October has been a slow month with lower sales, however, although median prices are generally lower than last year they probably have not dropped as much as some people were expecting. Also the Bank of Canada did hold their rates at the last meeting on October 25th. Their next meeting, where they announce the interest rate, is scheduled for December 6th. There has been lots of speculation of where interest rates are going and some have predicted that it may be around the middle of 2024 before we start to see them coming down...this is obviously difficult to predict as will depend on inflation and other economic/geopolitical factors and unfortunately my crystal ball is still at the repairers!
On a non real estate note I wanted to let everyone know that the Polar Bear swim will be back this year. Due to Covid it was not held but will be back on Boxing Day at the Kin Hut down at Departure Bay beach. The swim starts at 1pm with registration from 11am.
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, townhouses and apartments.)
Median Sold Price - freehold homes:
Median Sold Price - townhouses:
Median Sold Price - apartments:
Sold Numbers - freehold homes:
Sold numbers - townhouses:
Sold numbers - apartments:
Number of new listings - freehold homes:
Number of new listings - townhouses:
Number of new listings - 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 graph.)
The following graphs are for Nanaimo and 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.
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.
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.