Real Estate Statistics for May 2013

Real Estate Statistics for May 2013

 

 

May 2013

April 2013

May 2012

Nanaimo                    

 

 

 

Unit Sales:                           

122

126

109

Average Sale Price: 

$357,443

$334,486

$349,554

 

Nanaimo home sales increased 12% in May 2013 when compared with May 2012. The average sale price increased 2%. The median house price was $345,000.


 

Parksville / Qualicum

 

 

 

Unit Sales:            

                     69

55

52

Average Sale Price:

$388,650

$404,889

$414,944

 

Parksville / Qualicum home sales increased 33% in May 2013 when compared with May 2012. The average sale price decreased 6%. The median house price was $348,000.


Synopsis:

 

In Nanaimo for May there were 608 active listings of single family freehold homes and 411 in Parksville/Qualicum. 

 

Mark Carney made his last interest rate announcement as Governor of the Bank of Canada on May 29th, however that is the only meaningful change as the Bank once again opted to leave its overnight target rate at 1 per cent.  The Bank expects first quarter growth to be stronger then its original projection of 1.5 per cent, and forecasts that the remainder of the year will remain in line with its April projection. The Bank expects inflation will remain subdued before rising to 2 per cent in mid-2015 when the economy returns to full capacity. The Bank once again stated that the considerable monetary policy stimulus currently in place will remain appropriate for an unspecified "period of time" after which some withdrawal will likely be required.


The Bank of Canada remains caught between the rock of a muddling economy and the hard place of elevated household debt burdens. If the second half of this year unfolds as most forecasters expect, economic growth should accelerate, helping inflation to get back on a path to the Bank's 2 per cent target. However, if that scenario does not unfold and the economy continues its slow growth trend, the "period of time" the Bank has noted may stretch out longer than the Bank currently has in mind. BCREA’s analysis of the Canadian economy suggests there will not be any movement on interest rates until late 2014.

 

Ian Hodson

Ian Hodson
Telephone: (250) 756-1132
Toll Free: 1-800-377-4374
Fax: (250) 756-1210
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