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Please visit our Open House at 212 CILAIRE DRIVE in NANAIMO.
OPEN HOUSE: Sunday, Feb. 5th from 12pm to 4pm
NO HST! This totally renovated home is located in the desirable Cilaire neighbourhood just off of Departure Bay. Updates include: totally new kitchen with brand new cabinets and solid granite counter tops; 3 all-new bathrooms, expanded Master Bedroom; new windows, new light fixtures, new hardwood flooring and carpet; some new exterior siding. Shows like new! Other features include a massive rear deck accessible from the Master Bedroom; a well manicured rear yard with fruit trees; a massive crawl space with easy access for storage; a newer gas furnace; newer roof; RV and boat parking. Newly paved road in front of house (est April 2011) thanks to the City. Walking distance to school, Departure Bay Beach, shopping at Brooks Landing, and bus routes. Perfect home for retirees or young families. This home is move-in ready. Make an appointment today!
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'Dramatic correction is unlikely,' Bank Says  

 Mortgage rates dropping due to cheap bonds

 

The Bank of Montreal poured cold water on the idea Canada's housing market could be headed for a crash, suggesting that prices are only "moderately high across the country."

 

"Expect the housing boom to cool rather than crash," BMO's chief economist Sherry Cooper and senior economist Sal Guatieri said in a report published Monday.

 

"While the housing boom is unlikely to continue unless mortgage rates drop much further, neither is it likely to bust."

The bank says home values are indeed rising at a faster pace than they used to, but the signs are pointing to a soft landing where prices stabilize — not a hard correction where prices drop quickly by 20 per cent or more.

 

"In our view, the national housing market is more like a balloon than a bubble," the bank said. "While bubbles always burst, a balloon often deflates slowly in the absence of a pin."

 

But demographic factors, consistently low interest rates, low construction costs and an influx of foreign buyers make it likely that no such pin will materialize for the foreseeable future, the bank said.

 

Average prices have grown more than twice as fast as family incomes since 2001, but BMO's report argues there's no reason to panic yet.

 

Nationally, home prices are 4.9 times higher than the average household income. A decade ago, that ratio was at 3.2.

 

Some cities are hotter than others. Vancouver's ratio currently sits at 10 times higher than average household income, Toronto's is at 6.7, Montreal's is at 4.5 while Halifax is at 3.8. Those are all on the high side, but if the market cools, that will allow incomes to catch up and move the price-to-income ratio lower, the bank argues.

The latest data from the Canadian Real Estate Association shows the national average price was $347,801 in December, a 0.9 per cent increase over the previous 12 months. That was the lowest level of growth since October 2010 and well below inflation, a possible sign that the market is already cooling.

 

The bank does note, however, three risks to the outlook. A sudden hike in interest rates, a widespread Canadian recession, or an economic slowdown in Asia reducing the number of foreign buyers would all take the air out of Canada's housing market.

 

"But barring one of these triggers, however, a dramatic correction is unlikely," the bank said.

 

 

