One of the most challenging aspects of real estate in Nanaimo is that home values continue to rise significantly month to month. This has been blamed on many things, but ultimately comes down to a lack of new development. That’s changing, and changing rapidly. According to the Vancouver Island Construction Association, there’s an increase in the number of people building homes in the area. For those who are considering buying a home now, the rise in new construction could influence your decision.

New Home in North Nanaimo, BC

New Home in North Nanaimo, BC | Image Provided by VIREB

Nanaimo New Construction Is Valuable Today

Home prices in Nanaimo and the surrounding area have grown significantly over the last few years. As a direct result of this, many people have been left out of the market, unable to find a property in their budget that meets their needs. However now that new construction is trending upward, it may become much easier to buy a home here.

According to the association, more than $100 million worth of new permits have been added to the books during the period of July through September of 2016. This is about a 50 per cent increase in the same time as the previous year. Of the total of $119 million worth of permits in the last few months, about $102 million of it was for residential properties. With an increase like this present, it is becoming more evident than ever that now is the time to build in Nanaimo if it was ever a consideration.

Should You Buy a New Home in Nanaimo?

With new construction expected to become available even in the short term, this can open the door for new opportunities throughout the area. It means more resale homes (or existing homes) will also become available on the market. For those who have been waiting for a more affordable time to buy a home here, this may be a clear indication that now is the time to move. With the help of a Nanaimo real estate agent, it may be easier to do than many think.