Sales of single-family homes in November on Vancouver Island declined by 28 per cent from one year ago and were 21 per cent lower than in October. Last month, 305 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 384 in October and 426 one year ago. Modest inventory increases are helping The Vancouver Island Real Estate market transition from one favouring sellers to a balanced or near-balanced market. Active listings of single-family homes have dropped each month since hitting this year’s high of 1,418, which occurred in July.
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
November 2018 Market Update
The erosion of affordability in larger markets is pushing more buyers away. However the purchasing power caused by the mortgage stress test and rising interest rates continue to be a concern though, continuing strong performance in the economy combined with favourable demographics is expected to push home sales above their 10-year average in 2019.
Market Moving Towards Balanced Conditions
Sales of single-family homes in September dropped by 32 per cent from one year ago and 25 per cent from August 2018.
July 2018 Market Report
Prices of single-family homes, apartments, and townhouses continue to rise in the VIREB area despite cooling sales in certain markets. Last month, 437 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 438 in June and 556 one year ago, a decrease of 21 per cent.
May 2018 Market Report
The benchmark price of a single-family home in the Vancouver Island Board area broke the $500,000 mark in May, rising to $507,700, a 17 per cent increase from one year ago. With Nanaimo above the $525,000 mark. Single-family homes are down 17 per cent from last year but posted a month-over-month increase of nine per cent. Last month, 520 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 476 in April and 630 one year ago.
Derek Gillette Recognized Internationally
Congratulations to Derek Gillette for being internationally recognized and awarded among 113,804 associates in over 100 countries around the globe, RE/MAX International Network wide!
2018 BC Budget Changes Explained
The news has been flooded with articles regarding the 2018 BC Budget changes and people talking about how these changes will affect Real Estate for both Buyers and Sellers. We have broken these changes down to explain how they will affect the Central Vancouver Island Real Estate Market.
December 2018 Market Report
The real estate industry is the healthiest it’s been in over 20 years— with less drama due to a more stable economy. So what’s in store as we look ahead in the year to come? We might see Millennials delaying their home purchase as a result of feeling financial pressure from student loan debt; coupled with relatively low wages, this makes it difficult to put a downpayment on a home. In higher-priced areas, many feel squeezed out of the market, unable to purchase even a so-called starter home. The 2016 market changes caught us by surprise and then the 2017 market started to balance out. There are still affordable options in Nanaimo with our average home price around $550,000, and we will see a more stabilized market in 2018.
September 2017 Market Report
Though Vancouver Island home sales dipped slightly in August, the demand from buyers is still making for a positive market.
July 2017 Market Report
The market remains strong with only a modest inventory increase, and a slight raise in interest rates. In June, 621 single-family properties sold on the Multiple Listing Service® (MLS®) system compared to 712 last June, a decrease of 13 per cent…
May 2017 Market Report
After returning from my networking group in Scottsdale, Arizona with the top Realtors from around the world, one thing is certain, BC is a hot topic when it comes to Real Estate. A few years ago, it was hard to get stage time to talk about Vancouver Island or Nanaimo, but now it seems to be a topic of interest.
#25 in Canada, #48 Internationally RE/MAX International
Proud to have achieved such strong rankings for our local market, coming in at #25 for Canada & #48 Internationally! Over 96,000 RE/MAX agents provide a global reach in more than 95 countries.
