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...


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....


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.

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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.