January 2023 Mid-Island Market Update in 60 Seconds

Check out my market update for mid-Vancouver Island given to you in 60 seconds or less! LET'S GOOOOO!!! 

January came in the exact same way December finished. Very slow!! It has more to do with a lack of inventory than a lack of buyers. Sales were lower than in the same period last year and well below the 10-year average for Parksville/Qualicum and Nanaimo. 

Prices across most property types have been fairly stable in Parksville/Qualicum while we saw over 20% decrease in prices in Nanaimo since January 2022. My expectation is for listings and buyer activity to increase as we head toward Spring. That coupled with the latest increases to the Bank of Canada interest rate should bring prices down a little more.

If you have any questions about the market here on mid-Vancouver Island, don't hesitate to reach out. I'm always happy to help!