More and more people are choosing to invest in Nanaimo. In the last couple of years, Nanaimo has experienced a dramatic jump in real estate buyers from outside the region. The latest buyer profile for the region identified 24.5% of real estate buyers from Vancouver, 19.9% from Elsewhere on the Island and 9.4% from Alberta. Also, buyers from the Fraser Valley more than doubled and currently make up 6.5% of real estate purchased.
Why have people started to look to Nanaimo for investment?
Well, big reason is affordability.
In January 2018, the average benchmark price for a single family home in the lower mainland was $1,323,100, $680,900 for a townhouse and $622,800 for a condo.
In January 2018, the average benchmark price or a single family home in the lower mainland was $1,323,100, $680,900 for a townhouse and $622,800 for a condo.
In Victoria, the January 2018 numbers report the average benchmark price for a single family home and condo was $831,900 and $450,600 ,respectively.
Compare that to Nanaimo where January 2018 reports the benchmark price for a single family comes in at $514,400, a townhouse is $331,900 and condo is $301,400.
Next, real estate investors are noticing higher gains in the last year compared to other regions. In the past 12 months, you would have seen a 8.4% increase in the value of your home in Vancouver. A 10.6% increase, being the average home value increase over the entire Lower Mainland. In Victoria, your home would have gone up 9.29%. In Nanaimo, the past year has been a “hot” one with home owners looking at an impressive 18.6% gain.
With more affordable housing and higher return on investment, it’s no wonder Nanaimo has seen a surge in interested from areas in close proximity to the city.
Lastly, Nanaimo’s stable “visitor economy” is seen as an attractive feature to real estate investors.
According to the Tourism Industry Society of Canada “Over the past couple of years, the Canadian travel and tourism industry has proven itself to be a strong and consistent engine of economic growth and job creation, during a time when other sectors are struggling due to global commodity prices and an unsteady dollar.”
Particularly Albertans who have weathered turbulent ups and downs in real estate find Nanaimo as a safer place to invest in real estate so it’s no surprise they are well presented in the city’s buyer profile at just under 10%.
In conclusion, given the lifestyle, affordability, strong returns and stability, Nanaimo offers a great option for real estate investment. If you are thinking of buying in Nanaimo then please contact us. We are experts in relocation and can help you with a smooth relocation or investment in Nanaimo.