Area Real Estate News & Market Trends

You’ll find our blog to be a wealth of information, covering everything from local market statistics and home values to community happenings. That’s because we care about the community and want to help you find your place in it. Please reach out if you have any questions at all. We’d love to talk with you!

Oct. 30, 2022

Realtors Care Vancouver Island Blanket Drive

The REALTORS Care® Blanket Drive will be held annually in November starting with 3 Royal LePage real estate offices located on Mid Island, Vancouver Island. This year it will be running from November 14-21, 2022.
The organization will be collecting blankets, shoes and clothing for the homeless and other people in need.
The 3 Royal LePage real estate offices that will act as donation collection depots are:
  • Royal LePage Nanaimo Realty (4200 Island Hwy N, Nanaimo) (250) 758-7653
  • Royal LePage Ladysmith Realty (410 A 1st Ave, Ladysmith) (250) 245-0545
  • Royal LePage Gabriola Realty (575 N Rd #1, Gabriola) (250) 247-2088
Promotion, pick-up and distribution of donations are handled by REALTOR® volunteers.
Some of Mid Island's most marginalized residents are in much need for
  • socks
  • new underwear
  • clothing
  • blankets
  • and compassion

To Like and Share within the community click this LINK https://www.facebook.com/blanketdrivevancouverisland

Sept. 21, 2022

Cool Runnings For Market Conditions

SEPTEMBER 1, 2022

NANAIMO, BC – Supply is up, and transactions were down in August.

In August, active listings of single-family detached properties (not acreage or waterfront) jumped to 1,368, a 153% increase from August 2021. VIREB’s inventory of condo apartments hit 332 last month, up from 164 listings 12 months ago. There were 280 row/townhouses for sale last month compared to 109 one year ago.

Increased supply is great news for buyers, giving them more options to choose from and easing the pressure to move too quickly when making an offer. 

307 single-family-home sales in August, a 33% decrease from one year ago and up by 3% from July. There were 66 condo apartment sales last month, a decline of 33% year over year and down by 12% from July. In the row/townhouse category, 51 units changed hands in August, down 43% from one year ago and the same number as in July.

After a long period of steadily rising prices in virtually every VIREB region, slight month-over-month price dips began appearing in June. However, 2022 continues to post higher prices than seen in 2021.

 

VIREB wide benchmark prices of a single-family homes reached $842,800 in August, up 18% from one year ago. In the apartment category, it hit $444,800 last month, a 22 per cent increase from August 2021. The benchmark price of a townhouse increased by 19%, climbing to $615,400 in August.

 

MLS® SALES SUMMARY - AUGUST 2022

Full the full stats report provided by the Vancouver Island Real Estate Board CLICK HERE

Posted in Market Updates
Sept. 15, 2022

Housing recession?

A housing recession is a term used to describe a recession within the housing industry. A softening of the industry or the housing market. 

Are we in a housing recession? Short answer is Yes. We are in a housing recession. 

What does that mean? Well, The number of transactions and numbers of homes sold are down and it is thought for the next foreseeable future this will be the case here in BC, Canada. The numbers of new homes being built is down currently and will continue to slow. Builders nationally are slamming on the break as far as building new homes.

Does this mean that the prices on houses are going crash? Short answer is it depends. Some areas will always be a hot spot due to location, price and demographics. Some areas will continue to rise as the demand stays strong and some will fall as over inflated values don't usually hold in a housing recession. 

IS NBOW A GOOD TIME TO BUY? Short answer; it depends. Now is when investors buy real estate because they are able to negotiate on price, possession dates and subjects (like subject to inspections, subject to financing etc.). This is also when you do not end up in multiple offers so you can take your time to pick the dream home or investment you were hoping for and don't rush into something you don't really want just so you can get into the market. Those who were waiting for the market to slow can now jump in before it is too late and they miss the boat for the last time. HOUSING RECESSION = BUYERS MARKET

 

Here is some recent stats from VIREB over the last month.

