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In Nanaimo, for the period May 2009 compared to the previous year May 2008, the number of units sold decreased 12% from 141 units to 124 units. The number of days to sell a listing increased 39% from 42 days to 58 days and finally the Average Selling Price/Unit for the 12 months to date May 2008 to May 2009 was relatively unchanged from $357,895 to $356,623. There is currently a 5 month supply of homes on the market, which equals the previous month of April which also had a 5 month supply homes. This is based on 124 homes selling in the month of May and an active inventory of 631 homes currently.
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Average sale prices across VIREB's six zones, from May 2008 to May 2009 are as follows: Campbell River was down 17% (to $280,261), the Comox Valley was down 14% (to $327,844), Cowichan Valley was down 9% (to $343,856), Nanaimo decreased only 6% (to $341,462), Parksville/Qualicum was down 14% (to $346,113) and Port Alberni had declined 3% (to $227,830).
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Data released by the Vancouver Island Real Estate Board (VIREB) for May 2009 showed sales volume continuing its trend of decreases over this time last year, with prices also declining on a month over month basis. The average sale price across the VIREB region, (Campbell River, Comox Valley, Nanaimo, Parksville/Qualicum and Port Alberni), for May 2009 was $323,573. This represents a 10% decline from the $359,078 posted at the end of May 2008. Sales volume however, increased 18% compared to the previous month of April 2009, and pretty much equaled the number of sales for the previous period 2009 compared to 2008 with 447 sales for May 2009 compared to 448 sales for May 2008.
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The extension of the Nanaimo Airport runway is moving ahead as scheduled. Contractors broke ground in early April and a recent conversation I had with Mike Hooper, Nanaimo Airport’s President and CEO, confirmed that the expansion is currently under budget and running only 1 week behind the November 2009 completion date. When completed the runway will pave the way for a range of jet aircraft up to and including Boeing 737, which seats more than 130 passengers and has a range exceeding 10,000 kilometers. The type of regional range jets actually servicing Nanaimo will ultimately be market driven. Higher capacity, longer-range aircraft are sure to be needed as more passengers pass through the airport due to Vancouver Island’s continued population and business growth. Passenger traffic could hit 334,000 annually by 2026. Nanaimo Airport’s reliability issue is also being addressed. Because the airport must often halt flights when the runway is obscured by fog and other foul weather conditions, new lighting, that will guide aircraft onto the runway during their final approach, and an instrument landing system are being installed. · In 2006 Nanaimo Airport contributed to 584 jobs and generated gross revenues totaling $41 million for the B.C. economy. · An economic impact study forecasts with completion of the runway extension and infrastructure upgrades, Nanaimo Airport is expected to contribute to 857 jobs and generate $59.4 million by 2011. · With higher capacity jet aircraft, an estimated 204,000 passengers will pass through Nanaimo Airport in 2011— up from 137,000 passengers for 2006. · The Airport is expected to become a major economic driver for the Nanaimo region. A forecast for 2026 estimates it will generate $122 million in total annual revenue and sustain 1,617 jobs.
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The latest figures were just released for RE/MAX of Western Canada for the 1st Quarter of 2009, and Kim Bihari from RE/MAX of Nanaimo was ranked #50 out of over 5,650 RE/MAX realtors in Western Canada. This also placed Kim as the #1 RE/MAX agent for Vancouver Island and RE/MAX of Nanaimo. Quite an accomplishment when you consider Kim only started as a realtor and has lived in Nanaimo for less than three (3) years. So far in 2009, Kim has SOLD a home every 5 days!
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· The loonie's tumble serves up a 20% advantage for Americans buying Canadian investment and recreational real estate. · IMF predicts Canada will lead the G7 countries in growth at 1.2% in 2009. · Canada has 18 domestic banks, the US has 8000. · The Oct 9, 2008 Prestigious World Economic Forum declared Canada has the soundest banking system in the world out of 134 countries, US ranked 44th. · BC's Employment rate is 95.4%, text book perfect! · Residential building permits in BC for 2002 were $2.8 billion, and finished 2007 at $8.6 billion, a 271% increase, and 2002 was a great year! · Average (single family and condo) home sale prices in 2002 were $250,000 and $453,000 in 2008, a 'mere' 81% increase. Even with a BCREA forecast of $413,000 in 2009, the appreciation would be just '65%' over 7 years. · BC's inward migration plus births increased by 20,215 people. · BC's population grew 1.7% during the twelve-month period ending July 1st, 2008, rising to 4,381,603. The Canadian population as a whole expanded only 1.2%. · 2010 - The largest television audience in history! Three billion people will watch the Vancouver Whistler Winter Olympics in 2010.
