Welcome to the monthly real estate statistics newsletter.

For both Nanaimo and Parksville/Qualicum the median price for freehold homes has been very similar to 2023 when we look at the whole year. However, we did see a stronger end to the year with regard to sales which is likely a result of the Bank of Canada rates coming down which is giving buyers more confidence. We have also seen more properties listed during 2024 than the previous year. With regard to the Bank of Canada rate, they have stated that they are going to take a more gradual approach in the coming year so we are probably not going to see the same level of rate drops but this will depend on our economy and the inflation numbers.

With regard to 2025 there are predictions saying that they expect sales to get stronger and that we could...

I just wanted to give a quick update on the market and real estate in general. 

We saw a 50 basis point reduction of the Bank of Canada rate just before Christmas and the next meeting will be at the end of January. However, they did say that with the policy rate now being a lot lower than 6 months ago it is likely we will see a more gradual approach this year. However, with Trudeau stepping down and a new president south of the border we are still waiting to see if this has an impact.

Already this year we have seen a bit more activity with regards to buyers coming off the fence and viewing properties, which is likely because they are starting to see mortgage rates come down. The latest predictions have said that 2025 will be busier than 2024 and nationally we could see a slight increase...

The assessed value for your property are now available, although you probably will not have received the written notification yet due to the delays caused by the postal strike. However, you can check them online, just go to https://www.bcassessment.ca/ and enter your address.

You have until January 31 to file an appeal - don’t forget that the assessment is based on values as of July 1, 2024 so is already 6 months out of date. The process for appealing can be found at:  https://info.bcassessment.ca/Services-products/appeals#:~:text=The%20deadline%20to%20file%20an,information%2C%20visit%20the%20PAAB%20website.&text=Learn%20about%20how%20you%20can,on%20your%20notice%20of%20assessment. 

However, if you would like an evaluation to see what the actual current market value...

Welcome to the last monthly real estate statistics newsletter of 2024, the December numbers will be sent out in January 2025 where you will be able to see the numbers for the whole year.

As you might have read the Bank of Canada made another rate reduction on December 11th. They reduced the rate by 50 basis points to 3.25%. With the policy rate now a lot lower than 6 months ago they have said that if the economy evolves as they are expecting than they are likely to take a more gradual approach in 2025.

Real Estate Statistics

Synopsis for Nanaimo
 

The graphs below show the median sold price for the previous 5 years (freehold homes in Nanaimo and Parksville/Qualicum, townhouses and apartments in Nanaimo.)

Median Sold Price - Nanaimo freehold homes:

Median Sold Price - Parksville/Qualicum freehold...