For more information about the Nanaimo Real Estate Market or to connect with an experienced Real Estate Agent, call us at 250-751-1223
Stats source: VIREB
Stats source: VIREB
It’s probably not news to anyone, but the average single family home price in Nanaimo and area continues to rise. To put it in perspective, April of 2015 showed a median single family home price at $370,000 and April of 2017 is showing a median single family home price at $480,000.00. Read more in the Nanaimo real estate market update.
The good news for Buyers is that the inventory levels in the Single Family Home category have started to creep up. A few months ago, the inventory was dangerously low at under 200 single family home listings in the Zone 4 (Nanaimo) area, but April of 2017 stats suggest 277 active single family home listings. The number of single family homes listed on a 12 month average is also up about 3%. This means that there are a few more homes to look at. The other good news is that mortgage rates continue to stand at historic lows, making the money you need to borrow for a home purchase still very affordable.
The good news for sellers…see paragraph one! But wait there’s more good news for sellers; sell to list price ratio (the amount you list for vs the amount you get) is at 100%. Now this doesn’t mean that EVERY seller gets 100% of their asking price, but it does reflect that when comparing those who get less, to those who get more, it averages out at 100%. The other good news (depending on your perspective) is the days to sell.
What a difference 5 years makes!
Even reading the above, it’s important to realize that these statistics are generated from the MLS systems provided by the Vancouver Island Real Estate Board. Professional REALTORS® providing their expertise and results for their clients. Pricing your home wrong can cost you money, whether it’s too high and the home isn’t selling, or too low and you don’t get everything you should. Likewise, as a buyer, if you’re missing opportunities because you’re working on your own without the help of a REALTOR® connected to the market, every month the house you want is going to cost you a little more!
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:
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.
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.
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:
For more detailed information about what’s happening across the country, go to RE/MAX.ca.
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?
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!
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.
Single Family Home inventory remains at unprecedented lows of 229 active listings. To put this in perspective:
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:
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.
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!
Are you considering moving to Canada from the United States? Here’s some tidbits and resources that might help you along the way.
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.
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.
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.
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?
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.
We are in a very robust Real Estate Market, with high market activity that hasn’t been seen in over a decade. Our local market is different than what you see on the news in Vancouver or Toronto, but nonetheless, it is a VERY busy real estate market in Nanaimo for those buying and selling homes.
We can never be totally certain of what is driving demand among buyers. The number of homes listed in April is up 6% over the same month last year, but with the number of units reported sold up 27%, buyers are feeling frantic. The average sell price per unit last month was also up 13% over April of 2015.
The real estate market comes down to supply and demand. There is a limited supply of new and existing homes for sale in the Nanaimo market, and there are more Buyers than there are homes available. Because of this, prices and sales go up. As a Buyer right now, you need to be on top of your market segment, watching the new listings and communicating with your REALTOR®. Your REALTOR® is going to give you the knowledge needed to be involved in “Multiple Offer” scenarios, so do your research and follow their advice. With the help of your REALTOR®, you could come out on top. Stay focused and know what you want.
As a Seller, you should be strategizing the best position for you in this busy market. It’s great to sell, and possibly for even more money than you originally thought, but there are still some challenges. Do you have a new home to go to? You are stuck with the same challenge as any buyer, competing for the home you want. Have you taken your REALTORS® advice and priced your home well? Houses that are overpriced will continue to sit on the market even in the best markets. You have to be priced well to succeed.
RE/MAX of Nanaimo Property Management department has rented all of our inventory! Do you have a suite, condo or home that you would like to be rented?
We’ve rented every one of our rental properties and we need more! We have tenants looking for the right home to rent and we have nothing for them to rent. Put us to work for you and get your rental investment rented! Call us today at (250) 751-1223.
Have a chat with one of the market’s best REALTORS® at Nanaimo’s Best Real Estate Office, RE/MAX of Nanaimo at (250) 751-1223 or find more stats on VIREB.
RE/MAX of Nanaimo is currently looking for a permanent, full time Real Estate Conveyancer. The individual will be responsible for maintaining and managing all conveyance duties in a real estate office.
The candidate must be a motivated self-starter able to work with little supervision and within a team environment. Organized, strong attention to detail with efficient follow-up skills. Must also possess a keen sense of customer service, ability to multi-task and handle a fast-paced work environment. Real estate experience is preferred.
Skills & programs:
If you know someone who would enjoy working for a thriving Real Estate brokerage here in Nanaimo please share this post with them. Your share on social media is the greatest compliment to us!
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.
Canada has always been a fantastic place to live. The economy is steady, the people are friendly, the environment supports a healthy lifestyle, and the affordability in most of Canada is unparalleled to many other places in the world. Recently the interest to move to Canada has spiked. Is it the Canadian dollar, the media attention at the World Economic Forum, Canada’s new leadership, or are people looking to escape the upcoming presidential election in the United States?
Just this week inquires and searches on how to move to Canada spiked 1500 per cent. A combination of the low Canadian dollar and the drama of the U.S. presidential election campaign may have some of our southern neighbours wishing they could escape. – Source
Emotionally charged events are felt globally – in real time like never before, with technology and social media being at the helm of news distribution. It’s also enabling us to act quicker than ever before to events that are happening and being felt around the world, as well as events close to home. Individuals are responding quicker then they once did and taking advantage of this information. Globalization is opening up many more opportunities. Would you consider moving to Canada? Do you know how to move to Canada?
Some of the most important aspects to consider when looking to move to Canada are: financial stability, unparalleled market access, a welcoming business environment, a strong growth record, a highly educated workforce, low business tax costs, and a competitive R&D environment. All great reasons to move to Canada. Innovation + Stability = Profitability- More information and sources can be found here.
The Real Estate market is a strong indicator of Canada’s economic stability. Individuals and businesses are flocking to British Columbia, Canada because of the affordable homes and dynamic lifestyles. December 2015 home sales in British Columbia have been entered into the record book with a record-breaking number of home sales for the month. It’s only the third time on record the market has hit these high numbers.
Nanaimo, on Vancouver Island, British Columbia is a great place to move to or to invest in now. It provides the ideal lifestyle to work and live. One of the most multicultural cities, Nanaimo, Canada offers a clean, friendly environment, world-class education, a universal health care system, and an overall incredible quality of life. With the average price of a single family home being $497,174, you can’t afford not to move to Canada!
Looking to move to Nanaimo? RE/MAX of Nanaimo has 52 per cent of the market share and will likely have the home you’re looking for. If you’re not ready to buy, check out the Nanaimo homes for rent in our in-house Property Management department.
Interested in moving somewhere else in Canada? RE/MAX of Nanaimo has over 100 REALTORS® that are networked across Canada (and beyond) who can assist you in your move to anywhere in Canada. Call us to find the person who will help you move to Canada (250) 751-1223.