March 2024 Mid-Vancouver Island Market Update. The Spring Market has Hit!

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

The Spring Market has hit! Seeing prices up for most property types in Parksville/Qualicum and Nanaimo. Also seeing listings jumping up over 40% for single-family homes in each market! 

While this seems like it could be good news for Buyers and Sellers alike, the fact of the matter is, even with the large increase in listings, we are still only starting to get to our pre-pandemic levels. Buyers I am working with are still frustrated as really well-priced and cared-for homes are being snapped up quickly and some are in multiple offers selling for far above list price. 

This is all happening while the Bank of Canada continues to hold interest rates at 5%. I'm not expecting much to change with this sixth consecutive rate hold but it will cause some Buyers to continue to hold off until we see a rate drop. The next announcement is on June 5 I have a feeling we will see some much expected movement then. 

How are you feeling about the Spring Market? Are you excited to see a potential rate decrease in June? Are you waiting to buy or list until then? Let me know your thoughts! 

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