Vancouver Island - The time to buy is NOW!

Ozzie welcomes Ace ‘Estate and Downsizing’ specialist Realtor Ian Thompson, (20 year veteran) at REMAX Nanaimo.


  • Vancouver Island has seen a 30% decline in sales, decline in condo prices. Rental rates are moderating, large increase in purpose built rentals
  • Investors own 60% of the condos currently listed, either vacant or rented. More and more trying to sell now as rents are capped but strata fees and taxes are going up each year. Mortgages are renewing at higher rates so cash flow more of a challenge.
  • Major concerns buyers have? Higher mortgage renewals, parents are co signing or making lump sum payments to lower the mortgage amount
  • New condo buildings coming in 2024, most not for sale
  • Buyer sentiment right now, worried about their finances
  • Volume of homes sold down 30%, Quote I like “it’s important to face reality, it’s especially important when you don’t like it” Charlie Munger, hard conversations with home sellers right now. Many taking large price reductions to cause a sale.
  • 2024 outlook? Positive for the Island we are fortunate people want to live and retire here
  • People wondering about the impact of new zoning rules from the provincial government, how will this affect home values?
  • Key for Buyers? Real estate is on sale right now, once rates start declining sellers will be reluctant to accept lower offers
  • Key for sellers? Three questions? Why are you selling? (real reason) How important your home sells in 60 days? What will you do if your home does not sell?

A perfect time to buy? Email Ian: Phone: C 250-616-3641

Listen to the Podcast! (And don’t forget to leave us a review!)

Listen on Apple Podcasts

watch ozbuzz podcasts on youtube

listen to ozbuzz podast on amazon music

listen on souncloud

listen on pocketcasts

listen on spotify

Oz Buzz Podcast


Subscribe to Oz Buzz:

(You’ll get Oz Buzz 2 weeks before it’s posted online)


Please note that any response to any email or any invitation to any meeting is accepted on the understanding that “Jurock Real Estate Insider (JREI)”, “OzBuzz (OB)”, “JCIR (JC)” as the case may be, are not responsible for any result or results of any action or actions taken in reliance upon any information contained in this posting or meeting, nor for any errors contained therein or presented thereat or omissions in relation thereto. It is further understood that the said OB or JREI, or JCIR as the case may be, do not, pursuant to this posting, purport to render legal, accounting, tax, financial, planning, or other professional advice. The said OB and JREI and JCIR may or may not own properties discussed at meetings or receive or not receive referral fees at any meeting you may attend as a result of this posting or invitation. The said OB and JREI and JCIR, as the case may be, hereby disclaim all and any, liability to any person, whether a purchaser of any offering, a reader of any offering, or, otherwise, arising in respect of this postings and of the consequences of anything done or purported to be done by any such person in reliance, whether whole or partial, upon the whole or any part of the contents of these postings. If you respond to any posting OB or JREI and JCIR or attend any meeting from and by said companies, we fully expect that you get independent legal/tax/investment/mortgage advice as the case may be.

Product Special