Category Archives: Real Estate News

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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.

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 

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.

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].

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.

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®.

Upcoming Summer Events in Nanaimo 2016

Summer is a busy time anywhere, but especially in our own harbour city. Kids are out of school, the sun is shining (most of the time) and everyone is ready to have some fun. Listed below are some fun, upcoming summer events in Nanaimo for the whole family to enjoy.

Summer events in Nanaimo

  • Multicultural Festival

Hosted by the Downtown Business Improvement Association, this festival happens on Wesley Street in the Old City Quarter in June. A one-day street party complete with food, dance and music, this festival celebrates the diversity of our community. Check here for more information on the Downtown Business Association (DNBIA).

  • Bathtub Days Street Fair

The Bathtub Races are a main event in Nanaimo, with large historical importance for the city. The Marine Festival and Bathtub Races occur in July, and are a local spectacle to behold. The street fair occurs at the same time, closing the traffic on Commercial Street for a parade, music and more fun activities.

  • Nanaimo Dog Show

The Nanaimo Kennel Club hosts its annual dog show at Beban Park on June 18-19. Drop in to watch the various contests and preparation, including grooming and agility courses. For more information about the Nanaimo Kennel Club check here

  • Canada Day Celebrations

July 1st is Canada Day, and everyone will be out celebrating. On July 1st at Maffeo Sutton Park, Nanaimo will be celebrating with music, food, entertainment and other family events.

  • Silly Boat Regatta

The 2016 Silly Boat Regatta will be held on July 17th at Maffeo Sutton Park. This event is a fundraiser for the Nanaimo Child Development Centre. Starting at 8 a.m. participants have four hours to assemble a floating device of extreme silliness. For more information about the importance of the Child Development Centre in Nanaimo click here.

  • Dragon Boat Festival

The 2016 Nanaimo DragonBoat Festival will be held from July 8-10. This major event includes more than 80 teams and attracts around 30,000 people. Go out to cheer on the teams and also help support the Nanaimo and District Hospital Foundation.

  • Vancouver Island Exhibition

Starting in the late summer on August 19th at Beban Park fairgrounds, this exhibition draws crowds of people from all over Vancouver Island to celebrate Nanaimo’s annual agricultural fair with carnival rides, games, music and the anticipated livestock exhibition.

  • Blues Festival

This music festival happens in August in Maffeo Sutton Park, and highlights musical talent from across Canada and the U.S.

  • Farmers’ Market

There are many farmers’ markets across Vancouver Island, but the one closest to Nanaimo is the Bastion Waterfront Market, open May to October on Fridays from 2-6 p.m.  Take off an afternoon to browse for fresh local produce, food and artistic crafts. 

If you live in Nanaimo, choose some events to attend with your community. If you don’t live in Nanaimo come and see what it’s like to live here and get to know our community.

For more information on Nanaimo events, check out http://www.tourismnanaimo.com/event-listing