Vancouver Island Real Estate News from TeamW - Rudi & Trish Widdershoven June 2016
Posted on
June 20, 2016
by
Rudi Widdershoven
Vancouver Island Real Estate News from TeamW - Rudi & Trish Widdershoven |
June 2016 |
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 Welcome to Summer and Happy Canada Day!
Please come to our Customer Appreciation Party(July 3rd - details on page 2) as we want to thank you for your faith in us & your ongoing support.
We have some incredible weather this spring and we believe we are in for a wonderful summer - we truly do live in "Paradise"!
The real estate market is very active and very different than it has been in the past. There continues to be a significant shortage of supply and the demand continues to increase. Have a look at the info below for additional details.
Trish is having some incredible improvements in her health, especially her swollen feet, she can actually see her ankles again - amazing what wearing the right shoes all the time does. She would be pleased to explain when you see her at the celebration. It is amazing what the right referrals do!
Don't forget to take in the Canada Day parade and activities in Parksville on Canada Day - it is a wonderful country that we live in! Watch for us, especially "Captain Canada"!
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, and we look forward to seeing you on July 3rd.
Warmest Regards,
Rudi & Trish W.
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Invitation to Come and Celebrate!
Vancouver Island Real Estate Market Report
Buying a Home Away from Home
Never Lose your Keys Again
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INVITATION TO COME AND CELEBRATE!
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 Gratitude Celebration and Canada's Birthday Party!
July 3rd, 2 - 6pm
We are grateful for your continued business and support of our business. We would like to invite your to our Appreciation Event to be held on the July long weekend. We will celebrate the birthday of our wonderful country as well - 149 years young plus 27 years in real estate.
Details:
- When - Sunday, July 3rd - drop in any time between the hours of 2pm to 6pm;
- Where - We welcome you to our home at 1478 Madrona Drive, Nanoose Bay (just around the corner from Pacific Shores Nature Resort);
- What - Summer BBQ of Burgers & Dogs, salads, veggies & fruit and of course a variety of refreshments. (Maybe even some cake)
- Who - All of you that have so kindly supported our business now and in the past. If you have visitors visiting that weekend feel free to bring them along.
If you can RSVP we would really appreicate it! Drop us a note at team@teamw.ca or 250-468-1498. Come anyway even if you did not RSVP. We like an idea of numbers in advance so we plan properly.
We look forward to seeing you and expressing our thanks for your continuing support. If you are unable to attend due to other committments we understand and still thank you!
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VANCOUVER ISLAND REAL ESTATE MARKET REPORT
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 Hot housing market puts home sellers in the driver's seat!
Home sellers are in the driver’s seat throughout the VIREB area as buyers compete for available listings.
The month of May continued with increased demand and decreased supply. Compared to last May 2015, 34% more single family homes (123 versus 92). The # of listings was down 22%. At the end of the month the active inventory for single family homes was 188 versus 345 at the end of May 2015, down 45%.
We continue to see a lack of supply and increased demand during the 1st 5 months of 2016. Year to Date statistics for single family home shows that the number of new listings is down by 10% while the number of sales are up by 38%.
As a result it is critical for buyers to have familiarity with our market in advance of making a decision. We want you to really 'know' when the right home comes available that you are comfortable in making a decision. Also you need to be able to act quickly when the right home comes available as it is likely there is someone else that will like the home as well. We are seeing lots of 'mulitple offers' of late.
In May 2016, 771 single-family homes sold on the MLS® System compared to 527 last May, an increase of 46 per cent.
Cameron Muir, BCREA Chief Economist, states that retail sales growth in the double digits reflects high levels of consumer confidence, which is spilling over into real estate. Tourism on Vancouver Island also posted a huge spike recently, which aids local economic conditions. However, although housing demand is extraordinarily high, its foundation is solidly based on a healthy GDP and rising population growth.
“British Columbia’s GDP is at three per cent, and employment growth rose around 3.5 per cent in the first four months of 2016,” says Muir. “Real estate is benefiting from that growth, with sales in the entire southern half of the province at record or near-record levels.”
Janice Stromar, VIREB 2016 President-Elect, confirms that VIREB is recording record sales in many areas. Multiple offers, particularly on single-family homes, are the norm rather than the exception. Low inventory levels are still a major challenge for REALTORS® and buyers for a variety of reasons.
“This is a fantastic time to sell, but some homeowners have been holding back because they love their home or are worried they won’t find another property to buy,” says Stromar. “More houses are now coming onto the market, but buyers snap them up so quickly, we still don’t have enough inventory to satisfy the demand.”
Despite increases in both the benchmark and average prices over the past year, the Vancouver Island housing market is still an affordable alternative to Victoria and Lower Mainland communities.
Benchmark pricing tracks the value of a typical home in the reported area. The May 2016 benchmark price of a single-family home in Parksville-Qualicum area saw its benchmark price rise by 14.31 per cent to $417,900 over 2015.
We are here to assist you with your research and comfort level in advance. Also if you would like more in depth statistics for different style of real estate or specific local areas please do let us know.
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BUYING A HOME AWAY FROM HOME
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 There’s something special about owning your own little getaway.
Owning a vacation property is a dream come true for most of us! Here are a few points to consider if you’re considering your own little piece of paradise:
- Motives - Are you looking for a spot to enjoy with family, an investment property or a retirement retreat.
- Income - Renting out the property when you’re not using it can make great financial sense. Location is critical so make sure it’s in a high demand or up-and-coming area.
- Location - Figure out how far you’re prepared to travel. Spend some time here before you commit.
- Numbers - Looking for a vacation home is exciting but it shouldn't be an impulse decision. You need to go over all the financials, and don’t forget to include maintenance costs.
- Co-Ownership - Purchasing your new getaway with friends or family means you can share the upkeep and expenses. Just make sure you agree on everything in writing from day one. Approach it like a business so you can spend your time relaxing instead of arguing.
- Fixer Uppers - Renovating a “diamond in the rough” is a great option. You to add your own personal touch. Major renovations often require permits so we will help you be familiar with local zoning rules and regulations.
Buying a home away from home is a huge decision, let us help you to the research. Also talk to your banker and financial adviser in advance.
If you’re considering a few different locations or have questions please give us a call.
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NEVER LOSE YOUR KEYS AGAIN
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 A Bluetooth tracker can quickly & easily help you recover lost items.
You know that feeling of rushing out the door only to realize you can’t find your keys! Instead of wasting valuable time frantically tearing the place apart, you’re now able to track them digitally.
Tile allows you to simply stick a tag on your keys or remote for example so you can keep track of their whereabouts through the Bluetooth functionality on your phone. If your phone goes missing, you can use the tracker to ring it even if it’s on vibrate!
Tile really comes through if the missing item is out of range as it’ll automatically connect with other users who are close by. If someone else's phone finds it, you'll be privately notified of its location. It’s like a community-based electronic lost and found!
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We are never too busy 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 privileged 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 / 250-248-1071- team@teamw.ca
For the latest real estate updates, including new listings, price changes and upcoming open houses follow me on Twitter and "LIKE" us on Facebook
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