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Nanaimo Real Estate Market Update – August 2018

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Real Estate Market Sales have dropped slightly in Nanaimo much like the entire Vancouver Island Region and across Canada. Many regions account the drop in sales due to the stricter mortgage rules. However, Nanaimo is less affected by the “stress test” with an older buying demographic who don’t require a mortgage to purchase a home. In Nanaimo, we attribute our slow down in real estate sales as a natural ebb compared to the flow of last year’s exceptional real estate demand.  

While there are less listings and less sales happening compared to last year, the value in homes continues to grow and return on investment is is still strong.

Let’s take a closer look at Nanaimo’s real estate market numbers for August 2018 ….

Nanaimo Single Family Home Market Price

The benchmark price for a single family home in Nanaimo for August came in at $546,200. That increase slightly at 1.63% from one month ago and a increased 10.19% from one year ago.

 

Nanaimo Apartment Market Price

The benchmark price for a apartment in Nanaimo for August came in at $320,500 which remained basically the same with only a .75% drop. Compared to one year ago, the benchmark price of an apartment shot up 17.89%

Nanaimo Townhouse Market Price

August’s benchmark price for a townhouse in Nanaimo is $355,400 which rose just a fraction of a percent from last month but a healthy 10.72% increase from last year. 

 

Nanaimo Area Sales

Here is a closer look at the average sale price of a home in the different areas in Nanaimo as well as the sale volume.

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