Nanaimo, BC Real Estate News

By Douglas Belcher, RE/MAX, Nanaimo ABR ePRO SRES
(Chateau Realty)
Prices for the average single family home are starting to rise again from last June's low but are still below Dec 2008.The avaerage selling price of a single famliy home in Nanaimo in March was $368,610. The number of units sold is up 47% over last year (month of March) 119 units sold.  The last 12 months figures are also up 35% 1407 units (12 months to date).Condo, lot and townhome sales were also up over last year. Condo and patio homes also saw a dramatic reduction in the number of days on the market as inventory levels drop and demand has increased. http://www.dougbelcher.com/nanaimo-real-estate-statistics/nanaimo-real-estate-stats.htm  
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By Douglas Belcher, RE/MAX, Nanaimo ABR ePRO SRES
(Chateau Realty)
Seaview Park Condo - This 2 bedroom 2 bath condo has had only one owner .There is a patio just off the second bedroom and living room. There is a laundry room with additional storage in the suite. The layout is wider on the first floor because there are only four units on the first floor versus eight on the upper floors. This unit is one of the largest in the building and has an enormous master bedroom (21' 7" x 11' 10"). It is conveniently located just steps to the yacht club and the waterfront walk-way that leads to the downtown core / restaurants / shops and Port Theatre. The building has low strata fees and features underground parking. This condo has been updated with fresh paint and a newer gas fireplace (2009) and hot water tank (aprox. 2006). There is a separate storage room for...
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By Douglas Belcher, RE/MAX, Nanaimo ABR ePRO SRES
(Chateau Realty)
Stylish Family Home, great neighbourhood. Renovated half duplex 3 bedrooms 2 bath with new roof. Custom colours, stainless kitchen appliances updated flooring and lighting are just a few of the features of this bright family home. There is a large back yard facing a wooded area. Cul de sac BBQ'S and Christmas light parties make this a nice street sure to create lasting family memories. Appliances are included and no GST. Cozy quiet home; book your appointment today!   To view all my listings  Nanaimo real estate
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By Kim Bihari, Personal Real Estate Corporation
(RE/MAX of Nanaimo)
February real estate numbers for the VIREB region are out and the numbers keep getting better and better. Sales volume for the VIREB region for the month of February increased 47% with 289 units selling compared to 196 units selling in February of 2009, and increased 28% compared to the previous month January from 225 units to 289 units in February.  For Nanaimo for the same period, sales volume increased 31% with the sale of 81 units in February of 2010 compared to 61 in February of 2009 and increased 28% from January 2010 to February 2010 from 63 units to 81 units sold. The average sale price across the VIREB region, (Campbell River, Comox Valley, Nanaimo, Parksville/Qualicum and Port Alberni), for February 2010 was $342,047. This represents an 11% increase from the $307,919 posted at...
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By Kim Bihari, Personal Real Estate Corporation
(RE/MAX of Nanaimo)
January real estate numbers for the VIREB region are out and we appear to be on a roll.  Sales volume for the VIREB region for the month of January increased 97% with 225 units selling compared to 114 units selling in January of 2009, but declined 25% compared to the previous month December 2009 from 298 units to 225 units in January.  For Nanaimo for the same period, sales volume increased 70% with the sale of 63 units in 2010 compared to only 37 in January of 2009 but declined from December 2009 to January 2010 from 85 units to 63 units sold. The average sale price across the VIREB region, (Campbell River, Comox Valley, Nanaimo, Parksville/Qualicum and Port Alberni), for January 2010 was $339,327. This represents a 6% increase from the $321,425 posted at the end of January 2009.  Aver...
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By Kim Bihari, Personal Real Estate Corporation
(RE/MAX of Nanaimo)
Nanaimo is about to become even more reliable in inclement weather.  In December 2009 Nanaimo Airport received a new instrument landing system (ILS) that shortened the visibility distance needed to safely land.  On February 12th, 2010 Navigation Canada is installing computer software that will drop the minimum visibility again, this time to one mile and 338 feet altitude.  Nanaimo Airport officials have already reported a difference since the first installation of the ILS and new landing lights installed beyond the runway.  The new software will put needed visibility to below the 400 foot level which is normally where the clouds hang.  Significant reliability is expected after the new installation in February.  This upgrade puts Nanaimo Airport in line with other airports of the same si...
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By Kim Bihari, Personal Real Estate Corporation
(RE/MAX of Nanaimo)
Effective - April 19th, 2010 1. All borrowers will need to qualify at a five year rate regardless of whether they are choosing a shorter term or a variable rate mortgage (this used to be based on the three year rate).  It is unclear whether this rate will be the posted or discounted rate as we await clarity for this question.2. Refinances will be limited to 90% LTV versus the current 95% limit.3. Non-owner occupied properties (rentals, etc.) will require a down payment of 20%.4.  The good news is that rumors of a required 10% down for new home buyers on their principal residence and a reduction of amortization periods to 30 years are not currently being introduced. So the window for conventional high ratio financing for investment type properties is closing at least for the time being, ...