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Home renovations are smart investments in the long term value of a home and can also reduce energy consumption and the long-term cost of owning a home. The HRTC can be claimed for renovations and enduring alterations to a dwelling, or the land on which it sits. The 15-per-cent credit may be claimed on the portion of eligible expenditures exceeding $1,000, but not more than $10,000, meaning that the maximum tax credit that can be received is $1,350. The credit can be claimed on eligible expenditures incurred on one or more of an individual’s eligible dwellings including houses, cottages and condominium units that are owned for personal use. Renovation costs for projects such as finishing a basement or re-modeling a kitchen will be eligible for the credit, along with associated expenses such as building permits, professional services, equipment rentals and incidental expenses.
Taxpayers can claim the HRTC when filing their 2009 tax return. Examples of HRTC eligible expenditures are: renovating a kitchen, bathroom, or basement, new carpet or hardwood floors, building an addition, deck, fence or retaining wall, a new furnace or water heater, painting the interior or exterior of a house, resurfacing a driveway, laying new sod. For further information on eligibility check with your tax professional, accountant or directly with Canada Revenue Website at http://www.cra-arc.gc.ca/gncy/bdgt/2009/fqhmrnvtn-eng.html
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The long awaited expansion of the airport in Nanaimo could begin as soon as February. It is expected that tenders will be finalized and the contract to begin construction will be awarded by the end of January with work to begin shortly thereafter. The end of Phase 1 should be completed by November 2009. Phase 1 includes lengthening of the runway by 480 metres, improving the airport’s apron for improved aircraft parking and adding high-intensity lead-in lights. Instrument approach technology will also be added, enabling aircraft to get much closer to the runway before relying on visual references. Upon completion of the Phase 1 improvements larger aircraft will be able to take passengers to Hawaii and Mexico as well as the Pacific Northwest and western Canada. Phase 2 will include terminal expansion, upgraded water & sewer systems and improved parking and roads.
This expansion can do nothing but continue to bolster the already strong fundamentals of real estate in Nanaimo.
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Five large projects are currently being funded in Nanaimo keeping us strong:
- $46 million is being spent on upgrading our hospital. NRGH is doubling the area and adding beds to the ER plus building a Renal Dialysis Centre. These upgrades are beginning in June 2009 to meet the unexpected growth to the Nanaimo area. Patients can avoid lengthy waits and travel, to meet their medical needs right at home.
- $15 million from the BC Government is being spent to build new housing and secure 75 rental units, plus support a drop-in and medical centre to help the homeless and working poor.
- The $16.5 million airport expansion is underway with completion expected in November 2009. 480m runway extension, new intensity runway lights and upgraded navigational instruments will allow for larger planes and allow planes to land in poor weather visibility. At the ground breaking this month BC’s premier Campbell says” This (Nanaimo) place is a healthy, sustainable place that we want to enhance and improve … This place is taking off in the future …
- A $2.5 million grant was awarded to International Compost Corporation (ICC) at Duke Point to process organic waste and convert it to synthetic biodiesel and aviation fuel. The RDN plans to expand it’s curbside organic waste collection to the entire region by 2010. - $45 million to build a new South Fork Water Treatment Plant is beginning in 2013. BC & federal governments have already allocated $18 million to this 7 year project. 280 family supporting jobs are expected at the same time ensuring ample safe, clean drinking water for local residents. This current economic activity is creating hundreds of new jobs and keeping local spending right here in Nanaimo.
