December 2024 Market Update
December 2024 Real Estate Market Update As we wrap up 2024 and head into the holiday season, we wanted to take a moment to thank you for trusting us as your real estate advisors. Whether you're buying, selling, or simply staying informed, we're here to support you every step of the way. Here's a friendly update on what’s happening in the market and what we can expect as we move into 2025. Market Overview: A Year of Adjustments This year has been all about recalibration in the real estate market. The national average home price in October was $707,700—down slightly from September and 2.4% lower than last year. Prices are still well below the peak of March 2022, reflecting a market where both buyers and sellers have been cautious due to high borrowing costs and economic uncertainties 2 .But there’s good news on the horizon! Experts predict a traditional spring surge in activity starting as early as March 2025. Stabilizing interest rates, pent-up buyer demand, and an expected increase in listings will likely bring more energy to the market. If you’ve been waiting for the right time to make a move, this could be your moment 3 . Mortgage Renewals and Market Opportunities A significant wave of mortgage renewals is coming in 2025—about 1.2 million homeowners will see their mortgages transition from historically low rates to higher ones above 3%. This shift may lead some to downsize or sell, increasing inventory in key markets like Vancouver and Toronto. For buyers, this means more options; for sellers, it’s an opportunity to attract motivated buyers in a competitive spring market 3 . Interest Rates: A Stabilizing Force Interest rates have been a hot topic all year. Currently sitting around 3.75%, they’re expected to stabilize or even decrease slightly in 2025. This is great news for first-time buyers and families looking to upgrade, as it could bring renewed confidence and urgency to the market. However, investors may continue to face challenges due to high borrowing costs and tighter margins in the condo sector 3 . Local Snapshot: Nanaimo Market Trends Closer to home, Nanaimo’s real estate market has seen some interesting shifts. In November 2024: The average sale price for single-family homes rose by nearly 6% compared to last year, reaching $857,150. Condo sales increased significantly (up nearly 58%), with an average price of $423,817. Townhouse sales remained steady, with a slight dip in average prices 1 . These trends suggest that while activity has been mixed across property types, there are still strong opportunities depending on your goals. Looking Ahead As we prepare for an exciting spring market next year, now is the time to start planning if you're considering buying or selling. Whether you’re looking for your dream home or thinking about listing your current property, we’re here to guide you through every step. Happy Holidays! From our family to yours, we wish you a joyful holiday season filled with love, laughter, and relaxation. Thank you for letting us be part of your journey this year—here’s to an amazing 2025 ahead! Warm regards,Kristin and Shawn Use our state-of-the-art property search, including an interactive map search, to find homes for sale in Nanaimo & Vancouver Island, BC. These listings are updated daily from the MLS.
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December 2024 Real Estate Market Update
As we wrap up 2024 and head into the holiday season, we wanted to take a moment to thank you for trusting us as your real estate advisors. Whether you're buying, selling, or simply staying informed, we're here to support you every step of the way. Here's a friendly update on what’s happening in the market and what we can expect as we move into 2025.
Market Overview: A Year of Adjustments
This year has been all about recalibration in the real estate market. The national average home price in October was $707,700—down slightly from September and 2.4% lower than last year. Prices are still well below the peak of March 2022, reflecting a market where both buyers and sellers have been cautious due to high borrowing costs and economic uncertainties
2
.But there’s good news on the horizon! Experts predict a traditional spring surge in activity starting as early as March 2025. Stabilizing interest rates, pent-up buyer demand, and an expected increase in listings will likely bring more energy to the market. If you’ve been waiting for the right time to make a move, this could be your moment
3
.
Mortgage Renewals and Market Opportunities
A significant wave of mortgage renewals is coming in 2025—about 1.2 million homeowners will see their mortgages transition from historically low rates to higher ones above 3%. This shift may lead some to downsize or sell, increasing inventory in key markets like Vancouver and Toronto. For buyers, this means more options; for sellers, it’s an opportunity to attract motivated buyers in a competitive spring market
3
.
