Challenging Market for Homebuyers  May 2023 Nanaimo Real Estate Market Report     The Nanaimo Real Estate Market in May 2023 has disappointed many homebuyers due to the severe lack of available homes and rising prices. Many instances of homes being listed at prices that are too good to be true have caused motivated buyers to enter bidding wars. This has caused home prices to rise steeply for two months, but this is not the only exciting thing about Nanaimo Real Estate.  Many more people are considering moving to Nanaimo from greater Vancouver as a new ferry service ca ..read more

Spring Sellers Market Homebuyers are getting competitive Last month's real estate statistics for single-family home sales in Nanaimo show signs that we’re returning to a seller's market. Though there are examples of sellers accepting offers below the asking price, many examples of bidding wars also occurred during March 2023. Pent-up buyer demand and stabilization of mortgage rates are the current driving factors of demand in the Nanaimo real estate market.  In 2019, before absurdly low-interest rates and people buying a home at any cost, the average sale price for a single-family home w ..read more

BIDDING WARS RETURNING? Spring Real Estate Market Getting Competitive December, January and February are typically the slowest months for real estate on Vancouver Island. As in the rest of Canada, weather can be unpredictable, though temperatures rarely drop below 5ºC here during these months. This drop in temperature corresponds with a drop in total properties for sale as homeowners are vacationing, enjoying the seasonal holidays, and preparing their homes for the spring market. If you’d like to see these trends, view our monthly Real Estate Market Report by clicking this link. Homebuyers lo ..read more

March 2023 Market Report  The bottom of the real estate market found in Nanaimo Over the past few months, we’ve seen an increase in the average sale price of a Nanaimo single-family home. If this trend continues, buyers waiting to purchase at the bottom of the market may have found the perfect time. It is possible to see a return of competitive bidding in the coming months due to a low housing supply.  Since the Bank of Canada increased interest rates to historic levels, most buyers have sat on the sidelines, waiting to see how much this would affect real estate prices. At its peak ..read more

Higher Prices & Low Sales Signs of a Balanced Real Estate Market  January 2023 saw prices rise for a single-family home in Nanaimo as buyer demand stays relatively high despite high-interest rates. The lack of supply has some home sellers getting multiple offers for the perfect Island home. Though the market is far from last year's levels, homebuyers are still eager to relocate to Vancouver Island. This is reflected in current homebuyer activities, especially among retirees.  Retirees are relocating to Vancouver Island to enjoy warm temperatures year-round, especially during the ..read more

Foreign Buyers Ban in Nanaimo New Legislation will affect 1% of BC Homebuyers Starting January 1st, 2023, foreign buyers have been banned by the Federal Government from purchasing real estate in Canada for two years. The federal legislation aims to decrease home prices in what has become one of the world's most expensive real estate markets.  But, without addressing the dwindling housing supply, this move by the Government of Canada will do little to correct an overheated market in Nanaimo, British Columbia.  This ban will not prevent refugees, indigenous peoples, and permanent ..read more

Becoming a Nanaimo Realtor® Six tips to have a successful career To be a successful real estate agent in British Columbia, you should follow the same general guidelines that apply to real estate agents in any location. In addition, you should be aware of the specific requirements and regulations that apply to the real estate industry in British Columbia. Here are some particular tips for becoming a successful real estate agent in Nanaimo, BC: Get a license: To become a licensed real estate agent in BC, you must complete the Real Estate Trading Services Licensing Course and pass the licensing e ..read more

Home Prices Near Bottom  Prices could Rise in Spring 2023 Real estate prices for single-family homes continued to fall in November 2022, but multiple anecdotal stories from realtors of aggressive buyers and multiple bid scenarios persist. The average cost for a single-family house in Nanaimo fell to $796,364, a 17% decrease from November 2021. Homes that have been sitting for weeks without any offers have been quickly sold, catching many people off guard. The colder months of the year are typically slower, but many buyers are waiting for the perfect time to purchase. These buyers are ho ..read more

Beachcomber Regional Park, Nanoose, B.C. Words cannot describe the beauty found at Beachcomber Regional Park in Nanoose. I know; I've tried. I've created the following video in my failing as a writer, captured on May Long weekend. The sunsets are always spectacular in this area, and sea lion sightings are all but assured when visiting the public park. Check out our latest YouTube video of things to do in and around Nanaimo.  How to get here Found at the tip of a small peninsula on the coast of Nanoose Bay, the Beachcomber Community is a hidden gem known to few. This area is accessed off o ..read more

House Prices Start to Level Off in Nanaimo Real estate in Nanaimo throughout April 2022 seems to be going through a transition at the moment. We should expect some slowing in the market due to a few different factors: The Bank of Canada raised interest rates by .5%, increasing the cost of borrowing by an amount unseen in nearly 20 years. This will drastically reduce the amount homebuyers can afford in their next home purchase.  The Stock Markets took a beating in April due to technology stocks reporting lower earnings and inflation continuing above acceptable levels. As the Stock Market ..read more