About Nanaimo Area, BC

(MLS®) annual sales summary data released by the Vancouver Island Real Estate Board (VIREB) for February 2008, shows unit sales are down 12 percent while the average sale price increased 11 percent.

The average sale price across the VIREB region for February 2008 was $346,648. This is an 11 per cent increase from the $313,207 posted at the end of February 2007.

President Subhadra Ghose says the volume of listings continues to grow. "We are heading into the spring season, which is a traditionally busy time. As a result we are seeing an increase in listings and we're expecting a more balanced market going into the rest of 2008."

Unit sales volume at the end of February 2008 was down 12 per cent from February 2007. For the period from the end of February 2007 to February 2008, average sale prices across five out of VIREB's six zones increased: Campbell River increased 16 per cent (to $310,722), the Comox Valley was up 7 per cent (at $332,845), Nanaimo is up 16 per cent (to $370,863), Parksville/Qualicum grew 10 per cent (to $416,460), Port Alberni declined 3 per cent (to $221,578) and the Cowichan Valley increased 12 per cent (to $377,233).

Ghose is cautiously optimistic about the market. "I think we will be seeing single digit increases throughout the rest of 2008. Consumer confidence is strong and interest rates remain low," she says.

"Our prices continue to be more affordable than Victoria and Vancouver. As always proper pricing continues to be key in this marketplace. As a member of their local real estate board, REALTORS ® have their finger on the pulse of the housing market. Consumers should contact their REALTOR ® if they are considering buying or selling a home."

VIREB represents approximately 1,185 licensed REALTOR® members in more than 85 member offices on Vancouver Island (north of Victoria).

VIREB cautions that average price information can be useful in establishing trends over time, but does not indicate the actual prices in centers comprised of widely divergent neighborhoods or account for price differential between geographic areas.

REALTOR® is a trademark identifying real estate professionals who are members of the Canadian Real Estate Association (CREA). REALTORS® subscribe to a Code of Ethics and Standards of Business Practices as set out by CREA. MLS® is a cooperative marketing system used by Canada's real estate boards.

For more information, please contact:

Drew Harris, Communications, 250-390-4212

Nanaimo real estate blog

The city of Nanaimo has been working to revitalize the downtown area for a while now, and I can honestly say that it is starting to come around. As the convention centre nears completion I can finally start to imagine the vibrant downtown feel that the harbour city will have when those retail shops are full of quality retailers.

I live and work in Downtown Nanaimo, and I am happy to report that this "Old City" of Nanaimo is well on its way to reliving its glory days!

More to Come on the revitalization or Downtown Nanaimo in future entries.

• Home Electrical Safety, an inspectors perspective

• Power Smart Energy Star Appliance Rebate Program

• What You Don't Know About Your Home Electronics Can Cost You

• RE/MAX Report: Canadian Prices Almost Double in last ten years

• Province increases protection for tenants and landlords

OTTAWA, Ontario, March 04, 2008 - The Bank of Canada today announced that it is lowering its target for the overnight rate by one-half of one percentage point to 3 1/2 per cent. The operating band for the overnight rate is correspondingly lowered, and the Bank Rate is now 3 3/4 per cent.

Information received since the January Monetary Policy Report Update (MPRU) indicates that economic growth in Canada through the four quarters of 2007 was broadly in line with expectations. Domestic demand has remained buoyant, as rising commodity prices and high employment have continued to support income growth. Canada's net exports weakened further in the fourth quarter, reflecting the slowing U.S. economy and the impact of the past appreciation of the Canadian dollar. Overall, the Canadian economy remained above its production capacity at year-end. Core and total CPI inflation - at 1.4 per cent and 2.2 per cent, respectively, in January - have also been consistent with the Bank's expectations.

At the same time, there are clear signs that the U.S. economy is likely to experience a deeper and more prolonged slowdown than had been projected in January. This stems from further weakening in the residential housing market, which is adversely affecting other sectors of the U.S. economy and contributing to further tightening in credit conditions. The deterioration in economic and financial conditions in the United States can be expected to have significant spillover effects on the global economy. These developments suggest that important downside risks to Canada's economic outlook that were identified in the MPRU are materializing and, in some respects, intensifying.

The Bank now judges that the balance of risks around its January projection for inflation has clearly shifted to the downside, and, as a result, the Bank is lowering the target for the overnight rate. Further monetary stimulus is likely to be required in the near term to keep aggregate supply and demand in balance and to achieve the 2 per cent inflation target over the medium term.

The Bank will publish a new projection for the economy and inflation, including risks to the projection, in the Monetary Policy Report on 24 April 2008.

Information note:

The Bank of Canada's next scheduled date for announcing the overnight rate target is 22 April 2008.

News source: Bank of Canada

Click here to see my Nanaimo Real Estate Blog

I have made it even easier to locate where in Nanaimo my real estate listings are located. You can view a map built into the listing page that is dynamic (you can view either as a satellite view or as a map).

You can click on green points to see active listings or red points to view sold listings. Each point when clicked has a small pop up with the property description and a photo of the home.

To see a larger version of my Nanaimo Real Estate listings map go to www.DougBelcher.com

View Larger Map