Last year's real estate market activity was unprecedented in Nanaimo as it was in Vancouver. Prices increased as much as 13% (single family) in Nanaimo through the year, and average prices in January 2017 were up 30% from the previous January! The numbers of units sold (all residential types) also rose significantly from 2015 to 2016.
This boom appears to have been a result of a strong provincial economy, a weak dollar, population growth, and low inventory levels.
Record-low interest rates also fueled some of this activity. But in October the federal government effectively reduced how much buyers can borrow, so there may be some cooling of demand, or at least of pricing, in 2017.
But regional factors suggest a continued upward trend. Vancouver's…