Ralph Kirby Realtor®

250-734-1712

For the Nanaimo -Parksville area last week there were :


121 new listings

  60 price reductions and 

  78 sales


With more listings than sales the market is becoming balanced.


I find it interesting to see how prices have increased over time.

Following are some samples from the sales last week.

The comparison prices are for the same property .


Area                      Sales Price         Previous Sale - Year of previous Sale


North Nanaimo  $613,000      vs  $403,000 in 2013 and $183,767 in 2000


Nanoose Bay        575,000      vs    381,500 in 2009 and   218,000 in 2003


Nanaimo                551,700      vs   385,000 in 2010  and  262,000 in 2009


Nanaimo condo    519,000      vs    375,000 in 2010


Nanaimo Central  485,000      vs    230,000  in  2010  and  135,000 in 2003


Certainly owning property has been a good investment.


List with me to save THOUSANDS on selling your home.

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Should you Buy or Rent?

While there are pluses to either position; buying a home has resulted in wealth generating returns over the years. Yes there are cycles in the market and sometimes the advance of prices slows.  But over time, home prices have had huge gains.


Here is a comparison of actual August sales in the Parksville - Qualicum Beach area and what the same house sold for previously.

Many homes show gains of over 10% per year on the original purchase price.

Area

Sold 2018

previous sale

year

% increase

%/Annum

 

(000)

(000)

     

Parksville

$444

$290

2015

53%

18%

Deep Bay

599

247

2007

143%

13%

French Creek

439

356

2016

23%

12%

Parksville

530

130

1991

308%

11%

Eaglecrest

594

358

2012

66%

11%

Qualicum Beach

510

327

2012

56%

9%

Qualicum Beach

550

370

2011

49%

7%

Sandpiper

500

325

2008

54%

5%

Corfield Glades

615

401

2008

53%

5%

Parksville

400

245

2005

63%

5%



That is nice to know that home prices have gone up.

Everyone knows that.


But what does that work out to as a return on the amount invested?


Let’s assume a buyer put 20% down and took a mortgage for the balance.

Using an example from the middle of the chart:

Purchase price          $358,000   in 2012

20% down                    $71,600 

Mortgage                    $286,400

Selling Price               $594,000  in 2018

Net increase               $236,000

The return on the $71,600 invested is  330%!!!


Which is 55% per year over the 6 year period.


That is an AMAZING return.


Ralph Kirby’s comment is “I am not aware of any investment that can beat the return of home ownership. There is no question that Buying is better than renting, financially.”





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Prices Increase 13% - Sales Jump 27%


The following information is taken from the MLS sales data from the Vancouver Island Real Estate Board. The information is based on single-family residential unit sales. 

The month of April 2016 saw 188 homes sold, compared with 162 homes the previous month, and compared with 148 homes sold in 
April 2015. This represents a 27% increase when compared with last year.

The average sale price increased in 
April 2016 to $437,232.00 compared with $387,469.00 in April 2015 an increase of 13%. The median Nanaimo house price for April 2016 was $391,500.00.


In April 2016, the benchmark price of a single-family home in the VIREB area was $356,700, up 8.36 per cent from one year ago. Benchmark pricing tracks the value of a typical home in the reported area. The benchmark price of townhouses and apartments also increased in nearly every market. The average MLS® price of a single-family home in April was $396,165, a nine per cent increase from April 2015. 

Nanaimo’s benchmark price rose 9.08 per cent to $379,300 while the Parksville-Qualicum area saw its benchmark price rise by 10.69 per cent to $399,500. 

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Nanaimo Real Estate Market  Snapshot  to April 25 2015

 

For the week  to April 25 there have been  reported 56 sales of homes over $100,000 in Nanaimo and Protection Island. (Down 4 on the week)

There were 71 new listings of houses. (down 2 on the week.)

There are 949 homes listed in Nanaimo above $100,000 (up 19).

 

The most expensive home reported sold in Nanaimo last week was on Shammy’s Place for $1,137,000.  (There were 2 sold this week over $1,000,000.) It appears this was purchased in 1998 for $305,000. That would represent 273% increase in about 17 years or 16% per year (WOW!). Appears the previous purchase of this property was for $160,000 in 1987. That would represent 611% increase in about 28 years or 21% per year (again WOW!).

