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The British Columbia Real Estate Association (BCREA) has created a video to help explain one of the key documents used in a real estate transaction: the Contract of Purchase and Sale (CPS). Central to any transaction, the CPS outlines the terms and conditions on which a transaction takes place.
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Sales of apartments, patio homes and townhouse are down by between 59% and 86% when compared with April 2019 and the number of units listed is down by between 38% and 73%
 
Single family home sales are down by 47% and the number of homes listed during April is down by exactly the same amount – 47%. Also, the total number of houses that were for sale during the month is down by 19% when compared with April of last year.
 
With regards to the average house price, this is just slightly higher than April 2019 but is similar to the average we saw in March.
 
So, what does that mean for the market.  If we do start to see more properties being listed, but the number of sales continues to trend down, that is when we can see the market shift to favour...

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I have listed a new property at 1836 VALLEY OAK DRIVE in NANAIMO.
This large 1,409 sq ft double wide home is located in one of Nanaimo's most popular mobile home parks - Valley Oak Estates. The home offers 2 bedrooms, 2 full bathrooms & has a heatpump for low cost heating & air conditioning. However, when looking at this home you have to check out the view as this is one of the few in the park that backs onto Buttertubs bird sanctuary for unobstructed water views - just ideal for the nature lover. Other features include a carport with additional parking, new flooring and the interior was recently painted. This is a lovely home that is move in ready with quick possession possible & just waiting for its next owner. The park is 45+ & 1 small pet is allowed. Measurements are ap...
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What will the real estate market do during this time?

As you can imagine I have been asked this question more than once recently. There is no magic answer as none of us knows - we are in uncharted territory. What we do know is that real estate is one of three of mankind’s basic needs. Clothing, food and shelter. People need a place to live. When the quarantine/isolation is over and people feel safe, jobs are restored, our sense is that the marketplace will pick up where it left off based on the simple economic principle of supply and demand.
 
In the meantime, we are certainly going to see a reduction in the number of homes listed for sale and sold. There will still be sales going on as there are cases where people are in situations where they need to sell...
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Below you will find the statistics for February 2020 for single family homes.
  
The number of active listings in Nanaimo is still lower than February 2019 but we have seen slightly more homes listed. The number sold is still lower than February 2019 but is only by 6% so the gap is not as large as we saw last month.

Price wise the average for Nanaimo is still high, although very slightly lower than last month, as we continue to be approximately 10% higher than the same month last year.

Currently due to the corona virus there is obviously a lot going on with stock markets, oil prices, travel restrictions etc and we have already seen the Bank of Canada reduce interest rates and there is the prospect of more rate drops this year. It is very difficult to predict what is going to happen this...
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I have listed a new property at 1839 VALLEY OAK DRIVE in NANAIMO.
The perfect home for enjoying a carefree lifestyle in the highly desirable & popular Valley Oaks MHP. This comfortable home boasts a carport, 2 driveways for lots of parking and a covered deck. The well maintained home has an open floor plan, that feels like a rancher, plus enjoy the rare benefits of the heat pump for low cost heating and air conditioning! The wonderful all season sunroom/family room features a natural gas fireplace. The large kitchen benefits from a skylight & the living room is bright & ideal for relaxing in & entertaining friends and family. All amenities are nearby - Aquatic Centre, Buttertubs bird sanctuary, ice rink, buses,...! Park is 45+ & 1 small pet is allowed. All measurements are ...
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The local real estate board (Vancouver Island Real Estate Board - VIREB) produce a buyers report and the following information is from that report. The report is based on 2018 numbers (the 2019 report is not out yet) but is a good indication of what is happening here.


The full report can be found at:   http://www.vireb.com/assets/uploads/2018_buyer_profile_1840.pdf


There are 3 questions we commonly get asked by sellers:


1- Where are the buyers coming from?



2- What are they buying?




3- How are buyers becoming aware of properties?



You can see that the majority of buyers are coming from either Vancouver or Vancouver Island, are purchasing a single family (freehold) home as their principle residence and are using internet based searches to research homes for sale.


The report has much more...

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Below you will find the statistics for January 2020 for single family homes.
 
Although the number of active listings in Nanaimo is lower than January 2019 it is still slightly higher than we saw in January 2017 and 2018 but lower than January 2016 and 2019. It is the lowest number of homes sold in the last 5 years, although is the same as January 2013 and slightly higher than January 2009. We should see the number of homes listed and sold increase now we are past January, although the weather can still have an influence on those numbers as we saw during our week of snow!
 
Price wise the average for Nanaimo was a record, although I think this is likely to have been an anomaly due to the low number of sales and there were also some sales of homes priced over $1m which can skew the figures....
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I recently received a copy of a report on housing affordability in different markets around the world which was quite interesting.


The report title is '16th Annual Demographia International Housing Affordability Study: 2020', was published by Demographia and Performance Urban Planning (http://www.demographia.com/dhi.pdf and www.PerformanceUrbanPlanning.org) and was based on data from the 3rd quarter 2019.


Below is a summary of the most affordable and least affordable markets in different countries (the higher the number the least affordable it is.)


Canada:

Most affordable:

1. Fort McMurray, AB

=2. Fredericton, NB

=2. Saint John, NB

4. Cape Breton, NS


Least affordable:

48. Victoria, BC

49. Toronto, BC

50. Vancouver, BC


UK

Most affordable:

1. Falkirk

=2. Aberdeen

=2. Blackpool/Lancashire...

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Ian Hodson
Telephone: (250) 756-1132
Toll Free: 1-800-377-4374
Fax: (250) 756-1210
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