May 2023 Mid-Vancouver Island Market Update in 60 Seconds

Check out the May mid-Vancouver Island market update given to you in 60 seconds or less!! 

Still seeing the downward price trend for single-family homes in both Parksville/Qualicum and in Nanaimo versus the same time in 2022. However, month over month we are seeing prices continue to increase since the start of 2023. 

The Bank of Canada interest rate increase in early June will likely have a stalling affect on the market to start. As I touch on in the market update, prices did see a decline during the rate hikes in 2022 but the one we saw in January didn't seem to have to great of an effect. We may see a bit of a dip and/or plateau as the market figures out how to deal with the latest increase but we still have an underlying supply versus demand issue which has been keeping our market strong. 

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!