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Nanaimo Real Estate Market Update – January 2019

Homes sales in the Nanaimo region dropped 62% compared to December one year ago. The drop is sales is mostly attributed to the Mortgage Street Test (making it harder for people to qualify for mortgages). 

December was the most dramatic drop in sales activity that we’ve seen in 2018 but we have to remember that we are comparing numbers to sales in December 2017 where there was a JUMP in sales activity as people were trying to purchase homes *before* the stress test took effect in January.

The good news is that the Nanaimo Real Estate market overall is still very healthy as home prices continue to rise – well above inflation and the national average.

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

Nanaimo Single Family Home Market Price

  • Benchmark price or a Single Family home came in at $538,000 
  • -2.46% decrease from 1 month ago
  • 9.91% increase from 1 year ago

Nanaimo Apartment Market Price

  • Benchmark price for a Apartment in Nanaimo came in at $330,900 
  • 2.29% increase from 1 month ago
  • 6.91% increase compare to 1 year ago

Nanaimo Townhouse Market Price

  • Benchmark price for a townhouse in Nanaimo came in at $353,500 
  • 1.82% increase from 1 month ago
  • 8.44% increase from 1 year ago

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.