(Written in November 2022)
Real estate values in Nanaimo were on a consistent incline from at least 2014, building momentum at the end of the decade and continuing with intensity into the first months of 2022. There was at least a 3% price increase from the final months of 2021 into Feb 2022.
Then suddenly in March, people stopped asking to view the listings. I remember it well because I had just listed a house and there was very limited response, and my seller clients were disappointed to say the least! But, it wasn’t my fault – agents across town were saying “Suddenly it’s crickets out there…”
Explanations usually focus on the war in Ukraine, continued supply chain issues, and the aggressive interest rate hikes that characterized 2022. There is…
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