Category Archives: BC Homes

Vancouver Island Real Estate Market Update August 2022

Vancouver Island Real Estate Market Update August 2022

Realtor and Associate Broker Lorne Gait has just prepared for you this Vancouver Island Real Estate Market update August 2022. 

Market Update Vancouver Island

Lorne is a professional working in the mid Vancouver Island area,  He is based out of the Royal LePage Nanaimo Realty office in Ladysmith, BC.  Because of his many years of experience, he can help you with Real Estate needs from Victoria through Campbell River.  Let’s get in touch and talk about your Real Estate Needs . . . Lorne at 250-618-0680.

Vancouver Island Real Estate Board Statistics analysis

The Vancouver Island Real Estate Board also has its own Vancouver Island market Update to the end of July, 2022. This article is well worth reading.  Check it out: VIREB ANALYSIS.

Summary Thoughts

The Real Estate for Nanaimo likely hit a high in January / February 2022.  For Cowichan, we likely hit a high in April/May.  These highs were reflected in the average sell price and in the median sell price.  The average sell price is the average of all homes.  The median is the middle home of those sold.   

Since we reached the highs, the market has declined in price.  In  January 2022 the Nanaimo the high average was $1,003,705  .  Now, in the July Stats, the Average Sell Price is down to $879,302.  In April 2022 the Cowichan Average Price was $913,620.  Now, in the July Stats, the Average Sell price is down to $829,943.  

Moving forward it is likely that there will be one or two more bank of Canada interest rate rises.  This means there will likely be continued softening in the market.  As well, it is likely the bank of Canada will not be able to time the perfect amount of correction to interest rates.  This realtor expects these rises will cause an actual recession as we move into 2023.  Therefore, likely more softening in the market through next year.

Optimistic Future

At the same time, real estate markets are always cyclical.  A number of years out, the market will likely be a high as it has ever been.  We could well see new highs five to six years from now.

If you want to talk more about your specific home or property and how the market is affecting you,  our cell to call to text is 250-618-0680.  You can email us at lorne [at] lornegait [dot] com 

Lets Get IN TOUCH

Here are the stats for Nanaimo – 07-Jul 2022 Nanaimo Graphstats

And here are the stats for Cowichan – 07-Jul 2022 Cowichan Valley Graphstats

Vancouver Island Realtor Lorne Gait
Realtor Lorne Gait is able to help you with your Vancouver Island real estate needs
We hope you enjoy the “Dog days of Summer.”

Ocean Front Family Home

Ocean Front Family Home

Enjoy your own Private Oceanfront Property with immaculate 3 Bed, 3 Bath West Coast Style home. Wind down the driveway, lined with its mature trees, to your Walk-On Water-Edge home. The main level entry welcomes you into a bright, spacious open area, with luxury vinyl plank flooring throughout. Featured is your updated Kitchen, Dining, and Living areas as well as a cozy double-sided fireplace

Ocean Front Ladysmith Home
This Ocean Front Family Home at 4712 Shell Beach Road might suit your needs

 while you take in the outstanding views. This modern kitchen is additionally roughed in for a propane stove to suit your culinary preferences. A new heat pump was installed in 2020 for efficient heating and cooling. Additional views abound from a spacious Master Bedroom with en-suite and walk in closet. Den and Laundry with new washer and dryer in 2020 are also on the main floor. The upper floor, with heated 

Ocean Front Home with pool and hot tub
Stunning night views of this beautiful home

hardwood floors, has two generous Bedrooms and the Main Bathroom. This 2nd level also boasts a large Bonus Room above the Double Garage, perfect for your hobbies and recreation.

A Door Opens to Family Recreation

Make your way out the first-floor French doors to the Main Attractions- Walk-on Waterfront! Dock for smaller boat / kayak / canoe with historic Foreshore Rights. At this point there is a process to obtain permission to have moorage lease. The listing agents can give you information on the process. The tidal water brings delights at both high and low tide. Enjoy swimming and boating at high tide, then be prepared for National Geographic level of entertainment at

Your own Dock
Check out the dock on this beautiful property

low tide, as the ocean bed reveals its many wonders. A large in-ground Swimming Pool with a new pool liner in 2020; a Salt Water Hot Tub and a Deck ready for entertaining! From the deck you will get to spot all manner of nature’s delights – Eagles, Herons, Mink, Otters and Seals. You may even spot the occasional deer swimming across to the Island. We call it a true West Coast Paradise – but you will want to call it Home!

