Nanaimo, a stunning city on Vancouver Island in British Columbia, affords residents with ample amenities, a rich history, and cultural diversity. Often called "The Harbour City" or "Hub City" because of its location, it is far more than a port. With its coastal mainland mountains and trendy tourism-centric area, Nanaimo attracts a wide range of real estate buyers. Whether you hope to raise a family here or purchase a second home, key opportunities exist.
Real estate opportunities in Nanaimo range widely. The city's numerous neighbourhoods afford home buyers ample opportunities for purchasing single-family homes, spacious estates, or townhouse style properties. While the area remains widely appreciated by both locals and vacationers, the property remains quite affordable overall.
In 2020, the Nanaimo real estate market has remained steady with regards to prices. As of May the pace of the market has slowed due to the current pandemic creating different market conditions than buyers and sellers are used to. On one hand, the amount of people viewing homes is much lower than you would usually see in a spring market creating less competition for serious buyers which may help avoid multiple offer situations as often. On the other hand, the total new inventory day over day is less than it would normally be in a spring market as well meaning less total options for buyers but also less competition for sellers looking to sell their home.
The first Europeans to settle in the area were Spanish when Juan Carrasco landed in the area in 1791. The area was a long-time trading post through the 19th century. One of the most notable of businesses in the area was the Hudson's Bay Company, a coal mining company started by the native Sneuneymuxw chief in 1849. Mining became the heart of the labour force for much of the region. In the 1940s, lumber became one of the largest exports of the area.
Today, you'll find Nanaimo to be a welcoming, beautiful, modern place to live. It's often thought of as a gateway to other areas in the northern portion of the island. With its vibrant lifestyle, beautiful landscape, and prime location, buying real estate in Nanaimo allows individuals to live in a growing community with exceptional amenities. Buying and selling a home in Nanaimo can be a successful experience when you turn to our agency for help throughout the process.