Nanaimo housing market update link here

Mom and Dads home needs to be listed.

But you do not live in Nanaimo. I can help, with many years of experience and personal family changes in my life.

First steps are the small ones, I can meet your Mom and or Dad and explain the market and the process that happens from start to finish.

If other family members want to be there, that is absolutely your parents choice.

These times are tough on all parties and in turn need patience and understanding which I possess and have most of my life.

Simply put it's like an interview, actually that is exactly what it's like.

Choice is a wonderful thing...Contact me for a phone or in person interview today.

Michael

Michael McKillican specializes in selling seniors homes, estates, life transitions, downsizing

There are also those that are specially designated to service the real estate needs of the mature ‘Seventy-plus’ community. Many REALTORS® who choose to work with boomers and more mature clients have many years of sales and may be better qualified to assist this group with buying and selling a home.

As with any particular type of niche, the sale process with seniors has its own unique set of issues that must be addressed. Michael is specially trained to consult and assist the seventy-plus market with their transition often have additional services and systems to make the experience as smooth, comfortable and stress free as possible.

 
Some of these services and systems may include:

Extra help and guidance.  There are many seniors who are widowed and living alone in their family home and just aren’t sure of the next steps.  If they don’t have local relatives to help them get started The REALTOR® Michael is experienced to work with Mom and or Dad and will set up free initial consultations to describe how the process and will present all the options for the transition. Depending on the circumstances it may require a few consultations to make certain that you are one hundred percent informed and comfortable. And if it is your wish, they can bring a remote relative into the process through phone calls, Zoom, Skype and email.

Slower pace.  The home selling experience is complex and many ideas and contracts are presented during the process.  Michael McKillican knows his client and if it is warranted, wanted or beneficial will present everything in a slower paced format. This means the client can relax and feel that at each point they have time to properly sift and digest the information without being pressured or rushed.  As a result, everything is thoroughly understood and stress levels are much lower.

Contracts in plain English.  Even before a sale occurs, Michael will sit down with copies of all the usual contracts, in larger type if requested, written in layman’s terms.  This extra consultation will prepare you for all the paperwork that will occur during the transaction and allow you to ask questions or address concerns early so that when an actual offer is made you clearly know what you’re signing, why you’re signing it and what the expectations for the outcomes will be.

Encouragement.  Not everyone wants friends and family members to be privy to the details of their real estate transaction, but for those who want others to be involved, be it for support or as a sounding board, Michael always welcome and encourage it.

Guidance.  The decision to transition to another home is a big one and there are lots of housing choices and options.  Depending on your goals, you may be searching for a town home, bungalow or condominium or independent Living. Michael McKillican will carefully present all the options, even those that won’t earn him compensation such as retirement communities, assisted living, or long term care.

Supporting professionals.  The home selling process involves many professionals Michael can usually recommend a few that they know who have good reputations and that He has worked successfully with in the past. This may include professionals such as lawyers, inspectors, lenders, stagers, estate planners, insurance and financial advisors.

 

Media release
SEPTEMBER 1, 2022  Click here for a MARKET UPDATE

CALMER MARKET CONDITIONS AS SUMMER DRAWS TO A CLOSE

NANAIMO, BC – Inventory was up, and sales were down in August, reminiscent of a typical summer
market in pre-COVID times.
Last month, active listings of single-family detached properties (not acreage or waterfront) jumped to
1,368, a 153 per cent increase from August 2021. VIREB’s inventory of condo apartments hit 332 last
month, up from 164 listings one year ago. There were 280 row/townhouses for sale last month compared
to 109 one year ago.
The quieter August gave consumers and REALTORS® time to catch their breath after the frenetic pace
VIREB’s housing market has been setting since 2020. Additional inventory is good news for buyers,
giving them more options to choose from and easing the pressure to move too quickly when making an
offer. On the other side of the transaction, sellers may have to adjust their expectations somewhat.
“After months of historically low listings, January posted a small inventory bump, and active listings
have risen steadily since then accompanied by slightly lower demand,” says Erica Kavanaugh, 2022
VIREB Chair. “What we’re seeing now is more about conditions returning to what they were before the
pandemic. We’ll have to see how the rest of the year shapes up to determine whether we’re looking at a
more significant trend.”
Kavanaugh adds that while demand has dipped, the underlying supply issues that caused low inventory
and rising prices still exist.
“The British Columbia Real Estate Association crunched the numbers and determined that it will take
a substantial decline in demand to return active listings to a healthy state on Vancouver Island,” says
Kavanaugh. “Province-wide, we’re dealing with decades of insufficient supply, and that’s not a quick fix.”
By category, there were 307 single-family-home sales in August, a 33 per cent decrease from one year
ago and up by three per cent from July. There were 66 condo apartment sales last month, a decline of
33 per cent year over year and down by 12 per cent from July. In the row/townhouse category, 51 units
changed hands in August, down 43 per cent from one year ago and the same number as in July.
After a long period of steadily rising prices in virtually every VIREB region, slight month-over-month
price dips began appearing in June. However, 2022 continues to post higher prices than seen in 2021.
The board-wide benchmark price of a single-family home reached $842,800 in August, up 18 per cent
from one year ago. In the apartment category, it hit $444,800 last month, a 22 per cent increase from
August 2021. The benchmark price of a townhouse increased by 19 per cent, climbing to $615,400 in
August.
If consumers are struggling with timing around whether to buy or sell in the current market, the advice
of a local REALTOR® can be beneficial. REALTORS® have specialized knowledge of their communities
and are equipped with sales tools, such as custom analytics, to help you develop a winning strategy for
buying or selling your home.

