Tom Whitfield’s Oceanside Real Estate Blog
Tom’s Real Estate Market Update
Vibrant Real Estate Market
Sales Going Strong
Sale pricing of single family homes over the first 5 months of 2016 is up by 10% with sale dollars of single family homes up by 63% over May of last year! Over the entire Vancouver Island Real Estate Board area, days to sell this May has been extraordinary with 30% of homes selling in just under 1 week and 54% of homes selling in under 4 weeks!. The pricier homes have been selling fast too, as of the 23 homes that sold locally for over $1M since January, 52% have been sold in less than 2 weeks! Buyers have to act quickly or risk losing out.
Red Hot Real Estate Market This Spring
Sizzling Sales
Real estate sales pricing of single family homes over the first 4 months of 2016 in the Qualicum Beach Parksville area is up by 8% as compared to this time last year. Sales volume is up by a whopping 45% with days to sell down considerably to 25 as compared to 57 days last year. The number of available listings in all types of properties is way down by about 30%, 50% and 70% for single family, lots and condos respectively. Coupled with high demand this makes it a seller's market. Buyers have to move quickly on a selected property or risk losing out.
Thanks for the QB Heritage Forest
Letter in the PQB Newspaper April 26, 2016
This is a letter of gratitude to Anne Klees, Tom Whitfield and the town council of Qualicum Beach. Congratulations to you and the countless volunteers and donors who were impassioned and allowed the Heritage Forest to stand.
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Timing is Everything
Local Real Estate Market is Sizzling Hot
Qualicum Beach Parksville real estate is being taken up quickly by Lower Mainland buyers who have arrived, en masse.
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First Quarter Sales Showing Strong Demand
Sales for 2016 are way up
Sales pricing of single family homes over the first quarter of 2016 is up by 8% as compared to last year with sales of single family homes up by 47%! The number of available listings of all types of properties is down considerably making it a seller's market.
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Real Estate Newsletter January 2016 for Qualicum Beach Parksville Nanoose Bay & Area
Update on the local real estate market as of January 2016
See the full article for a synopsis of recent changes, a market summary for 2015 and looking ahead to 2016.
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Real estate market update for homes and land for sale in the Qualicum Beach, Parksville, Fairwinds, Nanoose Bay, Bowser, Deep Bay area
Real estate market update first quarter results
The real estate market for homes and land for sale in the Qualicum Beach, Parksville, Fairwinds, Nanoose Bay, Bowser, Deep Bay area has seen an 8% increase in the average sale price of single family homes, a rise by 20% in the average sale price of building lots and a 4% increase in the sale price of patio home condos over this first quarter compared to the first quarter of 2014.
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Changes to the BC Property Transfer Tax
Helps buyers of new homes
The changes to the PTT are as follows: Effective February 17, 2016, newly-constructed homes used as principal residences, up to $750,000, will be exempt from the PTT. A partial exemption will be available for new homes up to $800,000. This is for all buyers, not just first-time buyers. Further, the PTT rate is increased to 3% (from 2%) on the portion of a property’s fair market value above $2 million. Rates of 1% on the first $200,000 of a property’s fair market value and 2% on the fair market value between $200,000 and $2 million will continue to apply.
Nanaimo May Become a Bedroom Community to Over-priced Vancouver
Affordability of Local Real Estate
Vancouver Commuters are Attracted to Affordable Vancouver Island Real Estate
Munchkin Preschool Treeplant Heritage Forest
Thu, Nov 26th, 2015 - Qualicum Beach, BC
Pre-school Munchkins recently planted trees in the Heritage Forest. Shown here are Tom Whitfield of the Brown Property Preservation Society with Munchkins Finnley and Zachary Doerksen, and their mom Evelyne. The Brown Property Preservation Society, with me as President, invited them to plant a few trees. This was the very first day of the Preschool Munchkins going out into the community to explore nature. So I thought it would be great to have them plant a few tree seedlings.
Fairwinds Waterfront (Schooner Cove) Update
Seacliff Properties Ltd.
