5 May 2008
Housing prices rise in Nanaimo
Posted by Ryan Coffey under: Nanaimo Real Estate Market; Uncategorized .
I found this in today’s local newspaper. It doesn’t say much that I haven’t written about already though except that the 400k range is experiencing a shortage. It should be mentoned though that “island wide” does not include Victoria. VIREB (Vancvouer Island Real Estate Board) serves the whole Island except Victoria which has its own real estate board.
Ryan
| Darrell Bellaart |
| Daily News |
Monday, May 05, 2008
House prices continue to rise in Nanaimo.
Prices are up 15% from last April, the Vancouver Island Real Estate Board reports in its most recent sales report.
Nanaimo compares favourably with the rest of the Island, where the average increase was 12%. In Nanaimo, the average of all properties sold in April was slightly over $373,000, compared to $359,000 Island-wide.
Housing inventory plays a big role in price, said Jim Stewart, a VIREB director.
And the biggest shortage right now is in the $400,000 range.
That could change soon, though as spring brings out the buyers and sellers.
“This is the time period, when if they’re going to sell their house, this is the time to get into the market,” Stewart said.
“You’re starting to see in the Townsite area things around $300,000 now, and you’re starting to say: ‘Wow.’ For a nice house in Nanaimo, you’re looking at $350,000. So the market is still very strong, and I expect it will continue that way.”
Still, sellers need to not have unrealistic expectations.
“The challenges I’m hearing, a lot of people are thinking their house is worth more than it is, which is interesting because we’ve seen continuous growth. People are saying wow, but it’s like, that’s not your house.”
DBellaart@nanaimodailynews.com
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