Low inventory, record-high prices stressing Nanaimo real estate market
NANAIMO — An imbalanced mid-island real estate market has raised tensions for many people linked to the industry, according to the president of the Vancouver Island Real Estate Board.
Janice Stromar said an inventory shortage is pushing sale prices to record levels.
“As long as the demand remains more than the supply, the prices will keep going up,” Stromar, a Nanaimo realtor, told NanaimoNewsNOW.
She said just 200 single-family homes were for sale in the Nanaimo area last month, enough to satisfy demand for only two months. She noted a balanced market would have at least 500 homes up for grabs.