2.6 million sick and injured children every year treated at a Children’s Miracle Network member hospital. RE/MAX leads the way in real estate for Children’s Miracle Network fundraising bringing our international total to a landmark of $125 million.

Children’s Miracle Network

Our partnership spans 22 years with Children’s Miracle Network. The connection between RE/MAX of Nanaimo REALTORS® and their clients has helped to care for over 2.6 million children that will walk through the doors of a children’s hospital each year.

RE/MAX of Nanaimo REALTORS® make miracles happen

By choosing a RE/MAX of Nanaimo REALTOR® you are helping make miracles happen in the life of a child.

Watch in our community for signs of the Miracle Home Program in the month of August and celebrate our community and the contributions we’ve made throughout the year for the health of our sick kids.

There are any number of ways you will see our REALTORS® in action for the Children’s Miracle Network Hospitals:

  1. Miracle sign riders – yard signs may have one of these distinctive and meaningful riders.
  2. Official logos in – ads, banners, fliers, press releases and more.
  3. Miracle Band – The CMN Hospitals “Put Your Money Where the Miracles Are” campaign have the popular yellow CMN Hospitals wristbands. Now available for anyone to order at mymiracleband.childrensmiraclenetworkhospitals.org. Order yours today, and be sure to snap a photo of yourself. Post it during August with the hashtags #monthofmiracles and #miracleband to help spread the message that local children’s hospitals rely on your support to provide life-saving care.
  4. Donations at RE/MAX of Nanaimo – you make a difference with your regular donations. Ask us how.
  5. Schedule a visit to your local Children’s Hospital – There’s nothing more motivating and inspiring than seeing your donations at work at your local CMN Hospital. To connect with your local hospital to schedule a visit

We are proud to be a #MiracleOffice meaning that 100% of the homes sold by RE/MAX of Nanaimo sales associates are helping local hospitalized children.

If you would like to make a donation either by selling your home with a RE/MAX of Nanaimo REALTORS® or by making a donation to a Children’s Miracle Network Hospitals contact our office at (250) 751-1223.

*All funds raised by participating RE/MAX REALTORS® are sent directly to the children’s hospital closest to them.

Tips for moving in the summer

5 Tips for Moving in the Summer

In a perfect world, we would all move during the months with the best weather, when the kids are out of school, and it would all happen on the day and at the time of our choosing. The reality is, this isn’t always possible. What can you do to minimize the stress of moving during the busy summer season? Read these tips for moving in the summer!

Tips for moving in the Summer

  1. Schedule your move at a less busy time of the month. The last couple of days and the first couple of days of each month are the busiest if you plan to hire a moving company or rent a moving van. If you can schedule it during the middle weeks of the month, you’ll have more availability to get the movers exactly when you want them, and sometimes the costs are less than an end of month move.
  1. Call your utility providers to schedule service changes a few weeks before moving day. If you need the phone or cable company to come to the new house, scheduling it well ahead of time reduces the risk of being delayed once you actually move.
  1. Have everything packed in the days and weeks leading up to the big day. Don’t wait until the weekend before the move to start packing because you’ll just get overwhelmed. Starting well in advance gives you the opportunity to get rid of things you no longer need or want in the new home. Items you don’t use on a regular basis can be packed early and by the day before the move, you should have everything but the bare necessities ready to go. This is especially important if you’ve hired a moving company to do the heavy lifting – they don’t want to stand around waiting for you to pack boxes, and you’ll end up paying more for their time.
  1. If you are using a moving company, make sure you label your boxes clearly. Identify what’s in the box and which room it is for. If the movers know which room something is going to end up in, they can just put it there for you at the start.
  1. Keep items together that you’re going to immediately need at the new house. Toiletries will be important when you wake up in the new house on the first morning, so having them easily accessible, in one place, makes it easier. Same goes for the toaster or the coffee pot.

At RE/MAX of Nanaimo, we can do more then provide tips for moving in summer – we can help you find the perfect new home for you and your family! Call one of our well qualified agents today at (250) 751-1223 and get started.

