Nanoose Bay, Parksville, and Qualicum Beach Market Stats

Local Real Estate Market Statistics

CURRENT 2024 VIREB Data - Scroll DOWN this Page

Courtesy NANCY SMITH and VIREB:
Market News

February 2024 has arrived and the rising mortgage interest rates seem to chill the market for many people. This however has yet to stop multiple offers on desirable homes, while comfortable homes might languish. In a balanced market, we have currently reached a reasonable listing inventory which brings us to an average of 6 - 9 weeks for an accepted offer. Overpriced or unique homes could take longer. We are also seeing a little fear, as people who locked in to 3% 5-year mortgages 3 1/2 years ago, are worried when mortgage renewal time approaches. This may cause anxious sellers to grab at unreasonable offers. There is much more to settling a buy-sell transaction than price however, therefore it is wise to communicate extensively with your Realtor.

We are also very aware of people who are struggling to find affordable accommodation in the Oceanside area, and our local businesses are also struggling to find people to work at the retail level, the construction trades and in our restaurants. The worker shortage has actually affected local farms, manufacturing and other trades. The Bank of Canada has determined interest rates must rise, which also will affect mortgages and business loans for inventory and expansion. More importantly, investors will be eying up plenty of other investment opportunities, potentially removing some interest in real estate.

Oceanside area has always and probably will always attract the retirees and senior residents, as we have great year-round climate and limitless recreational opportunities.

As in 2008, we are seeing a pause in real estate sales prices, meaning the upswing isn't as sharp, but we are not anticipating a huge downward adjustment, and definitely not returning to the 2019 price levels. Vancouver Island has always weathered market fluctuations when the rest of Canada and the USA have had their challenges.

Again, we are not sure of this change in direction, but as usual, it probably will not be drastic.

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