Sunday, May 25, 2014

Nanaimo Housing Market 2014 Forecast


Nanaimo Housing Starts & Resale Forecast 2014

British Columbia Forecast


VICTORIA – May 22, 2014 – According to Canada Mortgage and Housing Corporation’s (CMHC) Second Quarter Housing Market Outlook British Columbia Highlights report, housing starts in British Columbia are forecast to total 27,800 homes in 2014 and 27,900 homes in 2015.

“While the annual level of provincial housing starts is projected to remain relatively unchanged this year and next, expect a slight shift toward single-detached housing starts as the economy and labour market gain traction,” noted Carol Frketich, CMHC’s BC Regional Economist. “Single-detached housing starts are forecast to increase this year and next while multiple housing starts are expected to edge lower.”

Resale market conditions in the province are projected to remain balanced. Existing home sales through the Multiple Listings Service (MLS) are forecast to total 76,200 units in 2014 and 77,300 units in 2015. The average home price is forecast at $550,400 in 2014 and $552,300 in 2015.

Nanaimo Forecast Housing Starts & Resales


Nanaimo housing starts are forecast to increase from 415 in 2013 to 500 in 2014 and 550 in 2015; this is  the combined total for single family and multi-family units. This is still down from the 659 recorded in 2012.

MLS sales are forecast to increase from 1476 in 2013 to 1600 in 2014 and 1700 in 2015. The average sale price for the same periods are forecast to increase from $352,309 in 2013 to $357,000 in 2014 and finally $360,000 in 2015.

Nanaimo Rental Market Indicators


The Nanaimo rental vacancy rate for 2013 was 5.3% which is forecast to decline to 5.0% in 2014. Average rentals in Nanaimo for a 1 bedroom unit increase from $686/mo. in 2013 to $695/mo. in 2014; 2 bedroom units are forecast to increase from $806/mo in 2013 to $810/mo. in 2014.

allvoices

No comments:

Post a Comment

Your comment will appear after moderation before publishing,

Thank you for your comments.Any comment that could be considered slanderous or includes unacceptable language will be removed.

Thank you for participating and making your opinions known.

Note: only a member of this blog may post a comment.