Prices of Nanaimo single family homes dropped 3% in the last 12 months. Condo prices have dropped 20% and land prices actually went up 4%. While all of these statistics are interesting to look at one has to remember the sales mix can skew the results. The most sold price categories were between $300,000 and $400,000 (single family homes). It only takes a few luxury homes however to make it appear that home prices are going up. Where prices are going is always speculated upon but it feels to me that many are holding off selling until prices level out. The statistics seem to indicate that that has happened in the last year. Provided there are no more shocks to the economy I suspect we are looking ahead at another year of relatively stable prices. What seems to be common among buyers this year is they want homes ready to be moved into. Fix and flip buyers are few and far between and I suspect will continue to be until prices start to move up again. I think now would be a good time to move on the lower end while interest rates are so low. There are many good deals out there right now but nobody is giving it away. Arizona, Texas and Florida are now experiencing market growth so I suspect Canadian money headed south will slow in pace.
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