By Maria Doty

Nanaimo Real Estate Market Report: July

Nanaimo Real Estate Market Report: July 2020

Aug 10, 2020 | 4:12 PM

NANAIMO – Nanaimo house market recovery continues in July.

The market in Nanaimo, and throughout Vancouver Island, has seemingly rebounded from the COVID-19 dip that heavily affected April 2020.

In Nanaimo, there was an increase of  5% on single-family home sales compared to June 2020 and in fact, sales increased by 17% compared to July 2019. The average sale price for Nanaimo single family homes was $593,900 which is 3% higher June 2020 and 6% higher than July 2019.

The recovery is believed to be fueled by low interest rates and a supply shortage. It’s important to be cautiously optimistic about the turn around lasting. It is true that since many layoffs have affected younger individuals who would not have been entering the housing market, there may not be any significant downturn once CERB payments stop, but it’s something we won’t know until it happens.

These are the benchmark numbers for Nanaimo and the Central and Northern Vancouver Island:

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• Nanaimo’s benchmark price went up by 7% to $593,600 in July 2020.
• Campbell River’s benchmark price for single-family homes in July 2020 was $456,000, which is 5% higher than July 2019.
• Comox Valley’s benchmark price in July 2020 was $557,500, 8% higher than 2019.
• Duncan is reporting a benchmark price of $500,200, that’s 6% higher than July 2019.
• The Parksville-Qualicum area saw its benchmark price increase 2% to $604,900.
• Port Alberni’s benchmark reached $342,700 in June 2020, a 7% increase from July 2019.

This is the monthly Nanaimo Real Estate report which analyzes the Vancouver Island Real Estate market north of the Malahat and more precisely, the Nanaimo and greater area. The information included here does not reflect the actual value of any particular property. You can find out what your home is worth by contacting a RE/MAX of Nanaimo’s agents here.

Looking for listings? Start browsing Nanaimo’s Real Estate listings here

Want to know more? Find more Nanaimo Real Estate Market Reports here https://nanaimonewsnow.com/nanaimo-real-estate-market-report