Source: CBC News

 
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Please visit our Open House at 212 CILAIRE DRIVE in NANAIMO.
OPEN HOUSE: Sunday, January 29th from 1pm to 3pm
NO HST! This totally renovated home is located in the desirable Cilaire neighbourhood just off of Departure Bay. Updates include: totally new kitchen with brand new cabinets and solid granite counter tops; 3 all-new bathrooms, expanded Master Bedroom; new windows, new light fixtures, new hardwood flooring and carpet; some new exterior siding. Shows like new! Other features include a massive rear deck accessible from the Master Bedroom; a well manicured rear yard with fruit trees; a massive crawl space with easy access for storage; a newer gas furnace; newer roof; RV and boat parking. Newly paved road in front of house (est April 2011) thanks to the City. Walking distance to school, Departure Bay Beach, shopping at Brooks Landing, and bus routes. Perfect home for retirees or young families. This home is move-in ready. Make an appointment today!
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I have listed a new property at 1190 STUART PLACE in LADYSMITH.
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I have listed a new property at 1188 STUART PLACE in LADYSMITH.
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I have listed a new property at 1190 STUART PLACE in LADYSMITH.
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Please visit our Open House at 609 TAYLOR CRES in LADYSMITH.
OPEN HOUSE: Saturday, January 28th from 1pm to 3:30pm
NO HST! This north Ladysmith rancher is an excellent value for buyers looking for a level entry "no stairs" home. Located on a quiet cul-de-sac, this well cared for home features 1700 sq ft of living space with a bonus 7' crawlspace area that can be used for a workshop or for storage (with a door access from the side of the house). The interior is newly painted and features a large open kitchen/nook/family room with skylights, plenty of track lighting, a gas range, sliding glass pocket doors, and a gas fireplace; an open living room with a feature bay window and a dining area (with hutch bump out); the oversized master bedroom includes a massive walk-in closet and a 3 piece ensuite. Two more sizeable bedrooms, a laundry room, another bathroom, and an inviting front foyer round out this comfy home. Outside is a private back yard with a deck at the rear; in front includes a patio area and a well manicured front lawn with in-ground sprinkler. Lots of RV/boat parking on right side.
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Please visit our Open House at 1220 CLOKE ROAD in LADYSMITH.
OPEN HOUSE: Saturday, January 28th from 1:30 to 3:30pm!
NO HST!!! This 3 bedroom family home has been fully renovated - making it an excellent value for first-time buyers and families. Updates include all new vinyl windows; refinished hardwood floors through the living room and upstairs bedrooms; tile floors throughout kitchens and bathrooms; new custom made Pine kitchen cabinets; newly tiled backsplash in kitchen; spa-like bathroom with air-jet soaker tub and separate glass-enclosed shower plus a heated tile floor; low-flush toilets; updated light fixtures and window coverings - and much more. A pellet stove in the living room helps heat the house in the winter time. An extra family room downstairs is perfect for the kids or as a "man-cave". The long driveway is perfect for multiple vehicles - an area beside the house is perfect for boat or RV parking. The south-facing fully fenced rear yard includes a garden, deck, and shed. Located on a quiet street within walking distance to schools and downtown Ladysmith!
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I have listed a new property at 212 CILAIRE DRIVE in NANAIMO.
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Please visit our Open House at 198 BIRD SANCTUARY DRIVE in NANAIMO.
OPEN HOUSE: Sunday, January 22nd from 1pm to 3:30pm
No HST !!! This well maintained rancher has plenty of unique features and updates: New counter tops accent a large bright kitchen area with breakfast bar; a covered rear patio for lazy summer afternoons, a fully fenced yard, a newer roof, a feature gas fireplace in a large living room, a 3 bay garage (perfect for using as a workshop for weekend projects), and ample room for R/V and boat parking. Located on a quiet residential road. Down the street from access paths into Buttertubs Marsh (great for nature lovers or dog walkers!). Walking distance to Vancouver Island University, the Aquatic Centre, the Ice Arena, all range of schools, Quarterway Pub, and 2 fitness centres! Several bus routes nearby. Easy to convert into a wheelchair accessible home. Own from $1314/month with 5% down. Make an appointment today!
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Please visit our Open House at 654 ALDERWOOD DRIVE in LADYSMITH.
OPEN HOUSE: Saturday, January 28th from 10am to 1pm!
No HST! Shows like new! This affordable rancher is perfectly suited to first-time buyers, young couples, or seniors. Recently renovated with new flooring, new modern paint colours,new light fixtures, and updated high-end stainless steel appliances. Features include a large bright living room/ kitchen/ dining area; a sizeable master bedroom with ensuite; a huge rear deck for soaking up the summer sunshine; a partly covered front porch perfect for bbq's and general lounging; a lengthy car port with storage locker; two additional yard storage sheds (one is a wired 16 x 8 workshop); and lots of extra parking space for boats or RVs. Very private yard. Heated crawlspace. This is a freehold property with no pad fees. Low taxes. Located on a quiet dead-end street in North Ladysmith. Easy access to the airport, BC Ferries, downtown Ladysmith, and all schools. Trolly bus stop nearby. Own for $1200 or less a month with 5% down. Make an appointment to view today!
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Links:

December 2011 MLS Sales Summary

Board Area Home Sales Map

 

 

 

Detailed info:

 

Nanaimo

Home Sales Map

Graphstats

 

Parksville - Qualicum

Home Sales Map

Graphstats

 

Cowichan Valley

Home Sales Map

Graphstats

 

Comox Valley

Home Sales Map

Graphstats

 

Port Alberni

Home Sales Map

Graphstats

 

Campbell River

Home Sales Map

Graphstats

 

North Island

Graphstats

 

 

 

 

 

 

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Below are the links for the downloadable PDF files.  Each file shows total 2011 Home Sales Summary, courtesy the Vancouver Island Real Estate Board.

