February 2024 Mid-Vancouver Island Market Update and the BoC Holds the Rate!

Check out the market update for the Parksville/Qualicum and Nanaimo areas for February 2024. 

Looks like Spring Market has arrived for 2024. Listing and sales are up versus the same time in 2023 but prices are also on the rise. This all despite the Bank of Canada holding the rate for the fifth consecutive time. 

This all leads up to the inevitable rate decreases which are predicted to come this year. I don't think we will see a decrease until the June announcement at the earliest but with activity already picking up and prices increasing, I can only expect that to continue especially when the people waiting for a rate decrease enters the market. 

There are quite a few Buyers 'fence sitting' right now just waiting for the rates to go down. On the flip side, we also have quite a few Sellers waiting as well. Their thought is once the rates go down, competition will increase and so will the market value of their property. 

Does this mean that as soon as the rate decrease we will see an increase in listings? I wish I had a crystal ball to know that. All I know is that all signs are pointing to 2024 being another interesting year for real estate. 

Let me know your thoughts on what to expect for the rest of 2024. Will we actually see the Bank of Canada decrease rates this year? Will prices continue to go up? 

If you have any questions about the market or are looking to buy or sell, don't hesitate to reach out!