Planning Your Staycation in Nanaimo

Planning Your Staycation in Nanaimo

Nanaimo is a wonderful city full of events, activities, festivals and so much more. If you don’t plan on leaving town this summer but want to feel like you’ve had a vacation, why not try some activities or go to some events you might not normally attend. Here are a few events happening in Nanaimo this summer for those of you planning your staycation.

Planning your staycation

  1. Silly Boat Regatta. This event takes place July 17 at Maffeo Sutton Park. Celebrating its 32nd anniversary this year, the event started in 1984 with about 5 teams. This year, there will be nearly 50 teams and it’s expected to draw around 10,000 spectators and participants. Boat building kicks off at 8 a.m. with races starting at 1 p.m. In addition to boat building, there’ll be music, performers and fun family activities. Sponsored by Coast Capital Savings and the Nanaimo Child Development Centre.
  1. Concert in the Park series. July 6, 13, 20 and 27 at the Bowen Park Amphitheatre and August 3, 17, 24 and 31 at Maffeo Sutton Park. Each concert goes from 6 p.m. to 7:30 p.m. and features a different entertainer each week. You’ll find everything from children’s entertainers, to pop/folk music, classic and soft rock and even the Nanaimo Chamber Orchestra. For more details, go to nanaimo.ca or call (250) 756-5200.
  1. The 2ND Annual Nanaimo BBQ Festival takes place August 13 and 14 in the downtown area. Get out and enjoy the incredible BBQ cook off featuring up to about 35 contestants or take part in the rib eating contest. There’s live entertainment, a family fun zone and outdoor vendors providing food and drinks.
  1. Vancouver Island Exhibition (VIEX) is happening August 19 to 21 at the Beban Park Fairgrounds. Grab the kids and enjoy the amusements, 4H petting farm, music and more.
  1. Parksville Sand Sculpting Competition. This event takes place from July 15 to August 21. It’s just a short drive up the road at the Parksville Community Park. You can watch the carving starting at 2 p.m on July 15. Judging takes place on Sunday, July 17 from 3 p.m. to 5 p.m. The winner will be announced at about 5:30. The sandcastles will be open for viewing until August 21 so you can enjoy them any time your schedule allows.

The City of Nanaimo has a full events calendar on their website with many more activities and events scheduled. Go to www.nanaimo.ca and find the ones that suit your family best.


If you are planning a move this summer, give one of our RE/MAX of Nanaimo REALTORS® a call today at (250) 751-1223 and ask how they can help!

What Happens Next to Home Prices

What Happens Next to Home Prices?

Since 1981, prices have posted monthly year-over-year increases of 20% or more 46 times! An acceleration in prices is generally followed by a reversion of growth back to its long-run average within 12 months.  In a number of periods, price growth has turned negative within 24 months, though generally following a significant external shock. So what does this mean and what happens next to home prices?

Home prices

In BCREA’s issue of Market Intelligence, they look to past periods of accelerating prices for answers. This report is an analysis and not a forecast. Read further for the examination of what trajectory home prices have typically followed after previous periods of rapid acceleration.

2016

The year started with home prices posting 30 per cent year-over-year increases, which moderated to 16.5 per cent by May.

Most periods of price acceleration were followed by a gradual moderation of price growth within 12 months. In two of the historical periods, price growth turned negative in the 12 months following a rapid acceleration. However, these periods coincided with an idiosyncratic or external shock, such as the leaky condo crisis of the mid to late 1990s, recessions or a tightening of monetary or macroprudential policy.

Using history as a guide to what comes next for the Vancouver housing market, one would expect that without a major economic shock or significant change in housing policy, that conventional market dynamics of supply and demand will take hold and growth in home prices will likely trend lower over the next 12 months.

Continue reading

2015 Buyer Demographics

The Vancouver Island Real Estate Board (VIREB) put together a buyer profile. Check out what the buyer demographics, North of Victoria, are for 2015.

Buyers Infographic June 2016 VIREB c

Data and infographic provided by VIREB provides us with a snapshot of what the buyer demographics looked like in 2015.

If you would like more information from our local experts please call (250) 751-1223 to speak to one of our knowledgable REALTORS®.