Video blog market updates

This months conversation features Marnie and Kim from Risebridge Shoes For You, a community organization based in Nanaimo, focused on supporting vulnerable groups such as the unhoused, those struggling with substance use, and people living in poverty. Marnie shares that Risebridge was founded in response to the closure of a local warming center and has since grown to offer several services, including warming and cooling centers, food, clothing, overnight shelters, and advocacy for those facing health and housing challenges. The organization operates largely on community donations and volunteers. Kim, a volunteer, runs a program called "Shoes for You," which provides refurbished shoes to people in need, including those in the unhoused community, women escaping violence, and other individuals starting over. The program helps improve foot health, with shoes and socks being distributed to those who need them. The conversation wraps up with a community-wide call for donations of gently used clothing and shoes to support Risebridge's efforts, with details on how to contribute.

Happy New Year! The team kicks off the first update of 2025, with special guest Baylee Caswell, a personal insurance executive at Hub International, to discuss the difference between assessed and insurable values for homes.

1. Market Update

   • Julien provides a 2024 real estate market recap, noting prices stayed flat overall.
     • Single-family homes: +1.5%
     • Condos: +<1%
     • Townhomes: -1.5%
   • The market remains steady, with an anticipation of more inventory and active buyers in the spring.

2. BC Flipping Tax

   • Adam reminds viewers of the new BC flipping tax that took effect in January. Homes sold within 2 years of purchase are subject to a 20% tax on net taxable gains.

3. BC Assessment Update

   • Jory highlights that BC assessment notices are available online this year due to a postal strike.
   • The typical home in Nanaimo saw no change in assessed value, but assessments are based on mid-year 2024 data, not current market values.

4. Insurance Insights: Assessed vs. Insured Value

   • Baylee Caswell explains the difference between assessed value (based on sale price) and insurable value (based on rebuild costs).
     • Insurable value factors in demolition, debris removal, labor, materials, site conditions, and building code updates.
     • Rebuild costs for a typical home in Nanaimo range from $350–$400 per square foot.

5. Closing

   • Baylee is available to answer any questions related to insurance and home values.
   • The team wraps up by wishing everyone a happy, healthy 2025!

In this discussion, the group shares several updates and holiday messages:

Holiday Greetings: The group acknowledges the Canada Post strike delaying Christmas cards and wishes everyone a happy holiday season.

Baby Announcement: Congratulations are extended to Julien Prevost for the birth of his baby, Asher, with hopes of a cute cameo from the newborn.

Downtown Nanaimo Parking and Business Support: Due to ongoing road construction, downtown parking is now free, including in the parkade. The group encourages people to support local businesses that are still open despite the disruptions.

Uber Coming to Nanaimo: Uber has been approved to expand into Nanaimo, with services expected to begin in 2025. The city was also ranked as one of the top 10 most generous and polite Canadian cities for Uber Eats.

Public Works Yard AAP Vote: The City of Nanaimo’s third attempt to pass a funding proposal for a new Public Works Yard was voted down in the Alternative Approval Process (AAP). The city now needs to explore other funding options.

Christmas Angels Program: Christmas Angels, run by Volunteer Nanaimo, supports vulnerable families during the holiday season. Donations of items like toiletries, blankets, and gift cards are being collected at RE/MAX Nanaimo.

Shoe Donations: The "Shoes for You" charity is in need of men’s shoes (sizes 10-14) and women’s adult shoes. Donations are accepted at the RE/MAX Nanaimo office until December 13th.

Closing Remarks: The group concludes by wishing everyone a happy holiday season and successful New Year, encouraging support for the community's charitable causes.

In this conversation, Balraj from Lend Lab discusses current trends in the real estate market, particularly focusing on two key segments: first-time homebuyers and "trade-up" buyers (those looking to sell their current home and buy a new one). First-time Homebuyers: Balraj notes that, with recent decreases in overnight lending rates, there’s renewed interest from first-time buyers. Many are reaching out to understand new federal policies, what they can get pre-approved for, and how to plan for a purchase in the next 6-12 months. There’s a sense of optimism as affordability improves with lower rates, and these buyers are particularly excited about entering the market. Trade-up Buyers: People who already own a home, have built equity, and are now considering moving up to a new property are also active, but there are complexities in timing the sale and purchase due to current mortgage rates. A big question for these buyers is whether they must sell before buying, given the impact of mortgage rates on debt servicing. Balraj emphasizes the importance of working out these logistics to make the process smoother. Mortgage Trends: Balraj shares insights into mortgage preferences. The 5-year fixed-rate mortgage is less popular now, with many choosing 3-year fixed rates (which offer lower penalties for breaking the term) or variable-rate mortgages. The latter has gained popularity as many anticipate further rate cuts in the near future. Market Conditions: The group discusses the impact of seasonality, with winter traditionally being a slower time in real estate. This can benefit trade-up buyers, as fewer buyers in the market mean less competition, and sellers may be more open to negotiations. Overall, the discussion highlights how shifts in lending rates are influencing buyer behavior and mortgage choices, and how timing the market (especially in the winter) could benefit certain buyers 

