The Nanaimo housing market has seen incredible growth over the last half-decade, which is gaining the attention of Canadians nationwide. Despite the recent price drops, we have seen some of the most significant price growth in the previous bull run in the housing market on a percentage basis of any community in Canada.

Nanaimo will experience some dramatic changes in the coming years, making it a much more desirable place to live and invest. And there is a good reason for that. Insightful investors see lots of potential in this community, as I did when I moved here. There has been talk of developing the promenade to the ferry terminal and beyond to Departure Bay Beach. These kinds of additions would be game-changers for our community. Imagine going for a 4km family walk along the water or a bike ride to your favourite coffee shop. Further development of the area along the water, replacing some of the dilapidated buildings on the waterfront with a combination of multi-family residential and commercial catering to the recreational traffic in that area, would make this community much more vibrant and enjoyable to live in. It is more of a case of when, not if, this change will occur. 

The critical thing to realize when buying in these areas is that once this change occurs, it will escalate values in these communities to bring them in line with other communities on the Island and the Mainland that offer the same lifestyle and amenities. I am seeing in the market here now that there is no price premium for these considerations. A home in Harewood commands the same price as an equivalent home in Brechin or Departure Bay, which doesn’t make sense considering the future potential, ocean views and proximity to amenities. What this tells me is that it’s a market in its infancy. If you look at Victoria, for instance, there is a considerable price premium for certain communities and a premium for things like an ocean view. An equivalent house with an ocean view in Oak Bay may command a 30% premium over a home with no view on the same street. 

Here in Nanaimo, there is no premium for such. I and others can take advantage of this to gain instant future equity and value in real estate purchases. These opportunities still exist in Nanaimo, whereas investors have already exploited this nuance in more mature communities.

If you are looking to invest in the Nanaimo market, don’t hesitate in reaching out!