Island Real Estate Trends and October 2023 Market Outlook

October 2023

"The times they are a-changin'" - Bob Dylan 

It would appear that we need to come to grips with a new world of higher interest rates. The real estate investors of the 80’s and 90’s warned us that these days could come and encouraged caution with their “cash is king” mantra of the day. As I peer into my real estate crystal ball, I am starting to deduce that the current rate environment is here to stay for a while. The hope of a quick correction back to rates under 3% does not seem to be materializing. Be cautious when those who stand to gain from a prediction are the ones championing it. Their vision is clouded with the optimism that comes with no plan B. 

Despite the challenges that this trend poses for islanders, we are in better shape than the rest of Canada. ‘Baby Boomers’ control the bulk of the real estate wealth in Canada, and it is clear that ‘Boomers’ like what our island lifestyle offers. This movement of wealth to the sunny shores of Vancouver Island will mitigate the impact that higher rates are having on the overall Canadian market. 

If you have an important real estate decision in front of you, I can help you with your plan with a free, no-obligation, consultation.  

- John Cooper

October 2023 Nanaimo Market Update

As we all know, making informed decisions starts with having access to accurate information. Therefore, I am pleased to present the Nanaimo Real Estate Market Update for October 2023. This update offers a comprehensive snapshot of the current market conditions, and I invite you to watch the video to gain valuable insights.

If you have any questions or require further information, please do not hesitate to reach out. As always, I am here to provide my insights and help you make informed decisions in the Nanaimo real estate market!

To watch the October 2023 Market Update, click the video window below!

Most Recent Market Statistics (September 2023)*

Vancouver Island (not including Victoria) 

266 single family homes sold. Average price: $785,681 (down 8% from 12 months to date, this year over last). Single-family unit sales volume is down 12%. Average days on market increased by 92% to 46 days. The average condo sold for $408,096. Condo unit sales are down 24%, 12 months to date. Condos have seen a 72% increase in days on market. Average days to sell is 48 days. The average row/townhouse sold for $564,752. Row/townhouse unit sales are down 12% 12 months to date. Row/townhouses have seen a 73% increase in days on market. Average days to sell is 45 days. Lot sales volume is down 35%. Lot prices have decreased by 20%, 12 months to date. Average lot sale price: $441,297. FULL REPORT HERE.

Nanaimo

85 single family homes sold. Average price: $813,695 (down 10% 12 months to date, this year over last). Single family unit sales volume is down 15%. Average days on market has increased by 80% to 36 days. The average condo sold for $436,933. Condo unit sales are down 28%, 12 months to date. Condos have seen a 86% increase in days on market. Average days to sell is 39 days. The average row/townhouse sold for $559,094. Row/townhouse unit sales are down 12% 12 months to date. Row/townhouses have seen a 95% increase in days on market. Average days to sell is 39 days. Lot sales volume is down by 51%. Lot prices have decreased by 39%, 12 months to date. Average lot sale price: $465,314. FULL REPORT HERE. 

Parksville/Qualicum 

33 single family homes sold. Average price: $920,492  (down 6% 12 months to date, this year over last). Single family unit sales volume is down by 9%. Average days on market increased by 135% to 40 days. The average condo sold for $445,142. Condo unit sales are down 30%, 12 months to date. Condos have seen a 160% increase in days on market. Average days to sell is 39 days. The average row/townhouse sold for $661,539. Row/townhouse unit sales are down 22% 12 months to date. Row/townhouses have seen a 100% increase in days on market. Average days to sell is 34 days. Lot sales volume is down by 65%. Lot prices have increased by 13%, 12 months to date. Average lot sale price: $644,086. FULL REPORT HERE. 

Cowichan Valley

45 single family homes sold. Average price: $783,024 (down 7% from 12 months to date, this year over last). Single-family unit sales volume is down 10%. Average days on market increased by 113% to 49 days. The average condo sold for $334,647. Condo unit sales are down 6%, 12 months to date. Condos have seen a 224% increase in days on market.  Average days to sell is 55 days. The average row/townhouse sold for $554,487. Row/townhouse unit sales are down 0.5% 12 months to date. Row/townhouses have seen an 78% increase in days on market. Average days to sell is 48 days. Lot sales volume is down 36%. Lot prices have decreased by 25%, 12 months to date. Average lot sale price: $407,874. FULL REPORT HERE. 
 

*waterfront homes are not included in the monthly statistics