In the latest discussion, the group kicks off October with a festive spirit, sharing personal Halloween decorating plans. They introduce an initiative by RE/MAX called "accessible trick or treating," aimed at ensuring children with disabilities can participate in Halloween festivities. Residents with accessible homes are encouraged to request signs for this purpose. The conversation then shifts to recent mortgage changes beneficial for first-time homebuyers. These changes now allow a 30-year amortization for new construction homes and increase the CMHC default insurance limit, enabling larger home purchases with lower down payments. There are also new rules for mortgage renewals, allowing borrowers to switch lenders without a stress test, improving affordability. Additionally, the City of Nanaimo reminded residents about a long-standing bylaw prohibiting garbage bins from being placed out before 5 a.m. on collection days to prevent wildlife encounters. Violators may receive fines, especially in bear-prone areas. Finally, market insights indicated that the fall season is bringing in activity, but a cooler winter is expected. The team advises potential buyers to stay alert, as winter could present good opportunities ahead of a predicted spring market surge. They closed by offering their support and wishing everyone a great October.

In discussion, the group emphasizes a public safety announcement urging drivers to slow down in school zones as September marks the return of students. They share updates on local developments, including a new cell tower being constructed on Hammond Bay Road, which aims to improve connectivity and emergency services in the area. TELUS is funding this project, and public consultations are set for September. Additionally, they discuss the Midtown Gateway Project on Bowen Road, which includes road upgrades and the addition of eight new pickleball courts at Beban Park. These changes aim to enhance safety and traffic flow, especially around the busy Northfield intersection. Lastly, the housing market remains relatively flat, with an increase in listings and days to sell. The group anticipates potential interest rate changes that could affect market dynamics, with hopes that rates may decrease by year-end. They concluded the meeting wishing everyone a great September.

In the August update from the Parker team, the discussion highlights several key developments in Nanaimo. First, announcing the approval of a significant rezoning project at 5360 Bergen Op Zoom just off Metral Drive, transitioning from single-family to medium-density residential, allowing for two five-story buildings with 168 units. Another potential project in the Lost Lake area could see the construction of 80 units in 24 plexes, as a rezoning application was submitted for 5300 Tanya Drive. The team also addresses the long-standing eyesore of the Howard Johnson hotel. Recent developments include the purchase of the site by the Snuneymuxw First Nation, with plans for demolition and future redevelopment, possibly including a conference center or hotel. Lastly, they shared local summer activities, recommending Nanaimo’s Night Market and lesser-known beach spots like Invermere Beach and the bluffs at Westwood Lake for quieter outdoor experiences. The team concludes by encouraging residents to enjoy the summer and stay tuned for more updates.

In this discussion, the team shares updates about recent zoning changes and new tenancy rules affecting Nanaimo.

1. Zoning Changes: As of June 17, 22,000 properties were pre-zoned from R1 (single-family residential) to R5, which allows for multi-unit developments (3-4 units). The new R5 zoning mandates attached units instead of detached ones, aiming to increase density in Nanaimo. The impact on property values is uncertain, with further details expected in September.

2. Transit-Oriented Development: Bill 44 and Bill 47 introduce regulations for transit-oriented areas, permitting taller buildings (up to 10 stories) near major transit hubs while removing off-street parking requirements to encourage density.

3. New Tenancy Rules: Effective July 18, landlords must provide four months' notice for tenant evictions instead of two, and evictions will be monitored through a new portal. If a landlord evicts a tenant to occupy the property, they must live there for at least 12 months before renting it again.

4. Market Update: The real estate market showed slight declines in June, but inventory is growing, making it a good time for buyers. The team emphasizes Nanaimo's resilience compared to other markets, highlighting its appeal.

Overall, the team encourages staying informed about these changes and looks forward to sharing more insights in the future.

In this June discussion, the team introduces new member Michelle Rich and shares key updates on the real estate and rental markets. Market Overview: Julien reports that average home prices have slightly increased, and there’s a rise in the volume of listings, providing more supply for buyers. Unit sales vary by category but are overall stable. Interest Rates: Jory highlights the upcoming Bank of Canada interest rate announcement, with expectations for possible rate decreases as early as June. A forecast suggests rates could reach around 3% by the end of 2025, which would benefit buyers. Rental Market Updates: Marlon Brass discusses recent changes in tenancy laws, including the new requirement for landlords to provide four months' notice for evictions. Additionally, landlords must now reside in a property for at least 12 months if evicting a tenant for personal use before it can be rented again. Dealing with Tenants: Marlon emphasizes the importance of having a strong residential tenancy agreement and maintaining documentation for any tenant issues. He advises on how to manage difficult tenants effectively. Current Rental Market: Marlon notes that rental prices have been relatively flat since a significant drop in November 2022. He mentions concerns about the condo market due to increased inventory but states that single-family homes and townhouses are still performing well, with properties renting in about 18 days if priced correctly. The team wraps up by wishing everyone a wonderful June and expressing gratitude for the insights shared.

