May 2022 Market Snapshot
May's market statistics are now available! Nanaimo saw a slight increase in inventory from April. We typically see this increase in inventory every year which can be attributed in part to the longer holiday weekend and people getting the first breathes of spring and doing more to prepare their homes for sale. Nanaimo single family home inventory also saw a 7% increase over May of 2021.
This increase in inventory, combined with increasing mortgage rates have contributed to a reduced average home price. While the average home price in the Nanaimo area was still 22% higher than the same period last year, the average home price month over month decreased from $933,954 in April to $895,765 (4% decrease). With another 0.5% overnight rate increase announced by the Bank of Canada this morning mortgage affordability is likely to decrease, adjusting the demand curve of the current housing market.
Whether you are buying or selling, these are important statistics to keep an eye on!
Contact us for more details on what this looks like for your specific situation.