In May 2016, 771 single-family homes sold on the MLS® System compared to 527 last May, an increase of 46 per cent. Month over month, sales were up by 17 per cent from the 660 sales processed in April 2016. Last month’s active listings totalled 1,684, down 32 per cent from the 2,507 reported in May 2015.
Cameron Muir, BCREA Chief Economist, states that retail sales growth in the double digits reflects high levels of consumer confidence, which is spilling over into real estate. Tourism on Vancouver Island also posted a huge spike recently, which aids local economic conditions. However, although housing demand is extraordinarily high, its foundation is solidly based on a healthy GDP and rising population growth.
“British Columbia’s GDP is at three per cent, and employment growth rose around 3.5 per cent in the first four months of 2016,” says Muir. “Real estate is benefiting from that growth, with sales in the entire southern half of the province at record or near-record levels.
In Nanaimo the benchmark price rose 10.82 per cent to $389,800 with the most active area at 21.7% in North Nanaimo
Although retirees frequently choose to migrate to Vancouver Island, we are seeing younger professionals trading in their homes on the Lower Mainland for a significantly nicer property here.
Vancouver plans to impose tax on owners of vacant homes we don’t see that as much of an issue in Nanaimo but something that is worth watching.
See the detailed report here 05-May 16 Nanaimo Graphstats.pdf
Personal Real Estate Corporation
One of Canada's Leading Realtors
#1 Nanaimo Realtor® 2015 - 2018 RE/MAX*
Top 52 Canada RE/MAX*
Consistently one of Nanaimo's Top REALTORS® RE/MAX International Individual - 2017*
Contact Us Today
Largest Real Estate Brokerage in North America
Agent | Owner