FW Enterprises Ltd. of Seacliff Properties Ltd. Is currently working to finalize a revised plan for the initial phase of the Waterfront Village that will utilize the existing building to house the commercial uses. These would include a neighborhood grocery store, pub, cold beer and wine store, restaurant, coffee shop, marina office and other complimentary retail and service businesses. The existing building is currently being cleared out of it’s contents in readiness for the renovation and re-purposing of the building. Renovations are expected to be completed by the Summer of 2016. This is great news for both local residents and visitors to Fairwinds! See the Full Article for details.
Kitchen Reno Upgrades
Seven ways to show off champagne taste even on a Baby Duck budget.
Conjuring a luxury kitchen takes ingenuity when the finances just don’t measure up. But spotlighting a few areas can really boost an uninspiring kitchen. House Beautiful has these tips.
QUALICUM BEACH DAY 2015
JULY 5TH - NOON TO 5PM.
Qualicum Beach Day Sunday, July 5, 2015 Noon to 5:00 pm “Life’s a Beach” & we are having our 4th annual Beach Day event in Qualicum Beach on Sunday, July 5th. Kwali seagull is back to celebrate this family fun & informative event on our beautiful waterfront & beach. Events run from noon to 5:00 pm with a hearty Shriner’s pancake breakfast at 9:00 am for the early birds. Qualicum Beach Day offers plenty of hands-on activities for both children & adults alike. This event is strongly supported by the Town of Qualicum Beach & the local business community plus many local volunteer organizations. Shuttles will be provided from the downtown parkade to the waterfront. This year’s activities & displays include: Seine Netting for Sea Creatures, VIU Shellfish Research Centre Touch Tank, Vancouver Aquarium Marine Mammal Rescue Centre, Vintage Fashion Show, Kite Building & Nanaimo Boat Modellers, Tug-of-War, Beach Golf & Soccer, Giant Bubbles, Sandcastle Building, Parachute Game, Fish Pond, Face Painting & Tattoos, Seaweed, Shore Birds, Sea Mammals, WaterSmart, Qualicum Beach Pipe Band, Qualicum Beach Fire & Rescue, Beach Art plus Clowns, the Rainbow Stew Cloggers, Shark Dissection, Food, Music & more! See you on the Beach!
Buoyant Spring Real Estate Market
Real Estate Sales are Strong.
We are experiencing a buoyant spring housing market. For the overall months to date as compared to 2014, single family sales are up 7% and the average selling price is up 3%. However, specifically for April of this year compared to April of last year, sales volume is up by 17% and prices are up by 10%. Sales were predominantly under the threshold of $450,000. Inventory levels are down with active listings down 13% from April 2014.
Kids standing on a 5 foot Douglas-fir stump in the Heritage Forest, Qualicum Beach
Fri, Apr 10th, 2015 - Qualicum Beach, BC
Kids standing on a 5 foot Douglas-fir stump in the Heritage Forest, Qualicum Beach. Tom has asked the kids to create a 500 year old historic timeline which will be displayed on the large slabs cut from this stump in the Heritage Forest. It will eventually be on display at the kiosk in the Forest.
Kids at the Kiosk in the Heritage Forest, Qualicum Beach
Fri, Apr 10th, 2015 - Qualicum Beach, BC
Tom explaining to the kids who are going to do a 500 year-old timeline project for the Heritage Forest in Qualicum Beach.
March Market Update
Sat, Apr 4th, 2015 - Qualicum Beach, BC
Prices for March are down by 1% while overall sales volume is down by 3% compared to last year. Days to sell is also reduced by 9% to 62 days. This is likely due to a reduced overall inventory of homes locally. With fewer homes to choose from it makes sense that they are selling somewhat quicker. It's been a bit of a slow start to our spring sales this year as many Albertans are having to deal with the implications of lower crude oil pricing. Some of the 55 to 65 year olds may decide that this is a good time leave the oil patch and to get on with their retirement plans. This might require taking less for their current home in Alberta. However, our home prices here have remained steady for quite some time. Here you will find realistic pricing and homes offering good value! See you soon!
