Vancouver Island Real Estate Trends – November 2024 The Vancouver Island market continues to demonstrate resilience, offering opportunities for buyers, sellers, and investors alike.
Category: Real Estate Market Updates
November 2024 Market Stats
Beyond Vancouver – Investor Hotspots
It’s no surprise that Western Investor recently highlighted Nanaimo as a standout location for real estate investment. With strategic infrastructure developments, booming commercial projects, and a high demand for rental properties, Nanaimo is primed for growth, making it an increasingly attractive destination for investors seeking long-term returns. As leaders in Nanaimo Real Estate and 30 […]
Spring Market Arrives in the Fall
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 […]
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:
