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