Latest Sims Real Estate Group Listing Videos & Blog Posts on Vancouver Island, BC.

Good news for home sellers on Vancouver Island. Currently, the market is seeing high consumer demand and a shortage of homes for sale. Citing the latest Vancouver Island Real Estate Board (VIREB) report released August 1, 2017, single-family home sales are down slightly from this time last year, 558 this year versus 605 in 2016. June saw marginally decreased sales of 618 homes. Even with this slight decrease in home sales, the shortage of new single-family homes being built means supply is down and homes are selling in short order and at higher prices.

"The supply of homes for sale in the province has dropped to its lowest level in over a decade," reports the British Columbia Real Estate Association (BCREA). With so many families looking to buy and settle in the area, this gives rise to multiple offers being made on a single home.

2017 VIREB President-Elect, Don McClintock, attests that the past several months have proven to be a sellers' market on Vancouver Island. He said, "consumer demand is high, and buyers are snapping up well-priced properties quickly once they hit the market." Additionally, he stated, "multiple offers are commonplace, which is frustrating for buyers and their agents. In fact, we're now seeing multiple offers on condominiums and townhouses, which is virtually unprecedented for the VIREB area."

As of July 2017, new benchmark prices have been set across the board for the VIREB area, with single-family homes rising to a median of $457,100, 20 percent higher than in 2016. Apartment homes and townhouses saw 29-43 percent higher pricing in July 2017.

Here is a breakdown of benchmark pricing for single-family homes per area. Nanaimo saw a 19 percent increase to $490,500. Port Alberni also saw the same percentage increase, hitting $250,000. Campbell River was up by 20 percent, hitting $361,800, while Comox Valley hit a benchmark price of $453,300, 23 percent higher than the previous year. Duncan reported an 18 percent increase, sitting at $407,700, and the Parksville-Qualicum area shows a 14 percent increase from $500,000 to $506,700.

In advising new home buyers, McClintock stated, "when you find a property you like, you need to act quickly, so make sure your financing is pre-approved. And, since many homes are selling above list price, you should decide beforehand on the price you're willing to pay." He added, "connecting with a local REALTOR is especially crucial in a competitive housing market."

It doesn’t take much guesswork to understand why real estate in Nanaimo is booming. Aside from its incredible beauty, the town is also a lot more economically friendly to first-time homeowner budgets than Vancouver mainland, which Nanaimo residents can still easily access.

The affordable and desirable real estate in Nanaimo makes it one of the most pragmatic places to settle down, especially for those who have long-term plans of reselling their home down the line. If you’re a first-time homebuyer and want to make your move to Nanaimo as successful as possible, you will definitely want to keep the following things in mind.

Know Your Exact Price Limit Early On

One of the most critical factors to consider in the purchase of your first home is exactly how much you are able to afford. You have to understand what the most realistic price that you can afford is in order to determine whether or not it’s really the right time to make a move. Although property values in Nanaimo have historically appreciated, you do not want to rely on this appreciation offsetting your expense, especially in the short-term.

Examine Your Credit Report

The only way that you’ll be able to secure a suitable mortgage is if your credit is healthy. There’s no point in finding your ideal home just to learn that you’re not actually able to get any funding for, so you’re going to want to make sure that you examine your credit report as soon as possible in your search. Not only is it important to look at your credit report just to know your chance of qualifying for a good mortgage, but you also want to confirm accuracy as well. The last thing you want is to be denied a mortgage because of something on your credit report is either outdated or untrue.

Be Proactive About Approval

If you want all the cards to be in your favor in the home buying process, you will want to make sure that you get approved as early as possible. Instead of risking the chance of getting beat to the punch before you can move into a house that you saved up for, you should improve your chances by getting a mortgage pre-approval to show the seller that you’re fully prepared.

The purchase of your first home in Nanaimo may seem overwhelming. It is critical to work with a real estate team that has an intimate understanding of all that the area has to offer, as well as a team that will put your needs and interests first. Are you thinking of purchasing your first home? Contact the Sims Real Estate team today to discuss your goals.

This 1,153 sqft Rancher located in the sought after North Nanaimo area is waiting for your personal touches. With 3 bedrooms and 2 bathrooms it has great features including a gorgeous electric fireplace set into a brick surround, updated flooring throughout, a lovely sunroom that looks out to the private yard and updated appliances. The back yard has a 300 sqft Workshop for the handy man or woman of the family. This home would be perfect for a first-time home buyer or someone looking to downsize. Need somewhere to park your RV or boat? Look no further as this home as a single car garage and RV parking. Located in walking distance from Woodgrove Mall & Costco, this home is very close to all amenities. This home is a must see! All measurements are approximate and should be verified if important. MLS 428640 

