January 2025 Market Stats - Condos & Townhomes

Condo and Townhome Units:

• Units Sold: The number of units sold in Parksville/Qualicum increased by 13% compared to January 2024. Nanaimo saw an 8% decrease, while the Cowichan Valley experienced a 56% drop. New listings for condos and townhomes decreased in Parksville/Qualicum and Nanaimo but doubled in the Cowichan Valley.
• Average Price: The average price for condo and townhome units rose by 6% in Parksville/Qualicum, 2% in Nanaimo, and decreased by 17% in the Cowichan Valley compared to January 2024.
• Days on Market: Days on market for condos and townhomes decreased in Parksville/Qualicum and the Cowichan Valley, while Nanaimo saw an increase.
• New Listings: The condo market showed signs of softening in Nanaimo and the Cowichan Valley as new listings outpaced sales. However, strong sales in Parksville/Qualicum were likely due to lower inventory in January. As we approach the spring market, more buyers are expected to enter, and we should see stronger sales in Nanaimo and the Cowichan Valley.

Spring Market Outlook: With another 25-basis point rate cut by the BOC, the market is expected to remain active in February as we head into the spring market. However, there is some uncertainty due to the potential tariffs on select Canadian goods exported to the US, which have been delayed until March 1st. Despite this, life events will continue to drive buyers and sellers to make moves. Many buyers, having waited up to 2 years, are now ready to purchase homes with reduced interest rates. We anticipate a strong spring market, with the possibility of tariffs not overshadowing the needs of buyers and sellers.