How is the Market?  That is the one questions we get asked the most as Realtors.  The answer for Nanaimo is Hot, steady and slower than last year.  Let me explain.  

Single family homes in sub $550,000 price range are selling quickly for asking price, over asking price or slightly under asking price.  It is a great time to be selling a home in this price point.  If the home is sale ready, there will be a line up of people wanting to see the home and usually an accepted offer in the first week.  Last Saturday while showing homes in this price point, off the eight we manged to see 3 had offers coming in before we finished our tour.  This segment of the market is defiantly  hot! 

Single family homes and homes with suites in the $550-800,000 range are steady.  A well kept well priced home will sell in this price point.  The action is not as brisk and it will likely take a little longer to sell that the less expensive homes on average, but these homes are still selling.  Homes in this segment are generally selling with in 2% of the list price.  We are seeing a little bit of movement on price here.  

Luxury homes and homes priced north of $800,000 are selling a lot slower than in the last couple of years.  The current market supply is approximately a year.  If you are selling in this segment, don't count on a quick sale.  Price is and sale ready condition is very important.  There is lots of competition for these buyers, so the better the home shows and the sharper the price the better the odds of selling in a timely manor.  

Condo's, Town homes and Patio homes are also steady.  The inventory is turning over quickly and we are seeing new development, so this market is fairly balanced.  

It is a great time buy or to sell in Nanaimo.  We are seeing a decent amount of homes coming to market and nice well priced homes are selling quickly! 

For more information please reach out to the Lambert-Madson team, we are always happy to answer questions and offer advice.   

The deadline is almost here to register for your Speculation Tax exemption.  All owners of residential property must claim the exemption by March 31st.  If you have not received your letter call  Toll-Free: 1 (833) 554-2323.  

What areas of British Columbia are affected?

(a)a municipality within the Capital Regional District;  

(b)a municipality, other than the Village of Lions Bay, within the Metro Vancouver Regional District;

(c)the City of Abbotsford;

(d)the City of Chilliwack;

(e)the City of Kelowna;

(f)the City of Nanaimo;

(g)the City of West Kelowna;

(h)the District of Lantzville;

(i)the District of Mission;

(j)that part of Electoral Area A within the Metro Vancouver Regional District that comprises the University of British Columbia and University Endowment Land as defined in section 1 of the University Endowment Land Act;

A few quick tips,

Bare land is exempt for 2018.

The speculation tax applies based on ownership as of December 31 each year.

For 2018, most British Columbians will be exempt if they either live in their home as their principal residence or rent out their property for at least three months of the year. Short-term rentals for periods of less than one month do not count towards the three-month total.  

For more information vist the www2.gov.bc.ca website

Call 1 833 554-2323

Email: spectaxinfo@gov.bc.ca

Or call your Tax professional