2018 has arrived and there has never been more need for the professional advice of a licensed Real Estate agent than today.
This year has started out with the same lack of inventory as last year making it very challenging for buyers out there searching for properties. Sellers on the other hand, have been in a good position. But of course, this could be all subject to change at any time, and it is still too early to tell what is going to happen for the balance of the year. As of January 01, 2018, the banks have created the stress test for qualifying buyers for mortgages, which may make it more difficult to obtain a mortgage for some individuals. The provincial government has recently announced they are raising the tax for foreign buyers from 15% to 20% and have included Nanaimo as one of the areas imposing this tax. This may all have an effect on what the real estate market will be doing in the coming months ahead.
Also, the superintendent of real estate has imposed some new rules for the BC real estate council to implement. While these new rules were to become legislated on March 15, 2018, it has been delayed to June 15, 2018. Some of the imposed changes should be very beneficial for the clients and general public in regard to representation and keeping the consumer informed throughout any real estate transaction. There are however, some parts of other recommendations that the superintendent wishes to impose that might be cause for concern, and we are working with the Vancouver Island Real Estate board and the BC Real Estate Council to voice our options. We are anxiously awaiting the outcome once these rules when they are finalized, as we need this to be in the best interest of our clients and of the general public.
One thing that is for sure, Nanaimo and its surrounding areas have certainly become recognized as great value especially in comparison to Victoria and Vancouver and continues to grow. At the Thompson Godfrey Group, we continue to move forward and grasp any changes that lay ahead as our business continues to grow stronger, largely due to the constant loyalty and devotion of our clients and all their continuous referrals. This is an enormous compliment to us, and we canít thank them enough.
As always, we feel honesty and communication is the key to a successful relationship with our clients and we truly look forward to a prosperous and exciting year ahead!
Yours Sincerely, Dave, Brian and Debbie