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

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