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

Home buyers in Nanaimo and the surrounding region have long see a great deal of growth in home values in recent months, and gradually over the last years. Those home prices are on their way up as a result of increased pressures within the market. There are fewer homes for sale than can meet demand, which is driving home prices up, as is the lack of new development in some areas. Foreign investors are also a factor. But, the new rules put in place for the financial industry for mortgages could hamper the ability of some individuals to buy a home here.

Understanding the New Rule Implications in the Nanaimo Market

There are several new laws put into place or coming into play in the coming months that will change the way some people can buy a home in Nanaimo and the surrounding area. For example, those who wish to buy a home with less than 20 percent down will need to have a higher income level in order to achieve it. This is due to a new rule that will require these buyers – many of whom are first time home buyers – to secure a property based on the higher benchmark interest rate, not just on the rate they accept. The goal is to reduce the risk of foreclosure due to nonpayment, but realistically, it can become a limiting factor in the ability of some people to buy a home here.

What Can You Do?

There are other rules and changes coming to the financial industry for mortgages here in Canada. It’s important for you to first stay up to date on these changes, and to understand what the underlying factors are so you can plan for the impact they may have on your buying ability and goals.

Most importantly, work with an area real estate agent that knows the Nanaimo real estate market well. The Sims Real Estate team can help you to determine a realistic budget, and align your goals with your purchasing ability. There are excellent opportunities in homes to buy here, and these new rules shouldn’t limit your interest in buying a home in beautiful Nanaimo.

Nanaimo has something special to offer today’s home buyer. Many people who buy a home here from outside the local area do so because they have visited and fallen in love with the many amenities and features the area has to offer. Sure, it may be a top tourism destination in this region of Vancouver, but what makes it the ideal place to buy a home? The reasons could be numerous depending on the type of lifestyle you are planning to live here.

3254 Ridgeview Place, Nanaimo, NA V9R 7C7 - Image Provided by VIREB

It’s a Fast Growing Community to Love

Nanaimo is growing. It has a current population of over 84,000 people. And, it used to be much less urban than it is today. When you visit, you’ll find a strong and vibrant downtown area. There’s a beautiful harbourfront area here, including outstanding access to the waterways. And, there are art galleries, museums, plenty of artisan shops, and nice little diners to spend your time in with families. Of course, for all of these reasons, Nanaimo is a great place to call home.

Once an area known for its coal mining and Native lands, Nanaimo has grown in many ways including its economic opportunities. It is possible to find a good job here in virtually any industry. There are religious affiliations, numerous festivals, and various community services available. It is a very modern community.

Homes are available in Nanaimo in nearly every budget range. You’ll find a wide range of amenities to enjoy right near these homes including open parkland and outstanding schools. Many people who visit here love the area’s overall character. It’s charming, welcoming, and family-centric. It is also highly desirable for those who are looking for affordability. These, too, are reasons to make this your home.

For all of these reasons, individuals should consider the benefits of buying a home in Nanaimo. To learn more about the market and to get a better feel for all it has to offer, work with a local real estate agent. You’ll find the perfect neighbourhood here to fall in love with and to call home.

One of the benefits that today’s homebuyer has when buying real estate on Vancouver Island is having access to the water. You can enjoy ample oceanfront real estate opportunities along the western coast. On the other hand, you could fall in love with one of the many beautiful bays here on the eastern coast, or a home on the Strait of Georgia. The prospect of waterfront living can be an exciting opportunity for homebuyers. If you’ve been thinking about buying a home on Vancouver Island, waterfront real estate could be your ideal market segment for several reasons.

Beautiful Backyard View in Nanaimo - Image Provided by VIREB

Waterfront Provides Access

Vancouver Island has something for everyone. You can choose to live in one of the larger communities, or one of the more historically charming towns here. On the other hand, you may want to choose a home based on the amenities available to you. Waterfront homes offer it all, and you’ll likely find options that fit every need. Buyers seeking waterfront homes will find themselves looking in Nanaimo, Chemainus, Duncan, or one of the several other coastal cities.

• The rugged, natural beauty of this area can provide for some stunning views and unique homes propped on the mountain or hillside. These are some of the best homes for those who want privacy.

• Choosing one that offers waterfront access may give you access for your boat. Several areas offer docking options right outside your home.

• Golf courses, fishing excursions, and modern amenities are available throughout the region. You can choose, for example, to live near to a golf course with a view of the bay. Or, you can select to live in a downtown condo with fantastic fitness amenities, onsite restaurants, all while being within walking distance to area recreation.

What is right for your unique needs? Jason Simard and the Sims Real Estate team can work closely with you to help you find an ideal place to call home. With so many beautiful places here to choose from, your dream home is available to you here.

Many people who live in the city of Vancouver benefit from the modern amenities and incredible big city life that is present here. Yet sometimes, buying that second home really pays off when you want to enjoy the beauty of this region. For many people, buying a home on Vancouver Island makes sense. It is close enough to home but it also offers a wide range of amenities for those who want to have everything they need at hand.

9845 Cedar Street, Chemainus, NA V0R 1K2 - Image Provided by VIREB

What Are the Benefits of Living on Vancouver Island?

Vancouver Island is only a short distance from Vancouver. You can take a ferry to the island itself (it’s about an hour and a half away), and it is one of the most well respected vacation destinations in the region. That means you can spend time on the water, hiking, relaxing, shopping, and really enjoying a more relaxed and slower pace of life, while still remaining relatively close to home.

The good news is there are a range of options available for those looking to buy a vacation home in Vancouver Island. You will find homes that are larger with ample land. You will also find quaint, smaller homes with outstanding amenities. Condos are another option. You can choose to live right on the waterfront in one of the communities with sailing access. Or, some people choose to buy in the countryside so they can enjoy more of the wilderness at their front door. An additional benefit is that those who want to do so can often rent out their second home when it is not in use.

Does it sound like a weekend home on Vancouver Island might be right for you? Contact Jason Simard and the Sims Real Estate Team today to learn more about the fantastic real estate opportunities here. There are plenty of relaxing weekends ahead!

Buying a home on Vancouver Island provides you with a range of options and opportunity. This is an area that offers a unique mix of property types and price ranges. In some areas, especially along the coastline near the city of Vancouver, there are very modern communities with luxury amenities and some of the most stunning views of the city. On the other hand, you have plenty of areas of densely wooded regions, with homes that are much more spread out. What’s right for you?

525 Buller Street, Ladysmith, NA V9G 1N9 - Image Provided by VIREB

Take a Closer Look at Vancouver Island Real Estate

Vancouver Island is a fantastic place to buy a first home, a dream home, or even that weekend getaway that puts you in the heart of some of the most beautiful countryside in the region. However, it is important to identify your own goals, and choose the area that is right for you. For some, large homes, including custom built homes, are the route to take. This will give you the modern amenities you are looking for. On the other hand, there are plenty of rustic homes here, including those nestled into the hillsides and overlooking the bays. Popular waterfront communities include Nanaimo, Chemainus, and Ladysmith.

You may want to buy waterfront homes. Though Vancouver Island has some beachfront area, much of the valuable waterfront area has boat access and incredible new opportunities for spacious living. Condos on Vancouver Island are also a popular option for home buyers. This could be an excellent option for those who may be looking for a weekend getaway or a home that’s easy to maintain.

Finding your dream home here is easy to do. There are plenty of options to select from, of course. However, Vancouver Island real estate does provide for many amenities. That is why you will want to work closely with local real estate agents to find your dream home here.