Still lots of change in the mid-Vancouver Island market as we take a look at the market statistics from October 2022.
Anecdotally, I am finding this market very strange as even my expectations are not quite matching what I am experiencing. The last couple of weeks has found my buyer clients in stiff competition when writing offers on properties. Inevitably they end up competing with at least one other offer and the property goes for more than the list price.
However, the statistics show a more complete picture as we move towards a more settled market. In Nanaimo we are still seeing prices down versus October 2021 while listings are up and sales are down from the same time period for most property types. Parksville/Qualicum saw the average sale price of single-family units go up compared to last year while most property types are still seeing a decrease in prices.
Month-to-month, we are looking very stable in terms of sales price, number of listings and the total number of sales. I do believe the Bank of Canada benchmark rate will increase at least once between now and spring to the tune of .5% to 1%, which may impact the overall price of properties in our area.
I am still keeping my eye on overall inventory levels as well as we still aren't quite getting to the levels we would be expecting with Fall and the shifting market. In Parksville/Qualicum we are again below the 400 mark for total listings which is the lowest since June which was when we saw the market move away from the craziness of the pandemic.
The one thing I have been reminding many people recently when they tell me what they read or saw on the news is that most of those stories take a national scope. They are talking about national averages, which, in a large country such as ours, can be very misleading. Mid-Vancouver Island is an in-demand place to live. Even in 'down markets', we have a very large and constant buyer base looking to purchase properties and make the move here. That, along with our overall lack of housing supply, has kept property values strong.