Nanaimo and Canadian House Prices Oct./11

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NANAIMO REAL ESTATE OCTOBER 2011

Total Nanaimo Home Sales

Increase 28% Over 2010

Prices Up 5%

The average sale price increased in October 2011 by 5% to $356,453.00 compared with  $338,374.00 in October 2010.  For the month of October 2011 total number of sold homes in Nanaimo increased from 75 units in October 2010 to 96 units for the month representing a increase of 28%.

The prices on Vancouver Island seem to have not been subject to the same swings as other areas of the country. Nanaimo average house prices are still below their peak of $379,291 reached in Nov. 2008.

VIREB President Jim Stewart says; “We continue to see normal market conditions in the VIREB area and around the province. There doesn’t seem to be much downward or upward pressure on prices,” he added.

For the 12-month period from the end of October 2010 to October 2011, average sale prices across VIREB's six zones saw: Campbell River slip 1 % (to $291,451), the Comox Valley up 10% (to $352,064), Nanaimo was up 5% (to $356,453), Parksville/Qualicum rose 6% (to $366,226), Port Alberni/West Coast was up 3% (to $219,085) and the Cowichan Valley was down 1% (to $334,061).

For more information about Nanaimo House Prices and comparisons use this Nanaimo Info LINK.

Following sales figures are based on average MLS sales summaries for Nanaimo and other Canadian cities for October 2011.

National Average
October11 - $362,899
October10 - $343,950

Victoria BC
October  11- $475,742
October 10- $506,777

Vancouver BC
October  11 - $767,225
October 10 -  $707,207

Calgary
October  11 - $398,924
October  10 - $393,574

Regina
October  11 - $282,313
October 10 - $257,032

Toronto
October   11 - $478,137
October   10 - $443,633

Ottawa
October  11 - $339,802
October 10 - $341,517

Nanaimo Prices October 11-  $356,453 October  10- $338,374(+5%)
Units Sold October11 - 96  October 10 - 75 (+28%)

Remember that these prices provide a broad market trend only and do not necessarily reflect the true market value of real estate. For a proper evaluation of your property you need to consult one of the many professional realtors in Nanaimo.