Nanaimo
Nanaimo is situated at the coast of Vancouver Island in British Columbia. This city has used its excellent shelter for the service industry, trading, and distribution industry. In this city lumbering and fishing have also grown since 1950. Nanaimo was previously known as “Hub City” because of its original layout design where streets are radiated out from the shoreline like spokes of a wagon wheel. Moreover, this city also has a centralized location on Vancouver Island. This city is the headquarters of the Regional District of Nanaimo.
Real estate Outlook for 2021
The residential real estate outlook for 2021 for Nanaimo city is that an increase of about 6.21% in the average household price to about $470,738 across all types of the property along with an anticipated rise in the sales of 12% for a single-detached house and almost 3% for the condos while there is a decrease in the sales of 5% for the townhomes. Some people who had a prediction that the housing market could crash in 2020 have retracted their forecast. But now they have pushed their predictions to 2021 and are now predicting that the housing market of the USA would crash in the coming year. According to another analysis, the housing price will fall significantly at the end of the year and during the first half of the coming year 2021. In 2021, the average prices of houses to be forecast were 13.8%.
Pricing rising or stable outgrowth
A fall in housing prices across Nanaimo is expected by CBA but only for the first few months of 2021 along with the recovery in the home values tipped for the 2nd half of 2021. In January 2020, the Nanaimo real estate market was still balanced. The biggest change was to appear at the end of January 2020 when there were almost 12% fewer houses that were listed as compared to those in January 2019. But according to statistics in February the real estate market of Nanaimo city seems to be holding itself as compared to the same during last year. So we can say that the prices of the housing market are rising.
Is the real estate market growing?
The real estate market of Nanaimo is likely to continue in the territory of the seller’s market in 2021. Along with the expectations of a steady coming year which is characterized by low-interest rates that influence more people to enter the housing market. There would also be a steady demand for BC buyers. In 2020, between Jan 1 to Oct 31 the average selling price of single-detached homes in Nanaimo has increased to almost $602,905 as compared to approximately $559,252 in 2019 between Jan1 to Dec 31. The sales number of single-detached homes in the city has also increased to 13.29% to almost 1,262 in the year 2020 rise from the year 2019 when this number was 1,114. There is an increase of 6.21% in average housing price.
