Saturday, September 18, 2010

Nanaimo House Prices and Canadian House Prices August 2010

Nanaimo Real Estate Aug. 2010
Total Nanaimo Home Sales
Decrease 39% Over 2009
Prices Off By 1%

Total number of homes sold in Nanaimo for the month of August 2010 numbered 92 which is a 39% decrease when compared with the 150 units sold in  August 2009.

The average selling prices in Nanaimo slipped a total of 1% year to year from $351,922 in 2009 to an average price of $349,974 in
August 2010.

“Rising interest rates and a projected slowdown in job growth mean that the Canadian housing market is expected to continue to cool,” said Georges Pahud, CREA’s President. “This is overlooked in recent commentary that suggests further changes to mortgage regulations may be needed. A further tightening of regulations could negatively impact Canada’s softening housing market and consumer confidence.”

“High sales activity late last year and earlier this year borrowed from sales this summer and will continue do so over the coming months,” said Gregory Klump, CREA’s Chief Economist. “This makes the return to more normal levels of sales activity look like a steep downward trend.”

“The hangover from accelerated home purchases is likely to persist over the rest of the year. Although economic and job growth are expected to be tepid, they will continue to support housing markets,” he added.

Following sales figures are based on average MLS sales summaries for Nanaimo and other Canadian cities for August 2010.

National Average
Aug. 10 - $324,928
Aug. 09 - $324,843

Victoria BC
Aug.  10- $471,929
Aug.  09- $481,279

Vancouver BC
Aug. 10 - $680,782
Aug. 09 - $608,032

Aug.  10 - $385,712
Aug.  09 - $388,725

Aug. 10- $253,940
Aug. 09 - $243,355

Aug.  10 - $410,995
Aug.  09 - $387,899

Aug. 10 - $322,281
Aug.  09 - $315,176

Nanaimo Aug. 10- $349,974 Aug. 09- $351,922

Units Sold
Aug. 10 - 92  Aug. 09 - 150

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.


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