Due to Nanaimo’s unique location and city planning, it is known as one of the most convenient cities in BC. With most amenities and commercial transportation (Airports, Ferries, etc.), that seem to be under just 10 minutes (no matter where you are in Nanaimo). This has attracted some heavy investments from local, national, and foreign real estate investors.
Over the last two decades, real estate has become extremely popular in Nanaimo, especially in central Nanaimo. This is due to major gentrification created by blue-collar workers who along with their families, made Nanaimo their residence. For new construction investors, Nanaimo presents a broad and diverse portfolio of housing communities, detached homes, and even luxury to entry-level cabins.
Today, Nanaimo is the fastest-growing space for new construction homes on Vancouver Island. Due to new buyers from the mainland and a very minor percentage of international buyers. With new and affluent investors who are moving into average neighbourhoods of Nanaimo, this trend is continuing to increase the overall land value in these communities.
With over 40% increase in the last three years in new construction homes and development, Nanaimo’s growth is very steady. According to local real estate experts, the housing market hasn’t peaked yet, but it is predicted that it will. Most likely in 15 to 20 years.
There have also been some new developments near the parks of Nanaimo. This is for mostly single-family homes, townhomes on medium to small size lots and in some cases, two to three-bedroom condos as well. The community-style modern condominiums which were introduced just a few years ago are also being rapidly developed. Overall, the real estate market in Nanaimo continues to rise.
Also, different areas within Nanaimo have their own set of unique real estate developments. This means the new housing and first-time buyer market in Nanaimo are available for many different types of investors.
If you are looking to invest in temporary new construction, the hospital area near central Nanaimo has seen a solid 4% growth in the past few years. Since it already has pre-existing communities (Mostly single families), homes here sell at a very consistent rate.
A lot of old developments in Nanaimo such as heritage buildings are also being complemented with new ones. This is mainly in the Quarterway and Townsite Rd West area which is creating a very unique opportunity to invest in government-owned properties. A lot of new condos are also being developed here which are near golf courses.
Residential development in Nanaimo is also very consistent. Mainly in the Northfield West area. For investors looking for new construction single homes, the area near Boxwood road and other areas have seemed to produce consistent ROI. This area also includes brand new condos that are also increasing.
Nanaimo is developing overall, and the Meredith Road Area is no exception. Brand new lots are 7500 sq feet are being sold which is a definite sign of new developments that are on the way. A 4.5% growth in the sale of new developments in this area. Meredith Road properties are still being planned and plan to release its new home developments in a few years.
There are also some minor new construction developments in the Strathmore, Waddington, and Millstone areas. New construction is limited here due to heritage buildings. Most investors are currently avoiding this area.
Another up and coming area in Nanaimo is Townsite. New housing developments are currently being zoned here but are expected for construction around 2022.