The real estate market on Mid-Vancouver Island continues to show its unique trends as we move through 2024. If you’re interested in buying or selling property in Parksville, Qualicum Beach, or Nanaimo, this market update will give you a clear picture of what’s happening in the local housing market.
Single-Family Homes: Steady but Selective
In Parksville and Qualicum Beach, single-family home prices have experienced a modest increase of 2.72%compared to last year. While listings have risen by 17%, sales have slowed slightly, showing an 11% decrease year over year. For those considering selling, there’s still solid demand, but buyers are becoming more selective.Over in Nanaimo, single-family home prices have dipped slightly by 3.22% from last year. However, the number of listings and sales have risen, which suggests a balanced market with opportunities for both buyers and sellers. If you're considering entering this market, now may be a good time to explore your options.Townhomes & Patio Homes: A Buyer’s Market?
The townhome and patio home market is seeing an increase in listings across Mid-Vancouver Island, particularly in Nanaimo. Prices in this category have dipped slightly, but the good news for buyers is that sales are rising. Whether you’re a first-time homebuyer or looking to downsize, townhomes and patio homes present a great opportunity to find value in the current market.Condos: A Tale of Two Markets
The condo market is performing differently across the region. In Parksville and Qualicum Beach, condo prices have dropped, making this an attractive option for those looking to enter the real estate market at a lower price point. Meanwhile, in Nanaimo, condo prices have surged by 10% compared to last year. This indicates that condos in Nanaimo are a hot commodity, with many buyers taking advantage of urban living with convenient access to amenities.What’s Ahead: The Fall Market Outlook
As we head into the Fall of 2024, one key factor to watch is the Bank of Canada’s recent interest rate drop by 0.25%. With the new rate at 4.25%, we’re expecting to see improved buyer affordability, which could increase market activity. This reduction in borrowing costs may open the door for more buyers to enter the market, as we move towards our “second spring” market this fall.If you’re planning on buying or selling this fall, it’s essential to stay informed about these market shifts and how they could impact your real estate decisions.
Is Now the Time to Buy or Sell?
Mid-Vancouver Island offers a diverse range of real estate opportunities, from scenic waterfront properties to charming suburban homes. Whether you're looking to invest in a condo, a single-family home, or a townhome, understanding the current market trends is crucial to making a well-informed decision.If you're thinking about buying or selling, let's chat about how you can take advantage of these current trends and plan your next move. As a local expert, I’m here to help guide you through every step of the real estate process.Key Takeaways:
- Single-family homes are stable in Parksville and Qualicum Beach, but Nanaimo is seeing a slight price drop with increased listings.
- Townhomes and patio homes offer great deals for buyers with increasing sales.
- Condos are affordable in Parksville and Qualicum Beach, while Nanaimo’s condo market is heating up with a 10% price jump.
- Interest rates have dropped, improving buyer affordability and potentially increasing market activity this fall.