The Nanaimo and Area Housing Market, has been quite stable throughout the years. It has gone up with the national and provincial trends, but doesn’t seem to come down quite as fast and far as in other geographical regions of Canada. Experts feel that this is largely due to steady influx of retirees coming here to escape the harsh winters they have experienced in other areas of the country. They say you don’t have to shovel the rain! Once the market hits its threshold during a fast growth period, we can expect to see small adjustments to the prices rather than steep declines. Nanaimo and other parts of Vancouver Island are still regarded as one of the best priced real estate markets, especially taking into account the beauty of the ocean views and the rainforests that it has to offer.
Trends and Market News
Vireb - News
Recent posts from Vireb (News)
Safety is important for all REALTORS®. The nature of the job means you work outside of regular hours, at many different locations and often alone. The real estate profession has always been quick to adopt new technology to help with sales and client relations, so it's no surprise that technology's also being used to improve safety.
Apps designed for personal safety aren't new, but many recognize the unique nature of the real estate profession and specifically target REALTORS® as their audience. A few are even designed by BC REALTORS®, who know the risks of the profession first-hand.
These apps automate some of the best safety practices—like setting check-in times with family and friends, making your location known and having the police on speed-dial. Some apps even offer special devices that serve as panic buttons for emergencies.
Other REALTOR® safety apps argue that this "after-the-fact" approach isn't good enough, and opt for a more preventative approach by using a mutually-beneficial buddy system, where monthly subscribers make themselves available to each other for hosting open houses or meeting clients.
If you haven't put much thought into your safety, these apps can streamline the process. A wide variety of REALTOR® safety apps are available through all smartphone app stores, but ultimately you're responsible for choosing the one that's right for you. It's hard to put a price on safety and, while the prices for these apps vary from one-time purchases to monthly rates, the least you can do is make sure you have a contingency plan in place for emergencies.
More information from the Canadian Real Estate Association:
The federal government plans to legalize non-medical cannabis by July 2018. In response, provincial and territorial governments are now considering how they’ll manage their responsibilities.
The BC government’s Cannabis Legalization and Regulation Secretariat is consulting with the public, with a deadline for feedback of November 1. One of the top issues identified by the Secretariat is personal cultivation.
BCREA’s response urges the government to create a framework to deal with properties used in drug production. When a property has been involved in producing drugs, people can be exposed to serious health and safety risks resulting from mould, chemicals and electrical fires. These properties also often become stigmatized, which can result in financing and insurance challenges.
BC currently has no provincial standards for remediating and certifying properties that have been used to produce drugs. There’s also no consistency for learning about a property’s history of drug production.
BCREA recommends that the government develop a centralized, consistent process for remediation of buildings used in drug operations. Specific to the government’s consultation, BCREA recommends that personal cultivation take place outside, and that a registry be created that’s tied to the property, rather than the individual.
Read BCREA’s submission and learn more about BCREA’s recommendations here.
To read the government’s discussion paper for this consultation, and to give your feedback, click here.
A home is an important part of the enviable quality of life many British Columbians seek. REALTORS® hear this every day from their clients all around the province.
BCREA’s pleased that the new provincial government has identified housing affordability as an important concern, and the Association offers recommendations to ensure British Columbians have access to safe and appropriate housing options.
BCREA’s five-pillar approach includes timely recommendations to:
- adjust the Property Transfer Tax,
- assist consumers with housing costs,
- encourage the creation of more rental housing,
- densify urban areas, and
- promote best practices among local governments.
The Association advocates for these recommendations with all elected officials, including through the 2018 Budget Consultations.
On September 6, the Office of the Superintendent of Real Estate announced draft changes to the Rules under the Real Estate Services Act. Stakeholders and the public have 30 days to respond, and the final rule changes will be released after the October 6 consultation deadline.
The most significant proposed change is a ban on limited dual agency, where a licensee represents more than one party in a real estate transaction. The only exemption to this ban is for underserved, remote communities with few licensees. The draft rules also include new measures for disclosing remuneration and other information to clients.
BCREA’s position and actions on the draft rules
BCREA welcomes the enhanced disclosure proposals, but is concerned that a ban on limited dual agency would negatively impact consumers. If a consumer can’t work with a REALTOR® they know and trust, they may choose to have no representation at all, leaving them at greater risk.
BCREA is meeting with the Office of the Superintendent, the Real Estate Council of BC and the Ministry of Finance to discuss the impacts of the draft rules. We’re also working with legal experts, the real estate boards and licensees to better understand the possible impacts and prepare our submission to the government’s consultation. With the information available now, BCREA intends to advocate for exemptions for commercial transactions and long-standing client relationships, as well as a longer implementation period, to allow enough time to fully educate REALTORS® and consumers. We will submit our response before October 6, and provide more information as it becomes available.
BCREA has also compiled a list of frequently asked questions with the information we know so far.
Visit our website for more information on BCREA’s position.
The consultation: actions for REALTORS® and consumers
In the meantime, licensees are asked to complete the Office of the Superintendent’s survey on the draft rules, which can be found on their website. The survey is open until October 6.
After the rules are finalized
It’s not yet clear exactly when the Office of the Superintendent will finalize the rules. All we know right now is that the expected implementation date is January 15, 2018.
Shortly after the final rules are released, BCREA will communicate with member boards and REALTORS® to explain and contextualize the new rules. At the same time, BCREA will update all course content (including Legal Update and other relevant PDP courses), so learners will receive the most up-to-date information. Finally, we will amend our standard forms, as necessary, so REALTORS® will have accurate tools for their day-to-day work.
The federal Office of the Superintendent of Financial Institutions is considering changing residential mortgage insurance underwriting practices. One of these changes would require a qualifying stress test for all uninsured mortgages, which could negatively impact housing affordability.
Homeownership is an important achievement for many Canadian families. Requiring all uninsured mortgages to have to qualify for a higher mortgage rate than can be negotiated between borrowers and lenders may put homeownership out of reach in some markets. This may particularly impact first-time buyers who often face additional struggles securing financing.
Plus, the housing market is still adjusting to recent changes. Over the past eight years, the federal government has implemented seven rounds of measures to tighten mortgage lending rules. The most recent were regulations affecting mortgage lending introduced last fall, which added to housing market uncertainty among buyers and sellers. Also, the Bank of Canada increased its prime rate by 25 basis points in July 2017, and many economists predict the rate will rise again in October. These changes compound the previous seven housing policy measures.
Making more changes now could imbalance local markets across the country and has the potential to negatively impact the Canadian economy. Particularly in British Columbia, where homebuyers face the highest provincial Property Transfer Tax in the country, any tightening of underwriting policies can put homeownership out of reach.
BCREA encourages the government not to make fundamental changes to the national housing finance system at a time of rising interest rates. This recommendation is echoed by the Canadian Real Estate Association, as well as the House of Commons Standing Committee on Finance.
The government’s public consultation period on this proposal closes August 17, 2017. For more information on the consultation and to make a submission, visit the government's website.
Read BCREA’s full submission here.
This submission is part of BCREA’s ongoing advocacy work to ensure REALTORS® voices are heard by governments and that housing affordability is protected.