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...

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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....

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

  • Your account balance & your payment history
  • Property assessments & tax levies
  • Current &...
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Housing sales within the Vancouver Island Real Estate Board (VIREB) for the first half of March were not affected deeply by the COVID-19 virus. However; the second half of March produced fewer housing sales throughout the province, including the VIREB region.  Undoubtedly, the global pandemic will have an effect upon the 2020 BC housing market.  Nanaimo and area have certainly experienced declining housing sales activity, however, home prices locally have not slipped.  This is wonderful news for persons living on Vancouver Island.   Unfortunately; Canada’s largest cities (Vancouver and Toronto) have experienced both activity and price declines since the onset of COVID-19.

A symbol representing the VIREB housing stats.

The VIREB region produced 333 single family home sales in March 2020.  This is up from the 259 single family home sales in February 2020.  It was ramping up to be a much better year versus 2019 and the later half of 2018.

The March 2020 VIREB region benchmark price was 4% higher...

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Hello; it was the link from the newsletter that brought you to this blog post.  You may be the winner of a $50 gift card.  Your chances of winning are great and it’s very easy too!  All newsletter draw entrants, per Canadian legislation, must be 19+ years of age and correctly answer a VERY simple question.  That is correct…  just complete the section below and include the correct answer within the comments section.  It will take less than a minute and I am certain you will answer the question correctly.

Please select which of the following statements is correct:

  • Chris Martin is a Hall of Fame Realtor with RE/MAX of Nanaimo.
  • Chris Martin is a professional baseball player for the Toronto Blue Jays.

Furthermore, as per Canadian legislation regarding this random draw, I must also state that the winning entrant must reside within British Columbia.  (A Canadian province.)  Please also note that this newsletter draw is open to all persons subject...

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