Real estate sales this spring and summer have skyrocketed compared to last year’s, and it looks like fall will follow suit.
In August, there was a 22 per cent increase in sales of single family homes. Single family homes continue to be the biggest seller in the real estate market. The benchmark price for a single family home in Nanaimo rose 7.77 per cent to $356,900.
There has also been a decline in inventory, with active listings down 17 per cent from last year. This has seen condos selling faster than usual.
With houses disappearing off the market so fast, buyers are being pressured to make decisions faster. Low interest rates may have been what first brought the influx of sales, but consumer confidence is what’s keeping sales up.
According to Kathy Koch, the Asian market is strong this year. She says there have also been a high number of Albertan families buying in B.C.
Overall, the market remains balanced.