Facing a loss of autonomy at any age is challenging. It is my strong belief that if we pay attention to the language used when a senior faces a loss of autonomy it can change the next step in life from being negative to being more positive, when relocating is considered. For some reason the term is to ‘place a senior’ or ‘put my Mom’ in a retirement residence.

Families often tell me “She/he is soooooo stubborn.” But aren’t we all? We each have our own likes and dislikes, our own certain way of doing things, and our own personality with our own internal narrator.”

My grandmother, my mother in-law and father in-law have all been down this road recently. All three situations were different and conversations varied. But ultimately dignity, respect and good communication was clearly the way to positive responses.

I take on this opportunity with pride and complete respect to each unique situation that I come across.

My service to you would consist of start to finish, estate sale, organizing cleaning and prep work to get Mom and or  Dads home ready for sale.

If your are not in town we can do most organizing via phone or if you just need an evaluation and want to speak to someone that has been in the industry for many years.

Feel free to contact me anytime mckillicanguan@gmail.com or call 250-616-0998

I look foreword to your call,

Michael

250-616-0998

Award winner since 2006'

Sutton West Coast Nanaimo

604-5800 Turner Road

SEPTEMBER 1, 2022

CALMER MARKET CONDITIONS AS SUMMER DRAWS TO A CLOSE

NANAIMO, BC – Inventory was up, and sales were down in August, reminiscent of a typical summer
market in pre-COVID times.

Last month, active listings of single-family detached properties (not acreage or waterfront) jumped to
1,368, a 153 per cent increase from August 2021. VIREB’s inventory of condo apartments hit 332 last
month, up from 164 listings one year ago. There were 280 row/townhouses for sale last month compared
to 109 one year ago.
The quieter August gave consumers and REALTORS® time to catch their breath after the frenetic pace
VIREB’s housing market has been setting since 2020. Additional inventory is good news for buyers,
giving them more options to choose from and easing the pressure to move too quickly when making an
offer. On the other side of the transaction, sellers may have to adjust their expectations somewhat.
“After months of historically low listings, January posted a small inventory bump, and active listings
have risen steadily since then accompanied by slightly lower demand,” says Erica Kavanaugh, 2022
VIREB Chair. “What we’re seeing now is more about conditions returning to what they were before the
pandemic. We’ll have to see how the rest of the year shapes up to determine whether we’re looking at a
more significant trend.”
Kavanaugh adds that while demand has dipped, the underlying supply issues that caused low inventory
and rising prices still exist.
“The British Columbia Real Estate Association crunched the numbers and determined that it will take
a substantial decline in demand to return active listings to a healthy state on Vancouver Island,” says
Kavanaugh. “Province-wide, we’re dealing with decades of insufficient supply, and that’s not a quick fix.”
By category, there were 307 single-family-home sales in August, a 33 per cent decrease from one year
ago and up by three per cent from July. There were 66 condo apartment sales last month, a decline of
33 per cent year over year and down by 12 per cent from July. In the row/townhouse category, 51 units
changed hands in August, down 43 per cent from one year ago and the same number as in July.
After a long period of steadily rising prices in virtually every VIREB region, slight month-over-month
price dips began appearing in June. However, 2022 continues to post higher prices than seen in 2021.
The board-wide benchmark price of a single-family home reached $842,800 in August, up 18 per cent
from one year ago. In the apartment category, it hit $444,800 last month, a 22 per cent increase from
August 2021. The benchmark price of a townhouse increased by 19 per cent, climbing to $615,400 in
August.
If consumers are struggling with timing around whether to buy or sell in the current market, the advice
of a local REALTOR® can be beneficial. REALTORS® have specialized knowledge of their communities
and are equipped with sales tools, such as custom analytics, to help you develop a winning strategy for
buying or selling your home.

Please note: The Vancouver Island Real Estate Board (VIREB) transitioned to a new MLS® System in July 2020 and
now uses a significantly different data model, which has affected our categories and terminology. For the board-
supplied graphs, single-family is now referred to as single-family detached, apartment as condo apartment, and
townhouse as row/townhouse, which now includes patio homes. However, when reporting HPI numbers, VIREB still
refers to single-family, apartment, and townhouse in the media release.

ABOUT VIREB
VIREB represents over 1,000 REALTORS® in nearly 90 member offices on Vancouver Island, from the
Malahat in the south to the northern tip.
VIREB cautions that average price information can be useful in establishing trends over time but does
not indicate the actual prices in centres comprised of widely divergent neighbourhoods or account for
price differential between geographic areas.
Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real
estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide
(MLS®).
Visit our website for updated information at www.vireb.com.
HPI Note: Areas with insufficient data do not generate statistics and are not included in the HPI graphs.
CONTACTS
Erica Kavanaugh, President: 250.248.4321
Kelly O’Dwyer, President-Elect: 833.817.6506
Ian Mackay, Past President: 250.248.4321
For localized commentary, please contact:
Directors-at-Large
Janet Scotland: 250.28