By NanaimoNewsNOW Staff

Average sale price of Nanaimo homes continues to surge in May

Jun 5, 2017 | 5:57 PM

NANAIMO — It’s not getting any cheaper to buy a home in Nanaimo.

The average sale price of a single-family home in Nanaimo continues to rise to record levels, according to the latest report from the Vancouver Island Real Estate Board (VIREB).

The VIREB report showed the average sale price in May was $526,234, up nearly 17 per cent compared to May, 2016. That number is also a nearly $30,000 spike compared to April, 2017.

178 single-family homes changed hands in Nanaimo in May, 14 per cent less than the same month last year.

In Parksville-Qualicum, the average sale price is up 13 per cent to just under $550,000.

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The sale price figure has risen steadily in Nanaimo so far this year.

VIREB president Janice Stromar previously told NanaimoNewsNOW a severe lack of inventory is driving prices to record levels.

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