Nanaimo's Real Estate Market

Now that you are entertaining the notion of living in Nanaimo, you need to have some information about the local real estate market. Sales of single family homes have picked back up in the Harbour City this summer. The inventory of homes has been reduced from what was available heading into 2009, bringing the single family home market from a buyers’ market into more of a balanced one. Prices remain at 2008 levels though, so combined with record low interest rates, it is still a good time to buy. Homes that are priced well and presented well go quickly. Opportunities abound for anyone looking to purchase a condo. There is a very large number of units on the market, and sales are slow, particularly for patio style condos. Average prices for both apartment and patio style condos are down from last summer. We are seeing more sales of townhouse style units, with prices slightly above those of a year ago. This may be a reflection of some new developments coming online.

Average selling prices for single family homes for May, June and July of 2009 have been $341,462, $336,920 and $363,528. (Note that waterfront properties have been taken out of the mix and for statistical purposes, now form their own category. In June, 6 such properties sold with an average price of $1,078,333.) For those same three months, average selling prices for apartment condos were $227,088, $230,265 and $203,194; for patio condos they were $271,875, $255,667 and $285,317 (but there were only a handful of sales so the averages are a bit iffy here); and for townhouse condos, the average selling prices for May, June and July were $244,178, $239,936 and $262,789.

As always, our prices remain a bargain compared with Victoria and Vancouver, or with international cities with our amenities. Nanaimo is a fabulous city in which to live. More and more folks of all ages from across the country and around the world are discovering that, and making Nanaimo a lifestyle relocation destination.

Monthly sales stats are available on the Coast Realty website. http://www.coastrealty.com/pages/market_stats/pdf_links/

The Areas

As of January 2009, the areas on the www.Realtor.ca site and Nanaimo Area Sales Maps have been updated. Most remain as they were, but Central Nanaimo has been split into Central and Brechin Hill; Jinglepot has been split into North Jinglepot, South Jinglepot, and University District; South Nanaimo's boundaries are changed slightly with the north part of it now included in University District; and the western, more rural section of Chase River is now Extension.

Lower Lantzville – a section of the village of Lantzville that slopes gradually to the ocean with lots of views.

Upper Lantzville – a more rural area that tends to have larger properties with lots of trees, more privacy, and some ocean views, but is still just minutes from north end shopping and the Nanaimo Parkway.

North Nanaimo – a section of the city that slopes down to the ocean on the north with many stunning views of the water, the Winchelsea Islands, and the Coastal Mountains across the Strait. There are several areas of new development here, both condos and single family properties. Shopping centers and franchise restaurants abound along the Island Highway. This area tends to be at or near the top in the stats each month both in terms of number of sales and average sale price.

Hammond Bay – an older and more established area than North Nanaimo. It has gorgeous parks and spectacular views and the prices reflect this.

Departure Bay – slopes down around the bay to the south. It is very protected with its own micro-climate (and hummingbirds all year round!). Views are of the sheltered harbour with the ferry, float planes and Newcastle Island. It is an older, more established area with mixed housing and thus a wider range of prices.

Uplands – is, not surprisingly, a high point geographically of the north end of the city. Housing is older and prices moderate with the exception of properties right on or looking over Long Lake.

Pleasant Valley and Diver Lake – are a mixture of older housing and new developments with moderate prices. (We live here in a level-entry walk-out basement home that backs onto wetlands and is a block from Brannen Lake.)

North Jinglepot– west of the Nanaimo Parkway with rolling hills, some estate-sized development with equestrian trails, some ocean views, some hobby farms - a great place to own or board a horse! Some beautiful new subdivisions. All within minutes of city shopping and other city amenities.

South Jinglepot - surrounds Westwood Lake. Terrific hiking trails and outdoor recreation opportunities. Higher elevations give some distant ocean views. A mix of housing types and ages.

University District - has two distinct areas, split by the Nanaimo Parkway. The lower one fans out and down from Vancouver Island University. A mix of newer and older homes. Great investment opportunities with students always looking for housing and many properties in the area with suites. Moderate prices. Nanaimo Ice Centre and Nanaimo Aquatic Centre are here. Above the Parkway, homes tend to be larger and more expensive, and many have stunning panoramic views. A lot of these homes have suites as well.

Central Nanaimo – is an older area of smaller properties with ready access to shopping, transportation, and medical facilities around and including the hospital. It is one of the least expensive areas in which to buy property.

Brechin Hill - (formerly part of Central Nanaimo) slopes up from and overlooks Newcastle Island and the Departure Bay Ferry. An older, established area with a lot of post and beam construction. Close to shopping and city centre. Low-rise condo developments along the water and the Harbourside Walkway.

Old City – surrounds the downtown and the harbour. It is undergoing lots of renovating and revitalizing. An excellent example of this is The Studios, a condo development in the midst of downtown restaurants, shopping and galleries. Property prices vary widely, depending on whether you are looking at a cottage-style fixer-upper or a waterfront penthouse condo. Lots of examples of Arts and Craft architecture.

South Nanaimo – is one of the least expensive parts of the city. It is quite diverse, with newer development in the south-west, family neighbourhoods in the middle, and working waterfront along the east. Prices tend to be relatively low.

Cedar - largely rural. Some rolling countryside dotted with lakes and marshes. Some great parks. Very high end oceanfront properties. Some nice acreages with ocean views, www.aquilaestates.com. Plans are in the works for a major development with golf course/resort/residential/shopping centre on the south edge of the city. Prices are in the low to moderate range, except for larger parcels of land and waterfront properties.

Chase River - a mix of old and new. Probably provides the most for your money in new construction. No ocean views, but some nice mountain/countryside views. Moderate prices.

Extension - the most rural of the areas, mostly wooded with streams, rivers, lakes and trails, www.southforks.com. Some lovely riverfront properties.