A New Set of Rules For Canadian Mortgages

First National anticipates a drop of about 8-10% in that lending category. Vancouver home sales in Metro Vancouver in September dropped by 32.6 per cent compared to the same month last year.

Although a moderating trend in activity and prices is occurring in the Vancouver market, that slowdown is not affecting our Nanaimo market at this time.   Also “This is the third year that British Columbia’s GDP and employment growth have been above three per cent, and GDP is currently tracking at 3.5 per cent,” says Cameron Muir, BCREA Chief Economist. “Year-over-year retail sales are at six per cent, so consumer confidence is obviously high.”

 As I return from networking in Calgary and Vancouver this last week and monitor the general pulse I continue to see people looking in our direction as they retire or simplify life. With our lower than normal inventory, I see the trend continuing.

Below shows the Nanaimo homes sales per month and then broken down into sub area as a percentage. 

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Nanaimo Sales of single-family homes in September were lower than in August, but rose significantly over September 2015. In September 2016, 531 single-family homes sold on the MLS® System compared to 431 last September, an increase of 23%. Month over month, sales decreased by 14 per cent from August, which saw 623 unit sales (see our Nanaimo graph stats). Inventory also dropped to a new historic low, dipping to 1,265, a nine per cent decrease from the previous month and down 40 per cent from one year ago. The last time inventory was this low occurred in 2005 when the supply of single-family homes for sale dropped to 1,629 units.

 

 

For more detailed statistics in the Nanaimo market click this link: Also please call if you are interested in receiving a market overview. 

Thanks,

Derek