April Market Stats are here! Spring market has sprung to life in April, the number of new listings has increased across all regions!

How is the spring market shaping up? We saw a significant increase in listings in April along with an increase in the average sale price for Single Family homes. As buyers compete for the same price point, we may continue to see upwards pressure on pricing in future months unless inventory levels rise dramatically in May for homes priced under $1,000,000. The condo and townhome markets are softening in Parksville/Qualicum as inventory rose significantly in April 2024 as more sellers entered the market in advance of the new BC Government rules concerning short term rentals effective May 1st. The condo/townhome market in Nanaimo still remains strong as buyers seek an affordable option to live in an urban setting that offers many amenities including excellent access points to the BC Ferries. Stay tuned for May as the market is changing monthly with changes in legislation, upcoming elections and interest rates all in the mix to create an element of uncertainty.

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