9
FEBRUARY 2016
Central Island Real Estate Market Is Sizzling!
N
ANAIMO – Yearend statistics re l e a s e d b y t h e Va ncouver Isla nd Rea l E s t ate B o a r d ( V I R E B) confirms something that every REALTOR® in the reg ion a l ready k nows; that the local real estate sales market is hot and in all likelihood is going to get hotter. Last year nearly 4,900 homes were sold across t he V I R E B coverage area – that’s an increase of more than 13 per cent over 2014. B ut at t he sa me t i me the actu a l sa les prices of those homes rose only four percent. T he stats a l so show t he avera ge sales price for a home sold in Nanaimo last year was pegged at about $391,000. I n contrast the benchma rk va lue of homes sold in Victoria in 2015 was more than $613,000 while in Vancouver it was an insane $1.4 million! When you see escalating numbers like those it’s easy to see that real estate values in the Central Vancouver Island area are
among the best bargains to be had anywhere. “Yes the local real estate market is hot right now, but what’s most i nteresting is how much the temperature can change depending on the product ty pe and on the neighborhood. Certain areas of Nanaimo are seeing record breaking appreciation due to Asian investment demand,” explained Nanaimo REALTOR® John Cooper, who is a a principle with one of the most product ive re a l estate teams on Vancouver Island - Cooper McLintock & Associates. “In contrast, other areas have actually experienced a flattening of activity in some cases prices have actually come down. The key is to undertake a det a i le d e x a m i n at ion of each market segment to accurately estimate value f luctuations and future asset liquidity. This is the level of strategic analysis our firm really emphasizes and excels at.” Quality homes at
bargain prices are pract i c a l l y g u a r a n t e e d to generate action in what has turned into a vibrant Seller’s Market. Mortgage interest rates remain at historic low levels while home prices have stayed fairly consistent. At the same time the local housing inventory is smaller than it’s been in more than a decade. Combine all of these factors and you’ll have more dollar sav v y buyers seeking a dwindling pool of properties. What will be the end result of this? A real estate market that’s going to absolutely sizzle in 2016!
Global Connections | Local Experience | Trusted Results Coffee Shop
Busy Restaurant
Hotel & Pub
Busy coffee shop in Departure Bay Ferry Terminal. Nanaimo l $78,000
Profitable seasonal Mexican Restaurant on the waterfront. Established 2002. Nanaimo l $395,000
7 room hotel and neighbourhood pub.
Flooring Retail / Distributor
Floral Shop
Retail Sales
Popular discount flooring retailer, founded 2003.
Successful flower shop, established clientele.
Unique household goods retailer.
Nanaimo | $850,000
Parksville | $850,000
Manufacturing Company
Cabinet Shop
Moving & Storage
Well-established, profitable business on 1.3 acres.
Thriving woodworking operation inclusive of land and buildings. Specializing in cabinetry and countertops. Port McNeill | $395,000
31 unit storage facility and moving company on 1.96 acres.
Nanaimo l $295,000
Duncan | $5,500,000 l L&B
Land, building & business.
Port Alberni l $439,000
Parksville l $2,495,000 l L&B