For information or a viewing …Let’s Get in Touch!.. Call or text Lorne at 250-618-0680 or Jeff at 250-735-0921.   Or email to lorne [at] lornegait [dot] com

Beautifully Renovated Vancouver Island Ocean front Home — Pics . . . 

A Map to this Beautifully Renovated Vancouver Island Ocean Front Home

Here is a Map for you.  This map is from the Duke Point Ferry to 4712 Shell Beach Road, Ladysmith, BC.  If you need help with directions, . . . Let’s get In touch

Video Link to 4712 Shell Beach Road  . . .

Please enjoy this video of the home and property at 4712 Shell Beach Road, Ladysmith, BC.   

For more information or a viewing . . . let’s get in touch.  Lorne at 250-616-0560 or leave a message at Get In Touch

 

Copy of Vancouver Island Real Estate Market Update September 2021

Vancouver Island Real Estate Market Update September 2021

Realtor and Associate Broker Lorne Gait has just prepared for you this Vancouver Island Real Estate Market update September 2021. 

Sunrise in Ladysmith
Lorne’s September 2021 Market Update

Lorne is a professional working in the mid Vancouver Island area,  He is based out of the Royal LePage Nanaimo Realty office in Ladysmith, BC.  Because of his many years of experience, he can help you with Real Estate needs from Victoria through Campbell River.  Let’s get in touch and talk about your Real Estate Needs . . . Lorne at 250-618-0680.

Vancouver Island Real Estate Board Statistics analysis

The Vancouver Island Real Estate Board also has its own Vancouver Island market Update to the end of August, 2021. This article is well worth reading.  Check it out: VIREB ANALYSIS.

Summary Thoughts

Definitely we have been in a Seller’s Market with Sellers having the advantage of multiple offers and of offers often going well above asking price.

Buyers definitely have to be engaged to find recently listed properties with no current accepted offers.  Buyers need to realize that the asking price is often a starting price which goes up from there.  It is absolutely wise for Buyer to get organized with financing ahead of time.  Offers with few or no conditions are quite common.  

Buyers and Sellers continue to face COVID-19 impacts in the sense of masking up and washing up before and after showings.  As professional realtors, we are happy to help give guidance regarding these matters.  

If you want to talk in more detail about the things that might cause our Vancouver Island 2021 Real Estate Market to go up or down, let’s get together and talk.  Our cell to call to text is 250-618-0680.

If you are selling, we can help you get the best possible price in this market.  If you are Buying, we can help you find a deal for the home of your choosing.

Lets Get IN TOUCH

Here are the stats for Nanaimo – 08-Aug 2021 Nanaimo Graphstats

And here are the stats for Cowichan – 08-Aug 2021 Cowichan Valley Graphstats

 

Seasons Greetings from Vancouver Island Real Estate
Happy Fall from Vancouver Island Realtor Lorne Gait and Morgan Fisher.

Vancouver Island Real Estate Market Update March 2020

Vancouver Island Real Estate Market Update March 2020

Realtor and Associate Broker Lorne Gait has just prepared for you

Vancouver Island Real Estate Market Update

this Vancouver Island Real Estate Market update March 2020.  Lorne is a professional working in the mid Vancouver Island area,  He is based out of the Royal LePage Nanaimo Realty office in Ladysmith, BC.  Because of his many years of experience, he can help you with Real Estate needs from Victoria through Campbell River.  Let’s get in touch and talk about your Real Estate Needs . . . Lorne at 250-618-0680.

Vancouver Island Real Estate Board Statistics analysis

The Vancouver Island Real Estate Board also has its own Vancouver Island market Update to the end of February. This article is well worth reading.  Check it out: VIREB ANALYSIS.

Summary Thoughts

For the most part, the Vancouver Island Real Estate market is fair for Buyers and for Sellers.  As we began the year some higher priced homes did sell.  This was encouraging because this was not quite the case in 2019 

For homes with moderate prices, the market is in a state of balance.  If Seller prices reasonably, she/he will sell to Buyers who want to Buy.  Neither Buyer, nor Seller has a huge advantage.

