Lack of supply dictating Nanaimo real estate market: VIREB
NANAIMO — A supply shortage combined with increased demand continues to push up residential housing prices in Nanaimo.
New data from the Vancouver Island Real Estate Board (VIREB) showed a little more than 1,600 homes sold in the Nanaimo area last year, down 5 per cent from 2016. The average sale price in the harbour city last year was $518,000, up 16 per cent from $447,000 in 2016.
“As soon as you have more people looking for fewer homes prices are bound to go up, I think that’s what we’re seeing,” VIREB past president and Nanaimo realtor Janice Stormar said.
Nanaimo’s benchmark home price last month was $500,500. The term “benchmark” refers to the average sale price of a typical three bedroom, two bathroom home, providing a more accurate reading of Nanaimo home prices.