Nanaimo Real Estate Blog
Earlier this year, our McCullough Team discussed unique ways that we could share our knowledge of credit, lending practices and investing with our community. We are excited to announce that we are partnering with Junior Achievement Canada, an amazing program that introduces concepts such as interest, credit card debt and types of currency to teens throughout Canada. JA Canada helps to deliver cutting-edge, experiential learning in financial literacy and entrepreneurship. The organization is committed to encouraging students to engage in their own economic development and contribute to the strength of their families, their communities, and Canada's economy. Myles and I will be presenting to a Dover Bay classroom four sessions that hopefully will be engaging and informative for the students. Our message will be that every student can develop a millionaire mindset - even before college. Understanding the pitfalls of poor financial decisions and how they can impact us for the balance of our lives is critical for encouraging our youth to see money through a different lens.
The VIREB stats show that we are still in a seller's market presently, but that there are indications that the real estate market is changing. Our society seems to have embraced a frantic and impatient model of behavior that can prove costly for a home buyer. According to clinical psychologist Szana E Flores, author of Facehooked: How Facebook Affects Our Emotions, Relationships and Lives, she lays blames solely on technology and social media. "The millennial generation grew up on a whole lot of technology, more so than other generations, and they feel the fallout of that," she says. "But most of us are becoming less comfortable with delayed gratification."
I drove past a home in Nanaimo that had sold and had undergone substantial renovations. It looked very impressive from the front of the home, until I noticed a large red line down one side of the driveway and a survey post in front of it. I thought that it was quite odd, given that the property was over a half an acre and the line was directly down the driveway. I asked a neighbour who advised that the driveway was actually on the neighbour’s property and this was now causing some problems between the neighbours. It seemed as though the new neighbour was quicking becoming a bad neighbour!
Someone mentioned to me earlier this week that members at the prestigious Augusta National Golf Club, home of the PGA Master tournament, pay next to nothing in dues. Intrigued, I sought to found out more information on this exclusive golf course that represents American golf history and share it with others. Augusta National Golf Club is one of the most famous golf courses in the world and is located in Augusta, Georgia. Since 1934, it has been home to the Masters tournament. Membership is limited to 300 successful and high-achieving individuals who are handpicked. If you ask to join, you can be assured that you will NEVER become a member. It is rumored that Bill Gates voiced his desire to join and was denied membership due to his lack of candor (it appeared that he was "begging"), but Gates was finally initiated as a member in 2002. Memberships are by invitation only, and often a potential member is not notified in advance and they only receive an invitation to join the club by mail! Typically, memberships become available only when an existing member dies, and it is estimated that the average age of a member is in their 70's today. The club values secrecy and does not publish a membership list.
It is difficult to conceive of a world without the internet, but in 2005, slow and cumbersome dial-up internet was a reality for most North Americans. Newly constructed homes included additional plugs for technology and the home served as a centre for family gatherings and activities. Larger homes included separate offices, grand foyers intended to impress visitors, formal dining room, and games room. As technology evolved, high-speed internet made dial-up obsolete, and individuals could access information 24/7 on their Smart Phones - including social media which was in its infancy in 2005. One's ability to connect immediately with others eliminated the need for formal spaces within a home, as friends could send a quick text or post a note of encouragement on a friend's social media feed instead of "just stopping by".
I see the beauty in my city. I see the struggle of a downtown core that is in the process of gentrification, as more people return to live, shop and eat in small independent stores and restaurants. I recognize the disheartened faces of those suffering from addiction and health issues. I cannot close my eyes to the reality that my city is changing, redefining itself and that the process is not always painless. However, I see the heart of the city, like so many others, and appreciate the natural beauty and opportunity that exists in this spectacular area of the world. With new developments poised to define our city's neighbourhoods, and a strong desire to preserve the integrity of our Old City heritage homes, Nanaimo is melding the best of our past with the best of what is yet to come.
Have you ever wondered how come there are so many odd and wacky street names in Nanaimo? Many people say that it was Frank Ney himself who chose some of the more colorful street names. Streets such as Bergen-Op-Zoom, Twiggly Wiggly, and Dingle Bingle are certainly not common streets that you might find elsewhere. In Nanaimo, Bergen-op-zoom is in a subdivision with names such as Amsterdam, Tulip and Arnhem Terrace. Frank Ney served in the RAF and RCAF as a pilot during World War II. The naming of those streets was in memory of the Canadian involvement in Holland during the war. Jingle Pot was the name of a mine in that same area during the early days in Nanaimo. Panorama View Drive was given the name as the street offered panoramic ocean and city views at that time.
As the legalization of marijuana continues to move forward in Canada, it is important to consider the implications for real estate in Nanaimo and throughout Canada. How will property values be impacted by "pot shops" in a neighbourhood? Will landlords be able to prohibit the use of marijuana in their properties? What other changes will potentially impact homeowners and tenants? According to a U.S. study that included professors from Wisconsin, Georgia and California, home prices in Colorado actually increased by 8 percent in 2014 - the same year the state legalized marijuana. John Andrew, a real estate professor at Queen's University, feels that legal cannabis stores may drive more traffic to nearby retailers and boost interest in the surrounding neighbourhoods. However, it is not prudent to align the rising home prices in Colorado simply because of the legalization of cannabis, given that most real estate markets in North America have seen similar housing prices increase.
With BC Family Day taking place this Monday, February 11th, I thought that you might enjoy sharing with your family some interesting facts about real estate. I must admit, that I was surprised to learn a few new things, and hope that you enjoy becoming "enlightened". If nothing else, hopefully one fact will appear on Jeopardy and you will astound your friends and family!
I couldn't help myself. When I saw the ads for the next "50 Shades of Grey" movie, I knew I had to write a newsletter about it - even if it pertains to real estate. An article in the Guardian publication called the color grey a controversial color and labeled it “the drabbest color in the palette”. Karen Haller, an interior designer, commented that the color grey “draws no attention to itself, it keeps its distance, remaining separate”. In fact, wearing grey clothing is often seen as the color to wear when you DON’T want to be seen. This may be why the color grey is often worn to funerals as an alternative to wearing black. It is viewed as “cloaking the personality” and being very serious in nature. Dark grey walls can cause a room to look smaller than they are, and neutral colors that are warm create an inviting and spacious ambiance for a home buyer. For this reason, light grey is quickly becoming a popular neutral color since it looks good with almost any color. In color psychology, grey can represent peace and balance, and Christian Dior once said that “tones of grey, pale turquoise and pink will prevail”.