The results are in for October 2020, and the real estate market on Central Vancouver Island continues to defy gravity. The stock of houses, condos and land is bought at a record pace, with multiple buyers competing for ownership. This competitive market has many buyers stressing out while sellers receive the asking price or more for their homes.
Many factors are driving this trend that has been difficult to predict for most market analysts. Many people predicted that prices would be falling for homes across Canada due to COVID. However, COVID has generated more home buyers looking to move to Vancouver Island and leave the mainland behind.
Nanaimo Average Single Detached Home Price, October 2020