Author Archives: Justus Edmundson

About Justus Edmundson

Justus has been with RE/MAX of Nanaimo since January 2005 and is the Managing Broker. Justus was born and raised on Vancouver Island, so he and his lovely wife Kelly, decided in 2002 to raise their family on the Island and along with their daughter SaraLynn, are happily living in beautiful Nanaimo. When he’s not helping clients, Justus spends time with his family boating, he plays hockey, goes fishing, and plays in a band. Justus has learned a lot about the real estate industry in the last decade since aligning myself with the dedicated professionals at RE/MAX of Nanaimo. In 2014, he took his career to the next level by becoming the Managing Broker at RE/MAX of Nanaimo.

Sept 2017, Market Stats, Nanaimo Real Estate

September 2017 Nanaimo Market Update

The September 2017 Nanaimo Market Update shows 511 single-family properties sold on the MLS® System compared to 527 last September, a decrease of three per cent. Sales declined by five per cent from August, which saw 540 single-family homes change hands.

Nanaimo Market Update September 2017

However, as in previous months, we attribute these slight decreases to inventory shortages rather than a cooling market.

There were only 1,233 single-family homes for sale in September 2017, down by three per cent from last year.

What to type of Market is it?

With a sales-to-active-listings ratio of around 32 per cent, the VIREB market is firmly in sellers’ territory.

Last month, the benchmark price of a single-family home in the VIREB area rose to $462,500, up 18 per cent from one year ago. Apartments and townhouses also saw rising benchmark prices board-wide in September, up 30 per cent and 23 per cent respectively from the previous year.

Additional details are provided in our comprehensive stats package, available here. You may also find our September 2017 infographic helpful if you’re looking for a visual snapshot of sales highlights for our board area.

Market Update Summerized

Nanaimo’s Real Estate Market Update summarized what’s happening the the real estate market in your area.

Monthly Nanaimo real estate market stats that analyze the Vancouver Island real estate market north of the Malahat. These Nanaimo real estate market stats can be useful in establishing trends when applied over a period of time. Keep in mind that the information does not indicate the actual value of any particular property.


Find out what your home may be worth in today’s market.

If you require specific information on property values please contact one of our REALTORS® or call (250) 751-1223.

Sept 2017, Market Stats, Nanaimo Real Estate

Sept 2017 Market Stats

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. 

2016 Nanaimo Real Estate Market Review

2016 Nanaimo Real Estate Market Review

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.

Selling?

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:

How Are My Taxes Calculated?

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.

Contact a REALTOR®

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.

View Current Listings

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.

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!

Government, First-time home Buyer

BC Government Unveils Plan To Help First-Time Home Buyers

As the cost of home owernship in BC continues to go up, the Provincial Government has offered downpayment assistance to those who struggle the hardest with prices on the rise, First-time buyers. The essence of the plan is to assist first-time home buyers with the downpayment requirements that are set in place. Read more to find out the plans in a nutshell.

First-Time Home Buyers

  • Begins January 16, 2017 for purchases that close on or after February 15, 2017
  • Is set to run for 3 years, ending March 31, 2020
  • Is available Province-wide
  • Is for a legal, self-contained mortgageable residence in BC
  • Provides eligible first-time buyers with loans which are*;
    • Interest and payment free for up to 5 years
    • Are for a maximum of 5% of the purchase price to a maximum of $37,500
    • On a 25 year term and registered as a second mortgage on title
    • For a principal residence ONLY
As with any new plan, there are many questions and terms which need to be clarified
  • Will mortgage lenders accept down payments which are loans?
  • Will the lending institutions accept these 2nd mortgages being on title?
  • How will changes in market affect the affordability of payments after 5 years?

Mortgage lenders

Mortgage lenders seem to be trending towards rate increases in recent weeks, so affordability remains a big concern.

Interested in finding out if this program is a fit for you? Call your RE/MAX REALTOR®, and ask them to give you names of some good Mortgage Professionals who can answer your questions.

*this list of qualifications in not exhaustive, for all the eligibility requirements, contact a Mortgage Professional or the Province of BC Website.
Read more in the February 2017 Market Update, Nanaimo Real Estate

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!

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

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

Market Update: Could it be an early Spring … Market?

As REALTORS® we stay on top of the trends in our market place. The trends we are seeing right now are phenomenal for home sellers. You might believe that is bad for you as a homebuyer, but in fact, Nanaimo is a beautiful, thriving, and AFFORDABLE community compared to many. Our Market Update show that for $400,000.00 or less, you have as of today, 387 homes to choose from whether single family, duplex/triplex/fourplex, manufactured or mobile, apartment or townhouse. You only have to choose what is right for you! So what has been going on in our market?

