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Vancouver Island - The time to buy is NOW!

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

Topics:

  • 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: ian@ianthompsonrealestate.com Phone: C 250-616-3641

Host:
Ozzie Jurock – Author of best-selling books like Forget About Location, Location, Location and Real Estate Action.
Featured in Donald Trump’s real estate book and called a Real Estate Guru by Peter C. Newman in Titans.
Past President of Royal LePage (Res.) and Chairman of NRS Block Bros, with experience managing real estate companies across Canada, the U.S., and Asia.
Speaker Extraordinaire, delivering over 80 motivational speeches annually and hosting investor outlook conferences that attract 700 plus attendees.
Ozzie is passionate about helping people achieve their best financial futures and creating environments for growth. When he’s not talking real estate, you might find him skiing, boating, or wrestling with his golf game (spoiler: golf usually wins).
Connect with Ozzie:
Get Ozzie’s blog (free) sign up here: ozbuzz.ca
Website: ozziejurock.com
Books, CDs, merchandise: ozbuzz.ca/shop/
Real Estate Action Group: Join the community at REAG.ca.
BC Real Estate Directory: BCRED.ca (free)
Ask an Expert now: askanexpert.ca
Bulletin Board: realestatetalks.com (47,831 visitor last month)
YouTube: youtube.com/jurockvideo
Social: Facebook, Twitter/X, Instagram, LinkedIn

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Disclaimer

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