Vancouver Island, as well as most of British Columbia for that matter, is seeing a significant amount of growth and home value increases. There is no doubt that today’s home buyer is looking for affordability, yet sellers want the highest price possible. Nanaimo has a lot to offer in both regards. According to one of British Columbia’s largest lenders, Central 1 Credit Union, things look very promising not only right now, but also over the next two years.
Seascape Manor Home, Nanaimo, BC - Image Provided by VIREB
A robust housing market in Nanaimo is a good thing for all involved. The good news lies in the fact that home prices are on their way up, helping to strengthen a home seller’s ability to see profits. On the other hand, this is also helping home buyers to secure the home they desire and build equity quickly. Central 1 Credit Union also points out that the region is likely to see home prices increase by as much as 12% over the previous year. That’s good news for all involved.
How to Buy a Home Now
Finding and buying ideal real estate in Nanaimo isn’t always easy though. This is a challenging market because home prices are higher (and increasing rapidly) and home inventory is low. While Nanaimo has new developments and a good number of homes on the market, it’s still a challenge to find the home you want and secure it. It means reacting quickly to listings and being ready to make your move as soon as you find the home that’s right for your needs.
To achieve this in the Greater Vancouver Island area, it’s going to be very important to work with experts who know the Nanaimo area well. It is expected that the region will see an increase of about 40,000 homes by 2018, and loan interest rates will remain low. But, buying a home right now means being ready to negotiate and ready to move right away. Contact the Jason Simard team today to learn what opportunities await you in Nanaimo.