The Housing Market In Canada And The US Dollar

The Housing Market In Canada And The US Dollar

The housing market in Canada is as diverse and wide-ranging as the people themselves. While we all hear about the extreme highs of the Toronto and Vancouver markets, there are still many areas of the county with affordable housing. Nanaimo is one of them.

Housing Market In Canada. Why Nanaimo?

Nanaimo is a city of around 83,000 (2011 Census) and while it may still be considered a small city, it offers all of the amenities, activities and opportunities as some of its’ larger cousins.

With top notch education, it’s a wonderful place to raise a family. It also has a universal health care system, so you’re well taken care of. The cost of living here is less than in larger metropolitan areas, so the need to work more and earn more is not as prevalent. Nanaimo residents can enjoy a more active, stress free life.

Nanaimo is centrally located on Vancouver Island, making it easy to access many outdoor activities – ski at Mount Washington, surf in Tofino and Long Beach, whale watch up north, or take a drive to Victoria and check out the many museums there. Nothing is out of reach, there’s something for everyone!

Mortgage financing.

Both TD Bank and the Royal Bank announced rate hikes, as of November 2016, to their 3, 4 and 5 year mortgage interest rates. The increases range from 25 to 40 points which, by example, means that a $300,000 mortgage on a 25 year amortization, will now cost roughly $45 per month more, or approximately $13,000 over a 5 year term.

Other lenders will no doubt follow the lead of these two major financial institutions in the near future, so buying a home now will protect you from further interest hikes in the short term and prepare you for the possibility of higher rates in the future.

The US dollar.

After the presidential election south of the border, the Canadian dollar dipped below 75¢ but has since shown signs of a slight recovery. With the buying power of the US dollar, and interest rates still quite low, now is the perfect opportunity for Americans to think about buying in Canada.


If you’re looking to purchase a home in the Nanaimo area, call RE/MAX of Nanaimo today at (250) 751-1223. We have agents on hand, ready to help.

Nanaimo’s Real Estate Market Update summarized what’s happening the the real estate market in your area. Find out what your home may be worth in today’s market.

VIREB Real Estate Market Update

Low inventory continues to frustrate consumers and REALTORS® in our local area as well as other areas on Vancouver Island. Even with 145 single-family properties coming onto the market in March, the increase was not significant enough to have a noticeable impact on inventory.

“Properly priced single-family homes between $500,000 and $600,000 rarely last longer than a day or two and generate multiple offers, with many selling above list price.” – Janice Stromar, 2017 VIREB President.

Stromar urges people to sell now saying, “Real estate is cyclical, and consumers need to take advantage of these market conditions because they won’t last forever. When the market does correct itself – and it always does – it usually happens without warning.” – Janice Stromar, 2017 VIREB President.

The Nanaimo area has been a sellers’ market for several months now. Although some homeowners continue to be reluctant to put their home on the market fearing they will not find another house to buy. Connecting with a local REALTOR® is especially crucial in a competitive housing market.

“This kind of market can be confusing and chaotic for buyers and sellers, but REALTORS® have specialized knowledge of their communities that can help clarify the situation,” says Stromar. “We’re also equipped with sales tools, such as custom analytics, to help buyers formulate winning offers and ensure sellers receive maximum dollars for their home.”

March 2017 real estate market snapshot.

See what’s happened in the real estate market in March 2017. Where does your home fit in? More information here: contact us for a free home evaluation.

  • Number of units SOLD
  • Number of days to sell
  • Average selling price
  • Homes sold by area

March 2017 MONTHLY STATISTIC

Are homes selling in your area? Call RE/MAX of Nanaimo today at 250-751-1223 to find out more!

*This representation is based in whole of part on the data generates by VIREB which assumes no reliability in its accuracy. 

Personal Notes

Does Anyone Still Use Personal Notes?