Beautifully updated 3 bedroom 2 bathroom family home in Central Nanaimo. Upon entering this 1,246 sqft rancher, you will walk into the fantastic open concept living and dining room area equipped with a propane fireplace and custom tiling, pot lighting and a bay window. This leads to the thoughtfully designed kitchen with new counters, flooring, hardware and appliances. The kitchen has sliding door access to the large patio and fully fenced back yard w/ shed, perfect for hosting summer barbecues. The master bedroom has his/hers closets and a convenient ensuite. The completely remodeled main bath also contains custom heated tiles, low flow toilets updated fixtures. The laundry/mud room has extra counter space and leads to a generous double car garage. Minutes from all local amenities. All measurements are approximate and should be verified if important. MLS 428080

Immaculate 3 bedroom 2 bathroom rancher in the heart of Hammond Bay. Make your next move a seamless one; this brand new 1,462 sqft rancher is custom built, modern, and is move in ready and available just in time for the summer. The kitchen is equipped with brand new stainless steel appliances, a separate island/breakfast bar, and located just to the right of the kitchen is a large pantry with endless shelving. The custom built fireplace in the living room will keep this open concept home toasty in the winter, and the french doors in the dining room with access to your covered patio area and fully fenced backyard will keep you cool in the summer. The master bedroom includes its very own fireplace, a 4 piece ensuite with his & her sinks, as well as a spacious walk in closet. Located just minutes from some of Nanaimo's most desirable parks, schools, and restaurants. All measurements are approximate and should be verified if important.

This 2,355 sqft family home has 5 bedrooms, 3 bathrooms, overlooks Robin Park, and has fantastic views of Mt Benson. The main living area boasts in natural lighting and has a great open concept. The kitchen has newer appliances, a double sink, and breakfast bar. Stay warm in the winter by turning on the living room fireplace, and stay cool in the summer by heading outside onto your semi covered back deck. The master bedroom, also located on the main floor has a large closet and a 4 piece ensuite. Downstairs has major suite potential with a rec room, family room, 2 bedrooms, a 4 piece bathroom, and access to the low maintenance, fully fenced backyard. Lots of room for guest parking, an RV, and boat. Minutes from all local amenities, restaurants, bus stops, and all levels of schooling including VIU. All measurements are approximate and should be verified if important. MLS 427540 

Recently Updated 4 bedroom 2 bathroom family home with a spacious open concept. This 1,851 sqft split level entry home is move in ready, just in time for summer! The main level features a large kitchen with a custom island/breakfast bar, tons of cupboard & counter space, as well as beautiful laminate flooring throughout the main floor. Spend the weekend enjoying the summer heat and hosting barbecues with friends and family on your large deck, accessible through the dining room French doors. Also located on main level is your living room and 3 spacious bedrooms including the master. The lower level of this home has a large rec room, a 4^th bedroom, storage room, and a huge workshop. The backyard is fully fenced, and has a trellis covered patio area. Room for an RV or boat out front. All measurements are approximate and should be verified if important. MLS 427480 

Phenomenal home for sale in a great family oriented area in Nanaimo's University District. This 4 bedroom 2 bathroom home has had thousands of dollars in beautiful upgrades, starting with the kitchen which has granite countertops, a custom island with extra cupboard space. Off the kitchen you'll find a very cozy living room with a custom built natural gas fireplace. Keep your utility bills low with your very energy efficient heat pump. Enjoy summer barbecues on your very spacious back deck, roast marshmallows by the fire, and let the kids play in the fully fenced back yard. With suite and carriage house potential and a bonus separate workshop this house has it all. This home won't last. All measurements are approximate and should be verified if important. MLS 427195

Spacious 2,096 sqft family home located minutes from Country Club Mall, Nanaimo Golf Club, Departure Bay Beach, all levels of schooling, bus routes, and all local amenities. This basement entry home offers 4 bedrooms and 2 bathrooms. The kitchen is equipped with a large breakfast bar, tons of counter space, and newer stainless steel appliances including a French doored fridge. Situated just off the dining room are sliding glass doors leading to a large balcony and a fully fenced backyard, perfect for hosting summer barbecues with friends and family. Downstairs you will find the 4^th bedroom, family room, as well as a second kitchen and bathroom. This home has endless amounts of potential!  All measurements are approximate and should be verified if important. MLS 426866 

Fantastic 2 bedroom 2 bathroom patio home in the desirable Pleasant Valley Village. This 976 sqft home has been very well maintained and is move in ready. The living/dining area boasts in light from the sliding glass doors and huge bay window with views of the backyard. The master bedroom is equipped with a walk in closet and 3 piece ensuite. The backyard has lots of shade and privacy, as it’s surrounded by landscaped trees and shrubs. 1 dog under 25lb or 1 cat allowed. 2 indoor cats might be approved by strata. Close to multiple shopping centers, grocery stores, schools, and bus routes. All measurements are approximate and should be verified if important. MLS 426790