Darrell Bellaart, The Daily News
Published: Monday, March 16, 2009

Fresh from a two-year working holiday in New Zealand, newlyweds Stefan and Sonja Iwasawa are ready to settle down and start a family. And the timing couldn't be better for the biologist and his wife, as housing prices pull back and mortgage rates drop. Falling Bank of Canada rates are gradually trickling down to the mortgage market and that's starting to attract new homebuyers, while some existing owners are looking to remortgage.

That's helping to buoy consumer confidence after sales plummeted following the uncertainty of the economic meltdown in October. Brokers are getting busier as a buyers' market develops for first-time buyers and homeowners look into cutting their mortgage payments or financing home improvements. While a gap remains between the key lending rates and how much banks charge to borrow, mortgages are heading in the right direction for consumers. "Everyone was talking about it's a good time to buy," Iwasawa said. "We just came back into the country and parents and friends were all saying you don't ever see it this low. We were thinking about doing the family stuff and we thought 'why not jump into the market?'"

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The photo is of my clients Stefan and Sonja referred to me buy a past client.

To view my Nanaimo real estate listings and other MLS listings click here

3210 Quennell Road, Nanaimo, BC is the most expensive non-waterfront single family home ever listed in Nanaimo. The home is 8000 square feet which also makes it one of the largest homes ever listed in Nanaimo.

To view additional photos - Nanaimo Luxury Homes

A spectacular 9100+ square foot, secluded, luxury estate nestled on 24.21 acres on Vancouver Island, British Columbia.

Crafted by award-winning, Palladian Developments and three years in the making, this exclusive property is truly in a class of its own. Custom-built with the best of everything, the primary residence boasts meticulous craftsmanship and custom detailing both inside and out.

Featuring a salt-water pool kept warm by a heat pump, six-person hot tub, cedar-lined sauna, custom rubber-floored exercise room and gaming room, this dream property will meet all your desires and more. The over-sized gourmet kitchen boasts custom black rough-edged granite countertops, cherry cabinetry and top-of-the-line stainless steel appliances most chefs will only dream of. There is a 6 ft. stainless steel hood with warming lights over the 6 burner Viking range, 24" griddle and twin ovens. The dishwasher is a twin drawer Fisher & Paykel, the washer and dryer are top of the line Kitchen Aid.

Just off the kitchen, through French doors, you will find a covered patio on which to enjoy your morning cappuccino or evening glass of port. The massive custom Rumford granite fireplace is a work of art in stone by local stone mason; David Johnstone. The hickory floors give off a warm glow when the sunlight hits them through the six-foot custom fir-framed Loewen windows. The home has 10-foot ceilings downstairs and up to 14-foot vaulted ceilings throughout the great room and upper level. The master bedroom and en-suite are gorgeous and spacious. The six-piece en-suite has a spa-like ambience with a two-person soaker tub, heated slate floors, separate water closet, twin pedestal sinks and cherry cabinetry. Thick glass surrounds the six-foot shower enclosure complete with his and her twin showerheads. The 13 x 7 foot walk-in closet is every woman's dream. The home is topped with a 50-year, 28-gauge steel roof. Most of the lighting fixtures in the home are hand-forged from Hubbardton Forge in Vermont. The plumbing fixtures are from Grohe.

While higher housing values and tight inventory levels have hampered home-buying activity so far this year, longer amortization periods and alternative housing types have offset the impact on most major markets across the country, according to a report released today by RE/MAX.

Despite a higher degree of frustration in the marketplace than in previous years, the RE/MAX Affordability Report found that first-time buyers, in particular, remain steadfast in their determination to purchase a home. In fact, entry-level purchasers are adjusting their expectations by sacrificing size, location, and even long-term financial freedom, to overcome challenges such as rising prices and serious supply issues. Innovative financing has become key to homeownership in today's environment - with longer amortization periods gaining favour in 62 per cent of the major centres surveyed. Low or no down payments were popular with first-time buyers in 38 per cent of markets.

First-time purchasers continue to play a pivotal role at both a local and national level. The impact they have on the housing market is significant, as they are the impetus for sales in the mid-to-upper price ranges. As long as this segment of the market remains healthy, the real estate outlook will continue to be favourable.

Inventory levels, however, remain one of the foremost concerns facing purchasers across the country. A shortage of available entry-level product was identified as a major obstacle impeding buyer intentions in three-quarters of markets surveyed in the report, including St. John's, Moncton, Fredericton, Halifax-Dartmouth, Ottawa, Greater Toronto Area, Hamilton-Burlington, Niagara Falls, Winnipeg, Regina, Saskatoon, Greater Vancouver, Victoria and Kelowna.

Doom and gloom reports coming from south of the border have yet to hinder overall momentum. First-time buyers are still leading the charge, taking advantage of every resource available to achieve homeownership. They're determined to get into the market sooner rather than later. If suburban locations, smaller condominiums and town homes, or a little sweat equity is what it takes to get into the market, these purchasers are game.

Although average price is the barometer for housing values in most major centres, first-time buyers looking to achieve homeownership consider starting prices a more meaningful gauge of affordability. Starting prices can be substantially lower than the market average. For example, average price has surpassed the $600,000 benchmark in Greater Vancouver, while the starting price for a detached home can hover as low as $237,500 in the peripheral areas.

The best value for the dollar continues to be found in the suburbs. For those unwilling to sacrifice on location, small condominium units in new developments and condominium conversions of rental buildings offer up the next best alternative. Condominium conversions in some of the country's major centres can be picked up as low as $150,000 to $175,000.

RE/MAX of Western Canada (1998) Inc. Affordability report, issued April 22, 2008.

Nanaimo real estate

JUST LISTED in Cedar Grove Estates! -

This is a gorgeous completely renovated 2 bedroom 2 bath plus den town home in North Nanaimo. This ground floor unit has been finished top to bottom. New paint, counter tops light fixtures, black and stainless steel appliances, flooring, garden shed and much much more. If you are tired of looking at dated worn out listings come and be refreshed; there is no pink in this unit! Fresh modern colours give this home a very warm and contemporary look. This would suit a young couple starting out or retirees that are scaling back. Pets and rentals are allowed but with restrictions (see strata bylaws). Don't miss this one...over $20,000 spent in renovations, there is nothing to do but move in and make you self at home.

This is a must see and will not last long. Pets allowed (subject to strata approval, see bylaws).

Call Doug Belcher for private viewing 250-619-6012.

Nanaimo real estate, MLS listings

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JUST LISTED in Eaglepoint Villas! - A quiet & well maintained 2 bedroom, 1 bathroom town home.

The complex was developed by Windley Construction. This very main level entry home is close to shopping, parks and all amenities. It has lots of storage in its heated four foot crawl space.

This unit has a 4pc cheater en-suite and walk-in closet. The living room has a gas fireplace, and a view of the garden area.

No yard work to do here, just relax and enjoy your home. What a great place to retire or start out. No stairs & no one on top of you.

A great neighbourhood to raise children or just take a long walk.

This is a must see and will not last long. Pets are allowed (subject to strata approval, see bylaws).

Call Douglas Belcher for private viewing 250-619-6012.

See my all my Nanaimo real estate listings

View more photos of the North Nanaimo town home