Does anyone still use personal notes? Absolutely! Who doesn’t love receiving a personal note once in a while? Doesn’t matter if it’s a thank you note, a quick “hi” from a friend or a reminder about your dental appointment. But it can also be a great way to stand apart from the crowd in business. If you want to grow your business or establish and grow relationships, who should you write personal notes to?

Who should you write personal notes to?

Clients.

Both current and past clients love to receive personal notes. You can check-in with an update, thank them for their business or let previous clients know you’re still active and happy to help them if they’re in the market for your services.

Services providers.

Thank them for the services they provide or let them know if you have a concern. Whether you’re a new customer or a long term one, they’ll be happy to hear from you.

Business you do business with or for.

Develop the relationships you have with business owners you refer people to or who you work with. It’s easy to build relationships with people you sincerely like and whose business you believe in. Sending them a personal note will leave a long-lasting positive impression.

Friends and family.

They have ideas about your life and they can also be a source of referrals or leads. Staying in touch with a quick note will not only maintain your bond, but may generate business for you down the road.

Writing personal notes doesn’t have to be time consuming but when should it actually be done? Here’s a couple of ideas for the ideal time to send personal notes.

When is a good time to send a personal note

To say thank you

If someone does something to help you or to make your life simpler or better, then send a personal thank you note.

If you receive a referral.

If you receive a referral, let the person who referred them to you know. They’ll appreciate knowing someone they referred actually made contact with you.

To follow up.

We all know you should send a thank you note to the interviewer after a job interview, but follow up notes can also be used after phone calls or meetings to clarify a point, confirm a detail or simply say thank you for your time.

When a deal or project is complete.

Once the deal is done, you can set the stage for repeat business by thanking the client or customer for their business and their trust in you.

To re-establish a previous connection.

Whether it’s a friend you lost touch with, or times are tough and you’re trying to gain new business, a personal note can help to re-establish relationships with people from the past.

Regardless of if they’re sent for personal or business reasons, a hand-written note will be remembered and appreciated long after an email or text has been deleted.


Call RE/MAX of Nanaimo today at (250) 751-1223 and speak with one of our expert agents. They’re here, ready to help you find your next new home or to sell your current one.

5 Things That Can Turn Off Buyers, RE/MAX of Nanaimo, Nanaimo Real Estate

4 Things That Can Turn Off Buyers

You’ve made the decision to sell your home and now you’re waiting for the perfect buyer to come through the door. But what are four things that can turn off buyers? Although the list could be much longer, here are four things that can turn people off.

Things that can turn off buyers

  1. Live animals.

You love your animals – they’re family after all. But not everyone feels the same. If you have pets that usually roam the house, either remove them during times when the property is being shown, or at the very least, ensure they are in a crate, cage or pet carrier of some sort. Your pets don’t know the people entering your home, so it’s important they are secured, especially dogs and cats. Be sure to also air out the home so that pet odors are not obvious.

  1. Mystery rooms.

Rooms that are kept locked or are inaccessible to potential buyers may cause some worry or concern as to what is going on in there. If you need to secure personal belongings, either put them in the crawl space or a locked garden shed, or even an off-site storage facility temporarily. Buyers want to see the whole house and it may deter some people if they are unable to view every room.

  1. Sports memorabilia.

You’re an avid fan, and there’s nothing you love more than your local team. But since you’ll be moving anyway, put the memorabilia in boxes so that buyers can view the room, rather than your collection of autographed baseballs or signed hockey sticks.

  1. Bad smells.

If there are any kind of lingering odors, whether it’s pet related, cooking odors, or smoke of any kind, make sure your home is as fresh and clean as possible. If your pets have soiled the carpets, have them professionally cleaned. If you love to cook with certain pungent spices, make sure you don’t do it when you know someone’s coming to look at the house. And stop smoking in the house while it’s listed for sale. Smoke can get into every soft surface, so a thorough cleaning may be required to completely eliminate the smell.


If you’re ready to sell your home, call one of our expert real estate agents at RE/MAX of Nanaimo today, at (250) 751-1223. They can help you decide on the best way to showcase your home to increase the chance of a quick sale.

