Price reductions shifting Nanaimo & Oceanside Real Estate market

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Apartments, townhouses, manufactured homes, duplexes, and multi-family homes make up the remaining properties, with manufactured homes accounting for the deepest cuts on average at around 4.8 per cent.

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Price reductions shifting Nanaimo & Oceanside Real Estate market

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Duplexes were the most resilient, at around 2.75 per cent.

In Nanaimo, the city’s north end has the most cuts, with 33, resulting in about $1.1 million in overall reductions.

South Nanaimo (27), the Old City Quarter (16), and Uplands/Pleasant Valley (15 each) follow.

However, areas with the deepest median cuts were Upper Lantzville (five per cent), north Jingle Pot (4.3 per cent), Cedar (4.2 per cent) and Brechin Hill (3.9 per cent).

Chase River (1.3 per cent) and south Jingle Pot (two per cent) showed the smallest median cuts, however the number of listings is also less.

Nanaimo sits in the middle of an Island-wide situation, with roughly 32 per cent of properties seeing a price cut while on the market.

Campbell River leads Vancouver Island, among regions tracked by Zealty, with nearly 45 per cent of listings having their price lowered, followed by the Cowichan Valley (38.2 per cent), the North Island (37.5 per cent) and Comox Valley (35.8 per cent).

Parksville-Qualicum

Price changes appear to be affecting Oceanside sellers less, with only 90 of the 413 (21.8 per cent) active listings as of Friday showing any sort of price reduction.

It makes the Parksville-Qualicum Beach region one of the most resilient places for Real Estate pricing on Vancouver Island.

Despite fewer properties impacted, the cuts to those listings are sharper, with an average of 4.2 per cent, or just over $42,000.

Cuts in the region are weighted to higher-end properties, with a four-bed duplex on McKibbon Rd. in Errington dropping its asking price by nearly $300,000, while a seven-bed home in Qualicum Beach dropped $295,000 to $3.1 million.

Nearly one-third of listings with cuts in Oceanside are priced at $1 million or more.

Fairwinds (6.7 per cent), and Nanoose (4.5 per cent) saw the deepest median cuts, while French Creek and Little Qualicum River Village have experienced less.

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