Analyzing the Nanaimo Housing Market - September 2023 Year over year, September of 2023 saw a 55% increase in the number of transactions. Despite this surge in sales, the average home price decreased 3.4%. Typically, a decrease to the average home price will occur when the market slows down and there are fewer transactions meaning that we have less demand. This month we take an in-depth look at other factors that are affecting the Nanaimo housing market and there may be more to it than you think. Interest Rates Mortgage rates have been a topic of discussion for some time now and has been one o ..read more

Last month witnessed noteworthy developments in the Vancouver Island Real Estate Board (VIREB) area's housing market, with 324 single-family homes sold. This figure reflects a 7% surge compared to the same period last year, when 304 homes were sold, but a noticeable decline of 21% from the preceding month of July 2023, which saw 414 transactions. Condo sales in August reached 85, marking a substantial 29% year-over-year increase but a 13% dip compared to the previous month. Meanwhile, townhouse sales totaled 77 units in the past month, marking an impressive 51% growth since the previous year b ..read more

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. Year ov ..read more

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. Single Family Homes In May 2023, the average number of days on the market for single-family homes decreas ..read more

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 pric ..read more

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. Supply Historically in the Nanaimo real estate market, w ..read more

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?  The Prohibition on the Purchase of Residential Property by Non-Canadians A ..read more

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. Months of Inventory In December, the Nanaimo real estate market saw a shift in supply and demand. December saw a large increase in the transactions to sales ratio. While month over month inventory was staying on the market and new listings were being piled on top, December saw the sale to list ratio go to 142.22%. This reduces the months of inve ..read more

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NFTs can be a complex topic deterring many from wanting to know about this art or even being a part of it, but that doesn’t mean they’re not worth exploring. NFTs are a very interesting and modern form of art that attracts lots of attention nowadays. With the hype surrounding NFT art, some assume that it’s a fad, but many predict that this evolving modern tech art will stay, so much so that people want to display it in their homes and travel to museums to view the galleries of this digital art.  Europe has created its first exhibition space dedicated to the NFT phenomenon. “Moco Museum br ..read more