Real Estate Statistics for February 2018
|February 2018||January 2018||February 2017|
|Average Sale Price:||$551,961||$522,608||$496,924|
|Parksville / Qualicum|
|Average Sale Price:||$628,631||$606,874||$481,737|
Nanaimo home sales decreased 11% in February 2018 when compared with February 2017. The average sale price increased 11%. The median house price was $545,000.
Parksville/Qualicum home sales decreased 23% in February 2018 when compared with February 2017. The average sale price increased 30%. The median house price was $560,000.
In Nanaimo for February 2018 there were 210 active listings of single family freehold homes, which is 12% lower then February 2017. There were 85 reported sales which is 11% lower then February 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 opted to maintain its target for the overnight interest rate on March 6th at 1.25 per cent. In the statement accompanying the decision, the Bank noted that although growth in the Canadian economy slowed more than expected in the fourth quarter of 2017, the economy is expected to operate at capacity going forward. The bank cited recent trade policy developments, mainly the threat of a trade war with the United States, as a significant risk to its outlook for growth and inflation.
The Canadian economy is at or very close to full-employment, meaning there is little room for Canadian firms to expand output without putting undue pressure on inflation. There are signs core inflation is already firming up. Two of the Bank’s three core inflation measures are closing in on the Bank’s 2 per cent target and all three measures have increased significantly in the past six months. Absent any unforeseen challenges to the Canadian economy, monetary policy will be biased in the direction of higher interest rates. However, the Bank will likely hold off raising its overnight rate while it assesses the impact of tighter monetary policy over the past year, the impact of newly implemented B-20 guidelines on mortgage qualification rules, and heightened risk to Canadian exports from US trade policy.
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.