Real Estate Blog -Quadra Island and Campbell River

Winter on the West Coast of British Columbia brings its own unique challenges and beauty. While the region is known for its milder temperatures compared to other parts of Canada, it's essential to prepare your home for the rainy season, occasional frost, and potential storms. In this article, we'll explore practical tips and considerations to ensure your West Coast home is ready to face the winter months.

1. Inspect Your Roof and Gutters:

   • Start by checking your roof for any missing or damaged shingles. Repair any issues to prevent leaks.

   • Clean out gutters and downspouts to ensure proper water drainage. This helps prevent water damage and ice buildup.

2. Seal Windows and Doors:

   • Inspect window and door frames for drafts. Seal any gaps or cracks with weatherstripping to improve insulation.

   • Consider using draft stoppers at the bottom of doors to prevent cold air from entering your home.

3. Check Heating Systems:

   • Schedule a professional inspection of your heating system to ensure it's in good working condition.

   • Replace furnace filters regularly for optimal performance and energy efficiency.

4. Insulate Pipes:

   • Insulate exposed pipes to prevent freezing. This is crucial, especially during colder nights.

   • Disconnect and drain outdoor hoses, and shut off the exterior water supply to prevent pipe damage.

5. Chimney Maintenance:

   • If you have a wood-burning fireplace, have the chimney cleaned and inspected before use.

   • Ensure the damper is working correctly to prevent drafts.

6. Prepare the Garden:

   • Trim back overhanging branches to prevent them from breaking under the weight of snow or ice.

   • Clear dead vegetation and debris from gutters, flower beds, and around the foundation.

7. Protect Outdoor Furniture:

   • Store or cover outdoor furniture to protect it from the elements.

   • Consider investing in covers for barbecues and other equipment left outside.

8. Emergency Kit:

   • Prepare an emergency kit that includes essentials like flashlights, batteries, candles, and non-perishable food items.

   • Keep a battery-powered radio on hand for weather updates during storms.

9. Check Carbon Monoxide and Smoke Detectors:

   • Test carbon monoxide and smoke detectors, and replace batteries if needed.

   • Consider installing a CO2 detector if you don't already have one.

10. Landscaping and Lawn Care:

    • Trim back trees and bushes to prevent damage during winter storms.

    • Fertilize and aerate your lawn to ensure it stays healthy through the colder months.

11. Clean and Store Summer Gear:

    • Clean and properly store summer items like patio furniture, pool equipment, and gardening tools.

    • Consider covering air conditioning units to protect them from winter weather.

12. Prepare for Power Outages:

    • Invest in a generator or ensure you have alternative heating sources, such as a fireplace or portable heater.

    • Stock up on essentials like candles, blankets, and non-perishable food items.

13. Check Insulation:

    • Inspect your home's insulation for any signs of wear or damage. Proper insulation helps regulate indoor temperatures.

    • Consider adding additional insulation in the attic to improve energy efficiency.

14. Winterize Your Garden:

    • Mulch garden beds to protect plants and soil from freezing temperatures.

    • Consider planting winter-friendly vegetables and flowers suitable for the West Coast climate.

15. Community Preparedness:

    • Stay informed about local weather forecasts and community emergency plans.

    • Connect with neighbors and create a support network in case of severe weather events.

Conclusion:

Preparing your Quadra Island home for winter is a proactive approach to ensure comfort, safety, and the longevity of your property. By taking these steps, you'll be well-equipped to face the unique challenges that the winter season may bring to the beautiful region of British Columbia's West Coast.

link to all current listings in Campbell River here

It’s hard to believe that in this market we can still see listings of detached homes for sale for relatively affordable homes in Campbell River Real Estate. Let’s not forget that buyers don’t really look at the price of the property but are mostly concerned about the monthly payment. If you’re in the first step of your house search adventure consider looking at an easy tool I have on my website “the mortgage calculator” 

This tool will allow you to play with your numbers to determine the rough cost of a mortgage could be. Let’s assume you’re thinking of buying a property under $500,000. Let’s assume that you have 20% down payment ($100,000). In this case you’ll be seeking a $400,000 mortgage. Today’s mortgage rates are in the 5-6% range so let’s assume that your lender will offer you a 6% rate, 25 year amortization on the 5 year term; your monthly payments will be roughly $2560 