February Market Update
Fri, Feb 20th, 2015 - Qualicum Beach, BC
Prices have held steady, I would say. Statistics show a bit of a price increase, about 4 or 5% over 2014. But I really don't see it. It's a buyer's market still. However, inventory is still down at the start of this year giving sellers a bit of an advantage. But buyers still rule. We're cautiously optimistic that Albertans will be able to sell their homes at a reasonable price and be able to make their retirement move West.
Real Estate Market Review for 2014 and Looking Ahead to 2015 for Parksville Qualicum Beach & Area to Nanoose Bay.
Thu, Dec 4th, 2014 - Qualicum Beach, BC
Our market has been fairly active this year. The stats for the month of November show that during January to the end of November this year compared to last, single family sales were up by 20% with the average selling price up 5%. Sales were predominantly under the threshold of $450,000. The average sale price for a single family home in this region over the past 11 months is $394,160 with a median sale price of $361,000. The average time to sell is typically 2 to 3 months. Our local real estate market pricing hit bottom in the summer of 2013. However, gains by about the rate of inflation have been the norm since then. We should be in for a very good year in 2015. See Market News on my website for more.
FAIRWINDS SCHOONER COVE & LAKES DISTRICT GET FINAL APPROVALS
Neighborhood Plans get the Go-Ahead from both the Province and the Regional District of Nanaimo
At its July 22, 2014 directors' meeting, the Regional District of Nanaimo gave fourth and final reading to the Schooner Cove and Lakes District bylaws, bringing the land use approval process to a successful conclusion. At the end of June, the Provincial government set the stage by approving the Phased Development Agreement (PDA) that will govern the project over the next 20 years. With the July 22 vote, the land use approval process that began back in 2008 is finally complete, creating a path forward for a vibrant new oceanfront village as the centerpiece to sustainable residential neighborhoods that respect and protect environmentally sensitive areas. This is very good news for both the current residents of Fairwinds as well as those contemplating a move into the area. A vibrant, fun, pub/restaurant overlooking the sailboats and yachts of Schooner Cove Marina is sure to be a welcome sight! Retail shops along the waterfront will attract visitors too. Well done! To the staff of both Fairwinds and the Regional District of Nanaimo. Congratulations for achieving final approval of this milestone! Now the real work begins....
Qualicum Beach Day July 13, 2014
See you on the beach!
Life’s a beach and we are having our 3rd annual Beach Day event in Qualicum Beach on Sunday, July 13th. Kwali seagull is back to celebrate our beautiful waterfront and a really low tide at 1pm! The day starts at 8:30am with the Shriner's pancake breakfast and the Rainbow Stew Cloggers. Events along the waterfront and beach begin at 10:00am. Music starts at 1:00pm. Wrap-up is at 4:30pm. Looking forward to sunshine and heat for a great beach day! See you on the beach!
Qualicum Beach Day
Sunday July 13th 8:30am to 4:30pm
Life’s a beach and we are having our 3rd annual Beach Day event in Qualicum Beach on Sunday, July 13th. Kwali seagull is back to celebrate our beautiful waterfront and a really low tide at 1pm! Last year we had about 3,000 people attend this family fun event full of hands-on and even educational events plus plenty of local live music.
Qualicum Beach Day on July 13th
QB's Got Talent Music Competition
A much appreciated part of the Qualicum Beach Day event is the QB’s Got Talent music competition. It’s a great way to showcase some of our talented local performers. We’re still looking for a few more unsigned amateur musicians and vocalists to perform on our waterfront stage, July 13th, starting at 1:00pm.
Cutting Invasive Ivy from the Heritage Forest May 24, 2014
Brown Property Preservation Society Volunteers
Nice break from selling real estate in Qualicum Beach while doing some good work with cheerful volunteers in the Heritage Forest.
