September Market Stats
Sales of single-family homes in September were virtually flat year over year but dipped by 16 per cent from August. However, apartment and townhouse sales rose by 15 per cent and 11 per cent year over year, respectively.
It's too early to say whether the shift to multi-family properties in September is an anomaly or the beginning of a trend. As for the reasons behind the shift, it could be a combination of factors, including affordability, Guideline B-20, and the speculation tax in Nanaimo. It will be interesting to see whether this development continues in the coming months.
Prices in the VIREB area are still rising year over year, but the magnitude is decreasing. The benchmark price of a single-family home board-wide reached $523,100 in September, a four per cent increase from one year ago and up two per cent from August. In the apartment category, the year-over-year benchmark price was $298,900 while the benchmark price of a townhouse hit $411,100.