 

Another large winner was a sale on Kennedy. It appears the purchase was back in 2002 for $122,000 and sold this past week at $315,000 for a gain of 158% over 13 years or 12% per year.

Definitely owning beats renting for return on investment.

 

There were 18 sales where the previous purchase was over 10 years ago.

The average of last week’s sales from the time of purchase was 8 years.

 

25% sold between $109,000 and $280,000

25% sold to $345,000

25% sold to $429,000

25% sold to $1,137,000

There were  12 properties sold for more than $450,000 (n/c).

12 of the sales were either new construction or did not show any previous sale on the system (down 3). 

Of the 44 which had previous sales;  8  had a lower sales price than the previous sale. All the losers had been purchased between 2007 and 2012.

 

If you would like to know the value of your home; call me for a free , no obligation valuation.

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Nanaimo Real Estate Market  Snapshot  to April 18 2015

 

For the week  to April 18 there have been  reported 60 sales of homes over $100,000 in Nanaimo and Protection Island. (UP 2 on the week)

There were 73 new listings of houses. (down 46 on the week.)

There are 930 homes listed in Nanaimo above $100,000 (down 7).

 

The most expensive home reported sold in Nanaimo last week was on Fillinger (again) for $1,020,000.  It appears this was purchased in 2010 for $1,100,000. That would represent 7% decrease in about 5 years or 1% per year. Appears the previous purchase of this property was for $775,000 in 2005. That would represent 32% increase in about 10 years or 3% per year.

 

The largest winner was a sale on MacMillan. It appears the purchase was back in 2004 for $80,000 and sold this past week at $220,000 for a gain of 175% over 11 years or 16% per year.

There was a house on Lambert purchased for $22,000 in 1986 sold for $220,000.

Another house on Harvey was purchased for $32,000 in 1976 and sold for $238,000.

Definitely owning beats renting for return on investment.

 

There were 16 sales where the previous purchase was over 10 years ago.

The average of last week’s sales from the time of purchase was 5 years.

 

25% sold between $110,000 and $238,000

25% sold to $345,000

25% sold to $400,000

25% sold to $1,020,000

There were  12 properties sold for more than $450,000 (down 1).

15 of the sales were either new construction or did not show any previous sale on the system (NC). 

Of the 45 which had previous sales;  14  had a lower sales price than the previous sale. All the losers had been purchased between 2006 and 2014.

 

If you would like to know the value of your home; call me for a free , no obligation valuation.

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Nanaimo Real Estate Market  Snapshot  to April 11 2015

 

Keep in mind this was again a 4 day reporting week due to the holiday.

For the week  to April 11 there have been  reported 58 sales of homes over $100,000 in Nanaimo and Protection Island. (UP 21 on the week (a big increase).)

There were 119 new listings of houses. (Up 30 on the week. Spring is here)

There are 937 homes listed in Nanaimo above $100,000 (up 38).

 

The most expensive home reported sold in Nanaimo last week was on Fillinger for $870,000.  It appears this was purchased in 2004 for $455,000. That would represent 91% increase in about 11 years or 8% per year.

 

The largest winner was a sale on Woobank. It appears the purchase was back in 1998 for $149,000 and sold this past week at $342,000 for a gain of 130% over 17 years or 8% per year.

Definitely owning beats renting for return on investment.

 

There were 12 sales where the previous purchase was over 10 years ago.

The average of last week’s sales from the time of purchase was 9 years.

 

25% sold between $115,000 and $268,000

25% sold to $342,000

25% sold to $429,000

25% sold to $870,000

There were  13 properties sold for more than $450,000 (up 3).

15 of the sales were either new construction or did not show any previous sale on the system (up 6). 

Of the 43 which had previous sales;  11  had a lower sales price than the previous sale. All the losers had been purchased between 2006 and 2009.

 

If you would like to know the value of your home; call me for a free , no obligation valuation.

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Nanaimo Real Estate Market  Snapshot  to April 4 2015

 

Keep in mind this was a 4 day reporting week due to the holiday.

For the week  to April 4 there have been  reported 37 sales of homes over $100,000 in Nanaimo and Protection Island. (Down 9 on the week.)

There were 89 new listings of houses. (Up 8 on the week.)

