NANAIMO — Guideline B-20 continues to make an impact this February.
In February 2019, 32 single family units were sold in Nanaimo at an average price of $546,662 which is higher than January 2019 but a decline from February 2018. One of the most visible shifts can be noticed when looking at condos and patios, taking on average 13 days to sell compared to 71 days for single family homes.
One of the main factors for this is the Guideline B-20, famously known as the mortgage stress test. While in Vancouver Island, we’re a bit more sheltered by our older population, for new millennial or first-time home buyers, the ability to purchase has been reduced by as much as 20%.
This is creating a high demand for the lower-end market and reducing the demand for high-priced homes significantly, which we can expect to continue being the norm in Nanaimo. The disconnect between buyers and sellers is clear with many sellers still wanting to list their homes at unrealistic prices. It’s important to conduct a full comparative market analysis using current data to determine the current optimal price to sell your home. Because for right now, the glory days of 2016 and 2017, are over.
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: RE/MAX of Nanaimo
Want to know more? Find more Nanaimo Real Estate Market Reports here https://nanaimonewsnow.com/real-estate-market-report
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