Canada's Housing Market Outlook For 2017, Nanaimo Real Estate, RE/MAX of Nanaimo

Canada’s Housing Market Outlook For 2017

Housing Market for Greater Vancouver and Toronto

Vancouver and Toronto continue to be characterized by high demand and low housing market supply in 2016, with competition pushing prices higher due to limited inventory.

Greater Vancouver experienced a 13 per cent increase in the average residential sale price to $1,020,300, while the Greater Toronto Area (GTA) saw an increase of 17 per cent, to $725,857. In the short term, these two markets may soften slightly due to the recent changes to mortgage rules and the new 15 percent foreign-buyer tax in Vancouver. In 2017, RE/MAX estimates prices in Vancouver will increase by about two percent, while the GTA may see an eight per cent upswing.

Other regional markets located in close proximity to Canada’s highest price cities continue to benefit from interest from both move-up buyers, and from buyers moving out of the high price cities (move-over buyers). Several areas experienced double digit increases in year-over-year average prices including:

  • Barrie – 16%
  • Hamilton-Burlington – 20%
  • Fraser Valley – 20%
  • Kelowna – 14%

The new 15 per cent foreign-buyer tax in Vancouver has softened the market somewhat and as price appreciation declines in Vancouver, some potential sellers are now staying in the Lower Mainland. Both the GTA and Montreal are experiencing the ripple effect of the foreign-buyer tax as foreign investors are now looking in these areas, rather than Vancouver.

Housing Market Prairies and Maritimes

Calgary and Edmonton both saw moderate declines in the number of sales and the average residential sale price. This is due to the prolonged recovery of the oil sector in the past couple of years. Average residential sales prices dropped by two per cent in 2016, year-over-year, in Edmonton, while Calgary saw a decrease of about four per cent in the average residential sale price. If employment opportunities in the oil sector continue to slowly return to Alberta, buyer activity is expected pick up slightly in the second half of 2017.

Various regions such as Regina, Montreal, Saint John and St. John’s continue to be affected by high inventory, with a good selection of homes for first-time and move-up buyers. Local infrastructure projects and initiatives, like Montreal’s 375th anniversary celebrations, may boost the economies and real estate markets next year.

How important is home ownership to Canadians?

In a recent RE/MAX survey conducted by Leger, 53 per cent of respondents indicated they intend to purchase a home, and 47 per cent intend to do so within the next 5 to 10 years. Nearly a third of Canadians (30 per cent) are planning to purchase a home as an investment strategy, aimed at helping to fund their retirement, and 42 per cent of millennial respondents see purchasing a home as a retirement funding strategy.

A segment of Canadians would also consider unconventional ways of financing their home ownership:

  • 33% would consider buying a home with a family member
  • 15% would rent a room out on a vacation rental site such as Airbnb
  • 22%would rent out a room in their home
  • 9% would consider purchasing a home with a roommate

For more detailed information about what’s happening across the country, go to RE/MAX.ca.


If you’re interested in moving to, or moving within the Nanaimo area, call RE/MAX of Nanaimo today at (250) 751-1223 and one of our well-qualified agents will be happy to assist.

10 Qualities Of A Great Real Estate Agent, RE/MAX of Nanaimo, Leading Real Estate Brokerage

10 Qualities Of A Great Real Estate Agent

Sometimes it seems like there are a lot of REALTORS® to choose from. But how do you know which ones are the great ones? Here are 10 qualities of a great real estate agent when looking to buy or sell real estate in Nanaimo.

