The average single family home price in Nanaimo held steady from January to February. February saw more buyers return to the market. While this resulted in a 30% increase in transactions compared to January, this is still a decrease of 40% from February of last year. The number of homes listed in February decreased by 9% month over month and 37% from February 2022.
In this month’s market stats update we will look at what these changes in supply and demand could mean for the Nanaimo real estate market as we head towards the spring market.
In today’s world, it's becoming increasingly important to design and construct homes that are energy-efficient and environmentally sustainable. One approach that's gaining traction is passive home design, which relies on smart building techniques and cutting-edge technology to create homes that require minimal energy to heat and cool.
Whether you've just moved into a new home and are eager to add your personal touch, or you're a long-time homeowner seeking fresh changes, the prospect of a renovation can be exciting. Similarly, the potential benefits can be appealing if you've invested in a property and plan to renovate it for a return on investment. However, it's essential to take precautions and be informed about the potential presence of asbestos in homes before you begin tearing down walls.
Air humidity is a crucial aspect of indoor air quality, as it affects the comfort and health of the residents of a home. In Nanaimo, with its temperate coastal climate, it is especially important to understand the impact of humidity levels on homes and to take steps to maintain a healthy balance.
The first month of 2023 saw an increase to the average sale price in the Nanaimo single family and towhome real estate markets. The statistics VIREB released for January 2023 for the Nanaimo real estate market gives a good look at how the market has shifted exactly one year from the peak of the pandemic driven housing market. Economists have been predicting that the bottom of the market is a 20% decrease from the peak, which can already be seen in the Nanaimo single family home average price.
Here’s a quick look at some of the popular home design trends in 2022 and what might be here to stay and continue to evolve through 2023!
January 2023 marks the beginning of a 2-year foreign buyer ban on real estate in Canada. This foreign buyer ban was introduced by the Canadian government in an effort to increase the housing supply for Canadians. In theory, the decrease in demand from foreign buyers should increase the supply available to Canadians resulting in a decrease in housing prices, but are there enough foreign buyers exiting the market to make a substantial difference in Canadian real estate markets?
What counts as a foreign buyer?
December marked the end of another year in the Nanaimo real estate market. Nanaimo is starting the new year with an increase in the amount of sales from November to December. This increase in sales also comes with an increase to the average home price.
Explaining Changes in Real Estate in BC and How They Can Affect You.
There is never a shortage of news articles relating to Real Estate in Canada, especially these days. In the effort to curb rising home prices and provide homes for all Canadians, Legislative changes have been made.
In this market intelligence report, we will cover our local market, the general trend across Canada as well as interest rates and consumer confidence.
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