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Open House. Open House on Saturday, September 16, 2023 1:00PM - 3:00PM
Open house will be hosted by Ian Hodson

Please visit our Open House at 58 Duke St in Nanaimo. See details here

Open House on Saturday, September 16, 2023 1:00PM - 3:00PM Open house will be hosted by Ian Hodson

Developer or investor alert as these do not come along very often - a full duplex on a double lot, located at the end of a cul-de-sac and with views of Mt Benson. Home has been well maintained with new roof in 2010, recently rebuilt balcony on the upper level, newer hot water tank on the lower level. There is also a double garage with separate doors and has a wall down the middle with access on each side so each unit can have its own single garage. Each unit has 2 bedrooms with a large kitchen and living room and has its own laundry. The second lot is on the west side adjacent to Robins Park and is a steep slope but according...

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Open House. Open House on Sunday, September 17, 2023 2:00PM - 4:00PM
Open house hosted by Justin Steele

Please visit our Open House at 58 Duke St in Nanaimo. See details here

Open House on Sunday, September 17, 2023 2:00PM - 4:00PM Open house hosted by Justin Steele

Developer or investor alert as these do not come along very often - a full duplex on a double lot, located at the end of a cul-de-sac and with views of Mt Benson. Home has been well maintained with new roof in 2010, recently rebuilt balcony on the upper level, newer hot water tank on the lower level. There is also a double garage with separate doors and has a wall down the middle with access on each side so each unit can have its own single garage. Each unit has 2 bedrooms with a large kitchen and living room and has its own laundry. The second lot is on the west side adjacent to Robins Park and is a steep slope but according to the...

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Welcome to the monthly real estate statistics newsletter.
 
On September 6th the Bank of Canada announced they were holding the key interest rate at 5% - the next interest rate announcement is due on October 25th.

Single family median sold prices seem to be holding to similar amounts to the same time last year although sales are up but inventory levels are down. Historically we do see the real estate market pick up in the fall and I think that looking into my crystal ball we will see that, combined with the interest rate announcement, we will see it get busier over the next couple of months.


Real Estate Statistics





 
 
Synopsis for Nanaimo

The graphs below show the median sold price, sold numbers and number of new listings since the beginning of each year (freehold homes only.)

Median...
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New property listed in Na South Nanaimo, Nanaimo

I have listed a new property at 58 Duke St in Nanaimo. See details here

Developer or investor alert as these do not come along very often - a full duplex on a double lot, located at the end of a cul-de-sac and with views of Mt Benson. Home has been well maintained with new roof in 2010, recently rebuilt balcony on the upper level, newer hot water tank on the lower level. There is also a double garage with separate doors and has a wall down the middle with access on each side so each unit can have its own single garage. Each unit has 2 bedrooms with a large kitchen and living room and has its own laundry. The second lot is on the west side adjacent to Robins Park and is a steep slope but according to the City could be developed subject to a geotech report and the relevant permits (buyer to confirm...

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New property listed in PQ Errington/Coombs/Hilliers, Parksville/Qualicum

I have listed a new property at 7 1700 Alberni Hwy in Coombs. See details here

These properties do not come along very often in mobile home parks - 4 bed, 1,500 sq ft with a large garden area that is approx 65' x 35' so would be ideal for those gardeners and/or those with growing families. Plus the garden is fully fenced with cedar panels, has vegetable beds, 2 storage sheds and is gated with space for RV parking. The home has a large living room that has a cozy, newer WETT and mobile home certified wood stove. A good size dining room and kitchen with island. Plus has the 4 bedrooms and 2 bathrooms with the primary having an ensuite. This really is a great spacious home in a family and pet friendly park. All measurements are approx and should be verified if important.

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New property listed in Na Central Nanaimo, Nanaimo

I have listed a new property at 1665 Meredith Rd in Nanaimo. See details here

Developer alert for this property as it is in a prime location in Central Nanaimo and on a good sized lot. House is fire damaged and boarded up so no interior access allowed. The current building is approx 2,700 sq ft on a 7,700 sq ft lot and backs onto a city park. The current house was previously listed as having 6 bedrooms, 3 bathrooms, including a 2 bedroom suite, so great potential to either renovate the existing structure or demolish and build a new home. This is a court ordered sale and is being sold "as is, where is" with no representations or warranties from the seller or listing brokerage/agent. All measurements and listing details are approximate and should be verified by the buyer if deemed important. ...

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Welcome to the monthly real estate statistics newsletter.

Similar to the last newsletter I have to mention the Bank of Canada raising their rate to 5%. The bank has a target of 2% but the Bank of Canada governor, Tiff Macklem, has said this could take till the middle of 2025 to reach that number. The next meeting is scheduled for September 6th and it is possible the bank could bring in another rise as they are taking it "one meeting at a time."

Although we are seeing high mortgage rates we are still seeing low inventory levels for freehold homes. There are currently approximately 320 homes for sale in Nanaimo and although this is higher than a year ago it is less than half the number of active listings we had when looking back around 10 years. 

Real Estate Statistics






 
 
Synopsis...
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Welcome to the monthly real estate statistics newsletter.
 
You will have probably read the news about the Bank of Canada raising it's rate up to 4.75%, which will have a knock on effect for mortgage rates. The banks next meeting is in July and the general consensus is that rates could go up again at least once more this year, but will be dependant on inflation/economic growth figures and this is already the highest rate we have seen since 2001. 

The real estate market peaked in the first quarter of last year but then the interest rates started going up and we saw a slow down. The last rate rise was in January of this year and after this we saw some confidence return to the market and that combined with low inventory levels meant we were even seeing some multiple offers, although thankfully...
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The Bank of Canada raised its overnight policy rate this morning by 25 basis points to 4.75 per cent. In its statement accompanying the decision, the bank noted that the Canadian economy was stronger than expected in the first quarter and spending in interest rates sensitive sectors, like the housing market, has picked up. On inflation, the Bank continues to expect CPI inflation to ease to 3 per cent by summer, however, monthly inflation continues to trend about two times higher than its 2 per cent target, a circumstance the Bank fears could become persistent without immediate action. 

After signalling a pause in its monetary tightening just a few months ago, the Bank of Canada has already changed course. While inflation has come down significantly, core inflation has been stubbornly trending...
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Welcome to the monthly real estate statistics newsletter.



Real Estate Statistics






 


Synopsis for Nanaimo
 
The graphs below show the median sold price, sold numbers and number of new listings since the beginning of each year (freehold homes only.)

Median Sold Price:


 


Sold Numbers:


 


Number of new listings:


 

The following graphs shows the % difference of the housing price index (HPI) from the same month 6 and 12 months ago. It is split into the different sub-areas (the overall figure for Nanaimo is on the left of the graph) and is for single family homes.





 
 

The following graphs are for Nanaimo and show the sales numbers against new listings and sales numbers against total active listings. This is helpful to show how the market is doing as the closer the 2 lines come...
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Ian Hodson
Telephone: (250) 756-1132
Toll Free: 1-800-377-4374
Fax: (250) 756-1210
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MLS® property information is provided under copyright© by the Vancouver Island Real Estate Board and Victoria Real Estate Board. The information is from sources deemed reliable, but should not be relied upon without independent verification.