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

Local Real Estate News

Home Catch-22 - without a home.

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

The Buyer's frustration continues with even lower sales inventory and increasing prices especially for single family homes. Entry level homes, including mobiles, modulars, condominiums and patio homes are often scooped up on or before they are listed on the MLS system. Diligent buyers, either requiring financing, or smartly request building, septic, water and other inspections are still often trumped by subject-free, multiple offers on desirable properties. Some buyers are sitting on the sidelines, watching the news and as they watch prices rise and inventory fall, keep looking for that 'bubble' to pop, while getting priced out of the local markets.

The Government keeps meddling in the housing market, in a effort to appease the entry level buyers, but consistently put policies and taxes in place to attempt to stifle the open real estate market, only to see failure. Prices continue to climb, and the entry-level homes are increasingly harder to purchase. We have seen USA markets where mobile homes in parks are advertised for $18 - $22,000 USD, whereas on Vancouver Island, similar homes are currently selling for $200 - $300,000 CDN.

In our opinion, even a 'crash' in the general market will have little effect on Vancouver Island prices, as Canada and Vancouver Island will continue to attract retirees from not only all parts of Canada, but also from all parts of the world. On the world market, our large homes and properties, especially those on waterfront or with ocean views, are extremely cheap and desirable.

Unfortunately for the local Vancouver Island residents, we easily remember when waterfront properties were selling for the same price as current average homes, without views.

Many residents have been caught-up since the beginning of 2020, with the Covid-19 pandemic influences, without a home. They unfortunately sold their home, but before repurchasing, they were caught in this surprisingly hot market. No wonder inventory is at a record low, as residents are afraid to sell, without having the confidence of being able to re-purchase.


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A typical BC home.

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.

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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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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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