Nanaimo provides ideal real estate conditions and lifestyle options for those discerning buyers looking for an opportunity to buy affordable, but luxurious real estate. The city is home to about 80,000 people and is on Vancouver Island. It is easily accessible from Vancouver itself by ferry or plane. The city, once an important port, has become a popular tourism destination for its unique combination of modern living and natural resources.
First settled by Europeans in 1791, the area has a long history of importance. An important mining area, port, and timber area, it grew in popularity through the 1800's. The area even had gold mines and a railway considered vital to the area. Today, it is a modern, thriving city with numerous benefits to home buyers. A top tourism destination and a strong commercial economy have helped Nanaimo to become an ideal place to own real estate.
As diverse as the history and the economy is here, so is the real estate market. Buying in Nanaimo provides residents with incredible views and access to the Strait of Georgia, sandy, coastal homes, and peaceful bays with marina access.
When considering what to buy in Nanaimo, buyers have numerous options. Along the outskirts of town are larger properties many that are still farmland. This is also where many new developments are springing up in Nanaimo. For more traditional housing, select properties in the historic district and downtown areas. Homes are smaller but offer more traditional features. Many homes were built in the 1970's through the 1990's. As a result, modern, stylish homes are also available in various neighborhoods within the city.
Home values are growing year-after-year in Nanaimo but remain affordable. The average selling price for real estate in October of 2015 was $380,054, which is about a 1% increase from the previous year. In the same month, about 380 homes were for sale, significantly lower than the 443 from the previous year. This shows the demand for real estate in Nanaimo and the surrounding areas. From single-family homes with 2 and 3 bedrooms (some of the most popular), to large, luxurious estates on spacious parcels of land, numerous options exist in this area.