 

 

Posted in Market Updates
Sept. 12, 2022

Vancouver Island Real Estate & Underground Oil Tanks

Underground or buried residential oil tanks were commonly used all over Vancouver Island. Once the potential damage was realized this method of heating was basically abandoned along with the tanks in the ground. The oil storage tanks that were normally located in backyards, in parking lots, and buried underground were filled with sand or were capped and left underground. The problem with moving away from oil and switching to natural gas was the method in which the oil tanks were disposed. The oil storage tanks corrode over time and the remaining oil that was not capped would leak and move throughout the owner’s property, which results in serious contamination.

A recent example of how the contamination can be horrendous is in 2020, Victoria where a pair was ordered to pay more than $50,000 by the Supreme Court of B.C., to the people they sold their home to almost in 2016 after an underground oil storage tank was found on the property in Esquimalt. "Christopher Warren and Antonia Warren were ordered to pay $44,774.30 in damages, plus $10,655.03 in litigation costs to William Walton and Nikolas Hill for the costs they paid to remove the tank and to remediate the contaminated soil associated with it." Source: Vancouver Island Free Daily.

There are instances where people have had to pay out hundreds of thousands of dollars in damages for underground oil tank damage as it can also effect neighbouring properties if the contamination has gone unchecked for long enough.

For this reason whenever you are searching for a residential detached home or property on the island make sure you put into your offers subject to oil tank inspection. It is not worth the time and stress and could be a reason you lose the dream home you are searching for in the first place. Oil tanks are not the only thing to be weary of as well. Make sure to get a seasoned experienced agent on your side who knows how to protect you in what will likely be the biggest investment of your life. 

 

 

 

Posted in Real Estate Tips
Aug. 22, 2022

Why the market will NOT collapse and you can take advantage of it ????

 
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We could only WISH we had this information 15 years ago in the last "recession".
 
 
Here are your 3 KEY take aways
  1. 1. Do you think the market is CRASHING?

     

    • Real estate from 2020 (2nd Half) to Mid 2022 we were in an extreme state of high demand, and exceptionally low inventory fuelled by lower rates.
    • Crash would indicate NO demand, there appears to be still active demand based on a "regular" market (ie. not the last 2 years)
    • Immigration & additional homebuyers (ie. first timers) are waiting on the sidelines, but for how long? 

    2. Rising Rates

     

    • Qualification has decreased, yes. 
    • Applications for purchases have declined but are still on track for a normalized year and many DO qualify for their goals
    • Interest rates typically decline when we enter a recessionary period (if you believe the statistics could be in the next 12 months)

     

    3. Speaking of Recessions

  • We are not in a "housing recession" we are still seeing a lack of inventory
  • Financially people are still working, the job market is extremely strong and affordability is still high
  • In Canada we have had and continue to have exceptionally low delinquency on home loans! This means people pay their mortgages.
Posted in Real Estate Tips
Aug. 18, 2022

Tips for Booking Showings and Viewing Open Houses

Posted in Real Estate Tips
Aug. 18, 2022

Is now a good time to buy??

Right now is a perfect time to buy! It’s a buyers market! Demand is low, supply is at a high and you can put in subjects! Thats right! You can put in offers on whichever property you end up falling in love with and have that offer subject to financing, subject to inspection and many other subjects which you were not able to do when purchasing in the hot sellers market of Covid-19 because you would have been competing in multiple offers! Currently I am seeing a lot of investors purchasing and taking advantage of this market. The investors are realizing that the economy is very stable, immigration is still continuously growing and the demand for housing is only to increase over time on the Vancouver Island. Some prices in certain areas have even dropped! So if you work with an experienced agent, like myself, who knows the market and areas.. you can find some really great deals! Whether you are looking for ocean view condos in Nanaimo or are a first time home buyer looking for townhouses under $500,000 in Nanaimo or Victoria take advantage of the low demand right now and high supply. You will have lots to choose from and with so may options you can negotiate on the prices. It’s a buyers market, so what are you waiting for?! Call Ryan today to get your pre approval and lets go shopping, house shopping! Already have a preapproval? Call Ryan now! 778 929 4290

Ryan Taylor Royal LePage Nanaimo – Being a business professional, Ryan’s number one objective is to provide exceptional service that will exceed your expectations. His business model has always been to reflect Integrity, Loyalty, Trust & Results. Ryan is the epitome of the modern Real Estate professional for the Vancouver Area Real Estate Market and you will notice it by his attention to detail and the modern techniques he embraces when Taylor’ing a marketing plan or buyers plan.

