Real Estate in Qualicum Beach, Parksville, and Nanoose Bay
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Nanoose Bay • Parksville • Qualicum Beach Local News

Local Real Estate News

April 01 /2021 Subject-free Offers Include Pitfalls

All Zones, Single Family Residential - MARCH 2021 Average Sale Prices - CLICK here for Stats:
Market Stats

As the local area enters the Easter weekend lockdown, REALTORS are hoping for a little respite in the current frantic real estate market. A few sellers have opted to place their home selling plans on pause once again as we ponder the pandemic statistics, including the effect that vaccinations will have. Many home listings have been receiving multiple offers, many which have been financing free and subject free. It does bring up a VERY IMPORTANT POINT about buyer perception of placing offers. Some buyers are ill-informed as to the repercussions of placing subject free offers, in they might believe if they withdraw from their contractual obligations, they might only lose their DEPOSIT. This is potentially untrue, in the fact that when a buyer relists and receives a lower price, the client who withdrew from their contract CAN BE obligated to make up the market difference. For example: A subject free offer of $1 million is withdrawn, and the sellers best attempt at matching the price might only garner them a $900.000 sale, the Buyer who withdrew their $1 million dollar offer might be held liable in court, for the $100,000 difference.

Although lack of inventory is a problem throughout British Columbia, it has reached a crisis point on Vancouver Island, says 2021 VIREB president Ian Mackay.

“Demand-side policies like taxes and higher mortgage rates have done little to remedy our inventory issue, which is a decade-old problem,” says Mackay. “Vancouver Island has always been popular with retirees, but COVID-19 and the option of remote work are now attracting younger buyers. Competition is fierce, and we don’t see that abating any time soon.”

The British Columbia Real Estate Association (BCREA) does not see the inventory situation improving until more supply comes online later in the year. BCREA and local real estate boards are advocating with policymakers at the provincial and regional levels to speed up the development process so that municipalities can expand supply more quickly to meet demand.

“It’s painfully clear that attempts to dampen demand have not moderated home prices, so the best route to making housing more affordable, particularly for first-time buyers, is to increase supply,” says Mackay. “It’s not a quick solution, but it’s the only one that makes sense long-term. And, to do that, we need all levels of government working together.”

Unsurprisingly, the heated housing market is impacting prices, which are rising throughout the board area.


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A typical BC home.

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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There are No Single Family Homes for Sale

Affordability is the Challenge as 2020 Ends.

A couple of years ago, there were plenty of single family homes for sale in our area, below the $600,000 level, which is prompting people to speculate that "prices have to come down, this is not affordable". Some buyers are blaming the Realtors for pushing up prices.

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Homes Listing Shortage

The Buyers Are Looking, But the Sellers Are Not Interested

Not much good news to add to our current real estate market. Latest listing numbers are at an all-time low, even with the increased building activity. Normal market listings range between 500 to 600 homes, but currently, today's (Oct 18/2020) listings TOTAL 315 units. Many of the homes currently on the market have languished for a number or reasons, the main one is location and ranchers are popular with our mature generation. With the construction of Berwick Retirement Home, which currently has a waiting list, this movement from homes to Berwick, inventory was quickly gobbled up. Under construction in Parksville is an even larger facility, and many new homes, apartments and condos are adding inventory, but not fulfilling the need for move-in ready ranchers in good locations. Contact me if you are planning to move into our area or change homes, and I will help you with all phases from market evaluation, market inventory and tips to ease the process. Thank you for visiting our website and if I can be of further assistance, I am just one phone call, email or message away.

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Phase 2 of B.C.'s Restart Plan

Restart Plan is about adapting to a new normal.

REALTORS® can play a leadership role in their communities and profession by prioritizing public safety while serving consumers. All REALTORS® have a responsibility to understand WorkSafeBC's protocols and their brokerages' safety plans, as well as develop their own safety precautions to comply with government protocols. Doing so protects you, your staff, and your clients. In that spirit, here are some things to keep in mind.

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Market impact and reaction to COVID–19

The Market Paused for a Breath.

As no one knows how the real estate market will react to the fear and isolating effects of COVID-19, we are also not sure of the future market reaction. We present a few basic April 2020 statistics as presented by VIREB.

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Pandemic COVID–19 Thank you.

We are so grateful for all the hard working people.

We are so thankful for all the people who make our lives easier, who risk their own lives, for the good of all.

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COVID.19 Property Listing and Showing Services.

NANCY SMITH is Equipped to Help Through Pictures and Video

Pictures and videos have become a very necessary tool to assist clients with the purchase or sale of their home.

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A Rebound, or Just a Blip

Has the USA Housing Market Hit Bottom, or Will Coronavirus Slam It ?

The latter part of 2019 saw a consistent home market uptick, and though projections are for a continued pace, influences like the Coronavirus and the USA election, will affect both Canadian and USA markets. Maybe many people are waiting to see how the market moves before they decide to make a change and sell their existing home due to changing needs, creating a pent-up flood of potential market activity.

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USA Housing Statistics Are Similar to Canada

Current Sentiment is Pointing to a Stronger Housing Market.

We try to keep our local Market News and Market Statistics up to date monthly. This morning I saw USA stats as presented by Bloomberg and was surprised how similar their stats measure against Canada. It is difficult to project the long term trend by past news, but the current Corona Virus concern will affect our supply market for many products, as they have been a consistent provider. With the China shutdown, no one really knows the long term impact on our lives. Local Realtors are anticipating a strong 2020 home sales market. That said, we reproduce Bloomberg's USA housing statistics for your reading pleasure:

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Insurance is Stressing Strata Owners.

Most Insurance Issues Apply to Poorly Maintained and Poorly Operated Properties.

Strata Insurance has hit the news headlines and of course the media tends to spotlight and sensationalize their articles.

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