Karelyn Campbell

Cell: 250-618-8213 |

In December 2019, sales of single family homes were up by 40% compared to one year ago. 

 

Annually, sales were down 9% with 4,119 properties sold in 2019 compared to 4,539 in 2018.

 

The VIREB housing market is currently balanced and leaning towards a buyers market. There is a lack of inventory, preventing many buyers from moving forward with a purchase. Now is a great time to list as Sellers can take advantage of the lack of competition. 

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2020 property assessments have been mailed to homeowners across BC. Nanaimo homeowners will sigh with relief that their assessments don’t come with the sticker shock of years past. 

Provincially, home values dropped by 2.5% while Nanaimo saw an increase of 3%. This is a moderate increase compared to a whopping 50% increase in property values for single family homes in Nanaimo between 2015 and 2019. 

A moderate increase is a good indication that the real estate values are stabilizing. We are experiencing a more balanced market in Naniamo, with less dramatic price increases.  

It’s important to remember that your BC Assessment value is not an indication of your homes market value. Rather, municipalities use it to generate your property tax bill. 


Find your property assessment online here: https://www.bcassessment.ca/


Home owners who disagree with their assessment have until January 31, 2020 to dispute their property assessment.  


Thinking of buying or selling? To find out what your home is worth in today's real estate market, give me a call to schedule your FREE no obligation home valuation


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The long and the short of it is that sales of single family homes in Nanaimo are down 20% compared to last year, and inventory has increased by 14% board-wide. We are seeing a higher volume of listings compared to sales and buyers are negotiating competitively and willing to walk away and wait for a good deal. As always, the key to a quick sale is correctly pricing your home. Well priced homes are selling and may even receive multiple offers.

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As summer drew to an end we saw a dip in sales, with 11% fewer sales than August 2018 and 9% fewer than July 2019. The VIREB housing market has transitioned towards a balanced market, with some areas trending towards a buyers market. Sellers are recognizing the change in the market and adjusting their pricing expectations. 

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The Vancouver Island Real Estate Board has realeased their lastest stats for May 2019. 


In summary, we continue to see a softening in the market. Current conditions are comparable to that of 2014 and it is expected that market conditions will continue into to fall. Weaker demand has resulted in a 22 percent increase in inventory of single family homes in the VIREB market compared to one year ago. Homes are moving more slowly but we are still seeing sales; and well priced properties are moving quickly.   


To view the full report visit www.vireb.com

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