Real Estate Market Report: January 2019

By RE/MAX of Nanaimo
February 4, 2019 - 3:29pm Updated: February 11, 2019 - 9:55am

NANAIMO — A new year has begun and with it the toll of the mortgage stress test.

 

In January 2019, 55 units were sold in Nanaimo at an average price of $544,902. That’s 38% less than the units sold in January 2018 but still maintaining a higher average sale price over January 2018. One of the main factors for this is the Guideline B-20 or mortgage stress test which has reduced some perspective home buyer’s ability to purchase by as much as 20%.

 

The single-family homes inventory for January 2019 rose by 32% throughout Vancouver Island compared to January 2018, and it climbed 5 percent from December 2018. But despite this increase in inventory, the average price of single-family homes year-over-year has continued to rise throughout the entire Island as well as in Nanaimo.

 

It’s important for sellers to keep in mind that listing your home at 2016 or 2017 prices just isn’t realistic. The market in Nanaimo has nearly balanced and that type of market will force many sellers to realign their expectations. This of course means that buyers, for the first time in years, have more opportunity and room to negotiate.

 

This monthly Real Estate Market Report analyzes the Vancouver Island real estate north of the Malahat and more specifically the Nanaimo area. Keep in mind that the information does not indicate the actual value of any particular property. Find out what your home may be worth in today’s market, contact one RE/MAX of Nanaimo's agents here: https://remaxofnanaimo.com/

 

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

January 2019 Nanaimo Real Estate Stats

Real Estate Market Report: December 2018