Island Real Estate Trends and January 2024 Market Outlook

by John Cooper

Happy New Year! ❤️ 2023 has come to an end and we now set our sights on 2024. Looking back, 2023 started out with a lot of uncertainty. I recall being very nervous about how the real estate market was going to perform. As it turned out, we had some bumps and bruises, but overall it could have been much worse. Prices came down about 10% but recovered 3% of that loss in the last quarter. Resulting in a 7% reduction in values. That is not terrible considering the record-breaking gains we had in the previous 4 years.

As we head into 2024 there is much optimism about what the future holds. Many experts are forecasting interest rates to decline by summer and this is expected to reignite the appetite of Canadians to start investing in real estate again. We are still experiencing relatively low inventory levels which should mitigate further value losses. For homeowners wondering which way their values are headed, I would count on values to range in the minus 3% to plus 6% range. When we run the numbers in my planning consultations I factor values staying the same as a default.

For those considering entering the market, I am focusing our consultation on clearly identifying their needs and putting contingency plans in place to ensure that my clients can weather any potential storm. Buyers that play the long game win.

If you have a real estate decision in front of you or want to plan to mitigate your risk exposure, call me. I am happy to talk to you about it. No sales pressure. No tactics. Just helpful guidance to move you forward. Reach out to me personally anytime and for any reason.

John Cooper
250.619.9207
john@coopergroup.ca

January 2024 Nanaimo Market Update

To watch the January 2024 Market Update, click the video window below!

Most Recent Market Statistics (December 2023)*

Vancouver Island (not including Victoria)

151 single family homes sold. Average price: $796,146 (down 6% from 12 months to date, this year over last). Single-family unit sales volume is down 8%. Average days on market increased by 59% to 46 days. The average condo sold for $409,380. Condo unit sales are down 7%, 12 months to date. Condos have seen a 78% increase in days on market. Average days to sell is 48 days. The average row/townhouse sold for $573,486. Row/townhouse unit sales are up 3% 12 months to date. Row/townhouses have seen a 55% increase in days on market. Average days to sell is 45 days. Lot sales volume is down 18%. Lot prices have decreased by 18%, 12 months to date. Average lot sale price: $450,412. FULL REPORT HERE.

Nanaimo

45 single family homes sold. Average price: $827,617 (down 7% 12 months to date, this year over last). Single family unit sales volume is down 11%. Average days on market has increased by 50% to 36 days. The average condo sold for $441,847. Condo unit sales are down 15%, 12 months to date. Condos have seen a 65% increase in days on market. Average days to sell is 38 days. The average row/townhouse sold for $567,782. Row/townhouse unit sales are up 3% 12 months to date. Row/townhouses have seen a 46% increase in days on market. Average days to sell is 38 days. Lot sales volume is down by 33%. Lot prices have decreased by 42%, 12 months to date. Average lot sale price: $427,865. FULL REPORT HERE.

Parksville/Qualicum

18 single family homes sold. Average price: $933,603 (down 4% from 12 months to date, this year over last). Single-family unit sales volume is down 11%. Average days on market increased by 135% to 40 days. The average condo sold for $451,287. Condo unit sales are down 9%, 12 months to date. Condos have seen a 150% increase in days on market. Average days to sell is 40 days. The average row/townhouse sold for $672,043. Row/townhouse unit sales are down 8% 12 months to date. Row/townhouses have seen a 54% increase in days on market. Average days to sell is 34 days. Lot sales volume is down 36%. Lot prices have increased by 8%, 12 months to date. Average lot sale price: $660,620. FULL REPORT HERE.

Cowichan Valley

26 single family homes sold. Average price: $786,935 (down 6% from 12 months to date, this year over last). Single-family unit sales volume is down 5%. Average days on market increased by 78% to 48 days. The average condo sold for $331,832. Condo unit sales are up 9%, 12 months to date. Condos have seen a 104% increase in days on market. Average days to sell is 53 days. The average row/townhouse sold for $564,572. Row/townhouse unit sales are up 9% 12 months to date. Row/townhouses have seen an 70% increase in days on market. Average days to sell is 51 days. Lot sales volume is down 13%. Lot prices have decreased by 29%, 12 months to date. Average lot sale price: $405,229. FULL REPORT HERE.

