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  Vancouver Island Real Estate News from Rudi & Trish Widdershoven November 2016   
 


I dont know about all of you but I am finding it hard to fathom where this year has gone and that the holiday season is almost upon us! Christmas will be here before we know it! I heard some one say 7 Saturdays from Friday is Christmas Eve! 

We have had an amazing & productive year!  We want to thank all of your for that and for your continued faith in us.

We feel that the coming year will be one of change, Diane Kellas our trade off partner is retiring at year end so we will be helping her replacemnt Janet & also assisting some of her clients as well.  There is a new President in the United States, Real Estate Regulations are changing, and new tax implications for foreign buyers & owners are all part of that. Rest assured, we are watching & monitoring changes as they happen.  If we percieve they are goiing to greatly impact values in any way, we will be in touch.  Having said that, we are quite optomistic about the propects for the coming year. All the fundamentals are in place for continued strength in our market.  We continue to find an influx of buyers who "come from away" and the reasons are still the same.  Our amazing lifestyle, weather and the friendliness and safety of our community!

Thanks so much for checking out this month's newsletter.  Please get in touch if you have any questions or comments regarding the articles, or real estate in general -- it'd be great to hear from you!

Your friends in Real Estate
Rudi & Trish W.
In this issue...
The Vancouver Island Real Estate Market Report
Ho Ho Home Staging for the Holidays
Preserve the Past with a Family Time Capsule
Roasted Garlic Buds and Brie

The Vancouver Island Real Estate Market Report 

Home sales cool in October and inventory dips once again.

In October 2016, 399 single-family homes sold on the MLS® System compared to 368 last October, an increase of eight per cent.  Month-over-month, sales decreased by 24 per cent from September, which saw 528 unit sales.  However in the greater Parksville Qualicum Beach area the number of single family home sales for October was the same as September while the number of new listings that came to market was 32 less.

Reduced sales activity in October was likely caused by some late-summer cooling and continuing lack of inventory challenges.  Active listings of single-family homes dropped once again in October, dipping to 1,158, the lowest VIREB has seen since the board began tracking inventory levels in 1999.

Robust sales in the VIREB area and throughout much of B.C. continue to be driven by a combination of economic factors that are creating a sound foundation for housing sales.

“British Columbia’s GDP and employment growth have been above three per cent for three years now, and is currently tracking at 3.5 per cent,” says Cameron Muir, BCREA  Economist.  “Population growth is also a significant factor, with over 8,000 people migrating to B.C. from other parts of Canada in the second quarter of 2016.”

There has been a moderating trend in activity & prices Th The greater Vancouver area we expect due to the new tax for foreign buyers. The GVRD experiencing 3 consecutive months of flat sales in August, September, & October.  Yet Vancouver’s housing prices are still high, so many of B.C.’s new residents are settling farther out in the Fraser Valley or on Vancouver Island.

BCREA cannot definately say That the Foreign Buyer Tax imposed at the beginning of August has adversely affected the Vancouver market, nor whether the new housing rules introduced by the Government of Canada in October will have an impact.  Thus far, however, there appears to be a very limited fallout from any of these factors in the VIREB market. We have seen somewhat less activity from Vancouver but it is not significant.

Foreign buyers are not turning to Vancouver Island instead of the Lower Mainland and are not the impetus behind VIREB’s robust housing market.  As well, the federal government’s new rules that standardize eligibility criteria for high-ratio and low-ratio insured mortgages will have a greater impact on buyers purchasing homes in the $500,000-plus range.  VIREB’s benchmark prices on all property types are below that mark.

The single biggest challenge for the VIREB area continues to be a lack of inventory.  Sales would be higher if there were were homes available, and buyer frustration is growing.  Jason Finlayson, 2016 VIREB Past President, is encouraging potential home sellers to take advantage of these market conditions.

“Sellers are in the driver’s seat right now, but consumers need to realize that sellers’ markets don’t last forever,” says Finlayson.  “If you’re thinking of putting your home on the market, now is the time.”

