Real Estate in Qualicum Beach, Parksville, and Nanoose Bay
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Qualicum Beach, BC Canada
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Qualicum Beach and Area Local News Archive

Local Real Estate News Archive

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MARKET UPDATE MAY 31, 2022

Courtesy NANCY SMITH and VIREB

CLICK on "Read more" below for the latest MAY /2022 local market update. Crypto currency and the stock market is taking a beating, some speculate because of the Covid lockdown effect. Real estate is still the go-to for many investors, as more new listings are added to our spring market. Many new listings have boosted our local inventory from a record low of 100 active listings up to 200 currently available. This is still only 50% of listings needed for a balanced market. The marginal buyer is waiting until they can afford a home, and many are also afraid to buy, then see a market correction, severely cutting their equity. Cash buyers still have the upper hand and desirable properties are receiving multiple offers. For more opinion and MAY /2022 Market Statistics, click on 'Read more'.

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MARKET UPDATE April 30/2022

Courtesy NANCY SMITH and VIREB

CLICK on "Read more" below for the latest March /2022 local market update. Many buyers are suffering from Covid and Real Estate Market Fatigue and the news headlines are not very encouraging. The Russia - Ukraine situation is still ramping up, with no resolution apparent in the near future, the Stock Market is suffering from cash withdrawls and established hedge fund companies are shutting down due to market collapse fears. Many new listings have boosted our local inventory from a record low of 100 active listings up to 200 currently available. This is still only 50% of listings needed for a balanced market. The marginal buyer is waiting until they can afford a home, and many are also afraid to buy, then see a market correction, severely cutting their equity. Cash buyers still have the upper hand and desirable properties are receiving multiple offers. For more opinion and April /2022 Market Statistics, click on 'Read more'.

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MARKET UPDATE March 31 2022

Courtesy NANCY SMITH and VIREB

CLICK on "Read more" below for the latest March /2022 local market update. Cooling-off Period: the controversy. Until the Government actually releases their legislation, all opinions are purely speculation. Just announced: B.C. approves home purchase cooling-off period Well, the Provincial Government stepped in to cool the real estate market by introducing the vacancy tax boondoggle, and that went well(sarcasm). Even now, they are considering the expansion of that marvellous program. So now, the Government is stepping up their Real Estate cooling off plans with a 'cooling-off period'. The powers that be, diligently consulted with Real Estate Brokers and had input from many influential Realtors, and now they are expressly ignoring and overlooking the market experts. As it is well known, be careful what you wish for. It is understandable that people have elevated their purchase risks by making subject-free offers and then have the joy of spending more money fixing deficiencies. It is also a well known fact, that when people do not want to buy homes, prices drop. Vancouver Island, the mecca of Canada, has seldom suffered a significant market price drop, but rather price levels can stagnate for 7-10 years. Local opinions speculate, price increases over the next three years to 2025, will run around a 7% annual increase.

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MARKET UPDATE February 28 2022

Courtesy NANCY SMITH and VIREB

Qualicum Beach and area real estate listing had a modest jump in February, but the inventory was quickly gobbled up, and prices are still increasing, seemingly with each new sale. Tenants are seriously feeling the pinch as investors have pulled equity from the stock market and are looking to invest into this 'safe' real estate market. Today, February 02, the Canadian prime interest rate was increased 25 basis points, but the US market delayed any increase. Sadly the Russian invasion of Ukraine has set the world on fire with uncertainty. Both countries heavily contribute to the world economy in countless ways, many which have changing and lasting effects. There is a local and personal good-news story to share, as well as a market summary by VIREB. Also visit My Blog for other interesting projections and opinions. Please click on 'Read more'.

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MARKET UPDATE January 31 2022

Courtesy NANCY SMITH and VIREB

Local listings discovered a new low for single families. Normal market conditions bring about 400 - 500 listings, but listings have breached below 100. For many people this market is entirely a sink or swim issue. Multiple offers without conditions are hording the market sales, and those desiring a building inspection, financing, subject-to-sale or other requirements, just are not doing well. NANCY SMITH has just listed a 1970 mobile home on a rental pad, listing at $159,900, and within hours, there is a lineup of prospective buyers. All are serious and intent on landing a home. The rental market is also creating home buying chaos, in that people either can not find a suitable place to rent while they shop, but rental rates are challenging the pocketbook. In as much as Realtors need a breather, buyers need a break, and listings remain scarce, we have little good news to share. ##### CLICK on '> Read More' for statistics and information supplied by VIREB for our zones.

