Nanoose Bay, Parksville, and Qualicum Beach Market Stats

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October 2018 Qualicum Beach Parksville Nanoose Bay Fairwinds & Area Real Estate Sales Market Snapshot - Part 2

Real Estate Market Snapshot for October 2018 of the Qualicum Beach Parksville Nanoose Bay Fairwinds & Area Single Family Home Sales This is the Qualicum Beach Parksville Nanoose Bay Fairwinds & Area Market Snapshot of Home Sales for October 2018 - Click for Part 1 – market news

Sales in the Qualicum Beach Parksville Nanoose Bay Fairwinds & Area real estate market see a wave of Boomers retiring to the region. A balanced market trend has emerged with single family home sale and condo sale pricing having moderated. This bodes well for buyers!

In its budget delivered on Feb 20, the NDP minority government announced a variety of measures designed to reduce home prices primarily in the Lower Mainland. The 'speculation tax' is intended to stimulate rental availability. It does NOT apply to the Qualicum Beach /Parksville area but does apply to the City of Nanaimo. The NDP also increased and expanded the province's foreign-buyers (non-Canadian resident) tax from 15% to 20% of sales value and applied this tax beyond Metro Vancouver to other regions of BC. Changes to the Property Transfer Tax have also been implemented that will impact only the higher-end luxury properties. Again, the Lower Mainland is the target but the changes cover all of BC. Since 1987 when the average home price in Vancouver was $187,000, the PTT has been 1% on the first $200,000 and 2% on the balance. New measures in February included an additional 3% tax on the purchase price between $2M and $3M and 5% over that. Few properties in this region will be impacted by this change. The 'speculation tax' has some home-owners very concerned who own a second home in BC which they use for part of the year but their primary residence is outside of BC. Please keep in mind that the new speculation tax does not apply to the Qualicum Beach Parksville area. Also, the speculation tax does not apply if the home is rented long term (over 6 months of the year. In addition, as of June 15 of 2018, the Superintendent of BC real estate put in place a host of changes to the way in which Realtors represent their clients in BC. There are a lot of new forms so expect to be asked to sign additional paperwork. Contact Tom for the details. Over this past summer we have begun a trend towards more balance between supply and demand, causing less upward pressure on prices. Listings of single family homes are up by 28% compared to October of last year while the number of listings among all types of properties is up by 23% overall. It's important for Sellers to price their property competitively given the shifting dynamics in the real estate market. Call Tom to find out more!


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Home Pricing Trends

Monthly home pricing market trends reports covering each month back to 2006.

Download all the information you need on home pricing trends for Nanoose Bay, Parksville, and Qualicum Beach and area in a single PDF, found below.

Monthly Home Sales Prices

Monthly home sales reports covering each month back to 2006.

Whether buying or selling, refer to up-to-date monthly property sales information for Nanoose Bay, Parksville, and Qualicum Beach and area during the past year.

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