If you change the amortization to 30 years your payment will go down by about $180 to roughly $2380

The cost of mortgage is not the only cost a home owner faces. In addition to loan cost there are insurance and property taxes, which vary based on the area. Campbell River taxes can range between $2500-$4500 a year. Insurance costs depend on the condition of the house and area but roughly $2000 is a reasonable budget. Any way you slice it, you’ll end up with an extra cost of roughly $500/ month for both.

market Stats October 2023 I can’t believe that 2023 is coming to an end pretty soon. It’s been a long and busy and fairly turbulent year so far. Interest rates are making some impact on the market but as you know, “the market” is comprised of a few segments that are very different from one another. Please see the reports below all across the country as a comparison. From my perspective, it feels that as a Realtor I have to put much more work into putting deals together. All offers come with subjects, not all subjects end up being removed. In multiple offer situations, which still happen, I’m not seeing too many offers and prices are reasonable relative to list prices. Please let me know if you know someone that is thinking of listing their place for sale or if you’re a buyer looking for a place. I’m here to answer your questions and help you with your needs.

NANAIMO
INTEREST RATES TAKING A TOLL ON HOUSING MARKET
“October was slower than expected, continuing the trend of the past few months,” says Kelly O’Dwyer, 2023 Chair. “High interest rates and a mortgage stress test of eight per cent are taking a toll on demand.” In fact, the British Columbia Real Estate Association anticipates that VIREB will close out the year with around 7,100 sales, which would be the lowest number posted since 2013. “REALTORS® are reporting that some buyers and sellers have already decided to wait until spring to buy or list their home, hoping that interest rates will drop,” adds O’Dwyer.

The board-wide benchmark price (MLS® Home Price Index) of a single-family home was $767,600 in October 2023, up three per cent from one year ago and down one per cent from September. In the apartment category, the benchmark price was $394,300 last month, a two per cent increase from October 2022 and down one per cent from September. The year-over-year benchmark price of a townhouse was $557,400 in October, up three per cent from last year and a slight increase from September

The board-wide benchmark price (MLS® Home Price Index) of a single-family home was $767,600 in October 2023, up three per cent from one year ago and down one per cent from September. In the apartment category, the benchmark price was $394,300 last month, a two per cent increase from October 2022 and down one per cent from September. The year-over-year benchmark price of a townhouse was $557,400 in October, up three per cent from last year and a slight increase from September

FULL REPORT HERE

VICTORIA

Interest rates a large factor in Victoria real estate market A total of 407 properties sold in the Victoria Real Estate Board region this October, 15.2 per cent fewer than the 480 properties sold in October 2022 and a 17.4 per cent decrease from September 2023. Sales of condominiums were down 7.2 per cent from October 2022 with 141 units sold. Sales of single family homes decreased 16.1 per cent from October 2022 with 193 sold. “Overall, property sales drifted down in October compared to the previous month, likely due to consumers continuing to navigate interest rates higher than those seen in nearly two decades,” said Victoria Real Estate Board Chair Graden Sol.

“The uncertainty around the direction of the Bank of Canada rate announcement in mid-October may have caused some buyers to push their purchasing plans into the future because it was unclear if rates were going to be hiked again or remain stable. Generally speaking, when we have periods of static interest rates, consumer confidence returns to the market. We can recall earlier in the year when rates plateaued; we saw an uptick in sales in the weeks after. However, when rates began to rise again, we saw consumer confidence falter.”

The Multiple Listing Service® Home Price Index benchmark value for a single family home in the Victoria Core in October 2022 was $1,257,100. The benchmark value for the same home in October 2023 increased by 3.9 per cent to $1,305,900, which is down from September’s value of $1,312,200. The MLS® HPI benchmark value for a condominium in the Victoria Core area in October 2022 was $575,300, while the benchmark value for the same condominium in October 2023 increased by 1.8 per cent to $585,600, which is down from the September value of $589,600.

