Fall Real Estate Market Update – Vancouver Island The big story right now is the Bank of Canada’s half-point interest rate cut. Dropping the overnight rate by 50 basis points As expected, the Bank of Canada cut its key interest rate by 50bps to 3.75% in its October 2024 decision, with plans to continue lowering […]
Category: Real Estate Market Updates
July 2024 Market Update
The below graph represents the Nanaimo area sales and prices for single family homes for July market stats
June 2024 Market Update
In June 2024, the Vancouver Island Real Estate Board (VIREB) reported a total of 737 property sales across all categories on the MLS® System. This included 359 single-family homes (excluding acreage and waterfront properties), reflecting a 15% drop from June 2023 and a 12% decrease from May 2024. Sales of condo apartments stood at 82, […]
June 2024 Market Report
The Canadian GDP expanded by 1.7% in annualized terms in the first quarter of 2024, accelerating from a downwardly revised 0.1% increase in the fourth quarter but coming below market expectations of 2.2% growth. The annual inflation rate in Canada eased to 2.7% in April of 2024 from 2.9% in the previous month, in line […]
Speculation Tax Expansion January 2024
The speculation and vacancy tax, introduced by the B.C. government in 2018, is set to expand to include several new municipalities, including Parksville, Qualicum Beach, Courtenay, Comox, and Cumberland. This expansion is slated to take effect starting January 1, 2025. As part of this policy change, residential property owners in these communities will be required to declare in January 2025 how they used their property in 2024. This could include whether the property was rented, vacant, etc.
Vancouver Island Real Estate Sees Diverse Trends ending 2023
I’m pleased to present a unique perspective on the latest real estate trends in British Columbia. According to our insights, November 2023 saw a promising uptick in residential sales, with a total of 4,630 units sold across the province, marking a 2.2% increase from the previous year. This growth is particularly notable in light of the high mortgage rates and subdued sales activity we’ve observed this year.
Nanaimo Market Update – November 2023
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.
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.
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:
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.
May 2023 Market Update
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 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.
