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's market has gone from a hot market in the spring to a decidedly frosty one in December. The last couple months of the year saw sales volumes drop by about 50% from the same months last year, with about a 50% increase in available properties. The annual average selling price of a single family home did increase from $343,168 in 2007 to $365,173 in 2008, and we have not seen across-the-board price drops; that being said, with the large inventory of properties on the market, prices on some properties have been reduced to make for some really good buys, and overall, it is a Buyers' Market. The next few months will probably bring more price reductions. Combine that with record low interest rates, and it is an excellent time to buy.
The annual average selling prices of single family homes and condominium apartments respectively over the last three years have been: for 2006, $288,880 and $189,964; for 2007, $343,186 and $214,406; and for 2008, $365,173 and $235,404.
From the first quarter of 2006 to the first quarter of 2008, the top two price brackets for sales reversed completely; 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 in 2008, about 43% of sales were in the $300,000 to $400,000 range with about 26% in the $200,000 to $300,000 range. Properties with good ocean views command top prices, whether in single family homes or condominiums.
Compared with our neighbours Victoria and Vancouver, or with international cities with our amenities, our prices are a bargain. Nanaimo remains 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. While "experts" feel that BC real estate prices and those of Vancouver in particular are too high compared with other Canadian centres, one must remember that none of those other Canadian centres share our unique and desirable combination of ocean/mountain views and mild climate.
Monthly stats are available on the Coast website. (Click here.)
Nanaimo Annual Home Sales Map for 2008 (Click here.)
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.
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