Housing sales within the Vancouver Island Real Estate Board (VIREB) for the first half of March were not affected deeply by the COVID-19 virus. However; the second half of March produced fewer housing sales throughout the province, including the VIREB region. Undoubtedly, the global pandemic will have an effect upon the 2020 BC housing market. Nanaimo and area have certainly experienced declining housing sales activity, however, home prices locally have not slipped. This is wonderful news for persons living on Vancouver Island. Unfortunately; Canada’s largest cities (Vancouver and Toronto) have experienced both activity and price declines since the onset of COVID-19.
The VIREB region produced 333 single family home sales in March 2020. This is up from the 259 single family home sales in February 2020. It was ramping up to be a much better year versus 2019 and the later half of 2018.
The March 2020 VIREB region benchmark price was 4% higher than the same month last year. The month closed with a $521,400 VIREB benchmark price.
Please find the VIREB housing sales statistics here. There will be noticeable changes in the provincial and local housing sales when the April statistics become available.
The condo and townhome markets are also discussed in great detail within the VIREB stats accessed via the above link.
Please do not hesitate to contact me if you wish to discuss the real estate market, the VIREB housing sales statistics or your home’s current value. I’m always happy to help! Perhaps you have been considering selling your home in the Fall. I can provide you with property suggestions now regarding home preparations for a successful Fall sale. I also have great relationships with many contractors who are ready to help if necessary.
Are there any real estate topics that you would like to review in a future blog? I would love to hear from you. Please include any comments below. Thank you.