David Nicholson

Direct: 902-388-7777 |

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Foreign Buyer Restrictions Now In Place

So... now that the new Federal rule is in place, the question is; Will Canada's ban on foreign homebuyers make houses more affordable?

It is hard to say right now since we are in the slowest part of the year for buying/selling of real estate. But, I suspect it will factor in to the overall market in 2023. It is not the only factor that will have an influence. As you know, interst rates have risen significantly over the past six monthsa and there certainly is a change in the local market here on PEI . Sales have slowed, multiple offers are almost non-existant and length of time on market and expiries are on the rise.

BUT, on the other hand, the Maritime provinces are becoming increasingly attractive to Canadians from across other provinces... especially BC, Alberta and Ontario. 

Time will tell, but historically, no matter what the season; houses will be listed and sold because life goes on. Births/deaths/marriages/divorces and aging continue, no matter the external financial forces.

If you are interested in reading up on the latest news regarding foreign ownership in Canada, here is the link: https://www.cbc.ca/news/business/canada-foreign-buyers-ban-jan-1-experts-1.6692706?fbclid=IwAR3mhNPmKFBSG9Yy2dVCnaNuiDX0v-cljgr5Bn9n8q0aXXkpDUTzBnhrb2U


David

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Happy New Year!
Well friends... here we are in 2023! I am so appreciative of the privilege I have to work with such a variety of clients from both near and far... but have forged some wonderful friendships in the process!
I look forward to assisting some new and former clients this year. If you or someone you know requires assistance with your real estate goals.
 
Call me... I will be ready. And you just better Get Packin'!
 
HAPPY NEW YEAR!
 
David
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Well folks... I'm afraid I have been negligent in keeping my blog up-to-date. Over the past few months, I have been dealing with the aftermath of my father's death. We all deal with the 'circle of life' issues and few are more challenging than losing a loved one. When you are in your family members home, everywhere you turn there are reminders of your loved one and you musy begin the process of dispersing with their possessions. In the midst of this, we often enter a different mental and emotional zone and that is exactly where I have found myself. But,... spring has arrived, the snow is finally melting and the sun continues to rise higher in the sky. So, I am ready to rise up to the challenges of daily living and looking forward to assisting others with the transitions in their lives.

That's why we buy and sell property isn't it?

So... if you're embarking on that new adventure in your life... give me a call. Let's talk and discuss your needs and how you wish to proceed. Then... I'll put the sign on your property and encourage you to Get Packin'!

David

902.388.7777

davidn@coldwellbanker.ca

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We had a lot of fun creating this video this spring... took longer than we expected because none of us realized how much work behind the scenes was required to tie everything together. A BIG shout out to Adam Parker for all his work in gathering video footage from around the Island in our different offices and also to David Rashed who then put everything together including our voacl efforts. :-)


Just click on the link below. 


https://www.youtube.com/watch?v=hZSO07i0wZ8


Hope you are enjoying your summer... feel free to call me if you're wanting to sell or purchase and Get Packin' !


David


902-388-7777

506-643-1777


davidn@coldwellbanker.ca

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Residential Market Activity

This didn't take long... I allowed three days for the market to be exposed before accepting offers. Twenty showings took place, three offers presented and one accepted and another as the back-up offer.


This should give you a good idea of what is happening in the greater Charlottetown area today! I am also including a link to market stats for March, 2021. They speak for themselves.


Since this happened, I have had the privilege of working with a lovely young family and they found the home of their dreams within minutes of being listed because  I had set them up on a program that sends them listings the minute they are posted. We were able to get in to view within a couple of hours, wrote an offer and was accepted within 12 hours!


The market is hot, prices are rising and locals are having to compete with others outside the province who would love to make our beautiful Island their home. This is not a time for hesitation folks, so if you need assistance in either selling or purchasing your home, give me a call and I will be happy to assist you in to achieve your real estate goals.


Call me and .... get packin!


Mobile: 902.388.7777

Email: davidn@coldwellbanker.ca


MARCH MARKET STATS: 


https://documentcloud.adobe.com/link/track?uri=urn:aaid:scds:US:b3d2ff37-0861-4e38-b074-abe884a7c926#pageNum=3

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Coldwell Banker Annual Report

If you're the type of person that loves to take a deeper dive into the details of the market, then feel free to click on this link I have included ad read on...





https://issuu.com/thereportgroup/docs/coldwell_banker_global_luxury_report_2021?fr=sMmQ4YjIyMzM0


Hope you are all keeping well. So nice to see the sun rising higher in the sky and more daylight! Stay strong... together, we can overcomethese challenging days!


David

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Today is Islander Day here in Prince Edward Island... I'm sure that this year, it has an even more important ring to it considering what we have all been experiencing over the past 12 months!


Losing freedom to travel to visit our friends and loved ones is difficult. So when we do have those rare opportunities, if you're like me, you cherish those special moments even more.


When it comes to purchasing your new home or selling your existing one, it has brought an added level of challenge and anxiety for many and makes my job as a REALTOR® that much more important. Following Covid 19 protocols in showing properties has heightened caution and concern for many. So I make sure I always wear my mask when I enter a residence, as well as my clients and I have my spray bottle with alcohol in the car and wash my hands way more than I used to. Also, this past year has added a new level of buying without purchasers actually even being physically present! I strive to make sure I fully understand the needs and wishes of my clients when 'showing' them through a house via some electronic visual medium. So, the phone must always be charged! I have assisted clients as far away as British Columbia this year who have entrusted me with assisting them in purchasing their home. They never left the confines of their home province! I consider this a privilege and grave responsibility. After all, this is such a major investment. I treat these evaluations as if it was one of my family members who was purchasing the home.


