| December 2018 | November 2018 | December 2017 | ||
| Nanaimo | ||||
| Unit Sales: | 46 | 76 | 120 | |
| Average Sale Price: | $574,955 | $532,299 | $529,766 | |
| Parksville / Qualicum | ||||
| Unit Sales: | 28 | 38 | 28 | |
| Average Sale Price: | $647,375 | $601,374 | $536,034 | |
Parksville/Qualicum home sales were unchanged in December 2018 when compared with December 2017. The average sale price increased 21%. The median house price was $537,500.
Annual Real Estate Statistics
| 2018 | 2017 | % Change | ||
| Nanaimo | ||||
| Unit Sales: | 1212 | 1605 | -24% | |
| Average Sale Price: | $556,820 | $518,452 | +7% | |
| Parksville / Qualicum | ||||
| Unit Sales: | 625 | 797 | -22% | |
| Average Sale Price: | $620,389 | $548,378 | +13% | |
Synopsis for Nanaimo
In Nanaimo for December 2018 there were 256 active listings of single family freehold homes, which is 34% higher then December 2017.
The graphs below are for Nanaimo and show the average sold numbers and average sold price since 2014 (single family homes only.)
The following graph shows the % difference of the housing price index (HPI) from the same month 12 months ago. It is split into the different sub-areas and is for single family homes.
The following graph shows what is called the absorption rate. This is the time it would take the current homes for sale, to sell, if no new homes were listed, which indicates whether we have a sellers, balanced or buyers market. The 3 rates are based on 1, 6 and 12 months of sales data.
The Bank of Canada left its target for the overnight rate unchanged at 1.75 per cent this morning. In the statement accompanying the decision, the Bank noted that the outlook for the Canadian economy is moderating due to falling oil prices and mandatory production cuts in Alberta and a slowdown in global demand due to US-China trade tensions. As a result, the Bank has trimmed its forecast for Canadian economic growth in 2019 from 2.1 per cent to 1.7 per cent. Total inflation is being dragged lower by falling gasoline prices, though core inflation remains near the Bank's 2 per cent target.
While the direction of future monetary policy remains tilted toward higher interest rates, BCREA’s baseline forecast is for a single rate hike as the most likely outcome for 2019. With a housing market battered by the stress test and signs of slowing growth elsewhere in the economy, it will be difficult for the Bank to accelerate monetary tightening beyond a gradual pace. A less hawkish Bank of Canada, along with a steep fall in Canadian bond yields, should translate to mortgage rates flattening out or even moving slightly lower in 2019.
These figures do concentrate on single family homes but if you would like similar information for other property types, such as apartments or patio homes, or specific geographical areas of Nanaimo or Parksville/Qualicum, then I would be more than happy to discuss those with you as well.
As always I hope you find these monthly newsletters informative and if at any time you or any of your friends, relatives or co-workers are looking for a professional realtor to help them buy or sell a home, or just have a real estate question, please call my personal cell, 250-739-1228, or drop me an email.
Thank you,
Ian
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