There are 899 homes listed in Nanaimo above $100,000 (up 39).

 

The most expensive home reported sold in Nanaimo last week was on Finnerty Pl. for $755,000.  It appears this was purchased in 2003 for $405,000. That would represent 86% increase in about 12 years or 7% per year.

 

The largest winner was a sale on Fillinger. It appears the purchase was back in 2001 for $176,000 and sold this past week at $462,000 for a gain of 163% over 14 years or 11% per year.

Definitely owning beats renting for return on investment.

 

There were 15 sales where the previous purchase was over 10 years ago.

The average of last week’s sales from the time of purchase was 11 years.

 

25% sold between $141,000 and $268,000

25% sold to $342,000

25% sold to $432,000

25% sold to $755,000

There were  10 properties sold for more than $450,000 (up 4).

9 of the sales were either new construction or did not show any previous sale on the system (down 4). 

Of the 27 which had previous sales;  only 2  had a lower sales price than the previous sale. All the losers had been purchased between 2008 and 2009.

 

If you would like to know the value of your home; call me for a free , no obligation valuation.

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Nanaimo Real Estate Market  Snapshot  to March 27 2015

For the week  to March 27st there have been  reported 46 sales of homes over $100,000 in Nanaimo and Protection Island. (Down 5 on the week.)

There were 81 new listings of houses. (Down 1 on the week.)

There are 860 homes listed in Nanaimo above $100,000.

 

The most expensive home reported sold in Nanaimo last week was on Lantzville Rd for $890,000.  It appears this was purchased in 1975 for $70,000. It is likely there has been substantial investment in the interim.

 

The largest winner was a sale on Cilaire. It appears the purchase was way back in 1986 for $74,000 and sold this past week at $360,000 for a gain of 486%.

Definitely owning beats renting for return on investment.

 

There were 10 sales where the previous purchase was over 10 years ago.

The average of last week’s sales from the time of purchase was 7 years.

 

25% sold between $110,000 and $285,000

25% sold to $345,000

25% sold to $406,000

25% sold to $890,000

There were  6 properties sold for more than $450,000 (down 7).

13 of the sales were either new construction or did not show any previous sale on the system (down 1). 

Of the 33 which had previous sales;  4  had a lower sales price than the previous sale. All the losers had been purchased between 2007 and 2011.

 

If you would like to know the value of your home; call me for a free , no obligation valuation.

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For the week  to March 21st there have been  reported 51 sales of houses over $100,000 in Nanaimo and Protection Island. Up 1 on the week.

There were 82 new listings of houses. Up 2 on the week.

 

The most expensive home reported sold in Nanaimo last week was on Bella Vista for $825,000.  It appears this was purchased in 2007 for $768,000. Up approximately 7% over 7 years. It appears there was a transaction in 2004 at $483,000. Certainly a 71% increase in 10 years is a good increase.

 

The largest winner was a sale on Rutherford. It appears the purchase was way back in 1992 for $140,000 and sold this past week at $402,000 for a gain of 288%.

Definitely owning beats renting for return on investment.

There were 7 sales where the previous purchase was over 10 years ago.

The average of last week  from the time of purchase was 6 years.

 

25% sold between $130,000 and $235,000

25% sold to $328,000

25% sold to $460,000

25% sold to $825,000

There were  13 properties sold for more than $450,000 (down 3).

14 of the sales were either new construction or did not show any previous sale on the system (down 3). 

Of the 37 which had previous sales;  6  had a lower sales price than the previous sale. All the losers had been purchased between 2006 and 2011.

 

If you would like to know the value of your home; call me for a free , no obligation valuation.

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Nanaimo Real Estate Market  Snapshot  to March 14 2015

For the week  to March 14th there have been  reported 54 sales of homes over $100,000 in Nanaimo and Protection Island.

25% sold between $158,000 and $285,000

25% sold to $360,000

25% sold to $450,000

25% sold to $810,000

There were  16 properties sold for more than $450,000

17 of the sales were either new construction or did not show any previous sale on the system. 

Of the 36 which had previous sales;  5  had a lower sales price than the previous sale. All the losers had been purchased between 2006 and 2010.

 

The largest winner was a sale on Bluejay Way. It appears the purchase was way back in 1989 for $77,000 and sold this past week at $276,000 a gain of 258%.