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By Kim Bihari, Personal Real Estate Corporation
(RE/MAX of Nanaimo)
Nanaimo Community Events follow up:   Treats are tops at Maple Sugar Festival Association delivers tastes and sights of Francophone culture to Nanaimo Krista Bryce The Daily News   Edited For Kim's Blog Hundreds of pounds of toffee were devoured by every sweet tooth in attendance at Nanaimo's 10th annual Maple Sugar Festival at Beban Park this weekend. The three-day celebration of French culture, sponsored by the Nanaimo Francophone Association, drew thousands of people from all over the island from Friday to Sunday. Under sunny skies, families, children, adults and seniors found something to enjoy whether it was the food, entertainment, or activities. What Nanaimo has to say about the Maple Sugar Festival: ‘What better way to learn about French culture than to taste it (Maple Sugar Tof...
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By Kim Bihari, Personal Real Estate Corporation
(RE/MAX of Nanaimo)
What's new in Nanaimo Real Estate:     Property Tax Increases Getting Reduced- Feb. 16/10 Good news if you own a home in Nanaimo or are looking at . Nanaimo City council is proposing to reduce this year's property tax increases.Residential property taxes in Nanaimo are proposed to be dropped from an increase of 3.7 per cent to 3.2 per cent, while the overall value of other property taxes are slated to fall by half a per cent.Seven items, totalling $413,000 are slated to be either cut or postponed, following a city committee meeting Monday evening. Some of the proposed cuts will impact  Nanaimo's  economic development and marketing departments. For a single family home in Nanaimo assessed at $350,000, the savings equal $56.08. More information on Nanaimo Real Estate can be viewed by goin...
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By Douglas Belcher, RE/MAX, Nanaimo ABR ePRO SRES
(Chateau Realty)
Lot prices are level compared to last January but down 6% 12 months to date. Sales however are up 182% over last year. Single family home sales are up 77% to last January up 15% 12 months to date. Prices seem to have leveled off 4% over last year -4% 12 months to date. Condo sales (Apartments) are up 123% over last Jan. up 5% 12 months to date. Prices are up 5% over last Jan but still down 12 months to date. The inventory of single family homes has been very low as sales pick up. March should bring more listings but if the inventory does not rise to match demand I could see prices climbing. Nanaimo real estate listings  
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By Kim Bihari, Personal Real Estate Corporation
(RE/MAX of Nanaimo)
 Coming events in Nanaimo - Bridal Exhibition 2010, Sunday, February 21.  Getting married soon or know someone that is.  Don't miss out on the Bridal exhibition this weekend at Beban Park Auditorium.  Looking for homes for sale in Nanaimo or know someone that is; get in touch with Kim Bihari,  Top RE/MAX Realtor specializing in first time home buyers. Kim Bihari‘s knowledge and expertise of Nanaimo Real Estate is available to you thru his websites: www.kimbihari.com  and www.NanaimoRealEstateTeam.com.  You can search Nanaimo MLS listings customized to your needs at your leisure.  Simply click on MLS Search at www.kimbihari.com  and follow the simple steps to receive an email notification every time a home suitable for you comes on the market.  Homes for sale in Nanaimo specific to your ...
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By Kim Bihari, Personal Real Estate Corporation
(RE/MAX of Nanaimo)
Looking for Francophone infusion in Nanaimo? Many homes for sale in Nanaimo are serviced by French immersions schools.  We have 3 elementary schools and 1 high school as well as many courses at VIU offered in French.  Part of what makes Kim Bihari a Top RE/MAX Realtor is his knowledge of the Nanaimo Real Estate available in the catchment areas for these schools.  Homes for sale in Nanaimo can be viewed by going directly to Kim Bihari's websites that map out the locations of this prime Nanaimo Real Estate: www.kimbihari.com  or www.NanaimoRealEstateTeam.com.  A perfect example of Francophone participation in Nanaimo is the annual Maple Sugar Festival providing fun for all: The 10th Annual Maple Sugar Festival du Sucre d'Érable February 19 to 21, 2010 All weekend activities held at Nanai...
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By Kim Bihari, Personal Real Estate Corporation
(RE/MAX of Nanaimo)
This is a home that truly has it all. The most popular of house styles, this main level entry 3600 sq ft home boasts a huge great room, delightful kitchen, 3 big bedrooms, 2 full bathrooms and a huge laundry room on the entry level. The great room including dining area and kitchen plus the master suite open out to a full length ocean facing view deck. The finishing throughout is top notch with hardwood floors, slate tile work galore, a feature stone fireplace and more. The kitchen is a delight with breakfast bar island, walk-in pantry plus ample cabinet and counter space. Enjoy a generous master suite with french doors to the sundeck, a gorgeous ensuite with soaker tub separate shower. The lower level has two bedrooms and family room plus the self contained 1 bedroom suite. This home of...