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MARKET UPDATE: November 30 /2021

Courtesy NANCY SMITH and VIREB

Normally, November heralds in frost, ice and maybe snow, but this year of 2021, we have seen nothing but record coastal rains. The month ended with atmospheric rivers decimating our highways and railways, effectively shutting down transportation of goods and people. Also we are globally dealing with a pandemic and another variant, which is not helping our local and international commerce. Couple these issues with nice low interest rates, multiple cash offers, and low volume new construction, home prices are still escalating while inventory tanks. Cash offers (clean offers with no subject clauses) still reign in multiples, and people requiring financing are, for the most part, standing on the sidelines, ready to jump into an affordable home, which is still facing increasing prices. It is difficult to help people list their homes, when they are unsure of availability of a home to purchase. It has worked for those who can afford to buy the new home first, before selling their existing home. More often than not however, it has worked for the sold home deal to close, and money is transferred to the new home purchase, saving potential bridge financing. As Professional Realtors, we strive to make the process as smooth as possible, and hopefully exceed the expectations of our client. ##### CLICK on '> Read More' for statistics and information supplied by VIREB for our zones.

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MARKET UPDATE: October 31 /2021

Courtesy NANCY SMITH and VIREB

Here on Vancouver Island, November usually heralds in winter with our harshest weather. If we will get snow and ice, the worst is usually in November, so the impact on our daily lives is quite significant. This year will be especially notable as we have enjoyed the longest driest summer weather in our memories. Vegetation, streams and water reserves have suffered the lack of our normal precipitation. In the home sales market, we have also seen a drought in listings, as it seems many people have locked down in their homes while health authorities struggle with the Covid pandemic. The local Central Vancouver Island sales volumes have been good, but not keeping up with demand. People having to make moves in the real estate market, are experiencing major price increases, even a 33% annual jump in Qualicum Beach/Parksville benchmark price. Local residents and even the real estate agents are struggling to cope with the phenomenal price increases. As we have gazed across Georgia Strait at the inflated Greater Vancouver market, with homes selling in the millions, and then torn down, we are adjusting to a huge increase in sales of homes over $1 million. In Quarter 3 of 2021, 47 of the total 197 single family homes sold, were priced above $1 Million dollars. ##### CLICK on '> Read More' for statistics and information supplied by VIREB for our zones.

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MARKET UPDATE: September 30 /2021

Courtesy NANCY SMITH and VIREB

Here on Vancouver Island, November usually heralds in winter with our harshest weather. If we will get snow and ice, the worst is usually in November, so the impact on our daily lives is quite significant. This year will be especially notable as we have enjoyed the longest driest summer weather in our memories. Vegetation, streams and water reserves have suffered the lack of our normal precipitation. In the home sales market, we have also seen a drought in listings, as it seems many people have locked down in their homes while health authorities struggle with the Covid pandemic. The local Central Vancouver Island sales volumes have been good, but not keeping up with demand. People having to make moves in the real estate market, are experiencing major price increases, even a 33% annual jump in Qualicum Beach/Parksville benchmark price. Local residents and even the real estate agents are struggling to cope with the phenomenal price increases. As we have gazed across Georgia Strait at the inflated Greater Vancouver market, with homes selling in the millions, and then torn down, we are adjusting to a huge increase in sales of homes over $1 million. In Quarter 3 of 2021, 47 of the total 197 single family homes sold, were priced above $1 Million dollars. ##### CLICK on '> Read More' for statistics and information supplied by VIREB for our zones.

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MARKET UPDATE: August 31 /2021

Courtesy NANCY SMITH and VIREB

The summer of 2021 has been extremely hot and dry, sparking numerous damaging forest fires in British Columbia. This is having a significant effect on the Vancouver Island real estate market. People in the forest fire areas are not only suffering with the heat and dry, but also air pollution from the burning forests have negatively affected their health, and consequently, their ability to make changes in their real estate needs. There are people on Vancouver Island planning to move to the desirable Okanogan and other areas to be closer to family or employment. No one wants to move once the fires and smoke put people at risk. Even more specifically, insurance companies, and therefore mortgage business refuses to do business until the fires are brought under control and eliminated. People living near current forest fires are not able to sell their homes for all of the above reasons, to move to Vancouver Island, though there are many people wishing to make the move. CLICK on '-> Read more' to view VIREB's market update and statistics for the Month of August /2021.

