June 2024 Mid-Vancouver Island Market Update

Let’s dive into the latest market stats for these beautiful areas and see why this summer could be the ideal time to make your move.

🏡 Nanaimo Single-Family Homes and Townhomes/Patio Homes

The market for single-family homes and townhomes/patio homes in Nanaimo is holding steady with little change in average sales prices. We have more listings but fewer sales compared to May, making it a great time for buyers to explore their options without feeling the heat of high competition.

🏢 Nanaimo Condos

We’re starting to see a shift in the condo market! Condos, the most affordable housing option in Nanaimo, are experiencing a significant increase in listings compared to last year. This influx of available condos has led to a 16.67% decrease in sales and a 10.28% drop in prices. If you’ve been eyeing a condo in Nanaimo, now might be the best time to snag a deal.

📊 Parksville & Qualicum Beach

Single-Family Homes and Condos

Both single-family homes and condos in Parksville and Qualicum Beach have seen more listings compared to June 2023, but sales have dipped for both categories. Despite the slower sales pace, the average sales price for single-family homes has nudged up, while condo prices have skyrocketed with a 36.48% increase!

Townhomes/Patio Homes

The market for townhomes and patio homes in Parksville and Qualicum Beach is looking particularly vibrant. There has been a boost in sales, which has driven up the average sales price. This segment of the market is heating up, so if you’re considering a townhome or patio home, it’s a good idea to act quickly.

📉 Market Stabilization and Future Outlook

The Bank of Canada’s rate cut in early June has helped stabilize the market despite the rise in listings. The next rate announcement is on July 24, and we’re all hoping for another reduction later this year. This potential decrease could further improve affordability, making it an even better time to invest in real estate in Nanaimo and Parksville/Qualicum Beach.

Why Now is the Perfect Time for Keen Buyers to Start Their Search

With increased inventory levels, less competition, and better value, savvy buyers have a unique opportunity to find their dream home or investment property. Whether you're looking for a single-family home, a condo, or a townhome/patio home, the current market conditions favour buyers.

If you’re ready to start your home search or need expert guidance on navigating the market, don’t hesitate to reach out. Happy house hunting! 🏡