Nanaimo Buyers Guide

The Home Buying Process

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 90,000 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.

Real Estate Market in Nanaimo, BC

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. Nanaimo experienced rapid market growth in 2016 and 2017 in terms of prices but has become more balanced with slower yet steady growth in price from 2018 to 2019. This is consistent with many markets in BC after the mortgage stress test was introduced at the start of 2018. Despite other markets having prices drop Nanaimo has remained resilient due to a demand that is very strong and reflective of folks desire to live in a robust community with unparalleled scenery, great weather, and very reasonable home prices.

How to be successful while buying in a fast moving market

If Nanaimo and surrounding communities are part of your real estate search or if your plans are to purchase a property in the area it is important to set yourself up for success. Well priced homes move very quickly in Nanaimo and buyers are very savvy when competing for the best listings Nanaimo has to offer. We have developed a team structured model at Sims Real Estate Group to make sure our website members and clients are kept up to date with the latest listings through modern technologies. We also make sure to keep our members updated with the latest market stats, trends, and news that we feel is important for any one researching the market to be aware of and have easy access to. We have full time licensed staff dedicated to the website daily to be by your side ensuring you are getting the information you need in a timely fashion to have all of the advantages we can possibly create for you in our marketplace. If you are considering making a move on Vancouver Island, connect with our team so we can help connect you to the tools that are designed to save you time and ensure you all the advantages of buying or selling.