Nanaimo Market Crash | 5 Factors Vancouver Island Real Estate
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- Опубліковано 19 чер 2024
- Homes are now selling for more than 25% less than the original listing price in Nanaimo. The increasing mortgage rates have finally started taking effect, and sellers are accepting offers to get out of the real estate market before it crashes. Join Scott Lissa, Vancouver Island relocation expert, as he explains the five factors lowering real estate prices in Nanaimo.
But don't get too excited. The housing supply is still horribly low, and immigration is exploding in Canada. Homebuyers need to understand that prices may drop, but not to levels that affordability will be reached.
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Fantastic video. I especially like that you raised the point that we should only worry about what is in our control.
Great Video, super interesting video and very well visualized. love it
Excellent 👌
Good videos !
Do mortgage rates in Canada fluxuate about the same time as in the U.S.? And are the rates similar?
That’s an excellent question. Most people say that the Canadian economy is a direct offshoot of the American economy. So things that happen in Canada are a reflection of what happens with our American brothers to the south.
However, the Americans have done a much better job of housing supply.
I mean…how much can they go up? 2 million for s shed nowadays?
That’s a really good question. Unfortunately this is all based on scarcity
Great video.
Thanks so much for clicking, right when I posted! That video took a lot of time with all the graphic 🤯
Please don’t mention Qualicum Beach we prefer to keep this hidden gem to ourselves. Lol 😂
Or Parksville 😂😂
My goodness I got confused after watching this: the housing market on the island is going slow/crash or not?
Prices are decreasing... But low supply is keeping prices high relative to the past few years.
@@Nanaimore thank you for your quick response. Its still so hard to make decision on buying now or waiting a few months...I saw some owners list apartments price lower than their buying price; the new condo price is quite good too.
Where was that zip line video taken?
Right here my friend: maps.app.goo.gl/NwvG9Uji9zW5uCXH9?g_st=ic
There's many homes around 650-700K in Nanaimo...where's the $1million average you get? My mortange broker said the average in Nanaimo is around 23% downpayment not 30%
Latest stats for 2024 will be posted in a video today. Homes over $1M typically require a downpayment of over 30%. Make sure you pay attention to the MEDIAN and the AVERAGE sale price.
Canadian household debt just reached the $ 3 trillion mark. Canadian household income versus average house prices creates a multiple. 2008 the US crashed at multiples of 4-6. Vancouver Island has an average multiple of 16. The IMF,Wall Street. Bloomberg etc have called Canadian real estate as the biggest bubble in the world.
Any personal opinions or just things that you heard on the news? Thanks for watching and commenting.
LADYSMITH IS THE WARMEST PLACE IN CANADA AND IT IS NOT SOUTH NANAIMO.
I think your cap locks stuck on 🤣
No it is not. My home has not lost 25% value. @@Nanaimore
What crash it fuCKING UP
I really appreciate you watching and commenting. The more people that comment the more UA-cam boosts the video!
They are flipping houses!
Who is they?
Its not the governments job to be building cheap affordable housing, I would definitely not be expecting them to accomplish that.
Also driving around Nanimo today I feel like Nanimo is now more run down than it was two and a half years ago and it looks like people have less money to upkeep their houses.
Personally I don't think it looks good for those that bought expensive homes
Where are you living?
@@Nanaimore Right now I live in Alberta
@@adrianharrison5208 pretty big place, Alberta. Not willing to share you new Shangri-La?
@@Nanaimore really not sure why you need or want to know where I live now, the conversation is about Nanaimo.
You know why I’m asking lol.