Prince Edward Island has experienced a constant increase in prices over the past few years and frankly, I do not see this slowing down. Buyers from outside the province have discovered that this is indeed a wonderful place to live! For many, selling their property and moving here allows them to upgrade significantly... in some cases for much less than what they realized from the sale of their present property. Eastern Canada in general is now being viewed as a very desirable location! (We've know that for years... right?) Smile


So... stay safe, give thanks for life's most precious treasures and keep safe!


David

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A New Year!


A New Year!


Hi folks


Imagine... we did it! Yup, we endured a difficult year with all its challenges and as we enter 2021, it is a renewed hope that soon, the virus pandemic will be held at bay! Roll up your sleeve...


So, if we were able to deal with all the unexpected changes last year, then perhaps it gives each of us a new perspective on how we can face the future. Unexpected challenges always happen in everyone's life. Perhaps we have used them as excuses for not accomplishing something important to us. But now that we see what we are capable of, maybe we will not have the determination (gumption) to get on with those goals... I mean, what have we got to lose?


I have always mumbled that when I got older, I would start painting, but there was always an excuse for not getting on with it. Well, I finally prepped a canvas and then posted it on my personal FB page to encourage all my friends and acquaintances that 2021 is like a blank canvas... now it's up to us to 'paint' the picture. I was kinda proud of myself, but then kept staring at the canvas and realized that I better get at it myself. So, I did my first painting and entitled it 'A New Year'... That is the image you see here. It is a stylized painting of earth to sky with the sun between and scattered throughout are the blending of depths of colour and shades to remind us all that we will all face interruptions and obstacles and changes of direction, but when all is said and done, we will end up with a painting at the end of the year.


So... take up your brush, grab your paints and Get Paintin'!


Happy New Year to all and may it be one filled with a sense of gratitude, courage, compassion, creativity and a deep and abiding love for those we share our lives with. The time to move is now so... Get Packin'!


David

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Home Sales & New Listings 

October was another strong month for real estate sales in Prince Edward Island, though the market is starting to slow a bit as it does this time of year as we head into late fall. Residential sales stood at 199 units in October which is about even with last year but also slightly above the 5 & 10 year average for sales this time of year. It was also tied with 2002 for the second best October on record.

1771 homes have been sold in the first 10 months this year, despite the obvious crises 2020 has thrown at the world that is up 5.5% from 2019 amazingly.

244 New residential listings were added in October as well. Up a slight 9 listings from last Oct. This was the largest number of new listings for the month in 5 years but that has not helped supply much.

 

Active Listings & Months of Inventory 

Supply remains incredibly tight, at low levels not seen in over 15 years. Only 661 active residential listings were on sale on PEI at the end of October. To put that in perspective in 2015 that number was 2,126, and no that’s not a typo. There were over 3 times as many listings. Between 2019 and this year supply for October dropped 30.5%. Wow. Anyone wondering why the average home price has reached the levels it has on the Island look no farther than the supply numbers.

There was also 3.3 months of inventory left at the end of the month. That’s the number of months it would take to sell those 661 listings based on how fast things are moving at the moment. The average is 9.7 and this is another number that has dropped to historic lows.

 

Average Price 

The average home price on PEI in October was $298,668. Just under that 300K mark which is up 19.6% from last year. Year to date average price is a little lower: $277,245.

A final thought is to bear in mind that the average price is driven up traditionally by the urban markets here on PEI as in other places in Canada so rural

properties generally have a substantially lower price.

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Welcome to my blog post! I am thrilled to begin this new chapter in my proffesional life.
Obviously, if you are reading this, then some of the info you already know, but I thought it would be appropriate to let my first post be the public announcement.
 
I look forward to your participation and support!
 
GET PACKIN!
 
Well, I am so pleased to finally let everyone know that I have expanded my business! As some of you are aware, I have been spending most of my time with my father since Covid began so realized that I should really consider applying for my sales license on PEI. It is official. I now am licensed in New Brunswick and Prince Edward Island.
 
In today's era of electronic communications, it allows me to serve my clients from near and far... also, I will not hesitate to collaborate with other REALTORS® who I consider top notch to assist when I am not physically available, but will keep in close communication to ensure that all continues to run as smooth as can be anticipated.
I have developed a website which will allow you to check any listings I have, plus all listings from Coldwell Banker and even all listings found on the MLS® system. One stop shopping! 
I have been so blessed over the years to assist so many great folks and look forward to serving many more in both the Saint John and Charlottetown areas.
 
If you or someone you know is thinking of purchasing or selling their home, cottage or business, I hope you will feel confident to give them my name and contact info.
I have a web site now which I am thrilled with... it is:
 

Once you get there, you can choose either New Brunswick or Prince Edward Island.
Also, my phone numbers are:
 
506.643.1777 (call & text) and
 
902.388.7777 (call only) and my email is: davidn@coldwellbanker.ca
 
So folks... if you require professional assistance with your real estate needs/wants; give me a call and... Get Packin!
 
David
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