Qualicum Beach at Low Tide Today May 30, 2014
Qualicum's Beach Today
Another great day to sell real estate here in beautiful Qualicum Beach on Vancouver Island, BC.
Today's Buyers in the Qualicum Beach Parksville Real Estate Market
Buyers Making Decisions Carefully
Today's Baby Boomer real estate estate buyers take their time and make decisions carefully. They will peruse their options, seek out the best value and do their research. They are not an easy sell. For them, it is about settling in for retirement. For many, it is about down-sizing. Although Boomers still want space, luxury with quality finishing, good decks and/or patios for outdoor relaxation and entertaining plus always...a great kitchen!
Fairwinds Schooner Cove & The Lakes District Real Estate Development
Proposed RDN Bylaws Amended to Address Nanoose First Nation Concerns - Public Hearing Scheduled for May 12, 2014
As you may recall, back on December 3, 2013, the proposed bylaws required to advance the development of the Schooner Cove and the Lakes District neighbourhoods received first and second reading from the Regional District of Nanaimo (RDN) Board of Directors. Also at that meeting, the RDN Board decided not to set the date for a required public hearing, in order to provide the Nanoose First Nation (NFN) additional time to review the development.
Spam Alert
Anti-Spam Legislation in Coming July 1, 2014
Anti-Spam Legislation Coming Soon
Changes at the US Border Coming This June 2014
Can/US Customs About to Record Entry & Exit
Dream with Your Eyes Wide Open
Watch this new RE/MAX real estate video - March 2014.
Watch this new RE/MAX real estate video called Dream with Your Eyes Open, just launched at our Vegas convention and for nationwide distribution. Dream with Your Eyes Wide Open
RE/MAX Canadian Housing Market Outlook Report 2014
Real Estate Market Looks Good for 2014
See the link to this RE/MAX Western Canada YouTube video offering the 2014 Real Estate Market Outlook. RE/MAX 2014 Real Estate Market Outlook
Three Stonecutters
Here's a parable about Life for January 1, 2014
Here's a parable about Life... Three Stonecutters - One day a traveller, walking along a lane, came across 3 stonecutters working in a quarry. Each was busy cutting a block of stone. Interested to find out what they were working on, he asked the first stonecutter what he was doing.
Parksville Qualicum Beach Real Estate Market Summary for 2013 and Looking Ahead to 2014.
See Market News for the Full Report
In the Parksville Qualicum Beach area, the real estate market stayed strong throughout November and into December of this year. This was a bit unusual as normally sales slow down considerably by early November. This is likely due to a combination of overall strength in the Canadian and U.S. economies plus exceptionally sunny, dry weather throughout this Fall. Meanwhile the prairies went into the usual deep freeze…See my full year-end report for 2013 and looking ahead to 2014 in the real estate Market News on my website. Also refer to Statistics on the website for the Vancouver Island Real Estate Board monthly in-depth summary of our Parksville Qualicum Beach area real estate sales figures.
RE/MAX First Realty is SOLD!
RE/MAX First Realty and RE/MAX Anchor are now both owned by Larry Stewart of Saskatoon as announced December 16, 2013
See today's PQB News paper (Dec 17 2013) article regarding the sale of RE/MAX First Realty of Parksville to Larry Stewart from Saskatoon who recently also bought RE/MAX Anchor Realty of Qualicum Beach.
Letter in PQB News today about the Heritage Forest in Qualicum Beach
Because of you, this Forest still stands. Go walk the trails!
See today's PQB News paper (Dec 17 2013) article regarding the Heritage Forest of Qualicum Beach.
Wind & Waves on the Beach
Beautiful day on Qualicum Beach - November 19, 2013
Beautiful Qualicum Beach white-capped waves on a windy Fall day. 'Read more' to see photos.
Forward for Fairwinds
Fairwinds Real Estate Planning Update - November 19, 2013
Two large Nanoose Bay developments (Fairwinds Lakes District & Schooner Cove) took another key step in the zoning-approval process. It does appear as though the proposed developments are moving forward!
