VIREB Housing Statistics

The VIREB Housing Statistics (April) clearly show the impact of the COVID-19 pandemic on our region’s market.  (The Vancouver Island Real Estate Board (VIREB) represents over 1,000 REALTORS in nearly 90 brokerages from Tofino to the Malahat.)  The sales of single-family homes dropped by 54% year over year.  Last month, 189 single-family homes sold on the MLS system compared to 333 in March 2020 and 412 in April 2019.  Apartment and townhouse sales decreased by 82% and 69% respectively.

Model of a home with a questions mark inside.Currently, the average sale prices in Nanaimo and surrounding area remain stable.  This is great news, albeit, it is taking more time to sell homes.  There are, however, some quick sales still occurring.  This is evidence that homes offered for sale at the correct price, regardless of COVID-19, will always out perform overpriced home listings.  It is exceedingly important now for sellers to listen to the advice of their REALTOR and to not overprice their home when offering it for sale.  This is now more true because of British Columbia’s current economy, that has been so abruptly changed by the global pandemic.

Housing Market Projections

There are projections of price declines coming to Vancouver Island and Canada’s smaller real estate markets.  The prices in Vancouver, Toronto and Montreal have already begun to decline.  Typically; Canada’s largest metropolitans decline first.  They often recover first too.

It is difficult to make any local real estate market projections at this time.  There is an ongoing “recipe” that does suggest price declines are likely.  However; there are fewer homes being offered for sale versus a typical year.   This reduction of listing inventory might prevent home prices from declining.  There is also currently a pent-up demand of buyers that are regaining confidence and beginning to venture further from their solitary confinement.  The best advice that I can provide regarding listing your home for sale is to price it accordingly.  Now is not the time to test the market with an over-priced listing.

Below is a graph of the national home sales 2007 to 2020:

National Home Sales Graph

National home sales fell 56.8% on a month-over-month basis in April.

Actual (not seasonally adjusted) activity was down a similar 57.6% year-over-year.

The number of newly listed properties decreased 55.7% from March to April.

Please click here for a detailed review of the Vancouver Island Real Estate Board’s (VIREB) market statistics.



Contact Me

Please do not hesitate to contact  me if you wish to discuss the real estate market, the VIREB housing sales statistics or your home’s current value.  I’m always happy to help!

Are there any real estate topics that you would like to review in a future blog?  I would love to hear from you.  Please include any comments below.  Thank you.


Mortgage Deferral

Mortgage deferrals are not gifts nor grants. They come come with a cost, an increase to future payments, an impact on future financing availability and a wider implication to your credit.  It is fantastic that this option is available, however, home owners should not consider mortgage deferment as their first line of support.

Please note that interest will accrue on the deferred amount for the duration of the period.  Home owners should also be aware that mortgage deferment may result in an increase to future monthly payments.  The increased mortgage payment will differ due to interest rate, size of mortgage and the deferral duration.  The home owner’s increased monthly payment could make it more difficult to become approved for future financing too.

A mortgage deferral is different from a default and should not have a negative impact on credit, however, taking a deferment may be “misunderstood” by your lender that you cannot afford to pay your bills.  This could make it more difficult to be approved for future mortgage scenarios.

Home owners may want to think twice before considering a mortgage deferral.  It is not without implications.  Please do not hesitate to contact me here if you have any questions.  I am also very happy to introduce you to a trusted mortgage specialist.

Thank you for reading this mortgage deferral blog post.  I appreciate your time very much.  Please do not hesitate to leave any comments below.  I would love to hear from you.  Are there any topics that you hope to see in a in a future blog?   Also, please do not hesitate to contact me privately with any questions.  I am always very happy to help you. 

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Property Tax

The City of Nanaimo property tax is due on July 2, 2020.  However, due to COVID-19, the payment date has been extended for anyone that might require more time.  You may now pay this property tax as late as September 30, 2020 without a penalty.  However; a 5% penalty will be added to your balance still owing on October 1st and an additional 5% will be added to any outstanding balance on November 12th.  Please click here for more information regarding the property tax payment deadlines.

You should anticipate receiving your tax notice near the end of May, 2020.  Please notify the City of Nanaimo at if your property tax notice has not arrived by mid-June, 2020.

I can be reached here if you have any questions.  I am always very happy to help.

Do you have a MyCity account?

A MyCity account will provide you with easy 24/7 access to following:

  • Your account balance & your payment history
  • Property assessments & tax levies
  • Current & past bills
  • Water Consumption
  • Home Owner Grants

How to register for a MyCity account

  1. Simply visit and click on REGISTER NOW.
  2. Fill in the required fields and click, REGISTER.  You should receive a confirmation email.  Simply click upon the link to activate your account.
  3. Click upon REGISTER ACCOUNTS.  After that simply select the appropriate account type from the drop down menu.
  4. Enter your account information from a recent invoice.  A message stating THE ACCOUNT HAS BEEN SUCCESSFULLY REGISTERED will indicate that your account is now available for viewing.

As always, please do not hesitate to request any real estate topics that you hope to see in a future blog post.  I would love to hear from you.  Furthermore, I will do my best to include your requested topic promptly within this blog.  Simply add your requests or comments below.  Alternatively, you may click here too.

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.