Tag Archives: Real Estate

Real Estate Market Stats, Nanaimo, Real Estate, Homes Sold In Nanaimo

Nanaimo Real Estate Market Update August 2017

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®.Real Estate Market Stats, Nanaimo, Real Estate, Homes Sold In Nanaimo

Disclaimer: This representation is based in whole or in part on data generated by the Vancouver Island Real Estate Board (VIREB) which assumes no responsibility for its accuracy.

RE/MAX, Real Estate Agent Market Your Home, Nanaimo Real Estate

How Will Your RE/MAX Real Estate Agent Market Your Home?

When you’re thinking of selling your home, your real estate agent will provide a marketing plan that shows you exactly how they plan to market your home to the public. In today’s electronic age, what does it mean exactly? How will a Real Estate Agent market your home?

Real Estate Agent market your home.

Multiple Listing Services (MLS).

Unless you’ve signed an exclusive listing agreement, your home will be posted on the multiple listing service website. Anyone with a computer can access these listings and view your home on-line to decide if they want to come and take a look. They’ll see a map of the location, find all the pertinent details about its’ size and features, and also be able to view photographs of the inside.

Agent and Brokerage websites.

Real estate agents have their own websites which feature their own listings. This ensures your property is prominently showcased on their page and highlights the best aspects of the home. Buyers can decide whether or not your home might meet their needs before ever setting foot on the property, so you’ll usually only get serious buyers coming through your home.

Social Media. Facebook and Twitter.

Most real estate agents use Facebook to get the word out about their listings. They can link their website to the post which increases the exposure your property will receive and hopefully translates into a quick sale. A lot of agents also use Twitter to feature your home. While Twitter only allows a short description of the property, the right words can grab a buyers’ attention and stimulate their curiousity enough to want to take a look at your home.

Social media plays a large and important role in exposing real estate to the public. And while one person might not be in the market for a new home, they may know someone who is and can share the link or the post with their friends, who can share it with their friends, and so on.

In Nanaimo, where homes are selling almost as quickly as they become available, that’s an invaluable resource. Spotlighting your home on social media and on-line increases the odds of securing a sale in a timely manner and lets sellers and buyers alike move on to their next new home adventure.


When you’re ready to sell your home, call an experienced agent at RE/MAX of Nanaimo. They can be reached anytime at (250) 751-1223.

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. 

4 Tips for Winterizing Your Home

Fall is here and it’ll be cooler before you know it. So what do you need to do to get your home ready for winter? Here are four key things for winterizing your home and to prepare it for the winter season!

Winterizing your home

  1. Make sure the furnace and gas fireplaces are ready to go. The best way to do this is to have a professional company service the units. They’ll replace filters, if necessary, and make sure there are no other obvious problems. If anything is wrong, they can fix it now, before the temperature drops too much. You don’t want to be the one whose furnace gives out on the coldest day of the year!
  1. Clean out the gutters and downspouts when the leaves have finished falling. Plugged up gutters and downspouts cause all sorts of problems if they overflow. Fascia or soffit damage, landscaping erosion, and roof leaks can all be avoided as long as you keep the gutters and downspouts clear. Check them at least twice a year (more if you have a lot of trees) and don’t forget the elbows and joints because these are prime spots for clogs.
  1. Blow out the irrigation/sprinkler system. If you have an underground sprinkler system, you need to blow out the water lines and shut off the water to avoid frozen lines. Pipes can crack or burst when they thaw, which can then damage your home or garden. Pay a professional to do this properly and you’ll be assured you won’t have pipe bursts in the spring.
  1. Make sure you have Ice-Melt, Sand or Salt on hand for the sidewalk and driveway. The sidewalk can get slippery from frost or ice even if it doesn’t snow, so it’s important to be prepared. Sprinkling the sidewalk with one of the noted products only takes a couple of minutes but can save a whole lot of aggravation later. You don’t want someone to slip and fall because you’ve forgotten to take care of this.

In Nanaimo, Bylaw 5000 requires that sidewalks be cleared by the homeowners within 24 hours of the snowfall. For more information, call the City of Nanaimo at (250) 758-222 or go their website at www.Nanaimo.ca, click on Departments and go to Engineering & Public Works. You can follow the links from there.