Older Population Will Reshape Cities
With the number of seniors doubling over the next 25 years, changes to neighbourhoods are in store - November 9, 2013
Here is an interesting article Vancouver Sun article on Older Population "active Third Age" Baby Boomers impact causing innovative urban planning.
Get You Going!
This is excellent footage of those who went beyond...- Nov 2013
Watch this with your morning coffee to get you revved up! Get You Started!.
Facing the Giants
Motivation to go beyond! - Nov 2013
Check out the link. Who says you can't do it! Facing the Giants
Qualicum Beach Demographics
Qualicum Beach is attracting a younger demographic - Nov 2013
Here's a good article posted in the Province newspaper. Qualicum Beach Attracting Younger Population
Video Highlighting Use of REALTOR.ca Across Canada
Great Scenery in this Video - June 2013
This fast-moving video highlights the success of REALTOR.ca in each province while featuring some gorgeous images from across the country. The scenery is quite good and I thought you might enjoy taking a look. Certainly 2012 was a record-breaking year for use of REALTOR.ca across Canada.
LiveSmart BC Program: Now Extended
LiveSmart BC - June 2013
LiveSmart BC Program: Now Extended: On April 11, 2013 provincial government in partnership with BC Hydro and FortisBC, announced the extension of the popular LiveSmart BC: Efficiency Incentive Program. See full details LiveSmart BC.
Local Real Estate Market has Taken Off
Don't Wait Much Longer - If You Can - It's Time to Buy - April 26 2013
Our market picked up considerably at the end of January and continues to gain momentum during this first quarter. After having experienced a truly miserable winter on the prairies, buyers from Alberta and Saskatchewan have arrived to see that our spring comes in late February! If you are a potential Buyer, you might want to consider that the time has arrived.
BC Home Prices May Start to Rise Sooner Than Later
Built-up Buyer Demand - March 15 2013
"BC home sales continued at a modest pace in February," said Cameron Muir, BCREA Chief Economist. "Despite improved affordability, many potential buyers and sellers remain in a holding pattern. With pent up demand now becoming latent in the market, it's not a matter of if, but when home sales rise above their current pace." This is from BC Real Estate Association today.
The Time to Buy has Arrived !
Prices are Down Offering Good Deals ! February 2013
Folks, if you are a Buyer, you might want to consider that the time has arrived. Prices came down considerably during the post-recessionary period after 2008. Interest rates have held steady at near-record lows. The inventory of available homes is also good. I don't see prices coming down any further here. The national media has reported an oversupply of new condos in Vancouver and Toronto. That's not the case here. Overall sales volume was down here about 20% in 2012. There is a built-up supply of buyers who have been waiting. I see 2013 as being in a steady state in terms of pricing with possibly an upturn in 2014 based on whatever happens this year with sales. I anticipate a very good year for sales in 2013. Our market picked up considerably at the end of January and continues to pick up speed. With a miserable winter on the prairies, many people from Alberta and Saskatchewan are showing up here looking at homes. Many are also returning home to get their homes listed after seeing for themselves that the crocuses have been blooming for a few weeks and the daffodils are up and just about to bloom here. It's interesting to see locals buying who see the deals and are prepared to move on them, thereby upsizing, downsizing, moving to better neighbourhoods etc. That's my 2 cents worth for now.... Cheers.
VOLUNTEERING
You Can Do It! - December 15, 2012
VOLUNTEERING - Many people believe they don't have the time to get personally involved or that they have nothing to offer. Everyone has something to offer.
Positive Signs for the US Housing Industry September 2012
RE/MAX CEO Margaret Kelly Interview on Fox Business News - video link
We all know how important the US housing industry is to our economy here in Canada. See this link to RE/MAX CEO Margaret Kelly in a recent interview on Fox Business News.
