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Even though we seem to be returning to a 'normal spring market', there are interesting events over the past three years which influence today's markets from a Buyer and Seller's perspective. One notable fact, Realtor Agents has diminished by 60, leaving fewer Realtors to cover the same pre-2019 market. We are also influenced by significant mortgage rate increases and tightening. This data is difficult to extrapolate how clients are affected currently, but this information is worth keeping in the back of our minds. Please Click on "Read more" for an accounting from VIREB. Read more...

We are not bankers, but as Realtors, our job is to stay current in the real estate market. The news is often full of gloom but reality is that as Canadians we need to eat, sleep, work and provide. The Vancouver Island market is somewhat unique in Canada, and in North America, as it is the mecca for retired people. The USA is having somewhat of a banking crisis, where certain depositors are withdrawing hundreds of millions of dollars, putting the banks in crisis mode and some unable to perform, resulting in bankruptcy. However, bigger banks are stepping in and grabbing assets at pennies on the dollar. The banks are fighting for their lives and do not have the resources to cover mortgages and loans. As noted, we are in Canada and we are not bankers, but currently the local real estate market is still very strong. Why? Sales are still happening above 2019 levels for many reasons: lack of inventory, lack of new building, financially sound buyers are arriving from across the continent, and our banking system is operating under a different set of standards than the USA. We are Realtors, and are in tune with the current market, but we are not fortune tellers, knowing what will happen at anytime in the future. The Vancouver Island market has always been insulated from other Canadian markets, and generally remains quite stable. We are not anticipating any huge pricing drops, or a huge jump in sales inventory. Please Click on "Read more" for an accounting from VIREB. Read more...

The start of 2023 has not only kept me very busy hunting for suitable homes for my anxious clients, but apparently the real estate market is much hotter than anticipated. We are not seeing much in the way of price relief, as anticipated, as inventory remains tight. We are seeing multiple offers on many properties, and some people are throwing out surprisingly generous offers to nail down their new home, even surprising the seasoned Realtor®. With many recent clients, we have viewed multiple properties with fast sales above their budget anticipation. Fortunately, by hanging on and following my advice, we stuck to a consistent search and finally found something appropriate and to my client's delight, homes that not only appealed to their needs, but also excited them. The Parksville-Qualicum benchmark price decreased by 14%, due in part, fewer pricey waterfront and similar properties sold, but the mid-market is flourishing. Please Click on "Read more" for an accounting from VIREB. Read more...

Statistics do not lie, but they only reveal in hindsight what has happened in the real estate market. Statistically, the market has dropped, sales have dropped and the market is 'crashing'. However, without starting a fight, like climate change, statistics are relative to the point of comparison. If we compare the current winter market to the hot markets in 2021 and 2022, we see a decline. However if we look at 2019 and previous years, the real estate market is still up. But now, Buyers and Sellers are not doing the crazy dance, buying without building inspections, tagging on excessive capital because interest rates were almost invisible and ignoring our personal needs in favor of our list of wants and must-haves. Sanity in the real estate market is back, albeit with hefty interest rate increases, which now diverts our investment strategy. Click on "Read more" for an accounting from VIREB. Read more...

As mentioned in the VIREB report, statistics show a marked change in the market, but boots on the ground with Realtors indicate a busy market. Good homes (re: good value) are still being snapped up, some have experienced multiple offers. Homes above $1 million are selling. One notable policy change affecting the real estate industry is the Home Buyer Rescission Period (HBRP), which took effect on January 3, 2023. The HBRP gives home buyers up to three business days to rescind an offer on a home after the seller has accepted it. Click on "Read more" for an accounting from VIREB. Read more...

JANUARY 2023 IS HERE! We have survived the past three years of pandemic craziness. The sky did not fall, major earthquakes did not happen, construction of single family homes, condos and apartments have flourished, creating labour and material shortages in the industry. We have had a few seasons of terrible BC forest fires, flooding that wiped out our highways and coastal drought conditions that have dropped our water levels. We survived. PROPERTY ASSESSMENTS have been published and our personal home value increased by 19.97% in 2022. The Average Single Family Detached Sale Price increased from $855,000 to $975,000 while our property assessment went from $856,000 to $1,027,000, resulting in a one year increase of $167,000. Somehow this does not make us feel rich. Truth be told, we bought our home at the beginning of 2014 for a paltry $402,000. Somehow, this does not make us feel rich. SO, WELCOME TO 2023, a year of transition, we hope? This time year it is difficult to grasp a market direction, as we have enjoyed a fall climb in real estate inventory, which again dropped during December. No one really needs the upheaval of selling a home during the festive season. Buyer inquiries were also down, probably for the same reason, but we still have many many buyers sitting on the sidelines waiting for home-prices to drop or even stabilize. A fascinating problem has developed to stifle the mortgage buyer, because interest rates jumped, and climbed fast. In fact, for a few people who have variable rate mortgages, or are due for term renewals, monthly payments could become a problem. WE RECENTLY went on a weekend excursion to Victoria, and to Vancouver. It has been a long time for my husband, who has not traveled to Vancouver since the start of the pandemic, the growth of homes and high-rises is unbelievable. Nanaimo, Parksville, Courtenay/Comox and Campbell River have experienced a growth explosion. All these unusual events do seem to indicate we should be turning a corner soon, construction should slow, prices should adjust lower and demand decrease. Just released from the Federal Government, Canada also hosted the largest one year immigration volume at 431,645 new permanent residents. The 2025 immigration target is 500,000 newcomers annually! Cumulatively, over five years including 2021 - 2025, we will absorb 2,274,000 new citizens. Remembering many of these new Canadians will arrive with enough wealth, to be able to buy homes somewhere in Canada. IT IS QUITE APPARENT, Vancouver Island is the mecca of Canada, and therefore is a major destination for those who can afford to live here. Toronto and Vancouver are already bursting at the seams for pricing and lack of affordability, but both cities are much higher priced than most homes on Vancouver Island. Yes, we may see a temporary pricing adjustment, and bankruptcies will increase slightly. But one must remember, very few buyers since 2019 needed mortgages. We do not anticipate much of a pricing adjustment under these conditions up to 2025. A LITTLE TWIST on the topic is the ban on Foreign buyers in BC: The new 1 million(plus) immigration of permanent residents, are excluded from the Foreign Buyer's restriction. FOR THE LATEST VIREB sales statistics, click on "Read more". Read more...

Vancouver Island ended November with our first seasonal snowfall, snarling traffic and making that morning cup of hot coffee more enjoyable. For the latest VIREB sales statistics, click on "Read more". Read more...

If there was a fear index in real estate, one could assume it is increasing, as people have seen interest rates climb and stock market values decline. One wonders about the Russia-Ukraine situation, but closer to home we are still dealing with the aftermath of floods and forest fires. Vancouver Island is still Canada's jewel, and people are migrating at a pace which keeps prices high and desirable homes rare. We have seen many re-list properties coming with price reductions to a more reasonable level, and not so much in the greed-hopeful price ranges. A diligent Realtor can weed through the market clutter and place a range of value in this market. There are a few sellers who have panicked when their homes have not sold within weeks, but those sellers who have a bit of patience are discovering sales are still happening easily within the 'normal' market 90-day window. There are many buyers waiting on the sidelines, 'hoping' for a market crash, and prices to substantially fall, as is happening in less desirable markets. Those people who waited while the market values increased over 100% in the past three years, might still be waiting for those 2019 prices. For the latest VIREB sales statistics, click on "Read more". Read more...