In the greater Parksville Qualicum Beach area the number of single family sales was up 17% from October 2015 while the number of active listings on the market was down 45%.  If you would like additional statistics or wish to discuss your particular situation please contact us as we would be pleased to discuss with you.

Ho Ho Home Staging for the Holidays 

It’s important to carefully stage your home during the holidays.

Decorating your home for the holidays is a festive tradition but it’s important that buyers are still able to imagine themselves living there.  Here are a few seasonal staging tips to keep in mind:

  1. Curb Appeal Counts - A few lights and a tasteful wreath on the front door will accent your home. Its good to display some photos of what you home & yard look like during the summer months.

  2. First Impressions - Hallways can be cramped and dark this time of year so remove unnecessary items, and ensure you have adequate lighting. Try and keep decorations to a minimum.

  3. Deck the Halls (a little) - Too many decorations will make your home appear small and cluttered.  Also, never decorate over architectural selling features.

  4. Bows & Bells - Put away wrapping paper, tape, ribbons, etc. before showings but don’t just stuff them in your closets as buyers usually peek in cupboards to see how spacious they are.

  5. Holiday Cheer - Seasonal treats such as hot apple cider and holiday cookies will give your home a welcoming feel.  It may even encourage buyers to stick around a little longer!

Although there are fewer buyers during the holiday season, they're usually more serious plus there aren’t as many listings to compete with.  Your home will show beautifully if you use decorations to draw attention to its best features.  Just keep the decorations to a minimum so buyers aren’t overwhelmed, or distracted.

Preserve the Past with a Family Time Capsule 

Wouldn’t it be amazing to be able to Step back in time!

It’s truly remarkable how time flies but it’s also sad how many precious family memories fade as the years go by.  There is a way to turn back the clock though!

Preserving family artifacts in a “time capsule” is a fun and easy way to relive the past!  Here’s all you need to do:

  1. Choose a Capsule - A simple box decorated by your children is a great choice as it keeps them involved.

  2. Choose Your Treasure - Add items such as photos, trinkets, school papers or stuffed toys and mark dates/descriptions so you’ll be able to easily identify them.

  3. Choose Your Spot - Once you’ve filled the capsule, seal it tightly with thick plastic and decide where and for how long you’re going to stash it.

This project is a simple, unique and effective way of preserving the past.  Don't put it off though -- the key to seeing the past in the future is to start today!  There are endless ways to make a family time capsule but the most important thing is to just have fun.

This is something we are going to do with the family this Christmas and open it every 5 years to see how much things have changed!

Roasted Garlic Buds and Brie 

Simple appetizers are the way to go during the busy holiday season.

It's not always easy to impress holiday guests but the delicate, mellow taste of roasted garlic paired with creamy Brie is sure to be a huge hit.  Here’s what you’ll need:

  • 2 whole garlic bulbs
  • 2 tsps olive oil
  • 1 round of Brie cheese
  • red pepper jelly
  • crackers

Slice the tops off the garlic bulbs and drizzle them with olive oil.  Then wrap the bulbs in foil, place on a baking sheet and bake at 375°F for 45 minutes.

While the garlic is baking, slice the thin rind off the top of the Brie and add to the oven for the last 15 minutes.  When it’s done, transfer the Brie and garlic bulbs to a platter and serve with crackers and red pepper jelly.  Enjoy!


PS  Oh by the way, we are always available for any of your introductions.  If you know of anyone that may benefit from our individualised help please contact us with their name and number and let them know that we will be in touch.  We would be our honour & privilege to assist them!

If you would like to keep up on the market and would like automatic email notifications of new listings, sales, etc. Click here or drop us an email or give us a call: 
250-468-1498 / 250-248-1071team@teamw.ca

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TeamW
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#101-897 WEST ISLAND HIGHWAY PARKSVILLE
Parksville, BC
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