Qualicum Beach Parksville & Area BC Living Article September 2012
BC Living Magazine Article September 2012
Parksville, Qualicum Beach and the handful of quaint neighbouring communities including Coombs and Nanoose Bay offer families an idyllic paradise for a fun getaway. Fondly referred to as Oceanside by locals, the Parksville/Qualicum Beach area is a place where iPods and wi-fi are traded for buckets and spades, and little hands, sticky from oversized scoops of ice cream, are washed in the warm tide pools. Here, the words ‘I’m bored’ are forgotten and bedtime is almost effortless thanks to the hours spent running barefoot on the beach. Better still, the majority of family-friendly activities are within a short walk or drive and cost very little, or nothing at all!
Qualicum Beach Parksville & Area Real Estate September 2012 Update Market
Qualicum Beach Parksville & Area Real Estate Market
As of August, single family home prices in the Qualicum Beach Parksville area are down 8% over this time last year. Interest rates are at all time lows. After a prolonged period of focus on Euro-zone debt, global confidence in the economy is cautiously maintained. This could be a very good time to buy.
Labour Day Weekend
Summer's Over - Bring on Fall
Well it's hard to believe summer's about had it. After a wet, cool early spring, we've had a long run of typically dry, warm weather. Once this weekend is over, people start arriving to look for real estate. Retirees can enjoy the sunshine over a round or two of golf, beach walks, whatever. Sales usually pick up significantly after the Labour Day weekend. Ferry lineups are gone and visitors can enjoy the area without the family tourists. We do have a very good selection of properties available and sellers who haven't sold will be motivated. It's time to make your move.See you soon!
Qualicum Beach - Beach Day Almost Here - July 21st
Sure Hope It's a Sunny Day
We had our last full meeting of the Qualicum Beach - Beach Day organizing committee on Monday. Several last minute changes to scheduling. We've added an aerial flyby from some of our local aces! That should add a little extra noise and drama to the event! The day should be awesome. So if you are in the area on the 21st, come to the Beach. Parking along the waterfront won't be allowed but we will have 2 shuttles running from the former school bus parking across from Qualicum Foods and from the Civic Center. It will be a very fun day! See you on the Beach!
Qualicum Beach - Great Horned Owls in the Heritage Forest
Sun, Jul 8th, 2012 - Qualicum Beach, BC
Some of you may be interested to know that we have had a family of Great Horned owls in the west side of the Heritage Forest here in Qualicum Beach. We have been seeing 1 adult with 2 chicks. Now the chicks are about 1/2 the size of the rather huge adult. There are always several Barred owls in the eastern portion of the Forest but the Great Horned owls are new, at least in recent times. Seems they have their territories worked out. It's worth noting that the rabbit population in the neighbouring residential area has been thinned out significantly. Hey, biological controls! See you in the Forest.
Qualicum Beach - Beach Day Celebration - July 21st
SEE YOU ON THE BEACH !
I am part of a small team of dedicated volunteers putting this event together - for the very first time this year. We shouldn't let Parksville have all the beach fun when we have such a great beach here at Qualicum Beach.
Qualicum Beach - Beach Day - July 21ST
FIRST EVER QUALICUM BEACH DAY CELEBRATION
This year it's the 70th anniversary of the incorporation of the Town of Qualicum Beach. What better time to celebrate one of our most valuable assets - our spectacular beach. So for the very first time, let's have a summer beach party!
The Time to Buy is Right Now - April 2012
Don't Hesitate - Good Selection - Prices are Down For Now
I hear the "coulda - woulda - shoulda" phrase from clients often. The time to buy is now. There is a very good selection available. Prices have come down dramatically since 2008 and have stayed down. Hard to say for how much longer. If you are in a position to make your move, I recommend you do not sit on the sidelines for much longer. Interest rates really don't have much of an effect here, as most retirees buy with cash. But as the rates are so low, some do borrow for buying real estate then invest their other available equity elsewhere. The weather has warmed up at last and people have come out of hibernation. I am quite busy as of early April. The real estate market is taking off...Call Tom soon or you could be saying....
