The average home price in Nanaimo increased by roughly $65,000 month over month while the market also saw a decrease in the number of sales. Typically less sales will indicate a slower market with prices decreasing, not increasing.
Nanaimo and Vancouver Island News and updates
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September 2023 Real Estate Trends
As someone who has been deeply involved in Vancouver Island’s real estate market for over 30 years, I understand the importance of staying ahead of market trends. That’s why I’m committed to providing you with the most up-to-date analytical insights to help you make informed decisions.
Short-Term Rental Reforms in B.C.: Exploring the Impact
The government of British Columbia (B.C.) has taken steps to regulate the burgeoning short-term rental market through new legislation aiming to address the housing shortage in the region. Here’s a detailed exploration of the developments and their ramifications:
Winterize Your Home in British Columbia: A Comprehensive Guide
While it’s true we haven’t even reached October’s doorstep, and it’s just the beginning of fall, as much as I’m not ready to talk about the winter season just yet, now’s the time to get on preparing our homes for the winter ahead.
Romantic Countryside Inspired Homes
In a world that’s increasingly fast-paced and digitally driven, the yearning for tranquillity, simplicity, and a connection to nature has only grown stronger. This desire has led to a resurgence in the popularity of countryside-inspired homes, where the charm of rural living meets the comforts of modern design. One such manifestation is the Romantic Countryside Inspired Home – a blend of classic elegance, natural elements, and a touch of whimsy. In this article, we’ll delve into the captivating designs, popular colour palettes, and defining features of this delightful style.
Exploring the Cutting-Edge Technology of 3D Printed Homes
3D-printed houses are popping up all around the globe! Read on for information on the fascinating world of 3D printed homes, addressing common questions and shedding light on their potential impact on the future of housing.
July 2023 Nanaimo Market Update
In June of 2023 the Nanaimo real estate market was very similar to one year ago in the majority of categories. From last June to July, the Bank of Canada rate increases caused a dramatic decline in the amount of transactions in a monthly period. With less transactions happening we were thrown from a Seller’s to a Buyer’s market abruptly which caused decreases to the average home price, longer days on market and multiple offers became rarer. This continued through to the end of the year, and from the start of 2023 the Nanaimo real estate market has been making leaps towards a recovery.
Real Estate Market May 2023
As one of the leading real estate teams on Vancouver Island, we are committed to keeping our clients informed about the latest trends and statistics in the local market. In this article, we present an overview of Nanaimo, then a cross-section of the Vancouver Island Real Estate Board (VIREB) area’s performance, then a broader look at the Canadian Real Estate market touching on consumer confidence, interest rates and sales across Canada.
June 2023 Nanaimo Market Update
While July 2022 marked the start of declining real estate prices and transactions, the Nanaimo real estate market has been steadily recovering month over month, meaning all sectors of the Nanaimo real estate market have seen shorter days on market, sale prices closer (and sometimes over) the list price, and an increase to the average price comparing May to April of 2023. The month of May 2023 witnessed promising indicators that the market is getting back to where it was before the decline.
How to Grow a Herb Garden this Spring
Imagine stepping into your backyard or kitchen and harvesting fresh herbs bursting with fragrance and flavour. Creating your own herb garden brings the joys of gardening and culinary exploration together, offering a rewarding experience that elevates your dishes and enhances your well-being. In this blog, we’ll dive into the captivating world of herb gardening and share tips so you can have your own!
Vancouver Island Ferry Company: Hullo Ferry
VIFC’s Hullo fast-ferry service is making waves in the transportation industry, connecting Nanaimo and Vancouver on a passenger-only ferry that will take you from downtown to downtown.
April 2023 Nanaimo Market Update
The Nanaimo real estate market saw a month over month decrease of 4.8% to the average single family home price from $793,790 to $763,134. While average price month over month can sometimes be an indicator of market direction, this statistic is limited not only by the inventory on that market during a period of time, but also by the transactions conducted during that same period. If the majority of homes sold in a period are at a higher price than the previous average looking only at the average price would indicate that home prices are on the rise even if comparable homes sold at a higher price in a different period where there were more lower priced transactions. In other words, the average house price is a very narrow field of view in looking at the direction the market is heading. While average price is important to understand, other market indicators paint a clearer, more reliable market forecast. Here are the factors that we believe are going to play the biggest part in guiding the Nanaimo real estate market.