 

 

 

 

 

Real Estate Development Experience

Hands on Residential Home Construction Experience

Many Years of Real Estate Sales Experience

Year After Year of Sales Awards

Business & Economics Education/ UBC Grad

 

Ryan Taylor would be delighted to meet you in person so he could discuss your current Real Estate needs. Feel free to give him a call or register on the site and he will get in touch with you shortly.

Ryan Taylor

778 929 4290 ⎮ IslandRyanRealEstate@Gmail.com

 

Posted in Market Updates
Aug. 18, 2022

How to Make Fancy Whipped Dalgona Coffee at Home

Whipped Coffee (Dalgona Coffee) is so freaking good! Best part about it is it only needs three ingredients! This fluffy & scrumptious way to make your morning coffee only takes about 5 minutes to make with a hand mixer! Plus on the these hot summer days, you can make it hot or chilled!

How to make this delightful whipped coffee

These absolutely fantastic treat is made up of only 3 ingredients! To make whipped coffee, add 2 tablespoons of instant coffee, 2 tablespoons of sugar and 2 tablespoons of boiling water to a clean bowl. Using a hand mixer, you whisk/whip it together for about anywhere from 2 minutes to 3 minutes. There you go! You now have a wonderful light foamy treat to pour onto of hot or cold milk depending on your preference. 

Have a blender? Want a frappiccihno version? Just blend up the milk with ice and pour the foam onto afterwards!

For The Vegans Out There!

To keep your whipped coffee vegan, use any vegan milk (such as almond milk, soy milk, oat milk (learn how I make it), cashew milk or any other. After you’ve made the whipped part form the instructions above, pour some of your favourite tasty vegan milk (1 cup of it) into a glass with some ice if you’re doing an iced coffee. Spoon/scoop the whipped coffee on top, then stir it into the milk to combine. I like to use my straw to stir it in. Enjoy! Whipped coffee can last for days in your fridge!

Posted in Lifestyle
Aug. 17, 2022

First Time Buyer

Questions for Prospective Homeowners to Ask Themselves

Are you financially ready to buy?

Many first time home buyers fear the unknown …“What if I can’t make a mortgage payment?

If you can consistently make your rent payments on time now there shouldn’t be any reason you won’t be able to make your mortgage payments in the future. It is important to feel confident in your financial security. Make sure you have all of your ducks in row before you start shooting. Make sure all your priorities fit. Make sure you have that down payment needed and that you don’t need that for any significant debt.

What are your priorities in life?

For some it may not make sense to purchase a home. Logically work out how long you plan to live in this new home and set a timeline as to what you would like to do in the home and when you would like to move. Home ownership is a blessing not a curse. Do you like to travel? Do you plan on a promotion soon? Do you want to spend time maintaining a home? If you don’t want to be tied down to certain responsibilities or a certain neighborhood or city perhaps home ownership isn’t for you.

How much can you afford?

We work with multiple mortgage professionals on a daily basis. We can recommend many professional individuals from all different cultures and languages to help you. The important thing is that you find the right mortgage that will work the best with your lifestyle. If you like to spend most of your time outside and spending lots of money make sure you tell the mortgage professional you are speaking with so that they can help you figure out a budget and mortgage which will best suite your needs. Did you know you can use up $25,000 of your RRSP as a down payment towards the purchase of your new home? Ask us for more details…

What do you want in a home?

