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Real Estate in Nanaimo - Spring 2011 outlook

Real Estate in Nanaimo -  Spring 2011 outlook

The question I hear most often these days is "What is the real estate market in Nanaimo going to be like this spring?"   I wish I could accurately forecast that.  However, based on stats from VIREB and information from BCREA I would propose that the following may occur this spring with the real estate market in Nanaimo.

Real Estate in Nanaimo -  Spring 2011 outlook

 

Firstly let's have a look at posted statistics from VIREB on the real estate market in Nanaimo in 2010.

The number of units sold was down in 2010 from 2009.  However, the average price in the Nanaimo area was up by 3% over 2009.  In other words fewer houses sold but those that did sold for more than they would have in 2009. 

The British Columbia Real Estate Association (BCREA) released its Housing Forecast for the first quarter of 2011 today.  In it they are forecasting the following:  Home Sales to Climb Eight Per Cent in 2011

In addition to the above forecast the report also stated:

"British Columbia housing markets are returning to normalcy after two years of volatility," said Cameron Muir, BCREA Chief Economist. "Employment and population growth will fuel consumer demand over the next two years. However, higher mortgage interest rates and tighter credit conditions for low equity home buyers will limit home sales to below the ten-year average of 87,600 units."   

The article stated that the fall 2010 trend of a buyer's market is turning toward a more balanced market

From my personal observation of the current Nanaimo real estate marketplace I have noticed that the consumers I have spoken to seem to be cautiously optimistic about a returning, stronger local real estate market. 

With all this being said it appears that we may be able to look forward to a decent if not fabulous spring real estate market in Nanaimo.

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