Qualities of a great real estate agent

  1. They are excellent communicators. They let you know what’s happening throughout the process, and give you feedback on showings and open houses, subject removals, the market and much more. They fully explain their marketing plans and walk you through the listing agreement, negotiations and offers, and all the documentation and information you are exposed to.
  2. They listen. They ask questions about the home you are selling, and they listen to your answers carefully.
  3. They understand the seller’s motivation for selling and adapt to it. For buyers, they understand your needs, your budget and your concerns and will keep them front of mind when searching for the perfect home. They want to act in your best interest.
  4. They adapt to the clients needs. How much communication does the client want? What method of communication works best for them – email, text, phone calls? The qualities of a great real estate means your REALTOR® understands this and tailors it to suit each individual client.
  5. They keep the client motivated. A client needs to feel supported and happy with their REALTOR® in order to continue the business relationship, so it’s important they maintain a positive attitude even during difficult periods.
  6. They know the clients timeframe. If a buyer needs a home by a certain date or a seller needs to be gone by a certain date, the qualities of a great real estate will ensue they make every effort to meet this. Time is of the essence at all times.
  7. They aren’t afraid to try new things – learn a new skill, try a new social media platform or device. To keep up with current trends and technology, education is key and they are constantly learning.
  8. They are experienced and can provide you with references for all the professional you may need, without a second thought.
  9. They are up to date on current real estate matters and receive continued education and training in that regard.
  10. They have no complaints, violations or disciplinary actions with the licensing board. You can check on the Real Estate Council of BC website at recbc.ca to find out about any actions against specific individuals.

Bonus quality: they are a RE/MAX real estate agent!

At RE/MAX of Nanaimo, agents are continually undergoing training and education through our RE/MAX University, ensuring they stay on top of current topics, issues and technology and are constantly leading the Nanaimo market share meaning they sell more homes than any other real estate group in Nanaimo!


If we can help you find your next home, or sell your current one, call RE/MAX of Nanaimo at (250) 751-1223 and speak with one of our well qualified agents today.

Read more in the February 2017 Market Update, Nanaimo Real Estate

February 2017 Market Update and Infographic

Get informed with February 2017 market update. In February 2017:

  • 347 single-family homes sold on the MLS® System compared to 406 last February, a decrease of 15 per cent.
  • Sales rose by 42 per cent from January 2017, which saw 245 sales.
  • Inventory of single-family homes declined by 38 per cent from February 2016, with 949 active listings compared to 1,529 one year ago.
    • However, the 949 available properties reflect a six per cent increase over January, an encouraging development since the lack of inventory continues to challenge consumers and REALTORS® in the VIREB area.

Last month, the benchmark price of a single-family home in the VIREB area was $403,100, up 18 per cent from one year ago. Prices increased in every zone, ranging from 14 per cent in Duncan and Port Alberni to 25 per cent in Nanaimo.

February 2017 Market Update, Nanaimo Real Estate

The benchmark price of an apartment in February rose 22 per cent board-wide from the previous year, but we saw the highest increases in Parksville-Qualicum (24 per cent), the Comox Valley (26 per cent), and Campbell River (26 per cent). The townhouse market also strengthened in January, posting a 20 per cent increase board-wide.

MORE NANAIMO REAL ESTATE MARKET UPDATES

For a look at our comprehensive stats package, click here. Prefer a visual snapshot? Then check out our February 2017 infographic.

Source: VIREB

Ever ask yourself why your house might not be selling? In today’s market it’s not much of an issue, since most properties are selling fairly fast. But in days gone by, and no doubt, at some point in the future, the market will turn and some homes will take longer to sell. We’ve put together 7 reasons to answer the question, “what are the reasons why my house may not be selling?” What are some of the most common reasons why a house sits on the market?