Signs of Recovery in US Housing Market as Prices Start to Rise - March 2012
Home Prices in US Rise for First Time in 18 Months
Here is a link to an interesting article outlining signs of recovery in the US housing market http://www.housingwire.com/article/annual-home-prices-rise-first-time-18-months-remax
Parksville Qualicum Beach Real Estate Market is starting to Move - March 2012
Buying and Selling is Gearing Up for Spring
It appears as though our real estate market, at least here in the Qualicum Beach and Parksville area, is starting to come out of it's deep winter slumber. Homes are starting to sell as local buyers get in on the best deals.
BC Budget Announced This Past Week - February 2012
New BC Budget Looks Good Overall for Housing Market - February 2012
Lots in the media this past week about the new BC budget. I think it's a good one overall for the housing industry. Certainty is always better than uncertainty. Parts of the world continue to struggle while we here in the West are going pretty strong.
Real Estate Update February 2012
BC Housing Sales Forecast 2012
At the Housing Outlook 2012 conference in Vancouver, analysts from Canada Mortgage and Housing Corp. (CMHC) sketched a scenario of surprising stability in the Vancouver and B.C. market for next year. For all of B.C., housing sales are forecast to increase 7.4 per cent, according to CMHC. "Modest economic growth at home and abroad is expected to limit growth in consumer demand both this year and in 2013," said Cameron Muir, BCREA Chief Economist. "While European sovereign debt concerns and a sluggish US economy will continue to impact consumer confidence, strong demand in the bond market is expected to keep mortgage interest rates at or near record lows for most of 2012," added Muir. Home prices in most BC markets are forecast to experience little change over the next 24 months as the supply of homes for sale more closely matches consumer demand. There seems to be flickering, rays of dawn: the dawn of recovery. There is now better news emerging from south of the border. For instance, a much higher number of new jobs than anticipated, with the unemployment rate the lowest in three years at 8.5 per cent (7.5 per cent nationally in Canada, seven per cent in B.C.) The Canadian economy is not faring badly either. We will likely see more of the same in terms of the pace of the market in the next year or two, but a slight to modest rise in sale prices and volume. I believe that we may look back at the years of 2011/2012 as the "bottom of the market." Let's not forget that the peak of the real estate prices was seen around 2008 - almost four years ago. Indications are that a change, slow but positive, is on the way. For those who are still thinking about buying a property, do not stay on the sidelines too long - the tide of good buys seems about to change! For additional market information, see the Market Statistics link on the home page.
Market Statistics for October 2011
Parksville Qualicum Beach 3% Overall Single Family Home Price Increase - October 2011
The Vancouver Island Real Estate Board summary of stats for October 2011 shows an overall 3% price increase over 2011 for single family homes in the local area. The median price for October sales was $339,000 and listings took 73 days to sell. It is expected that home prices will remain stable through 2012.
Bank of Canada Interest Rate Announcement October 25, 2011 - Holding Steady!
Bank of Canada Holding Interest Rate - October 2011
Today, the Bank of Canada announced it's plans to hold it's rate at 1%. This morning's statement shows a very cautious Bank of Canada that is unlikely to make any significant movements on interest rates over the next two to three quarters. Expect the Bank of Canada to remain on the sidelines through at least the first half of 2012. This is good news for anyone looking to borrow. On another note, there are buyers still buying. Some sellers have taken their property off the market until spring (February). As a result, those still in the market have a better chance of selling. Prices have come down and are likely to hold steady for the foreseeable future. It's taking somewhat longer to sell but properties are selling especially in the average pricing levels of the $300Ks. The higher priced properties had a flurry of sales activity over the summer months in response to reduced pricing. Expect slower sales to spring (February) and stable prices over the longer term.
HST Referendum Tallied and the Results Are In - August 26, 2011.
March 2013 HST Scheduled to Be Gone
Good news! The HST is going to be eliminated in BC. New home builders and buyers of new homes will be happy to see the HST go. 55% voted yes, to remove the HST. The issue for government now will be to formulate transitional rules for sales of new homes up to March 31st, 2013 when the HST is scheduled to be gone. Hopefully this will put tradespeople in BC back to work and get consumer-spending moving. The other really good news for home buyers is that mortgage interest rates are not expected to increase any time soon.