FULL REPORT HERE

VANCOUVER

Metro Vancouver housing market holds steady in October

An increase in newly listed properties is providing more choice to home buyers across Metro Vancouver1 , but sales remain below long-term averages.

“With properties coming to market at a rate roughly five per cent above the ten-year seasonal average, there seems to be a continuation of the renewed interest on the part of sellers to participate in the market that we’ve been watching this fall,” Andrew Lis, REBGV’s director of economics and data analytics said. “Counterbalancing this increase in supply, however, is the fact sales remain almost 30 per cent below their ten-year seasonal average, which tells us demand is not as strong as we might expect this time of year.”

“With more supply in the form of resale inventory, and weaker demand in the form of slower sales, we’ve seen market conditions overall adjust towards more balanced conditions. It’s noteworthy that the multifamily segment remains more active than the detached segment at this time,” Lis said. “While the highest borrowing costs we’ve seen in over a decade continue to constrain affordability, a silver lining for buyers is that price increases have abated with these more balanced market conditions, meaning purchasing power is holding steady for the moment.”

The benchmark price for a detached home is $2,001,400. This represents a 5.8 per cent increase from October 2022 and a 0.8 per cent decrease compared to September 2023.

The benchmark price of an apartment home is $770,200. This represents a 6.4 per cent increase from October 2022 and a 0.2 per cent increase compared to September 2023.

The benchmark price of a townhouse3 is $1,100,500. This represents a 6 per cent increase from October 2022 and a 0.2 per cent increase compared to September 2023.

FULL REPORT HERE

 CALGARY
“Sales activity in the Calgary market has followed expectations, with declines earlier in the year offsetting gains in the second half,” said CREB® Chief Economist Ann-Marie Lurie. “Thanks to persistent supply challenges, the market has favoured sellers, resulting in stronger-than-expected price growth. As we move into 2024, we expect to see better supply-demand balances, but given the strong migration levels over the past two years, supply adjustments will take time supporting further price gains.”

Higher interest rates and inflation levels are expected to weigh on consumer spending and business investment, slowing economic growth in 2024. However, thanks to higher commodity prices and migration levels, economic activity in Alberta is expected to outpace national growth levels.

The unadjusted benchmark price in the city of Calgary in October reached $571,600, a gain over last month and nearly 10 per cent higher than last October. Benchmark Detached price: $697,600; Semi Detached Price: $628,700; Row houses: $425,200; and Apartments: $316,600

FULL REPORT HERE

 TORONTO

Lack of affordability and uncertainty remained issues for many would-be home buyers in the Greater Toronto Area (GTA) in October 2023. As a result, sales edged lower compared to last year. However, selling prices remained higher than last year’s levels.

“Competition between buyers remained strong enough to keep the average selling price above last year’s level in October and above the cyclical lows experienced in the first quarter of this year. The Bank of Canada also noted this resilience in its October statement. However, home prices remain well-below their record peak reached at the beginning of 2022, so lower home prices have mitigated the impact of higher borrowing costs to a certain degree,” said TRREB Chief Market Analyst Jason Mercer.

Average price for a detached home in the 416 area code: $1,718,440; Semi detached: $1,278,347; Townhouse: $1,017,094; Condo: $729,160

FULL REPORT HERE

QUADRA ISLAND REAL ESTATE 

October was a busy month in Real Estate on Quadra Island with 7 new listings, 1 pending, and 2 homes Sold.

Short Term Rentals:

Area C’s Director is staying on top of this and you can read her reports here:
https://robynmawhinney.ca/directors-reports/

Many of you have expressed concerns about recent discussions of what will happen with short term rentals on Quadra Island. Since short term rentals are viewed as a commercial operation, there will be a review of the zoning bylaws in the coming months. 
here’s some more info: https://agenda.strathconard.ca/SRDAttachments/SRDBoard/Open/BRD/13-Sep-23/20230913-Short-Term-Vacation-Rentals-Area-C.PDF

 Zoning bylaws:
https://srd.ca/wp-content/uploads/2023/03/Quadra-Island-Zoning-By-Law-Revision.pdf