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.
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.
- Back in April 2012, it was taking an average of 54 days to sell one of the 614 active listings.
- Fast forward to April of 2017, and it is taking an average of 17days.
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!
Call RE/MAX of Nanaimo at (250) 751-1223 and discuss your needs with one of our professional REALTORS®.
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.
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
- 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.
- 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.
- 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.
- 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.
- 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.
- 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.
- 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!
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:
- 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:
- 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
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.
Moving to Canada?
- The Government of Canada Immigration website is a great resource. You’ll find everything you need to know about the application process, different types of visas available, and processing times for the various types of visa applications. There’s also information about preparing for life in Canada once you’re approved – what to expect culturally, socially or financially. Visit cic.gc.ca and click on Immigration for all the details, forms and guides.
- If you want to hire a representative to help with your application, go to the Use a Representative page of the Government website for information about who is considered an Authorized Representative and why this is important. It also gives details about how to make sure you “get what you pay for”, what to look for in a representative, what to expect from them and how to handle a complaint should the need arise.
- Finding a representative to assist you in immigrating to your new city can be done by getting a referral from someone you trust. You can check the local yellow pages, or Google “Nanaimo Immigration Lawyers”. Whoever you choose, be sure you clearly understand the services they’ll provide, establish the price you’ll have to pay for those services and get it all in writing. Speak to references if possible and find out how many years they’ve been in business. Interview them as you would any other service professional.
- Go to the City of Nanaimo website at nanaimo.ca for all the information you’ll need about living in our beautiful city. Find out the schedule for garbage and recycling pickups, learn about how to license your dog, where to find parks and recreation facilities or to check out the map of the city. You can also reach them by telephone at (250) 754-4251.
- Find a new home. That’s the easiest part! Call RE/MAX of Nanaimo at (250) 751-1223. Whether you want to buy a home or rent one for the first while, we can help you with both. Our expert real estate agents or our Property Management group can find you the perfect place to call home and get settled. You can also visit our website at remaxofnanaimo.com for more information on what’s out there.
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.
Buying a new home
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?
Informed purchase with your home
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.
A busy real estate market in Nanaimo
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.
Tips for sellers
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.
Thinking about buying an investment property?
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.
Real Estate Conveyancer duties
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.
- Minimum 2 year experience in an office administration role
- Motivated person, who can multi-task
- Ability to problem-solve, excellent attention to detail and highly-organized
- Professional standards with impeccable phone mannerisms
- Experience with a multi-line phone system
Skills & programs:
- Lone Wolf
- Microsoft Office
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!
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.
- 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
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?
Move to Canada Searches
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?
Why 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.
Where to Move to in Canada
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.
- 6,590 residential unit sales recorded on the Multiple Listing Service® (MLS®) – up 29.8 per cent from the same month the previous year.
- Sales dollar volume hit a record high of $4.62 billion for the month of December – up 55.4 per cent compared to the previous year.
- BC home sales breeched the 100,000 unit threshold in 2015.
The Best Place to Move to in Canada
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.