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Nanaimo is located in one of the fastest growing regions of BC. The city is changing quickly to meet these needs despite a slumping economy. This month brings even more good news for our expanding community. April highlighted 5 big projects boosting the greater Nanaimo’s infrastructure: the NRGH hospital upgrade, low and no income housing projects, airport runway expansion and upgrade, a facility to make biodiesel fuel from organic waste and Southfork water treatment plant to ensure plentiful and safe water. The downtown core is experiencing a similar surge in prosperity.
With the completion of our Port of Nanaimo Centre (PNC), which houses the Vancouver Island Conference Centre, Shaw Auditorium and the Nanaimo Museum, retail, residential and business opportunities have begun to flourish. Four new downtown and waterfront residential projects are completed or underway inviting more residents to work, participate and spend in the downtown core.The Port Theatre is planning a $10 million studio theatre to compliment the existing main stage. Both theatres combined could showcase as many as 450 performances each year.
Business and vacation travel is being made easier to Nanaimo’s key entry points. Departure Bay Ferry Terminal has been rebuilt to expedite heavy ferry traffic and is home to the new Coastal Renaissance ferry. The airport runway expansion is underway to allow for direct flights to popular charter destinations and for scheduled carriers to land their larger jets. Plans are in the works to build an $18 million cruise ship berth. Such a facility will inject thousands of visitors into downtown from April to October during cruise ship season.
Positive developments continue to occur throughout Nanaimo to meet the needs of the residents and visitors. Plans underway and in the development stages will allow more amenities to be at our doorstep. Business and vacation transportation will be direct to and from Nanaimo without having to transfer thru Victoria or Vancouver.
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College Heights House Under Construction
• 2 story
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$285,000
- Opportunity Knocks
Jinglepot, Nanaimo
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Ocean View new construction is underway in College Heights. This main level entry home is ready to finish. Designed for the lot and view with a walk out basement, large private deck and a spacious open plan. Great location near Westwood Lake recreation and close enough to the parkway to have easy access to either uptown North Nanaimo and downtown amenities or out of town, ferries and airport. Call Kim Bihari 250-616-1031 for details. Sold 'as is where is'.
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College Heights Home Under Construction
• single story
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$265,000
- Opportunity Knocks
Jinglepot, Nanaimo
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New construction is underway in College Heights. This main level entry home is ready to finish. Well designed for the lot with a walk out basement, large private deck and a spacious open plan. Great location near Westwood Lake recreation and close enough to the parkway to have easy access to either uptown North Nanaimo and downtown amenities or out of town, ferries and airport. Call Kim Bihari 250-616-1031 for more details. Sold as is where is.
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Ocean View Home Under Costruction
• 3 story
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$315,000
- Fabulous Opportunity
North Nanaimo, Nanaimo
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Main Level entry, 3 level, home under construction in North Nanaimo’s Ocean Park, offering 180 degrees of the best west coast views across the Georgia Strait to the Coastal Mountains. This home is sold ‘as is, where is’ and is ready for your finishing. For more details please call Kim Bihari 250-616-1031
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• lot / land
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$299,000
Jinglepot, Nanaimo
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Large Building lot in Westwood Heights. .8 of an acre with RS 2 zoning. This popular and quiet subdivision is within minutes of Westwood Lake recreation, the Aquatic Centre and sports complexes, schools and the college. Enjoy that 'out of the city feeling' while being close enough to the parkway for easy access to both uptown North Nanaimo and downtown amenities or for heading out of town.
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North Nanaimo Location
• 1,213 sq. ft., 2 bath, 2 bdrm single story
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MLS®
$244,900
- Ground Level Townhouse
North Nanaimo, Nanaimo
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Terrific North end location. This spacious lower level 2 bedroom plus den townhome in Delray Place is only 4 years old. Freshly painted with up-to-date colours and maintained like new inside and out. An easy walk to McGirr and Dover Bay schools, major shopping centres and on a bus route. Experience a bright open plan with no stairs. French doors lead to den, gas fireplace can be enjoyed from living room, kitchen and dining area, 2 large bedrooms (the master has a ensuite with shower), in-suite laundry and patio are just a few of the amenities you can look forward to. No age restrictions, Pets and rentals OK. This is an immaculate complex with beautiful landscaping.
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