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MARKET UPDATE: July 31 /2021

Courtesy NANCY SMITH and VIREB

The old news is still news; home inventory is still at historical lows. This is not to say homes are not selling, but quite the opposite, home sales are so brisk, the market is lacking inventory. Currently NANCY SMITH has three listings, two just added, which have garnered a lot of attention, even from Victoria and Vancouver REALTORS who are making the trek to Qualicum Beach to assist their clients. Often REALTORs will refer clients into other communities, especially at these distances, but lack of inventory is motivating REALTORs to take that extra step. To read more information and statistics from our VIBREB Board for the month of July /2021, CLICK on 'Read more'.

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MARKET UPDATE: JUNE 30 /2021

Courtesy NANCY SMITH and VIREB

Real estate market conditions still favor Sellers as inventory continues to challenge the waiting list of Buyers. Homes requiring maintenance and renovation updating continue to sell easily as no-condition offers still dominate the market. Home buyers are assuming risky purchases as they buy homes without the usual building inspections, septic inspections and subject-to-financing clause. Often million dollar purchases are based on one 15 minute viewing, and even remote purchasing without a viewing. Homes that would normally languish on the market, SELL. ***** Click on "Read more' to get VIREB statistics and market opinion. *****

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MARKET UPDATE: MAY 31 /2021

Courtesy NANCY SMITH and VIREB

Qualicum Beach and the greater Oceanside area is hurting for listings. Waterfront properties do not last in this market in the $ multi-million price range, as competition is fierce. With new construction costs soaring due to many factors; building material shortages, transportation issues and a lack of available skilled tradespeople, and new construction fees and taxes, pre-owned homes are in greater demand. The hot home market extends through the mobile home on pad rent, to small lot and home properties, to inconvenient locations, everything is selling. For further insight from VIREB and accumulated statistics for Vancouver Island, excluding Greater Victoria, click on "Read more".

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MARKET UPDATE: APRIL 30 /2021

Courtesy NANCY SMITH and VIREB

REALTORS and Buyers are feeling weary in this complicated market. Sellers are overjoyed at the current demand and price levels, but seem to sober up when it is their turn to become Buyers. These factors are keeping potential Sellers from listing their homes, creating an even tighter real estate market. This phenomenon is not confined to our local market, or even across Canada, but also in many developing countries. No one seems to be able to pin down the list of factors, but everyone seems to point fingers at the current low interest rates. Normally at this time of year, the local listings can double in a regular market, but properly qualified and diligent-priced properties are selling within a few days, keeping available inventory tight. CLICK on "Read more" for further April Market stats and opinion from VIREB.

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MARKET UPDATE: MARCH 31 /2021

Courtesy NANCY SMITH and VIREB

Sales are steady as a lack of inventory is keeping Buyers at bay, on Vancouver Island. Click on "Read more" for current basic Market DATA.

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MARKET UPDATE: February 28, 2021

Courtesy NANCY SMITH and VIREB

No news is good news? Lack of inventory is resulting in frantic 'bidding' for available properties as purchasers are increasingly frustrated submitting offers, only to be disappointed. Not all properties will sell to the 'highest bidder', as some sellers have specific requests, like rent-back, specific closing dates, and other special considerations. Work with your REALTOR to tailor your offer to be successful. Remember, it is also in the REALTOR's best interest to have a happy client. CLICK on "Read more" for a quick market overview. For a more DETAILED Market snapshot, view the next article below this one.

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BUYER DEMAND CONTINUES TO OUTSTRIP SUPPLY

Courtesy NANCY SMITH and VIREB February 2021

CLICK on "Read more" for up-to-date February Market UPDATE. >>> Homes above and below the $1 million mark are experiencing multiple offers without sales conditions, meaning cash offers with no building and other inspections. Anyone needing to carry a mortgage is strongly advised to have a mortgage broker on speed-dial, and be pre-approved. This is especially important in the Oceanside area where REALTORS, Brokers and consumers can not project the incredible pace and jumps in real estate prices.

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MARKET UPDATE: January 31, 2021

Courtesy NANCY SMITH and VIREB

Historically low inventory has deeply affected prices, leaving many buyers standing on the sidelines waiting for compatible homes. Homes below the $1 million mark are experiencing multiple offers without sales conditions, meaning cash offers with no building and other inspections.

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