The bank of Canada rate remains at 2.7% as of Jan 11th, 2016.
We had two decreases totalling .3% in 2015. Banks are posting roughly 2.54% for 3 year fixed and 2.94% for 5 year fixed (both are the discounted rates). The Bank of Canada next rate announcement will be Jan 20th and March 9th.
The minimum down-payment rules for homes over $500,000 will change from 5% to 10% as of Feb 15, 2016. It will increase only on the amount over $500,000 on deals written after Feb 14th..
I just listed a 2 bedroom, 1 bath condo at #201 - 240 Milton Street, Condo , Nanaimo MLS # 401597. I sold this unit a few years ago. The seller's have replaced the kitchen cabinets with really nice maple cabinets and granite counters. 946 s.f.
Click here to view listing
The Vancouver Island housing market kicked off 2016 with strong sales, continuing the momentum created in the last quarter of 2015. Last month, 258 single-family homes sold on the MLS® System compared to 196 in January 2015, an increase of 32 per cent. Sales activity was down slightly from the 276 homes sold in December 2015. Inventory levels are continuing their downward trend, with active listings decreasing 21 per cent from January 2015. The benchmark price of a single-family home in the VIREB area was $340,200, up 5.94 per cent from one year ago. The average MLS® price of a single-family home in January was $365,850, a seven per cent increase from January 2015 and up slightly over last month.
To see all the sales stats - Nanaimo Real Estate Statistics
I post both my cell and office number so my clients can reach me anytime. I am always happy to discuss your real estate needs.
Office 1-5140 Metral Dr. Nanaimo