It's a Buyer's Market in May, 2011
Nanoose Bay/Fairwinds to Qualicum Beach/Parksville Area to Deep Bay
Mr and Mrs Buyer are in the driver's seat! Overall sales of homes priced above about $500,000 have been slow this spring. If you are able to come in with cash and not include a subject for the sale of your existing home, you are in a good position to get the home for less money. Cash is King, as they say. We have a good selection of listings to choose from. Pricing has been really good. Vendors are listing for realistic and sharp pricing in order to compete. Albertans have been slow to arrive so far this spring. With the very healthy oil industry, those folks should be able to now sell their homes in Alberta in order to move over here and get out of that hellish winter climate! See you soon!
Local Home Sales are Taking Off in April 2011 !
Nanoose Bay/Fairwinds to Qualicum Beach/Parksville Area to Deep Bay
If you have been waiting to buy real estate locally, you might consider acting soon. Our sales activity has taken off since the better weather finally arrived about mid April. There is considerable interest due to built-up buyer demand, realistic pricing, and lots to choose from. However, inventory is getting eaten up. New listings are still coming on the market though, so don't despair. Just get moving or could find yourself in that 'coulda, woulda, shoulda' category of those who waited too long and got back into the market with rising prices. See you soon !
Real Estate Returning to Normal in February 2011
Nanoose Bay/Fairwinds to Qualicum Beach/Parksville Area to Deep Bay
Local real estate sales are down from a year ago but up over last month. Sales in February 2011 show a 13% decline from February 2010 but a 17% increase over last month. The average price of a single family home is down 3% from February 2010 but up 3.8% from last month. I feel that the cooler than normal weather experienced in February kept some buyers away. With a return to warmer March-April weather we should see the built-up buyer demand being realized with stronger sales locally. Certainly Vancouver and Victoria are hopping. Some sellers from these larger centers will come here to purchase, usually 2-3 months later. See February 2011 Market Statistics for further details.
Real Estate Market Fourth Quarter 2010
Nanoose Bay to Qualicum Beach & Area
The 2011 real estate market looks quite promising. Prices have remained stable in our area and new listings are anticipated in the latter part of January. This will provide a terrific selection of properties to choose from. We have built up buyer demand, realized through fewer sales over 2008, 2009 and 2010 as we worked our way through that post-recession period. Our economy appears quite stable in terms of interest rates, unemployment figures, inflation and other such variables. Even south of the border, the US economy seems to have somewhat stabilized. Consumer confidence should be back on track and we do anticipate a strong spring 2011 sales season.
Real Estate Market Third Quarter 2010
Nanoose Bay to Qualicum Beach & Area
Consumer confidence continues to be shaky, largely due to the continuing slow growth in the U.S. Media reporting suggests home prices are to drop in large centers such as Vancouver and Toronto. This is not directly applicable to our smaller local market. Industry analysts predict a shortage in supply of new homes, as builders have shied away for the time being. Here though, prices came down and have stayed down since mid 2009. Many potential buyers still seem to be taking a wait-and-see approach but for those who can move forward, it is a buyer’s market with affordability, interest rates and selection all in your favour. We are seeing flexibility in offers being accepted as sellers and buyers decide to move forward with the next chapter in their lives.
BC Home Sales to Climb Eight Per Cent in 2011
Nanoose Bay to Qualicum Beach & Area
BC Multiple Listing Service® (MLS®) residential sales are forecast to increase 8 per cent from 74,640 units in 2010 to 80,900 units this year, and increase another 4 per cent to 83,950 units in 2012. “British Columbia housing markets are returning to normalcy after two years of volatility,” said Cameron Muir, BCREA Chief Economist. “Employment and population growth will fuel consumer demand over the next two years. However, higher mortgage interest rates and tighter credit conditions for low equity home buyers will limit home sales to below the ten-year average of 87,600 units.”