This is something that is often a very large hurdle for purchasers just starting to look. If you have watched any property show on HGTV you will know that what you want and what you can afford are often two very different things. It’s always a good idea to get some professional advice from an experienced Realtor and see what it is you can afford. If you require 2 bedrooms and 2 bathrooms with yard for Max your Rottweiler you may need to get creative and explore alternate neighborhoods offering more affordable properties. Your wish list, priority list and lifestyle requirements are all items we discuss as your Realtor®. While it can seem stressful or confusing to set realistic expectations and priorities at the beginning this will ultimately help you save time and a lot of emotional energy.

We can keep your objectives in mind when visiting a home. One thing we will go over at first introduction is what you are looking for in a home …

  • Do you have pets?
  • Do you want to be close to family?
  • Is safety and low areas a concern?
  • Do you own a vehicle and need parking?
  • Do you take public transportation?
  • Is local amenities needed to be a certain distance?
  • Do your children have to attend school?

In our experience, a buyer’s priorities can easily be forgotten when they view a home that seems absolutely perfect in every way except the basic principles and priorities. We will help keep the excitement but point towards the right direction. It’s important to not lose sight of why you are buying a home in the first place and not start writing offers on the first house you see with a swimming pool or built in waterslide.

Ryan Taylor Loves to Work With First Time Buyers!

As a First Time Buyer everything about the home buying process will likely be a new experience for you and you’ll probably have lots of questions. Other real estate agents may put you to the side because of your small budget or make you may feel like a burden with all your questions. But at WestCoastEstates.ca, we make you our number one priority regardless of how many questions you ask or how big or small your budget may be. Our WestCoast real estate agents are experienced, educated and know how to make the process as smooth and stress-free as possible. We want you to feel proud to have us as your Realtors and to experience what we call the home ownership pride.

Our Connections Become Your Connections

In addition to our Realtor expertise you’ll need help from other professionals that we help you get connect with.

Mortgage Brokers – We can recommend a Mortgage Broker for you to work with to get you pre-approved for a loan and to shop around for the very best rates.

Lawyers – We can recommend many real estate lawyers in your area who are of outstanding reputation and will treat you the way we will. In the legal profession it’s known that some lawyers may overcharge and take advantage of you, knowing that you are new and don’t know any different. We only recommend lawyers who will treat you with the same high standards and integrity that we do. Plus, the legalities of transferring land ownership can be dodgy and a lawyer can be your best defence against future legal troubles. Lawyers in general can be expensive but because we have a number of lawyers we work with on a regular basis and can get you a great deal from us referring so many clients to them.

Inspectors – We also have a list of reputable and licensed Inspectors in your area. Home inspectors will have the tools and knowledge to find signs of harmful materials like asbestos, lead paint and mold. They’ll also check for evidence of pests, faulty wiring and leaks. Inspectors are one of the most important parts of purchasing a home. This can save you from a world of legal trouble in the future when you find out there is mold under the crawl space or a large crack that runs through the foundation. Licensed Inspectors are knowledgeable, informative and can keep you form purchasing something that you shouldn’t.

Become a First Time Home Buyer Today

 

If it’s time to move out of mom and dad’s home or you’ve decided this is the year you want to stop paying rent to a landlord please contact us today! We can discuss the above information as it pertains to your specific situation and come up with a plan for home ownership that has your best interests at heart.

Posted in Market Updates
Aug. 16, 2022

Natural gas furnace rebates

Sebastian and Mickey from HGTV Canada’s Worst to First remind you to ensure your new furnace has a two-pipe direct vent system.

Its a great idea to replace your old natural gas furnace with an eligible ENERGY STAR® model and you could qualify for a rebate of up to $1,000! And if that is not good enough, when you install an eligible connected thermostat, you could be qualify for an additional $150 rebate!

