The Nanaimo Real Estate Blog

NANAIMO, BC – Last month, 444 single-family homes sold on the Multiple Listing Service® (MLS®) System
compared to 518 in May and 617 one year ago. The number of apartments changing hands last month dropped by
21 per cent, but in the townhouse category, sales increased by 26 per cent.


Housing demand in the VIREB area has shifted lower in the first half of 2018 as stricter mortgage qualifications for
conventional borrowers and rising interest rates took their toll on household purchasing power and affordability. It
is unclear whether the June slowdown is reflective of seasonal summer market conditions or if demand-side policy
changes are finally beginning to play a larger role in VIREB’s housing market.


Despite lower sales thus far in 2018, lack of

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Via the Vancouver Island Real Estate Board

The benchmark price of a single-family home in the VIREB area broke the $500,000 mark in May rising to $507,700, a 17 per cent increase from one year ago. Sales of single-family homes were down 17 per cent from last year but posted a month-over-month increase of nine per cent. 

Last month, 520 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 476 in April and 630 one year ago. The number of apartments and townhouses changing hands in May dropped by six per cent and 11 per cent, respectively.

VIREB’s inventory of single-family homes continues to climb, rising from 749 in January 2018 to 1,215 in May. The supply of apartments dropped slightly last month, down six per cent

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Sales Holding Steady Amid Rising House Prices

NANAIMO, BC – Sales of single-family homes in the VIREB area rose by 20 per cent month over month in April but
remained static from one year ago.

Last month, 476 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 398 in
March and 476 one year ago. The number of apartments changing hands in April decreased by six per cent year
over year while townhouse sales rose by 26 per cent.

VIREB’s inventory of single-family homes climbed by eight per cent from March 2018 but decreased by six per cent
from one year ago. The supply of apartments dropped in April, down 12 per cent from one year ago, but
townhouse inventory rose by 30 per cent.

The British Columbia Real Estate

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NANAIMO, BC – Sales of single-family homes, apartments, and townhouses in the VIREB area all dipped in March 2018,
likely due to a combination of government policy changes, stricter mortgage qualification rules, and consumer uncertainty.

Last month, 399 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 316 in February and
482 one year ago. The number of apartments changing hands in March decreased by 23 per cent while year-over-year
townhouse sales remained static. There were 979 single-family homes for sale in March compared to 812 in February and
1,023 one year ago. The supply of apartments decreased in March, down 12 per cent from one year ago, but townhouse
inventory rose by 30 per cent.

The British Columbia Real

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Last month, 316 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 288 in January and 345 one year ago. The number of apartments changing hands in February rose by 28 per cent while townhouse sales decreased by four per cent.There were 812 single-family homes for sale in February compared to 749 in January and 947 one year ago. The supply of apartments and townhouses also rose slightly from 2017, up three per cent and five per cent, respectively. These modest inventory increases are welcome, but since new listings are snapped up so quickly, this additional supply will not move the VIREB market out of sellers’ territory.

The British Columbia Real Estate Association (BCREA) notes that the housing market in B.C. is

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Sales Return to Seasonal Norms in January

NANAIMO, BC – Coming off the busiest December on record, sales in the VIREB area returned to seasonally normal
levels in January. Last month, 290 single-family homes sold on the Multiple Listing Service® (MLS®) System compared to 327 in December and 244 one year ago. The number of apartments changing hands in January rose by 65 per cent while townhouse sales remained static from the previous year.

Inventory of single-family homes dropped to 749 in January, a 16 per cent decrease from one year ago and a new low for the VIREB area. The supply of apartments and townhouses dipped by 19 per cent and 30 per cent, respectively.

The British Columbia Real Estate Association (BCREA) notes that the housing market

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VIREB Posts the Strongest December on Record

NANAIMO, BC – The Vancouver Island Real Estate Board (VIREB) reports that on a seasonally adjusted basis, the
board had its busiest December on record, with 667 housing units changing hands last month.
Sales of single-family homes increased by 35 per cent from December 2016. Annually, 5,612 single-family homes
sold on the Multiple Listing Service® (MLS®) System in 2017 compared to 6,059 the previous year, a decrease of
seven per cent. However, this reduction reflects the market returning to more normal levels from the
unprecedented sales activity generated in 2016.

Inventory of single-family homes dropped to 762 in December, the lowest recorded since VIREB began tracking
inventory in 1999. The supply of

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Lack of Inventory Continues to Drive Housing Market

as published via vireb.com 

NANAIMO, BC – The Vancouver Island Real Estate Board (VIREB) reports that single-family home sales last month
dipped by seven per cent from October but rose 23 per cent from November 2016.


Last month, 426 properties sold on the Multiple Listing Service® (MLS®) System compared to 346 one year ago and
458 in October. Inventory of single-family homes decreased by 13 per cent month over month and four per cent
from one year ago. Although the supply of single-family homes for sale has been steadily rising each month since
VIREB hit a historic low of 859 in December 2016, inventory dipped in October and once again in November.


The British Columbia Real Estate

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There’s nothing quite like handing over the keys to our buyers’ dream home! This is the EXCITING day for our clients – and it’s the one we live (and work so hard) for.

Possession differs from Completion, and they can often occur on separate days. Usually Possession will happen one day following Completion; to provide a buffer in case there is a delay in transferring ownership from the Land Title office.

On Possession Day, your team of professionals (like your financial institution and your lawyer) is hard at work behind the scenes to ensure that you get your keys on time. Once we (your realtor) receive the call that everything is ready – we’ll notify you right away!

In the purchase contract, it does state that possession will be given at a

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As originally published on vireb.com

See full statistics release here

FOR IMMEDIATE RELEASE
October 2, 2017

Housing Market Shows No Signs of Cooling

NANAIMO, BC – The Vancouver Island Real Estate Board (VIREB) reports that single-family home sales dipped in
September, down to 511 from last year’s 527, a decrease of three per cent. Sales declined by five per cent from
August, which saw 540 sales. However, VIREB attributes the slight decline in sales numbers to seasonal market
conditions and inventory challenges. There were only 1,233 single-family homes for sale in September, a decrease
of three per cent from 2016.

Strong economic fundamentals are underpinning housing activity in British Columbia, particularly in the southern
half of the

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