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. Nanaimo has an active market. Condo and house prices vary considerably depending on location, size, and style, with good ocean views commanding top dollar.
The annual average selling prices of single family homes and condominium apartments respectively over the last three years have been: for 2005, $267,351 and $154,785; for 2006, $288,880 and $189,964 and for 2007, $343,186 and $214,406.
The monthly average selling prices for March 2008 were $343,324 for single family homes and $252,449 for apartment condominiums. From the first quarter of 2006 to the first quarter of 2008, the top two price brackets for sales has completely reversed; in 2006, about 45% of sales were in the $200,000 to $300,000 range with just under 30% of sales in the $300,000 to $400,000 range and now in 2008, about 43% of sales have been in the $300,000 to $400,000 range with about 26% in the $200,000 to $300,000 range. The market this spring is slower than last spring; fewer homes are being sold, and although prices have not gone down, they are not rising as quickly as they had been.
Compared with our neighbours Victoria and Vancouver, or with international cities with our amenities, our prices are still a bargain. Some people who are looking at moving here in the next few years, are purchasing something now to get into the market, and then renting it out until they are ready to make the move.
Monthly stats are available on the Coast website. (Click here.)
The Areas
If you refer to the Nanaimo map on the MLS site (www.mls.ca/map.aspx?AreaID=241),
you can see how Nanaimo is split into the following areas:
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. A new and exciting development in this area is The Foothills, an "ecologically sound master-planned community" with an expanse of over 1800 acres, 900 of which will remain parkland.
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.)
Jinglepot– has been a largely rural area, but is undergoing a lot of development now. It is peaceful valley to the west, urban neighbourhoods to the east, and rises to highlands with stunning city and ocean views in the south around Westwood Lake. The new development of Benson Meadows features several-acre lots in rolling hills with equestrian trails. Needless to say, prices in Jinglepot vary considerably!
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.
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's funky 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.
South Nanaimo – is one of the least expensive parts of the city. It is quite diverse, with the university-college area in the west, family neighbourhoods in the middle, and working waterfront along the east. Prices tend to be relatively low.
Cedar and Chase River – are largely rural areas to the south of the city with rolling hills, crystal clear rivers and streams, and impressive stands of fir trees. New developments are going up with peaceful mountain views and bargain prices. Prices are in the low to moderate range, except for larger parcels of land and waterfront properties.
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