One unknown at this point is the impact of flu bugs and viruses.  There is a tremendous about of concern about the Coronavirus.  If folks turtle and stop going out and about, then it will have some impact on the Real Estate Market.  We really need scientists and politicians to do their very best for the folks.  We really need warm spring weather to bring us health and well being after a cool winter.

If you want to talk in more detail about the things that might cause our Vancouver Island 2020 Real Estate Market to go up or down, let’s get together and talk.  Our cell to call to text is 250-618-0680.

If you are selling, we can help you get the best possible price in this market.  If you are Buying, we can help you find a deal for the home of your choosing.

Lets Get IN TOUCH

Here are the stats for Nanaimo – 02-Feb 2020 Nanaimo Graphstats

And here are the stats for Cowichan – 02-Feb 2020 Cowichan Valley Graphstats

 

Seasons Greetings from Vancouver Island Real Estate
Happy Fall from Vancouver Island Realtor Lorne Gait and Morgan Fisher.

2020 Forecast

Vancouver Island Real Estate 2020 Forecast

Realtor and Associate Broker Lorne Gait has just prepared for you

Vancouver Island Real Estate 2020
Vancouver Island Real Estate 2020 Forecast

this Vancouver Island Real Estate 2020 Forecast  for the central Vancouver Island area.  Lorne is a professional working in the mid Vancouver Island area,  He is based out of the Royal LePage Nanaimo Realty office in Ladysmith, BC.

Vancouver Island Real Estate Board Statistics analysis

The Vancouver Island Real Estate Board also has its own Vancouver Island market Update to the end of November. This analysis looks back at the 2019 market and speaks to the coming trends.  Check it out: VIREB ANALYSIS.

Summary Thoughts

For the most part, the Vancouver Island Real Estate market is fair for Buyers and for Sellers.  In some areas and in higher price ranges, the market is moving to be a Buyer’s market where the Buyer has more say about what she/he will accept for the purchasing of homes. 

For homes with moderate prices, the market is in a state of balance.  If Seller prices reasonably, she/he will sell to Buyers who want to Buy.  Neither Buyer, nor Seller has a huge advantage.

If you want to talk in more detail about the things that might cause our Vancouver Island 2020 Real Estate Market to go up or down, let’s get together and talk.  Our cell to call to text is 250-618-0680.

If you are selling, we can help you get the best possible price in this market.  If you are Buying, we can help you find a deal for the home of your choosing.

Lets Get IN TOUCH

 

Here are the stats for Nanaimo – 11-Nov 19 Nanaimo Graphstats

And here are the stats for Cowichan – 11-Nov 19 Cowichan Valley Graphstats

Finally, here is a link to the VIREB Stats:  VIREB STATISTICS

Seasons Greetings from Vancouver Island Real Estate
Happy Fall from Vancouver Island Realtor Lorne Gait and Morgan Fisher.

Nanaimo Home for Sale

Nanaimo Home For Sale
   NOW SOLD!

Nanaimo Home for Sale.  Welcome to this near-new immaculately kept 3 Bed and 3 BathNanaimo Home for Sale family home in a vibrant, newer neighbourhood. This 2-year-old West Coast Contemporary detached duplex features a bright open concept on the main with 9-foot ceilings.

The Kitchen features white shaker style cabinets, loads of counter space and a large island with breakfast seating. The appliances are stainless steel with a natural gas stove. The kitchen opens to the Living Room, featuring a cozy natural gas fireplace. A family size Dining Room, with access to your lovely patio and fenced back yard, rounds out this level.

Upstairs you will enter a large Family Room area, with built-in computer station. The Master Bedroom features a walk-in closet and en-suite bath. There are two more spacious bedrooms, a 4-piece Bath and a Laundry area on this level. The fully fenced private back yard is perfect for family fun and entertaining. This home is close to shopping, schools and many city amenities.

For more information or to schedule a viewing call or text Lorne Gait at 250-618-0680 or email at lorne [at] lornegait [dot] com

Video of the Home  . . .

Pictures of the Home  . . . view these . . . but we have more . . .