 

Nanaimo (incl Lantzville)

 

Port Alberni (incl Tofino and Uculet)

 
Cowichan Valley (Duncan, Ladysmith, Chemainus, Cobble Hill, Lake Cowichan)
 
Parksville Qualicum (including Nanoose Bay)
 
Comox Valley (including Comox, Courtenay, Cumberland)
 
 
 
 
ALL ISLAND SUMMARY (North of Malahat)
 

 

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Lots of buzz today over the Bank of Montreal's reduction of their mortgage rate to 2.99% for a 5 year fixed term. The only catch - it's only available until January 25th.

 

Likewise, TD Canada Trust is offering teh same rate for a 4 year term.

 

Why is this important? Well, if you have been sitting on the fence regarding buying a house or remortgaging your current home, it won't get any cheaper than this. 

 

To give you an example:

 

 

• Above rates are approximate and based on a 25 year ammortization. May be available as a 30 year ammortization period (resulting in smaller monthly payments) in the next week.

 

If you are renting and don't currently own your home, NOW is the time to buy. Owning is cheaper than renting! Especially if you are purchasing a property with a suite:

 

For example, there are many homes with suites in Nanaimo for $350,000. Your monthly financial committment with 5% down would be:

 

$1624.74 (Home payment )

- $850  (2 bedroom suite rental)

________________________

$774.74/month

 

That is CONSIDERABLY CHEAPER than renting a property. Plus you are putting part of that money back in your pocket every month as you pay down the mortgage.

 

AND . . .   properties in the area generally appreciate at about 3% per year. That's $10,500 a year on a $350,000 house. $10, 500 that you could be putting back into yourown pocket outside of your mortgage payments.

 

 

Watch for other banks to introduce low rates as well in the next few days. But keep in mind that you have to apply for and be approved for the mortgage at these special rates BEFORE JANUARY 25th. I can introduce you to mortgage brokers or account managers at any of these banks to get you started.

 

Contact me today to start looking for a house.  smith68@shaw.ca

 

or call me at 250-758-3700

 

Wes Smith, RE/MAX OCEAN POINTE

 

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I have listed a new property at 654 ALDERWOOD DRIVE in LADYSMITH.
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Please visit our Open House at 198 BIRD SANCTUARY DRIVE in NANAIMO.
OPEN HOUSE: Sunday, Jan. 15th from 11am to 4pm
No HST !!! This well maintained rancher has plenty of unique features and updates: New counter tops accent a large bright kitchen area with breakfast bar; a covered rear patio for lazy summer afternoons, a fully fenced yard, a newer roof, a feature gas fireplace in a large living room, a 3 bay garage (perfect for using as a workshop for weekend projects), and ample room for R/V and boat parking. Located on a quiet residential road. Down the street from access paths into Buttertubs Marsh (great for nature lovers or dog walkers!). Walking distance to Vancouver Island University, the Aquatic Centre, the Ice Arena, all range of schools, Quarterway Pub, and 2 fitness centres! Several bus routes nearby. Easy to convert into a wheelchair accessible home. Own from $1314/month with 5% down. Make an appointment today!
Read Full Story
I have listed a new property at 198 BIRD SANCTUARY DRIVE in NANAIMO.
No HST !!! This well maintained rancher has plenty of unique features and updates: New counter tops accent a large bright kitchen area with breakfast bar; a covered rear patio for lazy summer afternoons, a fully fenced yard, a newer roof, a feature gas fireplace in a large living room, a 3 bay garage (perfect for using as a workshop for weekend projects), and ample room for R/V and boat parking. Located on a quiet residential road. Down the street from access paths into Buttertubs Marsh (great for nature lovers or dog walkers!). Walking distance to Vancouver Island University, the Aquatic Centre, the Ice Arena, all range of schools, Quarterway Pub, and 2 fitness centres! Several bus routes nearby. Easy to convert into a wheelchair accessible home. Own from $1314/month with 5% down. Make an appointment today!
Read Full Story
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