Interest Rates: A Stabilizing Force
Interest rates have been a hot topic all year. Currently sitting around 3.75%, they’re expected to stabilize or even decrease slightly in 2025. This is great news for first-time buyers and families looking to upgrade, as it could bring renewed confidence and urgency to the market. However, investors may continue to face challenges due to high borrowing costs and tighter margins in the condo sector
3
.
Local Snapshot: Nanaimo Market Trends
Closer to home, Nanaimo’s real estate market has seen some interesting shifts. In November 2024:
The average sale price for single-family homes rose by nearly 6% compared to last year, reaching $857,150.
Condo sales increased significantly (up nearly 58%), with an average price of $423,817.
Townhouse sales remained steady, with a slight dip in average prices
1
.
These trends suggest that while activity has been mixed across property types, there are still strong opportunities depending on your goals.
Looking Ahead
As we prepare for an exciting spring market next year, now is the time to start planning if you're considering buying or selling. Whether you’re looking for your dream home or thinking about listing your current property, we’re here to guide you through every step.
Happy Holidays!
From our family to yours, we wish you a joyful holiday season filled with love, laughter, and relaxation. Thank you for letting us be part of your journey this year—here’s to an amazing 2025 ahead!
Warm regards,
Kristin and Shawn
Use our state-of-the-art property search, including an interactive map search, to find homes for sale in Nanaimo & Vancouver Island, BC. These listings are updated daily from the MLS.
As we wrap up 2024 and head into the holiday season, we wanted to take a moment to thank you for trusting us as your real estate advisors. Whether you're buying, selling, or simply staying informed, we're here to support you every step of the way. Here's a friendly update on what’s happening in the market and what we can expect as we move into 2025.
Market Overview: A Year of Adjustments
This year has been all about recalibration in the real estate market. The national average home price in October was $707,700—down slightly from September and 2.4% lower than last year. Prices are still well below the peak of March 2022, reflecting a market where both buyers and sellers have been cautious due to high borrowing costs and economic uncertainties
2
.But there’s good news on the horizon! Experts predict a traditional spring surge in activity starting as early as March 2025. Stabilizing interest rates, pent-up buyer demand, and an expected increase in listings will likely bring more energy to the market. If you’ve been waiting for the right time to make a move, this could be your moment
3
.
Mortgage Renewals and Market Opportunities
A significant wave of mortgage renewals is coming in 2025—about 1.2 million homeowners will see their mortgages transition from historically low rates to higher ones above 3%. This shift may lead some to downsize or sell, increasing inventory in key markets like Vancouver and Toronto. For buyers, this means more options; for sellers, it’s an opportunity to attract motivated buyers in a competitive spring market
3
.
Interest Rates: A Stabilizing Force
Interest rates have been a hot topic all year. Currently sitting around 3.75%, they’re expected to stabilize or even decrease slightly in 2025. This is great news for first-time buyers and families looking to upgrade, as it could bring renewed confidence and urgency to the market. However, investors may continue to face challenges due to high borrowing costs and tighter margins in the condo sector
3
.
Local Snapshot: Nanaimo Market Trends
Closer to home, Nanaimo’s real estate market has seen some interesting shifts. In November 2024:
The average sale price for single-family homes rose by nearly 6% compared to last year, reaching $857,150.
Condo sales increased significantly (up nearly 58%), with an average price of $423,817.
Townhouse sales remained steady, with a slight dip in average prices
1
.
These trends suggest that while activity has been mixed across property types, there are still strong opportunities depending on your goals.
Looking Ahead
As we prepare for an exciting spring market next year, now is the time to start planning if you're considering buying or selling. Whether you’re looking for your dream home or thinking about listing your current property, we’re here to guide you through every step.
Happy Holidays!
From our family to yours, we wish you a joyful holiday season filled with love, laughter, and relaxation. Thank you for letting us be part of your journey this year—here’s to an amazing 2025 ahead!
Warm regards,Kristin and Shawn
Use our state-of-the-art property search, including an interactive map search, to find homes for sale in Nanaimo & Vancouver Island, BC. These listings are updated daily from the MLS.
