Parksville/Qualicum and Nanaimo Market Statistics for April 2024

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

The spring market is in full swing! Prices, listings and sales are all up from April 2023. That is good news for everyone involved with real estate here on mid-Vancouver Island. 

Prices are up but very marginally from last year and, to me, that is a very important statistic when looking at these numbers. The Bank of Canada has been raising the interest rate for a quite a while to get control off inflation. These prices from a year ago were from when the interest rate was under 5%. The Bank of Canada has now been holding the rate at 5% since June of 2023 and in that time we have still witnesses price increases, however small they may be. 

The latest buzz is that the June 5 Bank of Canada announcement will be the first rate reduction. If that is the case, we are going to see more buyers and money enter the market which very well might cause prices to increase more than they have been. 

On the flip side of this, we are finally seeing a really good increase in listings. Up over 50% for single-family home in Parksville/Qualicum alone for April. This increase in listings, if they continue, could help mitigate any changes due to a rate decrease. 

Whatever the case, this is all setting up for a really good end to the spring market and creating an exciting summer for real estate on mid-Vancouver Island.