Similar to the last newsletter I have to mention the Bank of Canada raising their rate to 5%. The bank has a target of 2% but the Bank of Canada governor, Tiff Macklem, has said this could take till the middle of 2025 to reach that number. The next meeting is scheduled for September 6th and it is possible the bank could bring in another rise as they are taking it "one meeting at a time."
Although we are seeing high mortgage rates we are still seeing low inventory levels for freehold homes. There are currently approximately 320 homes for sale in Nanaimo and although this is higher than a year ago it is less than half the number of active listings we had when looking back around 10 years.
Real Estate Statistics
The graphs below show the median sold price, sold numbers and number of new listings since the beginning of each year (freehold homes only.)
Median Sold Price:
Number of new listings:
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 graph) and is for single family homes.
The following graphs are for Nanaimo and show the sales numbers against new listings and 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.
The following graph is for Nanaimo and shows the months of inventory. This is the time it would take the current freehold, single family homes for sale, to sell, if no new homes were listed, which indicates whether we have a sellers, balanced or buyers’ market.
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.