In this May update, the team discusses several important topics affecting the real estate and housing market in British Columbia: BC Housing Priorities: Adam reports that the BC Ministry of Housing has added 20 new communities, including Nanaimo, to its priority list for housing development. These communities will have housing targets announced later in the summer to encourage municipalities to advance new housing projects. Capital Gains Tax Changes: Jory explains that the federal budget for 2024 proposes increasing the capital gains tax. Currently, 50% of capital gains are taxed, but gains over $250,000 will be taxed at a higher rate of 66.7%. This change primarily impacts those making significant profits from property sales. Hello Ferry Updates: Ash shares that the Hello Ferry is providing additional sailings during the Canucks playoff season, with scheduled returns after games, accommodating late-night travelers. Property Transfer Tax Exemption: A significant update is the increase in the property transfer tax exemption limit for new construction from $750,000 to $1.1 million, making more homes eligible for exemption. This change can lead to substantial savings for buyers. Market Activity: The team notes an increase in listing activity and overall market engagement, suggesting a positive trend for the coming months. The discussion wraps up with a call for clients to reach out for assistance and wishes everyone a fantastic May.

In the latest discussion, the group welcomed Jory Cole, a new member with three years of real estate experience. They highlighted several key topics: Micro Apartments: A new building with 31 studio apartments has been approved in downtown Nanaimo. Each unit will be around 350 square feet, utilizing recycled materials and featuring rainwater collection and a rooftop terrace. The goal is to provide affordable rental options. Transit Updates: Improvements to Nanaimo's transit system were announced, increasing bus frequency on several routes, enhancing connectivity for residents and visitors. Tenants Bill of Rights: A new federal tenants bill is forthcoming, with more details expected in April. The group discussed how it might impact the already tenant-friendly regulations in British Columbia, expressing a cautious optimism given the province's existing laws. Market Trends: The real estate market is seeing an increase in inventory, which is encouraging for buyers who may have previously stepped back. This rise indicates a more active spring market.

In the March discussion, the group shared updates and insights on the real estate market and home maintenance. Key points included: Market Update: Ashley reported a positive trend with rising inventory, shorter days on the market, and increased sales volume compared to last year, indicating a more active spring market. Home Maintenance Insights: Brad Clark highlighted five often-neglected areas of home maintenance: Roof inspections (not safe for everyone to access) Attic checks for proper ventilation and water ingress Crawl space assessments for pests and moisture issues Exterior maintenance (e.g., flashings and seals) HVAC system inspections He offered a home maintenance package for $375 to help homeowners address these issues. Personal Experiences: Julien shared a recent experience of discovering disconnected dryer vents in his five-year-old home, emphasizing the importance of regular maintenance to prevent bigger problems. Property Transfer Tax Changes: Adam discussed upcoming changes to the property transfer tax exemptions for first-time buyers and new construction, aimed at easing financial burdens, although these changes are pending official legislation. 

In this February meeting, the team discussed several key updates for the community of Nanaimo: Public Works Yard Project: The city plans to invest approximately $160 million to build a new public works facility, consolidating the existing three yards. The first phase will cost around $48.5 million, affecting homeowners with an estimated tax increase of $9 per $100,000 of assessed value over 20 years. Residents who oppose the project need to submit a response form to city hall. Spring Cleaning Initiative: The team will be collecting used shoes and clothing for a local charity called "Shoes for You," aimed at improving foot health for vulnerable community members. Donations can be dropped off at REMAX of Nanaimo throughout March. Economic Update: Chief economist Brendan Ogmundson presented insights indicating that the high inflation period is ending. Shelter costs have significantly impacted inflation, but as interest rates potentially decrease by 2025, the market may stabilize. Increased buyer activity has been noted, particularly following a recent rate hold.

In the first update of 2024, the team discusses key topics related to the real estate market and the upcoming year: BC Assessment Updates: - BC assessment notices are based on sales data from July 1st of the previous year, so by the time you receive them in January, they may be outdated, especially in a changing market. - A higher BC assessment value doesn't always lead to higher taxes. Tax changes depend on how your property compares to others in your category. - If you have concerns about your BC assessment, you can appeal, with the first level due by the end of January and the second by the end of April. - The team is open to helping with assessments and can provide insights on how your home's value compares. Interest Rate Outlook: - Economists, including Benjamin Tell from CIBC, predict that interest rates may start to decrease in Q3 or Q4 of 2024, but only by 0.25% to 0.75%. - The overnight rate is expected to end 2024 at around 3%, which is still higher than the 2021-2022 lows. Significant rate drops are anticipated for 2025 and beyond. Market Trends: - December saw typical low sales volume, reflecting seasonal trends. However, the average days on market for listings is now between 45-60 days, signaling a shift toward a more balanced market. - Many of the new listings in December were relists (previously unsold homes), which can skew stats, so it's important to check the history of properties. - With low inventory and the potential for an early spring, inventory is expected to increase in the coming months, making pricing and preparation key for sellers. Overall, the team emphasizes staying informed about BC assessment values, interest rate trends, and market conditions, especially as we move into the spring season. They also encourage homeowners to reach out for guidance on their home’s value or market strategies.