Nationally, there remains moderate evidence of overvaluation , reflective of a variety of price conditions across the country with some CMAs showing more signs of overvaluation than others. Notably, evidence of overvaluation is now detected in Toronto, Vancouver, Montreal, Edmonton, and Saskatoon.
As Nanaimo is not profiled in this report you can look to victoria as a guide to the housing trend. Vancouver Island has many areas that react differently and Nanaimo does not always fall in line with Victoria. If you want want more details on the Nanaimo market just let me know.
Nanaimo housing market for 2015 had sales from 69 to 189 at the peak in June.
Victoria: Weak evidence of problematic conditions While the pace of existing home sales trended higher in the second quarter of 2015, particularly in the single-detached segment, the available supply of a wide range of housing types continues to provide choice for home buyers at all price points. Home price growth has been moderate so far in 2015 and is being supported by population growth. Demand for new homes has been well-matched by builders, and both the number of units under construction and the inventory of completed and unsold units are within historical norms.
Vancouver: Weak evidence of problematic conditions There is weak evidence of problematic conditions in Vancouver. The indicator for overheating is below its threshold in the second quarter despite resale market conditions favoring sellers. An increase in the number of listings, as well as the number of homes under construction, has helped to meet rising buyer demand. There is moderate evidence of overvaluation in the second quarter due to continued strong price growth.
To see the full CMHC report follow this link top open the PDF.