Vancouver Island Real Estate Market Update August 2022

Realtor and Associate Broker Lorne Gait has just prepared for you this Vancouver Island Real Estate Market update August 2022. 

Lorne is a professional working in the mid Vancouver Island area,  He is based out of the Royal LePage Nanaimo Realty office in Ladysmith, BC.  Because of his many years of experience, he can help you with Real Estate needs from Victoria through Campbell River.  Let’s get in touch and talk about your Real Estate Needs . . . Lorne at 250-618-0680.

Vancouver Island Real Estate Board Statistics analysis

The Vancouver Island Real Estate Board also has its own Vancouver Island market Update to the end of July, 2022. This article is well worth reading.  Check it out: VIREB ANALYSIS.

Summary Thoughts

The Real Estate for Nanaimo likely hit a high in January / February 2022.  For Cowichan, we likely hit a high in April/May.  These highs were reflected in the average sell price and in the median sell price.  The average sell price is the average of all homes.  The median is the middle home of those sold.   

Since we reached the highs, the market has declined in price.  In  January 2022 the Nanaimo the high average was $1,003,705  .  Now, in the July Stats, the Average Sell Price is down to $879,302.  In April 2022 the Cowichan Average Price was $913,620.  Now, in the July Stats, the Average Sell price is down to $829,943.  

Moving forward it is likely that there will be one or two more bank of Canada interest rate rises.  This means there will likely be continued softening in the market.  As well, it is likely the bank of Canada will not be able to time the perfect amount of correction to interest rates.  This realtor expects these rises will cause an actual recession as we move into 2023.  Therefore, likely more softening in the market through next year.

Optimistic Future

At the same time, real estate markets are always cyclical.  A number of years out, the market will likely be a high as it has ever been.  We could well see new highs five to six years from now.

If you want to talk more about your specific home or property and how the market is affecting you,  our cell to call to text is 250-618-0680.  You can email us at lorne [at] lornegait [dot] com 

Lets Get IN TOUCH

Here are the stats for Nanaimo – 07-Jul 2022 Nanaimo Graphstats

And here are the stats for Cowichan – 07-Jul 2022 Cowichan Valley Graphstats

Vancouver Island Real Estate Market Update September 2021

Realtor and Associate Broker Lorne Gait has just prepared for you this Vancouver Island Real Estate Market update September 2021. 

Lorne is a professional working in the mid Vancouver Island area,  He is based out of the Royal LePage Nanaimo Realty office in Ladysmith, BC.  Because of his many years of experience, he can help you with Real Estate needs from Victoria through Campbell River.  Let’s get in touch and talk about your Real Estate Needs . . . Lorne at 250-618-0680.

Vancouver Island Real Estate Board Statistics analysis

The Vancouver Island Real Estate Board also has its own Vancouver Island market Update to the end of August, 2021. This article is well worth reading.  Check it out: VIREB ANALYSIS.

Summary Thoughts

Definitely we have been in a Seller’s Market with Sellers having the advantage of multiple offers and of offers often going well above asking price.

Buyers definitely have to be engaged to find recently listed properties with no current accepted offers.  Buyers need to realize that the asking price is often a starting price which goes up from there.  It is absolutely wise for Buyer to get organized with financing ahead of time.  Offers with few or no conditions are quite common.  

Buyers and Sellers continue to face COVID-19 impacts in the sense of masking up and washing up before and after showings.  As professional realtors, we are happy to help give guidance regarding these matters.  

If you want to talk in more detail about the things that might cause our Vancouver Island 2021 Real Estate Market to go up or down, let’s get together and talk.  Our cell to call to text is 250-618-0680.

If you are selling, we can help you get the best possible price in this market.  If you are Buying, we can help you find a deal for the home of your choosing.

Lets Get IN TOUCH

Here are the stats for Nanaimo – 08-Aug 2021 Nanaimo Graphstats

And here are the stats for Cowichan – 08-Aug 2021 Cowichan Valley Graphstats

 

Vancouver Island Real Estate Market Update March 2020

Realtor and Associate Broker Lorne Gait has just prepared for you

this Vancouver Island Real Estate Market update March 2020.  Lorne is a professional working in the mid Vancouver Island area,  He is based out of the Royal LePage Nanaimo Realty office in Ladysmith, BC.  Because of his many years of experience, he can help you with Real Estate needs from Victoria through Campbell River.  Let’s get in touch and talk about your Real Estate Needs . . . Lorne at 250-618-0680.

Vancouver Island Real Estate Board Statistics analysis

The Vancouver Island Real Estate Board also has its own Vancouver Island market Update to the end of February. This article is well worth reading.  Check it out: VIREB ANALYSIS.

Summary Thoughts

For the most part, the Vancouver Island Real Estate market is fair for Buyers and for Sellers.  As we began the year some higher priced homes did sell.  This was encouraging because this was not quite the case in 2019 

For homes with moderate prices, the market is in a state of balance.  If Seller prices reasonably, she/he will sell to Buyers who want to Buy.  Neither Buyer, nor Seller has a huge advantage.

One unknown at this point is the impact of flu bugs and viruses.  There is a tremendous about of concern about the Coronavirus.  If folks turtle and stop going out and about, then it will have some impact on the Real Estate Market.  We really need scientists and politicians to do their very best for the folks.  We really need warm spring weather to bring us health and well being after a cool winter.

If you want to talk in more detail about the things that might cause our Vancouver Island 2020 Real Estate Market to go up or down, let’s get together and talk.  Our cell to call to text is 250-618-0680.

If you are selling, we can help you get the best possible price in this market.  If you are Buying, we can help you find a deal for the home of your choosing.

Lets Get IN TOUCH

Here are the stats for Nanaimo – 02-Feb 2020 Nanaimo Graphstats

And here are the stats for Cowichan – 02-Feb 2020 Cowichan Valley Graphstats

 

Vancouver Island Real Estate 2020 Forecast

Realtor and Associate Broker Lorne Gait has just prepared for you

this Vancouver Island Real Estate 2020 Forecast  for the central Vancouver Island area.  Lorne is a professional working in the mid Vancouver Island area,  He is based out of the Royal LePage Nanaimo Realty office in Ladysmith, BC.

Vancouver Island Real Estate Board Statistics analysis

The Vancouver Island Real Estate Board also has its own Vancouver Island market Update to the end of November. This analysis looks back at the 2019 market and speaks to the coming trends.  Check it out: VIREB ANALYSIS.

Summary Thoughts

For the most part, the Vancouver Island Real Estate market is fair for Buyers and for Sellers.  In some areas and in higher price ranges, the market is moving to be a Buyer’s market where the Buyer has more say about what she/he will accept for the purchasing of homes. 

For homes with moderate prices, the market is in a state of balance.  If Seller prices reasonably, she/he will sell to Buyers who want to Buy.  Neither Buyer, nor Seller has a huge advantage.

If you want to talk in more detail about the things that might cause our Vancouver Island 2020 Real Estate Market to go up or down, let’s get together and talk.  Our cell to call to text is 250-618-0680.

If you are selling, we can help you get the best possible price in this market.  If you are Buying, we can help you find a deal for the home of your choosing.

Lets Get IN TOUCH

 

Here are the stats for Nanaimo – 11-Nov 19 Nanaimo Graphstats

And here are the stats for Cowichan – 11-Nov 19 Cowichan Valley Graphstats

Finally, here is a link to the VIREB Stats:  VIREB STATISTICS