Eligibility 

  1. You must be a residential FortisBC natural gas customer, with natural gas as your primary source of heat.
  2. Your existing furnace must be at least 10 years old and must not require repairs in excess of $1,000 (pre-tax, including parts and labour). Emergency replacements of a furnace that is not in working order or is deemed unsafe to operate by a licensed gas contractor is not eligible. 
  3. You must install an eligible ENERGY STAR furnace with a two-pipe direct vent system. Please verify this by including a photograph with your application.

    For more information, see our info sheet: Five things to know before your new high-efficiency furnace is installed.
  4. Applications must be submitted within six months of the invoice date.
  5. Connected thermostats must be installed by your licensed contractor at the same time as the new qualifying furnace installation.

Review all the terms and conditions.

Make sure the product you’re planning to purchase is eligible for a FortisBC rebate. Click the plus (+) sign to the right of the product type to search by manufacturer and model number.

Note: some results may include an asterisk “*” in place of characters. As long as the characters before and after the asterisk match your model number, your model is eligible.

Rebate details 

Upgrade Rebate Requirements
95 to 96.9 annual fuel utilization efficiency (AFUE) furnace $500
(with invoice dated up until September 30, 2019)$800
(with invoice dated on or after October 1, 2019)
Eligible furnaces
97 to 99% annual fuel utilization efficiency (AFUE) furnace $700
(with invoice dated up until September 30, 2019)$1,000
(with invoice dated on or after October 1, 2019)
Eligible furnaces
Connected thermostat $150 Eligible thermostats

How to apply 

  1. Purchase an eligible ENERGY STAR furnace and have it installed with a two-pipe direct vent system by a Technical Safety BC licensed gas contractor. You can find a contractor by searching our online directory.
  2. Work with your contractor to complete, in full, the applicable furnace rebate application and commissioning sheet:
    You must include a photograph of the new two-pipe direct vent system, if applicable, (sample 1sample 2) installed in your home and a copy of your paid invoice showing details of all work performed, purchase date, make and model number, the installation permit number and the gas contractor’s Technical Safety BC licence number. See the sample invoice for specific requirements.
  3. Email or mail your completed application and copies of supporting documents within six months of the invoice date to: 

    furnace@fortisbc.com

    or

    Furnace Replacement Program
    FortisBC
    PO Box 9090
    Surrey, BC V3T 5W4

    Note: if mailing, registered mail is recommended.

    Watch our short video to learn more about how to apply for your natural gas furnace rebate.

    Applications may take up to 90 days to process. A small percentage of applicants may be asked for permission to visit their home to verify the installation and operation of their new furnace. These site visits are carried out by a third-party contractor and help us improve our rebate programs.

Start your rebate application

Incentives for gas contractors 

Contractors who would like to take part in our Furnace Replacement Program can receive a $100 incentive for each approved customer application.

Contractors are required to agree to terms and conditions and comply with requirements in the High-efficiency furnace installation guide for existing houses.

Third-party offers and services

CleanBC

For advice on options and incentives for energy-efficiency upgrades for homes, contact the CleanBC Energy Coach. Energy Coaches are trained energy-efficiency specialists who provide building-science based information about the options and opportunities to improve the energy efficiency of your home or building. Note: FortisBC is not responsible for any advice provided by the energy coach. 

Ecolighten

As we work to continuously improve our programs, we will be asking a small percentage of applicants to provide us with access to their home to verify the installation and operation of the new furnace. This work is being carried out by a third-party contractor called Ecolighten Energy Solutions. The site visit may be conducted either in-person or virtually using an app such as FaceTime or Google Hangouts. Ecolighten staff will always call in advance to book a site visit appointment with you. Their staff also carry photo ID badges identifying them as FortisBC contractors.

Ensure a quality furnace installation 

Having your high-efficiency heating system installed to quality standards can help provide you with years of comfort and energy savings. Check out these resources to learn more: 

We’re here to help 

If you have questions about this rebate, or are a contractor who is new to this program, call 1-800-663-8400 or email furnace@fortisbc.com.

This program is funded in part, by the Province of British Columbia and the Government of Canada.

 

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