 

If you want to find your way to this property, here is a map from Nanaimo Airport to this beautiful  Nanaimo Home for Sale

Guiding you  . . .  to a beautiful Nanaimo home on Vancouver Island at 523 Steeves Road, Nanaimo BC — A Beautiful Family Home.

 

Lorne Gait and Morgan Fisher are professional realtors who can help you find your perfect Nanaimo Area Home. To start the conversation follow this link — Get in touch.

Ladysmith Creek Front Home

Ladysmith Creek Front Home
  NOW SOLD!

Ladysmith Creek Front Home giving you a luxurious lifestyle.  Enjoy this top floor updated two bed and two bath

310 - 1244 - 4th Ave Ladysmith, BC
Enjoy Vancouver Island Waterfront at this luxury Town home at the Executive at the Creek.

townhome at the Executive at the Creek.

This home is located on the far end of the building and offers a quiet and private area with excellent views of the landscaped lawn area and creek, from the Deck, Master Bedroom and Second Bedroom.

The appliances have been replaced with new washer/dryer and black stainless-steel kitchen appliances. The carpets and the lighting have been upgraded. Fresh paint adorns the walls. This home has a gas fireplace with fan. Gas is included in the strata fee. The bedrooms are large and spacious, and the master has a large walk in closet and en-suite bathroom.

A storage locker and underground parking spot are available for your exclusive use. A bike storage area is shared by the residents. The Complex has some excellent facilities including a resistance pool, a hot tub and a gym. Recent landscaping upgrades have been done to the property and provide great Rock Creek views.

For more information or a viewing, let’s get in touch. Lorne or Morgan at 250-618-0680. Click on the multimedia tab for a slide presentation.

Video of the Home  . . .

Pictures of the Home  . . . view these . . . but we have more . . .

 

If you want to find your way to this property, here is a map from Nanaimo Airport to this beautiful  Ladysmith Creek Front Town Home  . . .

Guiding you home . . .  to an ocean view home on Vancouver Island at 310 – 1244 – 4th Ave — a Ladysmith Creek Front Home

 

Lorne Gait and Morgan Fisher are professional realtors who can help you find your Vancouver Island Waterfront or Waterview  home. To start the conversation follow this link — Get in touch.

September 2019 Real Estate Market Update

September 2019 Real Estate Market Update 

Realtor and Associate Broker Lorne Gait has just prepared for you this Vancouver Island September 2019 Real Estate Update market update for the central Vancouver Island area. Lorne is a professional working in the mid Vancouver Island are based out of the Royal LePage Nanaimo Realty office in Ladysmith, BC.

VIREB (Real Estate Board) Real Estate Market Update

The Vancouver Island Real Estate Board also has its own Vancouver Island market Update. Check it out: VIREB ANALYSIS

Summary Thoughts

The Vancouver Island Real Estate market is hanging in there.  There are approximately 20% or so less sales this year over last.  This depends on the kind of property and price of the home.  This is likely a result of provincial government rule changes for foreign buyers and for owning secondary properties in the urban areas of Vancouver, Victoria, Kelowna and Nanaimo.  As well the Canadian Federal Government ongoing rule changes regarding mortgages for Buyers is continuing to have impact.

In spite of these taxes, there has been so much pent up demand for housing.  Buyers are still wanting reasonably priced homes, condos and town homes.  This is helping to keep prices steady.  Likely affordable homes are at historic highs even to this day.  

Higher priced homes need to be priced competitively.  Look at what has sold and price reasonably in light of past sales.  

If you are selling, we can help you get the best possible price in this market.  If you are Buying, we can help you find a deal for the home of your choosing.

Lorne and Morgan would love to help you with your real estate needs. Let’s get in touch . . . at 250-618-0680.

 

Here are the stats for Nanaimo – Nanaimo Graphstats to the end of August 2019

And here are the stats for Cowichan – Cowichan Valley Graphstats to the end of August 2019

Finally, here is a link to the VIREB Stats:  VIREB

Seasons Greetings from Vancouver Island Real Estate
Happy Fall from Vancouver Island Realtor Lorne Gait and Morgan Fisher.

Real Estate Market Update – June 2019

Mid Year 2019

Realtor and Associate Broker Lorne Gait has just prepared for you this mid year Vancouver Island Real Estate Update market update for the central Vancouver Island area. Lorne is a professional working in the mid Vancouver Island are based out of the Royal LePage Nanaimo Realty office in Ladysmith, BC.

