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Lower housing starts to temper inventory

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Real Estate Professional | 09 Mar 2015, 09:56 AM Agree 0
Housing starts in Canada were down for the fifth consecutive month in February, according to the latest figures by CMHC.
  • Sandy Clark | 09 Mar 2015, 01:00 PM Agree 0
    In reference to the above "housing starts are down for the 5th consecutive month", this is NOT true here in Nanaimo, BC on Vancouver Island. We have experienced a surge of building activity! As noted in the Nanaimo Economic Development Corporation's (NEDC) Quarterly Economic Update 2014, compared to the 2013 quarterly report, Nanaimo has experienced a 5-7% increase in property prices and building permit issuance increased 18%. The report also states that at the end of the 3rd quarter in 2014 compared to the same period in 2013, housing starts increased by 118%; 40% more single family homes were built; semi and row housing increased by 35%; and apartments and other types increased by 384%! In addition to this, our vacancy rate has also decreased!

    Growth in Nanaimo and our surrounding communities of Ladysmith and Parksville is increasing at a rapid pace. Newcomers are relocating to Nanaimo for our incredible year round climate, amazing scenery, beaches, lakes, mountains, year round outdoor recreation, golfing, fishing, hiking, ocean adventures, boating, central location, safe community, fresh air, economic sustainability, university, investing, retirement lifestyle and of course affordability!

    If you would like more information on Nanaimo, Parksville or Ladysmith and the many benefits of relocating to or investing in central Vancouver Island, contact Sandy Clark on 250-668-9878. I am a realtor and long term resident of #Nanaimo, who knows central Vancouver Island and all it has to offer.

    Please feel free to share this so that others can benefit from learning more about life on central Vancouver Island!
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