Why my house may not be selling

  1. Rooms are full of junk. De-cluttering is one of the most important things you can do. Since you’re moving anyway, pack up the stuff you don’t use, don’t need, or that’s just sitting around waiting for someone to deal with and store the boxes in the basement or garage where they’re out of the way.
  2. The yard is overgrown. Prune the trees, trim the shrubs, clean up the flower beds, and cut the grass. It won’t take long, and it will greatly improve the curb appeal of the home. First impressions DO make a difference so you want the first thing people see to be your well-kept yard.
  3. It has an old kitchen or bathrooms. We’ve all heard countless times that bathrooms and kitchens sell homes. Even if you don’t have money to completely renovate, there are things you can do to improve these rooms. Paint them with a fresh new, neutral color or remove that old wallpaper. Depending on the age of the home, maybe install a new toilet, or add new fixtures like towel bars, toilet paper holder, lighting or faucets.
  4. Bad or unfinished DIY projects. Chipped paint, exposed wires and holes in walls can all deter people from buying your home. Unfinished jobs make the home appear beat up or not well maintained and no one really wants to come in behind you to clean up your mess.
  5. Bad smells from things like pets, dampness, cigarettes or even cooking. Air the place out and make sure you try to minimize bad odors as much as possible.
  6. Wet patches or stains on ceilings or walls. This implies leak issues (fixed or not), and people don’t want to have to deal with finding and fixing leaks when they purchase a home. If you have stains from old leaks that have been repaired, then paint the area so it’s clean and fresh.
  7. The home is untidy or dirty. Once your house is on the market, think of it as the neighborhood “show home”. Keep it clean, keep it tidy and people will know you’re an owner who cares about the home and has looked after it well.

There are seven great ways to answer, “What are the reasons why my house may not be selling?”

If you’re not sure where to start, ask your real estate agent. At RE/MAX of Nanaimo, our agents are experienced in helping people display their homes in the best possible light. Call us today at (250) 751-1223 and we’ll get started!

Read more in the February 2017 Market Update, Nanaimo Real Estate

January 2017 Real Estate Market Update

Contact Us   Search Properties For Sale   Find a REALTOR®

January is typically a quiet month in the local real estate industry. This January seemed to be fairly sedate, however the stats from the Vancouver Island Real Estate Board are telling us it was another good month (if you’re a home seller) for sales, volume, and days to sell. Our January 2017 Real Estate Market Update stats also tell us that it was another tough month for active single family home listings in Nanaimo.

January 2017 Real Estate Market Update

There were 100 single family homes (SFH) newly listed in Nanaimo in January 2017 vs. 125 last January.

  • 56 Single Family Homes

were reported sold, vs. 63 last January which is an 11% reduction, but really only a difference of 7 units. A major difference falls in the number of days to sell for SFH’s.

  • 49 DAYS

… the average in January 2016, and that dropped to 40 in January 2017. Our Active SFH listing inventory in Nanaimo also stayed fairly consistent at 196.

The number of homes from which a buyer has to choose compared to the number of buyers in the market represents the demand.

Take a look at the numbers for the last 10 yrs.

January 2017 Real Estate Market Update

*Immediately following the beginning of the recession

Comparing the best year in 2017 verses the worst year in 2009 of the inventory and days to sell markets; 2017 there are only 38% of the listings available, and those listings are selling more than twice as fast! Demand is very high, and it continues to cause prices to trend slightly higher again this month.

Nanaimo Buyers

Buyers need to be prepared. That’s a great reason to consult one of our excellent REALTORS® who will help you to be ready with; referrals to a variety of lenders for a pre-approval of financing, current market information to help you determine value, a solid working knowledge of the local real estate community, access to great professionals to assist in the process, and a plan for success.

We hope you took away something of value from our January 2017 Real Estate Market Update. Check back next month for the February report.

Making the right choice when to list or buy real estate can be an frustrating process. Stay up to date on what’s happening to make easier choice for your family. 

BC Home Partnership

2017 Housing Action: BC Home Partnership

The BC Government believes that every British Columbian deserves a place to call home. That is why they are taking action to control:

  • the cost of housing
  • increase access to affordable rental units
  • help families make their dream of homeownership come true

Taking bold action on housing

Achieving that dream can be challenging for first-time homebuyers. With the launch of the B.C. HOME Partnership program, first-time homebuyers have more options than ever to help them get their foot in the door.

Learn about the Housing Action programs you may qualify for today. Whether you are renting, buying or renovating, B.C. is working to keep housing affordable for you.

Houses for Rental     Houses for Sale

Source: http://housingaction.gov.bc.ca