If you’re looking for your next home before winter arrives, call one of the expert real estate agents at RE/MAX of Nanaimo today at (250) 751-1223.

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

October 2016 Real Estate Market Update

The the local market has cooled, it appears that Vancouver’s resale market is strong and attracting the interest of foreign buyers. The Globe and Mail reports that Vancouver still has a strong interest from foreign buyers, even in the wake of a new property tax for foreign buyers.

Read the full article here.

The Market Update for some sales in Nanaimo has cooled. Inventory has dipped to a new historical low in October 2016, meaning there are very few homes on the market compared to months and years past. Here are some of the highlights for October 2016 Real Estate Market Update.

October 2016 Real Estate

IN October 2016, 399 single-family homes sold on the MLS® System compared to 368 last October – an increase of eight per cent.

Sales have decreased month over month by 24 per cent from September.

Reduced sales activity

Reduced sales activity in October was likely caused by typical late-summer cooling and continuing inventory challenges.

  • Active listings of single-family homes dropped once again in October, dipping to 1,158, the lowest VIREB has seen since the board began tracking inventory levels in 1999.
  • In October 2016, the benchmark price of a single-family home in the VIREB area was $393,700, up 16 per cent from one year ago.
  • Prices increased 19 per cent in Nanaimo and the Parksville-Qualicum area.
  • The benchmark price of an apartment rose approximately 18 per cent board-wide, with Parksville-Qualicum reporting an increase of 33 per cent.
  • The townhouse market also strengthened, posting a 12 per cent increase board-wide.

For more information on what this means for you, contact one of RE/MAX of Nanaimo’s REALTORS®

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

September Real Estate Market Update

By far the biggest question we get asked in the real estate industry is “how is the market.” Here is an update from VIREB for Nanaimo’s September real estate market update.

September real estate market update highlights

  1. Number one on our list is our inventory statistic. With historic lows in inventory, buyers are challenged to find homes on the market. A nine per cent decrease in inventory from the previous month and down 40 per cent from one year ago.
  2. We saw an increase of 23 per cent in September compared to last September – 531 single-family homes sold on the MLS® System compared to 431 last September.
  3. Month over month, sales decreased by 14 per cent from August, which saw 623 unit sales.

September 2016 Market Update

Sales of single-family homes in September were lower than in August but rose significantly over September 2015.
Last month, 531 single-family homes sold on the MLS® System compared to 431 last September, an increase of 23 per cent. Month over month, sales decreased by 14 per cent from August, which saw 623 unit sales. Inventory dropped to a new historic low, dipping to 1,265, a nine per cent decrease from the previous month and down 40 per cent from one year ago. The last time inventory was this low occurred in 2005 when the supply of single-family homes for sale dropped to 1,629 units. VIREB began tracking inventory levels in 1999.
In September 2016, the benchmark price of a single-family home in the VIREB area was $389,200, up 14 per cent from one year ago. Prices increased in every zone, ranging from 11 per cent in Campbell River to 17 per cent in Nanaimo and the Parksville-Qualicum area. As in August, the benchmark price of an apartment rose approximately 15 per cent board-wide, with Duncan and Parksville-Qualicum reporting 21 and 29 per cent increases, respectively. The townhouse market also strengthened, posting an 11 per cent increase board-wide.
For our media release and a detailed breakdown of sales activity by zone, click here.

If you are thinking about selling your home, now is the time!  Inventory dropped to a new historic low, dipping to 1,265. The last time inventory was this low occurred in 2005 when the supply of single-family homes for sale dropped to 1,629 units.


Call RE/MAX of Nanaimo to list your home at 250.751.1223

Prices Climb and Inventory Shrinks in Nanaimo

The tale of the tape in the Real Estate Market is that prices climb and inventory shrinks in Nanaimo and area. To put things into perspective, here is a month over month comparison for May.

May 2016 vs. May 2015 Change

  • Units Listed:
    • May 201 = 245
    • May 2016 = 275 a 12% increase
  • Units Sold:
    • May 2015 = 150
    • May 2016 = 210 a 40% increase
  • Avg Sell Price:
    • May 2015 = $399k
    • May 2016 = $451k a 13% increase
  • Active Listings:
    • May 2015 = 463
    • May 2016 = 310 a -33% decrease

Inventory Shrinks in Nanaimo

Although more homes were listed, the active inventory has dropped substantially.  Prices are still going up, but certainly not like we’ve seen in the likes of Victoria or Vancouver.  Nanaimo continues to be a desirable community, offering excellent services and facilities, and is a great place to live, work and play. All this for a fraction of the cost of other West Coast cities.

