Most people have heard about the "crazy real estate market" we're seeing in 2017. But do you what KIND of crazy we're seeing? Here's a brief explanation - first in word form, then with some numbers, and finally some charts.
There's a lot of demand. Like, a LOT. The BC economy is great, the Island is very desirable, Vancouver's prices are pushing people out to the fringes, transportation across the pond is improving, and foreign nationals want a piece of it all. But supply can't keep up!
Inventory levels hit a historic low in December, and the trend continues. It's a seller's market (in the extreme); if a listing is appropriately priced, it is likely to sell within a few DAYS, often with bidding wars driving the price higher than expected.
What is the effect on price? Check it out: In April 2017, the benchmark prices in Nanaimo were up about 22% from April 2016! For apartments (which are gaining in popularity), this number is closer to 23.25%.
What do you think of all this? Leave a comment below if you're interested in this stuff.
The following stats are pulled directly from the Vancouver Island Real Estate Board: