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.
Gather the latest information on the real estate market in Nanaimo, Vancouver Island, and Canada-wide with our Gillette and Associate Market Updates
Category: Real Estate Updates
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.
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.
2023 Q1 Vancouver Island Market Intelligence Report
From my perspective, Early 2023 reminds me of 2019 when it became more challenging to qualify for a mortgage. Everyone was wondering if the market would pick up in the spring, and I must say that this year feels similar.
March 2023 Market Update
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.
February 2023 Nanaimo Market Update
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.
Canadian Foreign Buyer Ban
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?
January 2023 Nanaimo Market Update
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.
