Central Vancouver Island Real Estate Market Update
What's happening in the Central Vancouver Island real estate? Well the Central Vancouver Island market has certainly had some major changes with all the mortgage changes making buyers pass tougher stress tests with higher interest rates.
This has done a few things:
Buyers are more cautious therefore the Central Vancouver Island markets transactions have decreased creating more than usual price adjustments to the current listing database.
Buyers are having a hard time qualifying for the homes they want and are having to make lifestyle changes and rethink what is essential in their home search. This is in fact starting to drive up the interest in the $400-$500K price range in Nanaimo. Especially detached half duplexes are becoming a hot commodity as they are great value for new homes under $500K with potential to rent out spare rooms with their own access in the basement to students to supplement the affordability all while not giving up the features and size the new homes with suites have been offering.
Sellers are coming to realise that the past 12 months of a certain Central Vancouver Island sellers market has now shifted to a split market with an equal control shared between the buyers and sellers. Again, everything comes down to pricing in this market so one must be prudent when pricing their asset for sale and listen to what the market tells us and be ready to adjust if needed.
There are also many different sub sectors of the 2 major markets "Nanaimo & Parksville/Qualicum Beach" that are having their own market trends all of which is too much to write about here just know there are many differences happening in all the different markets that we as licensed agents can advise you as to their intricacies.
What we recommend to our sellers in this Central Vancouver Island market is to be aware of this shift and price their homes accordingly. I am not saying that prices are decreasing as they are not, they are stable so long as the new inventory keeps their pricing in line with current demand.
We tell our buyers to be quick on their diligence as homes priced sharp are moving quickly and in multiple offers most often. We are readily available to assist with any of our new buyers and sellers wanting to transact in the current Central Vancouver Island market and have the knowledge of the pulse of the Central Vancouver Island market to assure that they are well represented and achieve their goals.
No matter the direction of the Central Vancouver Island market it is always moving and their is always opportunity to prosper in real estate by utilising the services offered by licensed real estate agents Jay Deleskie PREC* or Jeff Deleskie.
I personally have invested in our market every year for the past 10 years locally and have a proven track record of consistent positive gains via rentals, investment properties, developments, hold and flip properties both residential and commercial. I am always available to make time for new clients whom I will share with our strategies which have given us and our clients consistent positive gains staring in a declining market all the way through the rise and now stabilization of our Central Vancouver Island Real Estate market.
No matter your level of experience investing in real estate we will be able to help you develop a path your comfortable with to work to create wealth in real estate. Depending on your appetite for investing we have many opportunities where new investors can come on board to work within our investors group to collaborate on future opportunities.
We are always looking for new capital investors to expand our development portfolio.
To inquire about current opportunities contact us through the website here: Scroll to bottom of page of this link to Contact Us
If anybody has any questions about the current Central Vancouver Island Real Estate market and would like assistance of information about our services for selling or buying residential or commercial properties please reach out through the link above!
We hope everyone enjoy's the Canada Day weekend and want to let everyone know we are available for any inquiries you may have,
Jay Deleskie PREC*
460 Realty Inc