There were 15 sales where the purchase was over 10 years ago. This is interesting in that the average time a home is lived in is somewhere between 5 and 7 years.

The average of this group  was 9 years.

This is explained in part in that house prices in Nanaimo have not moved much since 2007. A lot of owners do not show a large increase in the last 8 years.

 

The most expensive home reported sold in Nanaimo last week was on Jameson for $810,000.  It appears this was purchased in 2008 for $795,000. Not much change for that period.

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Great value for Oceanfront with an indoor pool in a classic character house.

Look at the quality finishing.

Come and be impresseed.

Minutes to downtown Nanaimo on Protection Island.

 

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I have updated the page for Protection Island with relevant links for services and a commentary about life on Protection Island.  

 

While only 5 minutes from downtown Nanaimo, Protection Island is a world apart.

 

Very rural in atmosphere, yet having all the city services.

Protection Island has Nanaimo City water and sewers, fire hydrants and high speed internet and TV with both Telus and Shaw.

The ferry runs every hour.

There is a wonderful community spirit with a community garden and a community dock.

There are many activities that make Protection Island a great place to raise kids and live a special lifestyle.

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Reading an article about the Queen Victoria  Hotel in Victoria that was sold last year for $19.25 million.

It was built in 1965 for $650,000.

Sure there has been investment added in the interm.

But that is how to make money in real estate.

Buy a good location; earn a cashflow and give it time.

I see this over and over.  People who give their real estate time; make money.

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Market  Snapshot  to April 26 2013

For the week  to April 26th there have been  reported 38 sales of homes over $100,000.

(The reported sales are for actual dates over the past month but were reported in this period)

25% sold between $174,000 and $257,000

25% sold to $352,000

25% sold to $450,000

25% sold to $1,100,000

There were only 8 sold for more than $450,000

21 (57%) sold for less than the assessed value.

10  (27%) sold for more than 5% higher than the assessed value.  

17 of the sales were either new construction or did not show any previous sale on the system. 

Of the 21 which had previous sales;  3  had a lower sales price than the previous sale (14%).

The median  $/ sq ft was $169.  

There were 13 (34%)homes sold for $191/sq ft or greater.

There were no sales on Protection Island.

Summary

                Quartile in $000

Date      1             2              3              4       #>$450    %<Assessed   %>105%Assessed                           

4/12       228         285         366         732              7              50                       33

4/19       253         275         338         706              2              67                       24

4/26       257         352         450         1,100           8              57                      27                          

 

Date      %<last sale         Median $/sqft                   %>$191/sqft      Sales on Protection

4/12       39                           161                                    23                                           0

4/19       32                           168                                    33                                           0

4/26       14                           169                                    34                                           0

 

In Nanaimo for the period March 1, 2013 to March 28, 2013 there were 77 single family homes sold.   This is a decrease of 14% from last year’s sales of 90. 

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There is concern about the hazard of Vermiculite.  This is an interesting comment and confirming response that not all vermiculite is hazardous.


Vermiculite

I was just reading the February 2013 edition of the REM magazine. In the article titled Mould, asbestos and vermiculite, provided by the Home Inspection Network, it starts out mentioning that many people have preconceived ideas about topics, but education can assist them in making decisions. Then the article goes on to suggest that there is a problem with all vermiculite.

Only vermiculite that was mined next to asbestos has (caused) concern.  I have had five out of six vermiculite tests come back “clean” – no asbestos. The concerns you are publicizing are again “media hype to scare people”.  I respect the REM magazine and read it faithfully. I do now have an educated impression about Home Inspection Network – which is not favourable.

Liz Koster

Royal LePage Niagara Real Estate Centre

Dunville, Ont.

 

The Home Inspection Network replies:

Thank you for your email and we apologize if our message was interpreted as an attempt for media hype as that was not our intention.

Our intent with this article was to educate as we had heard that sometimes Realtors are faced with consumer concerns over mould, asbestos and vermiculite when closing real estate deals. We wanted to address this concern and relay the message that often it is really not an issue, but still something for Realtors to be aware of. Again we do apologize if that was not how our message was interpreted, as our intentions were good. – Kate Bruyea, marketing manager, Centract and The Home Inspection Network

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Categories:   Vermiculite Hazard
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