VIREB (Real Estate Board) Real Estate Market Update

The Vancouver Island Real Estate Board also has its own Vancouver Island market Update. Check it out HERE

Summary Thoughts

The gist of the market is that there is still not a piling up of unsold properties. There is still less available properties than Buyers would like. However, the demand has slowed a bit by modest amounts.t

The demand is still active as Buyers find the mid Vancouver Island area fairly affordable compared to Victoria and Vancouver. As a result there is not any huge drop in pricing. Prices are stable, but hot rising like they were in the last number of years. It is still a good time to Sell –though at the prices you have seen — not higher. It is a good time to Buy because there are a few motivated Sellers who want to achieve a sale.

Lorne and Morgan would love to help you with your real estate needs. Let’s get in touch . . . at 250-618-0680.

Here are the stats for Nanaimo – Nanaimo Graph Stats for the end of May 2019

Here are the stats for Cowichan – Cowichan Valley Graph Stats for the end of May 2019

Seasons Greetings from Vancouver Island Real Estate
Seasons Greetings from Vancouver Island Realtor Lorne Gait and Morgan Fisher.

Vancouver Island Real Estate Foreign Buyer Tax

Vancouver Island Real Estate Foreign Buyer Tax — Will she or won’t she?

Will she or won’t she add the dreaded 15% Vancouver Island Real Estate Foreign Buyer Tax for Property Transfers?  This is a question that engages the thoughts of my clients this Spring.  This is especially the case as Buyers and Sellers consider what Premier Christy Clark’s government has done in the Vancouver Real Estate Market.  My thoughts are these:

BC considering increases to the Foreign Buyer Property Transfer Tax
Vancouver Island Real Estate Foreign Buyer Tax. Will She or won’t She?

Not too long ago, the BC Provincial Government changed the Provincial Property Tax for homes purchased in the Greater Vancouver Area.  The tax was 1% on the first $200,000 and 2% on the balance.  Currently the tax is the same if you are a Canadian resident.  However, if you are a foreign Buyer, the tax is now 15% on the whole amount.  This is huge for foreign Buyers.  It reflected a government attempt to regulate price increases through Government regulation, intervention and taxation.   One Vancouver Lawyer told me that if the Provincial Government did not intervene, the coming election would be lost.

Vancouver Island Real Estate Foreign Buyer Tax — The impacts . . .

The obvious result of this regulation, taxation and intervention was an almost immediate price reduction in the price of Vancouver homes.  It is a double digit drop in prices and a substantial slow down in the number of sales.  You can read the details here — THE GLOBE AND MAIL

There has been talk about putting this new tax on Victoria homes and likely on homes across the rest of the Province.  You can read about this in several online articles.  Witness the TIMES COLONIST ARTICLE

However, the issue is both political and economic.  There has been much concern about the decline of the Vancouver Real Estate Market.  The Province is headed into an election and BC home owners concerned about price drops also reflect a huge voter block.  Therefore, Premier Christy Clark’s Government is attempting to walk back the challenging aspects of the new added tax.  Foreign Buyers who buy and who will be working in Vancouver could soon be exempt from the additional Tax.   The Vancouver Sun quotes Christy Clark–VANCOUVER SUN

The Vancouver Sun has further quotes on this from Finance Minister Michael de Jong.  Check it out — VANCOUVER SUN

Vancouver Island Real Estate Foreign Buyer Tax — Conclusions . . .

So, the question remains . . . will there be a Vancouver Island Real Estate Foreign Buyer Tax.  This realtor believes there will be continued pressure to slow the impact of foreign Buyers on our market.   However, at the same time, there will be some refining of the legislation around the matter of who pays the tax and how it is administered.  If a foreign Buyer plans to settle down and work in the area, then tax relief is likely.  If on the other hand, a Buyer buys a home and plans to be absentee, then likely there will be no tax relief.

In the end. . . time will tell.  These are political times.  It is fashionable to let others pay taxes–Especially foreigners.  It is all good until my / your house value drops.

If you want to discuss this further, Associate Broker and Realtor (R) Lorne Gait is happy to discuss this further.  Let’s get in touch.