Category Archives: Market Updates

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.

Vancouver Island Real Estate Market Update August 2022

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. 

Market Update Vancouver Island

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 Realtor Lorne Gait
Realtor Lorne Gait is able to help you with your Vancouver Island real estate needs
We hope you enjoy the “Dog days of Summer.”

Copy of Vancouver Island Real Estate Market Update September 2021

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. 

Sunrise in Ladysmith
Lorne’s September 2021 Market Update

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

 

Seasons Greetings from Vancouver Island Real Estate
Happy Fall from Vancouver Island Realtor Lorne Gait and Morgan Fisher.

Vancouver Island Real Estate Market Update March 2020

Vancouver Island Real Estate Market Update March 2020

Realtor and Associate Broker Lorne Gait has just prepared for you

Vancouver Island Real Estate Market Update

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

 

Seasons Greetings from Vancouver Island Real Estate
Happy Fall from Vancouver Island Realtor Lorne Gait and Morgan Fisher.

2020 Forecast

Vancouver Island Real Estate 2020 Forecast

Realtor and Associate Broker Lorne Gait has just prepared for you

Vancouver Island Real Estate 2020
Vancouver Island Real Estate 2020 Forecast

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

Seasons Greetings from Vancouver Island Real Estate
Happy Fall from Vancouver Island Realtor Lorne Gait and Morgan Fisher.

September 2019 Real Estate Market Update

September 2019 Real Estate Market Update 

Realtor and Associate Broker Lorne Gait has just prepared for you this Vancouver Island September 2019 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: VIREB ANALYSIS

Summary Thoughts

The Vancouver Island Real Estate market is hanging in there.  There are approximately 20% or so less sales this year over last.  This depends on the kind of property and price of the home.  This is likely a result of provincial government rule changes for foreign buyers and for owning secondary properties in the urban areas of Vancouver, Victoria, Kelowna and Nanaimo.  As well the Canadian Federal Government ongoing rule changes regarding mortgages for Buyers is continuing to have impact.

In spite of these taxes, there has been so much pent up demand for housing.  Buyers are still wanting reasonably priced homes, condos and town homes.  This is helping to keep prices steady.  Likely affordable homes are at historic highs even to this day.  

Higher priced homes need to be priced competitively.  Look at what has sold and price reasonably in light of past sales.  

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.

Lorne and Morgan would love to help you with your real estate needs. Let’s get in touch . . . at 250-618-0680.

 

Here are the stats for Nanaimo – Nanaimo Graphstats to the end of August 2019

And here are the stats for Cowichan – Cowichan Valley Graphstats to the end of August 2019

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

Seasons Greetings from Vancouver Island Real Estate
Happy Fall from Vancouver Island Realtor Lorne Gait and Morgan Fisher.

Real Estate Market Update – June 2019

Mid Year 2019

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

Summary Thoughts

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.

Here are the stats for Nanaimo – Nanaimo Graph Stats for the end of May 2019

Here are the stats for Cowichan – Cowichan Valley Graph Stats for the end of May 2019

Seasons Greetings from Vancouver Island Real Estate
Seasons Greetings from Vancouver Island Realtor Lorne Gait and Morgan Fisher.

Vancouver Island Real Estate Blog – Market Update

Vancouver Island Real Estate Blog

A few words about the market in our beautiful Vancouver Island Real Estate Blog area…

Victoria Area Market Update

We are in an amazing Seller’s Market!  This is a great time to Sell and Buying in a rising market that might give you good appreciation on your investment.

The paragraph below is from an article published earlier in the week in the Victoria Times Colonist.

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.

Link to the Full Article

Lorne Gait's Vancouver Island Real Estate Blog
Lorne Gait’s Vancouver Island Real Estate Blog

 

Lorne is always willing to talk about real estate.  Let’s Get in Touch!

Want to kick out Foreign Real Estate Buyers in Canada?

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.