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

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Million Dollar Vancouver Island Homes. November /2020 Market Update

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

In as much as people have been priced out of the Vancouver Island market, looking for affordable homes below $500,000, it appears we are entering a market where decent single family homes now hover around the $1 million dollar mark, and choice homes are now multi-millions. We receive constant requests from all parts of Canada, asking for waterfront home listings below $500,000. These people seem quite shocked to get the response, "Oceanfront homes start above one million dollars." Equally shocked are the REALTORS, who must help client price their homes, as comparables do not exist. One year ago a client bought a beautiful Qualicum Beach home at a high price of $950,000, but a similar neighbor's house just listed and sold over asking at $1,050,000, over 10% more in one year, in a multiple offer situation.

Sadly, listings are at a ridiculously low level, with only a few single family homes currently available in Qualicum Beach, below that $1 million mark.

Local REALTORS are still expecting a strong market right up to the new year, and now the Canadian Government has stepped up with a bit more Covid-19 financial aid, they are buying mortgages to help banks, and even though many businesses are struggling, there has been a surge in new jobs related to this virus.

Canadians have generally been fiscally responsible since the 2008 setback, and probably this is why we are still seeing a strong real estate market, Canada wide.

For further Market opinions and perspectives, go to Market News TAB, click on Nancy's Blog.

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A typical BC home.

MARKET UPDATE: December 31/2020 Qualicum Beach/Parksville


NANAIMO, BC – The Vancouver Island Real Estate Board (VIREB) reports that sales of single-family homes in December increased by 34 per cent from one year ago and were 28 per cent lower than in November. Last month, 302 single-family detached properties (excluding acreage and waterfront) sold on the MLS® System compared to 226 in December 2019 and 421 in November 2020.

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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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MARKET UPDATE: November 30/2020 Qualicum Beach/Parksville

Courtesy NANCY SMITH and VIREB (Central Vancouver Island)

DECEMBER 1, 2020 STRONG BUYER DEMAND HAMPERED BY LOW INVENTORY NANAIMO, BC – Last month, 422 single-family detached properties (excluding acreage and waterfront) sold on the MLS® System compared to 318 in November 2019, a 33 per cent increase. Sales dipped by 19 per cent from October. In the condo apartment category, sales rose by 65 per cent year over year and decreased by 17 per cent from October. Row/townhouse sales increased by 84 per cent from the previous year but dropped by eight per cent from October. “Although sales decreased in September and October, we attribute it to a lack of inventory, not weakening demand,” says VIREB president-elect Ian Mackay. “The buyers are there, but the listings aren’t.” Please Click on "Read more" to see more details.

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Market Update October 31/2020 Qualicum Beach/Parksville

Courtesy NANCY SMITH and VIREB October 31/2020

The real estate market is still on fire with buyers, but listing inventory is hitting new lows with just 285 active and open residential properties available for sale. In 2019 the inventory was tight at 500 homes but many buyers found homes and properties to suit their needs. This year, it is taking some imagination, determination and pure luck for the many buyers to find a sweet-heart property. Please Click on "Read more" for a comprehensive report.

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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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Vancouver Island Housing Update for September 2020

Courtesy NANCY SMITH and VIREB September /2020

A local robust market has exceeded sales expectations for single family homes. Courtesy of VIREB and NANCY SMITH, to see market results to the end of AUGUST /2020 Please CLICK * Read more * to read the full article.

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Market Update August31/2020 Qualicum Beach

Courtesy VIREB

August 2020 Market Update The strong post-COVID recovery of VIREB's housing market continued in August, with 1,101 unit sales (all categories) last month, a 39 per cent increase from August 2019. To read the FULL ARTICLE please CLICK *Read more*

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Market Update July 31/2020 Qualicum Beach

Courtesy VIREB

The slow summer real estate season is not happening this year. REALTORS in the VIREB, Vancouver Island(excluding Greater Victoria VREB)are swamped with buyers and a lack of inventory. As well, VIREB has switched over to the new document management service MATRIX, and other updates as well as COVID-19 restrictions are testing everyone's patience. Where are our local sellers? I suppose Vancouver Island is Canada's magnet for enjoying life with amazing climate, charming people and endless natural outdoor activities.

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Real Estate Market Update June 2020 Qualicum Beach

June 2020 - courtesy VIREB

Courtesy VIREB and NANCY SMITH RE/MAX, we provide a copy of June 2020 VIREB board area synopsis. There is a consistent if not somewhat ambitious market oddity in that many desirable homes are receiving multiple offers and some homes seem to be selling quite North of the previous average local valuations. This is great news for the current sellers, and interest remains high with many potential buyers getting outbid but wanting a home to move into.

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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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May/2020 Market Numbers are Showing an Upswing.

With the lifting of some restrictions, people are moving.

Courtesy VIREB (Vancouver Island Real Estate Board) ON THE GROUND May 2020 Market Update *** While COVID-19 had a significant impact on VIREB's housing market in April, our May numbers indicate that the market may already be recovering.

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Impact of COVID–19 on May 2020 vs Sales May 2019

Annual Statistical Comparison Charts for Month of May

In a crisis, people react in different ways. We take a peek back to May/2019 and compare the monthly market statistics to the current May/2020 market. There has been a drop in activity as many retail businesses have closed down to reduce close interaction and contact, the real estate market has not just stopped.

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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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Real Estate Market Update March 2020 Qualicum Beach

March 2020 - courtesy VIREB

Courtesy VIREB and NANCY SMITH RE/MAX, we provide a copy of March 2020 VIREB board area synopsis.

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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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January 2020 Market Update for Vancouver Island, includes Qualicum Beach, Parksville, Nanoose.

Market Update for Month of January 2020

January 2020 Market Update as Released by CREA Sales of single-family homes dropped by 16 per cent from one year ago and were 26 per cent lower than in December. However, this is a broad paintbrush, and the Local Market of Qualicum Beach will be summarized shortly, in follow up articles.

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Market Update December 2019 The Local Housing Market Ends With No Surprises

December Wrap up for 2019

Trend-wise, VIREB’s housing market is balanced in most areas and inching towards a buyers’ market in a few zones. Overall, however, home sales and listing activity are at typical levels for our region. REALTORS® across the Island are reporting that there is interest among buyers, but many are taking a wait-and-see approach.

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