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By Douglas Belcher, RE/MAX, Nanaimo ABR ePRO SRES
(Chateau Realty)
Built in 2004 and located in Crest II one of North Nanaimo's most desirable parks this home is one of the largest ever listed in the area. This home is 1961 sq feet and features a large open concept kitchen and dining area, 2 bedrooms, 2- 4 pc bathrooms, an over sized living room and family room. The park is 55+ and is conveniently located close to Superstore, COSTCO and Woodgrove Mall. There is a massive 5' x 4' walk-in shower in the en-suite. Storage is plentiful; 5' x 6' walk-in closet, crawl space, insulated wired workshop, garden shed and lots of closets. The kitchen has oak cabinets a pantry and lots of counter space. There were $15,000 in extras built into this home including sunken living room and bedroom, skylight in the kitchen, furnace a/c ready, R/I vacuum, pantry, upgraded ...
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By Kim Bihari, Personal Real Estate Corporation
(RE/MAX of Nanaimo)
If early signs, based on the latest figures just released by VIREB are any indication, 2010 may shape up to be a good year for the Vancouver Island and Nanaimo Real Estate market, in terms of higher prices. Sales volume for the VIREB (Vancouver Island Real Estate Board) for the month of December increased 121% with 300 units selling compared to 136 units selling in December of 2008, and declined 15% compared to the previous month November 2009.  For Nanaimo Real Estate for the same period, sales volume increased 102% with the sale of 85 units in 2009 compared to only 42 in December of 2008 and staying the same from November 2008 to November 2009 from 85 units to 85 units sold. The average sale price across the Vancouver Island region including, (Campbell River, Comox Valley, Nanaimo, Pa...
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By Douglas Belcher, RE/MAX, Nanaimo ABR ePRO SRES
(Chateau Realty)
Stylish Family Home, great neighbourhood. Renovated half duplex 3 bedrooms 2 bath with new roof. Custom colours, stainless kitchen appliances updated flooring and lighting are just a few of the features of this bright family home. There is a large back yard facing a wooded area. Cul de sac BBQ'S and Christmas light parties make this a nice street sure to create lasting family memories. Appliances are included and no GST. Cozy quiet home; book your appointment today!   http://www.dougbelcher.com/listings/5140-A-Carol-Place/5140-A-Carol-Place-half-duplex.html  
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By Douglas Belcher, RE/MAX, Nanaimo ABR ePRO SRES
(Chateau Realty)
I noticed that it was harder to find any homes under $300,000 and decided to see where the inventory was sitting relative to last year. After reviewing numbers for the last two years I found it was at a new low.   (see graph)   www.dougbelcher.com/    
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By Kim Bihari, Personal Real Estate Corporation
(RE/MAX of Nanaimo)
The extension of the Nanaimo Airport runway was recently completed in November and came in under budget.  With the completion of the expanded runway jet aircraft up to and including Boeing 737, which seats more than 130 passengers and has a range exceeding 10,000 kilometers will be able to take-off and land in Nanaimo. The type of regional range jets actually servicing Nanaimo will ultimately be market driven.  Higher capacity, longer-range aircraft are sure to be needed as more passengers pass through the airport due to Vancouver Island's continued population and business growth.  Passenger traffic could hit 334,000 annually by 2026.  Nanaimo Airport's reliability issue is also being addressed.  Because the airport must often halt flights when the runway is obscured by fog and other fo...
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By Douglas Belcher, RE/MAX, Nanaimo ABR ePRO SRES
(Chateau Realty)
Darrell Bellaart, The Daily News Published: Monday, March 16, 2009 Fresh from a two-year working holiday in New Zealand, newlyweds Stefan and Sonja Iwasawa are ready to settle down and start a family. And the timing couldn't be better for the biologist and his wife, as housing prices pull back and mortgage rates drop. Falling Bank of Canada rates are gradually trickling down to the mortgage market and that's starting to attract new homebuyers, while some existing owners are looking to remortgage. That's helping to buoy consumer confidence after sales plummeted following the uncertainty of the economic meltdown in October. Brokers are getting busier as a buyers' market develops for first-time buyers and homeowners look into cutting their mortgage payments or financing home improvements....
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I am happy to finally introduce my Nanaimo real estate blog! I have been playing with a variety of themes, and searching for quality & relevant content. If you are looking for Nanaimo Real Estate market trends, or information on other Vancouver Island real estate trends. subscribe to my blog RSS feed! Visit my Nanaimo Real Estate Blog here http://www.islandlife.tv John Cooper http://www.johncooper.tv
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