*waterfront homes are not included in the monthly statistics

IMPORTANT NOTICE: The BC Assessment Authority released its assessment values

IMPORTANT NOTICE: The BC Assessment Authority released their assessment values today at www.bcassessment.ca

Watch this video for important context around what these values mean for homeowners and how to interpret this data for decision-making around your real estate holdings.

BC Assessment values are the source of many wrong decisions that can cost homeowners a lot of money if not properly understood.
Avoid the most common mistakes and save your valuable time by watching this video.

If you are interested in comparing your home's market value to your BC Assessment value, reach out to me directly at 250.619.9207 or john@johncooper.ca

I provide accurate and complimentary home valuations to homeowners as part of my commitment to helping homeowners make intelligent decisions around their real estate holdings.
I was trained as a real estate appraiser before I started as a real estate advisor and can provide valuations and analysis beyond what is typically offered and I love what I do.

A Deep Dive with Mortgage Expert Damon Steele | Exploring the Trend of Parental Support for First-Time Buyers

In Vancouver, the average first-time home buyer receives $180,000 from their parents according to a recent CBC news article. I sat down with mortgage expert Damon Steele to deep dive into the growing trend of parents contributing large amounts of money to their children's first home purchase. In this video, Damon covers the common concerns raised by parents and how he and his team of experts work to mitigate likely challenges before they arise. If you are considering helping your kids with a home purchase or are looking to start a conversation with your parents about this, then this video is for you.

Your Essential Guide to Hiring the Perfect Real Estate Advisor!

Follow this step by step guide to successfully hire a real estate advisor. Selling your home is a big deal and who you hire to help guide you through the process matters. In this video I outline the critical steps that will mitigate the likelihood of a poor experience. Just like any profession, who you work with matters and when it comes to what is likely one of your largest assets, it pays to proceed with care and due process. There are some common errors made by homeowners that are easily avoided. Watch this 3 minute video and set yourself up for success.

2023 Recap & 2024 Outlook - Navigating Investment Markets with Dave Leneveu

Despite popular sentiment, 2023 was actually a very good year for the investment markets. What is in store for the investment markets in 2024? What went right and what went wrong in 2023? Understanding what is at stake in the investment markets is an important layer when making real estate decisions. In this video, local investment expert, Dave Leneveu of Rockmoor Wealth gives us a breakdown of what is in store for 2024. Enjoy.

Strata Living: Navigating the Decision to Downsize with Confidence and Clarity

Are you feeling pressure to "downsize" from your current home? Are you starting to feel overwhelmed by the exterior maintenance responsibilities? Are you getting tired of sorting and storing the piles of stuff you've accumulated over the years? Do you dislike the idea of paying monthly fees should you move into a condo or patio home? This is a conversation I am having weekly at the moment and I wanted to cover the most common objection holding people back from making an informed decision. In this video, I break down exactly what's included in strata fees in a typical condo, townhome, or patio home. If you have any questions about your current home's value and whether strata living is right for you, I am offering free consultations and assessments to anyone navigating this decision. No pressure, no hidden agenda just helpful guidance to assist you in the big decision ahead of you. This is not a decision to rush. Take your time, get informed and don't be afraid to ask for help.

The Best Nanaimo Neighborhoods

Let's talk about Nanaimo neighborhoods. What is the best neighborhood in our city? Is North Nanaimo the best? Are there areas that you should avoid completely? Restricting your search to specific areas is going to dramatically decrease your options, but no one wants to end up in a bad area. Let's talk about some common misconceptions and the mindset that is likely to set you up for success when navigating the Nanaimo real estate market. I have been helping people with their real estate decisions in Nanaimo for 16 years and this video covers my take on this complex and controversial topic.