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 see slightly higher prices by the end of the year. However, with Trudeau stepping down and the new president elect south of the border already being confrontational to his neighbours I do think this is a difficult one to call at the moment.
Also to welcome in the new year our BC government introduced a new tax as of Jan 1st - the BC Flipping Tax. This states that any taxable property sold after Jan 1st could be subject to this tax if it has been owned for less than 730 days. There are exemptions and the tax is 20% of the net taxable income from the sale of the property in the first 365 days and is then on a sliding scale for the next 365 days. For details go to the government website at https://www2.gov.bc.ca/gov/content/taxes/income-taxes/bc-home-flipping-tax but it would be advisable to speak with your accountant if you are thinking of selling and have owned the property for less than 2 years.
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 homes:

Median Sold Price - Nanaimo townhouses:

Median Sold Price - Nanaimo apartments:

The following graphs shows the % difference of the housing price index (HPI) from the same month 6 and 12 months ago. It is split into the different sub-areas (the overall figure for Nanaimo is on the left of the graphs.)
Freehold homes:


Strata apartments/townhouses:


The following graphs show the sales numbers against total active listings. This is helpful to show how the market is doing as the closer the 2 lines come together on each graph generally indicates a busy active market.
Nanaimo Freehold homes:

Parksville/Qualicum freehold homes:

Nanaimo Townhouses:

Nanaimo Apartments:

The following graphs show the months of inventory. 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.
Nanaimo Freehold homes:

Parksville/Qualicum freehold homes:

Nanaimo Townhouses:

Apartments:

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.
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