Real Estate Market Update

Our local sales statistics show the normal trend of declining sales volumes in the latter part of year (2015), which is pretty standard.  However, in February there was a huge spike in the number Single Family homes reported as sold.  In fact, the single family sales volume shows an increase of 45% in Nanaimo for February 2016 over February 2015.  That is supported by a 19% increase in sales volume over the last year.  The average sell price for the last 12 months is also up 6%.  For a better look at prices, visit the Vancouver Island Real Estate Board’s website and view the Benchmark Home Price Index.

Spring Market

This is the type of flurry we are used to seeing in a Spring Market, which can begin as early as March in some years, or as late as May in others. This type of activity in February is pretty rare.  If you have contemplated selling your home, contact one of our REALTORS® today and have a Comparative Market Analysis done, to give you good insight into what your home is worth. This “ain’t the Mainland” though, you need to review the information, and follow the guidance of a capable REALTOR® to price your home right. If your price is too high, Buyers will not make the offer you’re looking for.  Buyers have access to far more solid, comprehensive information than ever before when making their decisions, and they are informed, particularly if they are working with a REALTOR® and reviewing the available inventory in their chosen price range.

RE/MAX Broker Owner of the year

Hot on the heels of being awarded Multi-Office Broker/Owner of the Year for RE/MAX of Western Canada 2015, and Multi-Office Broker/Owner of the Year for RE/MAX in Canada. RE/MAX of Nanaimo has achieved a 52.09% Market share by Sales Volume for February of 2016 based on Vancouver Island Real Estate Board Sales and Listing Activity statistics. We have over 100 of the best REALTORS® in the business, ready to help you navigate the local Real Estate Market, and achieve your Real Estate Goals.

If you are looking for someone to help you navigate this or any market, we have professional and friendly REALTORS® who may happen to already know the property you’re looking for. Call our office at (250) 751-1223. 

Nanaimo Real Estate Market Update

There are many reasons why we choose to live in Nanaimo. It is a port city overlooking the Strait of Georgia with breathtaking views of the coastal mainland mountains, we are a gateway and central hub for business and vacationers and even in the stead real estate market, houses are still affordable. Stay current with Nanaimo’s real estate market by following our monthly Real Estate Market Update.

Nanaimo real estate market highlights

October 2015 was another excellent month for the Nanaimo Real Estate Market. Although the number of units sold remained consistent year over year at 117 single family homes, the average sell price increased only 1% from 380,054 in October 2014 to 385,099 in October 2015, which shows that stability continues to be the theme. We are fortunate to live in a city that features all the amenities, beauty, and activities that Nanaimo does, while remaining truly affordable.

 

VIREB statistics

Some points to consider from this months VIREB statistics;

  • Units listed October 2015 were 142 vs. 155 in October 2014 – down 8%
  • Average days to sell 46 in October 2015 vs. 57 in October 2014
  • The total number of active single family home listings 380 in October 2015 vs. 443 in October 2014

These numbers support the fact that buyers have fewer choices and have to be prepared to act faster in this brisk market.

In the VIREB catchment, representing nearly 940 REALTORS® on Vancouver Island north of Victoria, sales of single-family homes declined in October which is typical for a fall market. This is not something that raises concern considering how strong the 2015 real estate market has been. Due to the hot spring and summer housing market, the Vancouver Island Real Estate Board is still on target with the sales forecast for 2015.

“The dip in sales activity is not unusual for this time of year and is nothing to be concerned about,” – BCREA Chief Economist Cameron Muir
  Fall seems to be a time when those with school-aged children prefer to postpone moving decisions until spring or summer. Individuals also don’t like to move during the Christmas season.

Despite these declining inventory levels we are seeing a steadily rising benchmark price. Nanaimo’s benchmark price rose 5.18 per cent to $358,700!

RE/MAX of Nanaimo REALTORS®

VIREB represents nearly 940 REALTOR® members in approximately 90 member offices on Vancouver Island (north of Victoria).

In Nanaimo out of the 319 licensed REALTORS® (as reported by VIREB 11/05/2015), 97 of them are RE/MAX of Nanaimo REALTORS® and sold over 48% of the homes in Nanaimo in the month of October 2015. This shows that the RE/MAX systems work!

For more information, a current market evaluation of your home, or help to find the perfect home, call RE/MAX of Nanaimo and connect with one of our city’s BEST REALTORS® at (250) 751-1223

 

Solid Home Sales in Nanaimo

Typically, for the month of August we see a slow down in the real estate market. After all this is a time many home buyers and sellers choose to spend with family and take vacations. Turns out this year was slightly different, August of 2015 was busy right to the end with solid home sales in Nanaimo. This explains the slowdown appearing in September. Saying that it slowed down is relative though, as a solid real estate market in Nanaimo continues.

Continue reading