Nanaimo
Nanaimo is a ferry port and city located on the east coast of Vancouver Island, Canada, British Columbia. At the heart of the city, Nanaimo Museum exhibits the indigenous people and industries of the city. Close to the Harbourfront Walkway in the city, the Bastion is a wooden tower, an 1853 tower, with the firing cannon in the summer.
Nanaimo is one of the best places to settle on a national as well as international level. Over the past 4 years, the city has experienced strong growth at 8 percent. This number is more than the average growth of the city at the national level of 5 percent and even the growth in British Columbia of around 5.3 percent.
Average Housing Price in Nanaimo
If we analyze the real estate statistics of the city this year, In April, around 507 single-family houses were sold out. This was a decrease of 13% as compared to one year ago & about 1% decline from March.
The single-family houses continue to increase and reach historic heights with the average sale price in the city of around $933,954 in April, an almost 3 percent decline from the last month but approximately 26 percent more than the last year.
Lack of inventory is the issue that is currently faced by Nanaimo real estate market. The main reason for this decline is the pandemic due to COVID-19. All the supplies have been added to the new inventory levels, but the active listings were so low that they could not satisfy the demand. And this has resulted in an increase in the real estate prices this year in Nanaimo.
But now the city is working to increase the inventory level. When there will be inventory levels, prices in the city will become more affordable. A person will an average income still buys an affordable house in Nanaimo. b
Real Estate Market Outlook 2023 of Nanaimo
There is an increase in the key rate twice this year by the Bank of Canada in Nanaimo. This results in increasing the rate to almost 1 % after sitting at the historical lows due to pandemics.
This sharp increase in rate overnight, which has affected the prime rates at the banks, could be more than enough to cause an intense fall in the real estate prices in Nanaimo. It is said by real estate professionals that every house buyer in the city will feel a pinch of increasing rates. But the buyers in expensive real estate markets will feel it the most.
Downward price pressure in the real estate market of Nanaimo has been expected in 2023. The inventory levels will increase to meet the demand of buyers and this will eventually cause a fall in real estate prices.
The Desjardins report has said that it is predicted from the past week that from the hike in national house prices in February of 2022 to the end of 2023, there will be a decrease of 15% in the real estate prices. All the markets in Canada are expecting some drops but value erodes will be seen more rapidly in some markets.
