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April 2019 Nanaimo Real estate market Update Video

FOR IMMEDIATE RELEASEApril1, 2019Guideline B-20 Continues to Hamper Housing SalesNANAIMO, BC –Sales of single-family homes in Marchboard-wide dippedby 23per cent year over year but were up 36per cent from February.Last month, 309single-family homes soldon the Multiple Listing Service® (MLS®) System compared to 399 in March2018 and 227in February.In the apartment and townhouse categories, sales dropped by 10per cent and 30per cent, respectively.Housingsales have weakened throughout most of the province, which theBritish Columbia Real Estate Associationlargely attributesto the mortgage stress test (Guideline B-20). While theB.C. economy continues to be highly supportive of housing demand, the negative shock to affordability and purchasing power created by the stress test is expected to continue preventing many buyers, particularly millennials, from entering the housing market.In the VIREB area, the stress test is helping reducedemand for higher-priced propertiesandpushing buyers towards less expensive homes.In turn, this is compressing the lowerend of themarket.Weakened housingdemand has also contributed to an increase intotal active residential listings across the province.In the VIREBarea, inventoryof single-family homes in Marchrose by 20per cent from one year ago (976 to 1,172)while active listings of apartments climbedby 20per cent (237to 284) year over year and townhouses by24per cent (148to 183).However,despitedecreaseddemand, pricesin the VIREB area continue to rise over last year, althoughincreases are expected to soften in the coming months. The benchmark price of a single-family home board-wide was $510,800in March, a sixper cent increase from one year agoand up slightly from February. (Benchmark pricing tracks the value of a typical home in the reported area.) In the apartment category, the benchmark price climbed to $319,800 from one year ago, an eight per cent increasebut down somewhatfromthe previous month.The benchmark price of a townhouse hit $414,700 last month, up eightper cent over March2018 and slightlyhigher than in February.Regionally, thebenchmark price of a single-family home in the Campbell River area hit $417,200, an increase of eightper cent over March2018. In the Comox Valley, the benchmark price reached $507,100, up eightper cent from one year ago. Duncan reported a benchmark price of $471,500, up fiveper cent from March 2018. Nanaimo’s benchmark price rose fourper cent to $554,300 while the Parksville-Qualicum area saw its benchmark price increase by fourper cent to $577,300. The cost of a benchmark single-family home in Port Alberni reached$299,400 in March, up eightper cent from one year ago.Month over month, Campbell River, Parksville-Qualicum, and Port Alberni saw modest reductions in theirbenchmark prices while Comox Valley, Duncan, and Nanaimo recorded small increases.Trend-wise, VIREB’s housing market has transitioned from one favouringsellersto one that is balancedor near balanced. Balanced markets offer buyers more choice and more room to negotiate, while sellers will need to curb their expectations.“Selleroptimism regarding the value of their homeis contributing to a sharpdisconnect between buyers and sellers,”says Kaye Broens, 2019 VIREB President. “We’re seeing manysellerswho want to list their homes at 2016 and 2017 prices, expecting to get the same amount of money their neighbour did two yearsago. Unfortunately, thatjust isn’t realistic.”-30 - ABOUT VIREBVIREB represents over1,000REALTOR® members in nearly90 member offices on Vancouver Island (north of Victoria).VIREB cautions that average price information can be useful in establishing trends over time, but does not indicate the actual prices in centres comprised of widely divergent neighbourhoods or account for price differential between geographic areas.Trademarks are owned or controlled by The Canadian Real Estate Association (CREA) and identify real estate professionals who are members of CREA (REALTOR®) and/or the quality of services they provide (MLS®).Visit our website for updated information at www.vireb.com.

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