These are Market Statistic updates for the Nanaimo and Cowichan Valley Regions. Lorne Gait — realtor with Coast Realty Group — focusses on Ladysmith Real Estate but is familiar with the larger region and helps Buyers and Sellers from Mill Bay through Nanoose Bay.
Realtor and Associate Broker Lorne Gait has just prepared for you this mid year Vancouver Island Real Estate Update market update for the central Vancouver Island area. Lorne is a professional working in the mid Vancouver Island are based out of the Royal LePage Nanaimo Realty office in Ladysmith, BC.
VIREB (Real Estate Board) Real Estate Market Update
The Vancouver Island Real Estate Board also has its own Vancouver Island market Update. Check it out HERE
The gist of the market is that there is still not a piling up of unsold properties. There is still less available properties than Buyers would like. However, the demand has slowed a bit by modest amounts.t
The demand is still active as Buyers find the mid Vancouver Island area fairly affordable compared to Victoria and Vancouver. As a result there is not any huge drop in pricing. Prices are stable, but hot rising like they were in the last number of years. It is still a good time to Sell –though at the prices you have seen — not higher. It is a good time to Buy because there are a few motivated Sellers who want to achieve a sale.
Lorne and Morgan would love to help you with your real estate needs. Let’s get in touch . . . at 250-618-0680.
Greater Victoria’s real estate market continued its strong pace in May as the average price of a single-family house rose to a record $763,517 and the number of properties sold blasted to a new high. The latest average price in the capital region is up by 17.6 per cent from $649,431 a year ago. It’s a seller’s market as buyers face rising prices and multiple offers in hot spots such as Fairfield, Oak Bay and Saanich East. Benchmark prices, calculated by the Victoria Real Estate Board based on a “typical” house, also give a sense of what’s happening. For the entire region, the benchmark was $584,700 in May.
Do you want to kick out foreign real estate Buyers in Canada? Before you make up your mind, check out this article by Martin Armstrong on the Australian decision to kick out foreign owners . . . LINK to Article
Martin’s conclusion is that money is fleeing and will flee from places that want to restrict foreign investment. He is a bit inflammatory about the political left. I am not sure I am quite there, but his fiscal understanding is right on. Australia and Britain are and will struggle because they are shunning foreign investment. The USA and places like BC in Canada are doing well comparatively speaking because of foreign investment.
I hope each of us will think this through carefully. If there are no or fewer high end Foreign Real Estate Buyers in Canada, then there will be fewer people to buy the next level down and so on and so on. Really think this through. Certainly we are able to create lower cost housing in real estate zones in our area.
Vancouver Island Real Estate Buyer and Seller Specialists