John Cooper’s Weekly

Nanaimo Real Estate Take

For the 2nd week in a row, we have seen a declining number of reported sales. September was a relatively busy month for home sales in Nanaimo. October is trending in a different direction. It appears that this low volume of monthly sales is likely to continue. Canadians are beginning to acknowledge that interest rates are unlikely to come down anytime soon. If rates stay high, which is likely, many Nanaimo homeowners are choosing to stay put to avoid having to re-qualify for a mortgage if they make a move. If you are simply renewing your mortgage at your current property with your existing lender, there is no need to re-qualify. If you need to qualify for a new mortgage, you will have to prove income for rates nearing 10%! That said, lenders have created some flexible products that can mitigate the impact of your monthly borrowing costs going up. This will likely increase the amortization period for your loan.

The planning required for making a housing change in 2023 and into 2024 is as complex as I have ever seen in my 16 years of real estate advising. You need to be protected with complex contract clauses that ensure that, under no circumstances, do you end up with your home sold and nowhere to go, or owning 2 homes at a time that carrying 2 homes could be extremely difficult. I have spent the last 18 months creating planning tools and connecting with the top mortgage advisors in Canada to help you navigate these unprecedented challenges. I am here to help guide you through these massive decisions. Please do not hesitate to reach out to me at any time and for any reason. Treat this decision with the seriousness it deserves. - John Cooper

Notable New Listings

Top 3 “Best Value” listings based on $/sqft this week are 5470 Mildmay Rd, a 5 bed, 4 bath, 4090 sqft Pleasant Valley home listed for $1,185,000 ($290/sqft), 654 Nicol St, a 3 bed, 1 bath, 1634 sqft. South Nanaimo home listed for $479,900 ($294/sqft), & 1021 Bruce Ave, a 4 bed,3 bath 2127 sqft University District home listed for $699,900 ($329/sqft). Top 3 highest $/sqft homes listed this week are 2910 Jameson Rd, a 3 bed, 2 bath, 1295 sqft North Jingle Pot rancher on 1.52 acres with a 40x100 shop listed for $1,299,900 ($1004/sqft), 1790 Waddington Rd, a 1 bed, 1 bath 503 sqft Central Nanaimo home listed for $419,900 ($835/sqft), & 2725 Departure Bay Rd, a 5 bed, 3 bath 2367 sqft. ocean view home listed for $1,450,000 ($613/sqft). 434 Prideaux St in the Old City, & 3270 Ridgeview Pl are both listed more than 20% below their assessed value. 31% of the homes listed this week were listed at or below their tax-assessed value. Top 3 most expensive homes listed this week are 4980 Laguna Way ($1,798,000), 3270 Ridgeview Pl ($2,299,000), & 5391 Kenwill Dr ($2,299,999). Other interesting listings include 1021 Palomino Dr in South Nanaimo, 2163 Ocean Terrace in Brechin Hill, & 280 Hemlock St in Brechin Hill. Simply reply to this email if you have any questions or want to arrange a viewing of any of these properties. Replies come directly to my personal email.

Notable New Sales

This week was the lowest week for reported sales since we have been doing these reports. None of the homes sold this week sold for above their asking price. The 3 biggest discounts this week were awarded to the buyers of 1318 White Rd, a 5 bed, 3 bath, 2486 sqft home in Cedar on 1.31 acres that sold for $815,000 (14% below original ask of $950,000), 685 Montague Rd, a 3 bed, 2 bath, 1587 sqft home in the University District that sold for $645,000 (8% below original ask of $699,000), & 5427 Lost Lake Rd, a 3 bed, 2 bath 2465 sqft ocean view North Nanaimo home that sold for $1,068,000 (7% below the original ask of $1,149,000). 42% of the homes sold this week sold for at or below their tax-assessed value. The top 3 highest sale prices this week are 550 Menzies Ridge Dr in the University District (sold for $1,185,000), 7481 Copley Ridge Dr in Upper Lantzville (sold for $1,500,000), & 6020 Waldbank Rd, a 6 bed, 6 bath 5085 sqft home that sold for an astounding $1,767,000 after 12 days. The lowest $/sqft sale this week went to 5601 Westdale Rd which sold for $1,099,000 ($318/sqft). The highest $/sqft sale this week went to 570 Maple St which sold for $545,000 ($724/sqft).

  Listing Data (click links below to access reports)

This Week in John’s Life

I am extremely excited to announce that Sara Browne has returned to her Operations Manager position with our team. I could not be happier to have her as an executive partner as we grow our team into 2024. We will have more news on this front as we get closer to 2024.

On a personal note,  I have committed to an increase in physical activity as we head into the winter months. These rainy, gloomy days can be heavy and I am translating all of my anxious energy to self-improvement and healthy habits. If you have people in your life who mean the world to you, make sure they know it and remind them every chance you get. You will never regret sharing your love, only not sharing it.

This weekend, my girls and I are going to scope out some of the fall fun around our island and hopefully score ourselves some pumpkins and put the final touches on the Halloween costumes (no spoilers on their costumes until Halloween). Stay safe. - John Cooper

Whether you’re looking for further clarification on the points and insights above, would like to discover your specific home value, or just have real estate questions you’d like answered, I’d love to hear from you!

Reach out to me directly at john@coopergroup.ca or 250-619-9207.