Cameron Muir, BCREA Chief Economist, states that retail sales growth in the double digits reflects high levels of consumer confidence, which is spilling over into real estate. Tourism on Vancouver Island also posted a huge spike recently, which aids local economic conditions. However, although housing demand is extraordinarily high, its foundation is solidly based on a healthy GDP and rising population growth.

Please contact one of our REALTORS® whether you’re Buying or Selling, to have the RIGHT strategy not just to get your home sold for the most amount of money, but to be sure you can find your perfect new home in an ultra-competitive market.

For the full local Real Estate Market Update from VIREB click here

 

 

A Great Place to Invest

Technology and media has made what was once so far out of reach finally attainable. We hear in real-time events that are happening around the world and know instantly when markets change in countries across the globe. Now more than ever we are able to connect and invest in other countries. This globalization opens up many more opportunities. Where in the world would you consider a great place to invest? Where can you get your money to stretch further and keep it safe?

World Economic Forum 2016

At the World Economic Forum in Davos, Switzerland, Prime Minister Justin Trudeau pitched why Canada is a great place to invest in. The keynote address entitled “The Canadian Opportunity” focused on spending plans, infrastructure, and emphasizing the need to diversify the economy.

Following that presentation, Prime Minister Justin Trudeau and Canada have received positive reviews. Virgin founder Richard Branson had something to say about Prime Minister Justin Trudeau’s optimism on topics ranging from drug policy to climate change to diversity. On the latter, he said: “Diversity isn’t just sound social policy. Diversity is the engine of invention. It generates creativity that helps change the world. We know this in Canada.” – Source

The spotlight is on Canada, and the wonderful opportunities it provides. This will peak individual and business interest for investing in Canada.

Why Invest in Canada?

The reasons to invest in Canada are endless. Some of the most important aspects to consider can be found on the Government of Canada website.

1. Financial Stability. The World Economic Forum has declared Canada’s banking system to be the soundest in the world.

2. Unparalleled Market Access. Foreign investors in Canada will have assured access to both NAFTA and the EU once CETA comes into force.

3. Innovation + Stability = Profitability. As mentioned above, Canada is the place to live if you are looking for a dynamic and prosperous country in which to invest, innovate, grow or expand your business on the world stage. Canada welcomes foreign business investments and offers five competitive advantages:

4. A Welcoming Business Environment

5. A Strong Growth Record. Canada led all G-7 countries in economic growth over the past decade (2005–2014). Source: The World Bank

6. A Highly Educated Workforce

7. Low Business Tax Costs. Total business tax costs in Canada are by far the lowest and 46 percent lower than those in the United States.

8. Competitive R&D Environment. Canada offers the lowest business costs in the G-7 for R&D-intensive sectors, with a 15.8 percent cost advantage over the United States.

More information and sources can be found here.

British Columbia Homes Sales Record

An indicator of Canada’s economic stability can be seen in the Real Estate market. Individuals and businesses flock to Canada and British Columbia because of the affordable homes and dynamic lifestyles. British Columbia’s December 2015 home sales enters the record book of having a record number of home sales for the month. It is only the third time on record to hit this high watermark.

  • A total of 6,590 residential unit sales were recorded by the Multiple Listing Service® (MLS®) last month, up 29.8 per cent from the same month the previous year.
  • Total sales dollar volume hit a record $4.62 billion for the month of December, up 55.4 per cent compared to the previous year.
  • The average MLS® residential price in the province climbed above the $700,000 threshold for the first time in BC last month, rising 19.7 from December 2014 to $700,943.
  • BC home sales breeched the 100,000 unit threshold in 2015.

Source: BCREA

A Great Place to Invest

British Columbia, Vancouver Island, and Nanaimo in particular, are great places to invest in. A great place to invest, work and live, in one of the most multicultural countries in the world. Canada offers a clean and friendly environment and eco-system, world-class education, a universal health care system, and an overall incredible quality of life.

If you are interested in investing in Nanaimo contact us – we can pair you with someone who can help you find what you’re looking for. (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