Nanaimo Real Estate Market Report: September 2019
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NANAIMO – September Shifts Nanaimo Real Estate Market to Multi-Family Properties.
Sales of single-family homes in Nanaimo stayed fairly steady compared to August 2019 and decreasing by 7% compared to September 2019. The average sale price of single-family homes also decreased from September 2018 from $582,115 to $569,667. One thing to note is the the Multi-Family properties like condos/apartment, condos/patio and condos/townhouse continue to increase in average sale price compared to August 2019 and September 2019.
When looking at the entire Vancouver Island Real Estate Board, the September statistics show buyers are turning to multi-family properties. This is something that might be a one-time event or might continue to be a trend over the end of 2019 as a result of the combination of affordability issues and Guideline B-20(mortgage test).
When looking at real estate trends the Nanaimo market is looking fairly balanced and on higher-end properties, one typically favouring the buyer. Certainly a change from the previous years of seller markets but certainly still a moving and healthy market.
