Nanaimo and Canadian Home Prices Nov./11

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NANAIMO REAL ESTATE NOVEMBER 2011

Total Nanaimo Home Sales

Decrease 11% Over 2010

Prices Up 4%

The average sale price increased in November 2011 by 4% to $361,210.00 compared with  $348,368.00 in November 2010.  For the month of November 2011 total number of sold homes in Nanaimo decreased from 89 units in November 2010 to 79 units for the month representing a decrease of 11%.

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 are definitely seeing a levelling of the Real Estate market. But that means there are some great opportunities for buyers. Good properties, properly priced properties are moving. It’s always important to talk with your REALTOR® for the latest information on the marketplace. Now is an especially important time to rely on their expertise.”

“I think what we’re really seeing is what could only be called a normal market,” explained VIREB President Elect Guy Bezeau. “We’re not seeing any radical increases, and with historically low mortgage rates there has never been a better time to get into home ownership.”

For the 12-month period from the end of November 2010 to November 2011, average sale prices across VIREB's six zones saw: Campbell River jump by 10 % (to $283,562), the Comox Valley went up 3% (to $348,704), Nanaimo increased 4% (to $361,210), Parksville/Qualicum dipped 15% (to $364,505), Port Alberni/West Coast went down 16% to $205,088 and the Cowichan Valley was down 3% (to $351,212).

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 November 2011.

National Average
November11 - $360,396
November10 - $344,442

Victoria BC
November  11- $499,676
November 10 - $511,648

Vancouver BC
November 11 - $728,118
November 10 -  $699,009

Calgary
November  11 - $398,722
November  10 - $398,619

Regina
November 11 - $273,243
November 10 - $265,590

Toronto
November  11 - $480,421
November  10 - $437,999

Ottawa
November  11 - $347,675
November 10 - $325,150

Nanaimo Prices November 11-  $361,210 November  10 - $348,368(+4%)
Units Sold November11 - 79  November 10 - 89 (-11%)

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.