The real estate market in Nanaimo is heating up beyond expectations as we move into late January. We are seeing a LOT of bidding wars again, more so than at any point in 2020, I believe. I’ll quantify that a bit below.

First, let’s quickly summarize the 2020 statistics for single-family detached homes in Nanaimo:

  • 12.88% more homes sold in 2020 vs. 2019 (1306 vs. 1157)
  • The average sale price increased 8.82% - from $562,175 in 2019, to $616,588 in 2020

When the pandemic was declared in March 2020, there was speculation of a general market crash and many people thought that home prices would fall. Activity slowed through April, but then it all picked up and it barely slowed down since, even through the Christmas season. Most agree that the…

1070 Views, 1 Comments

Read Full Post

Here's an exciting development - the old convent site downtown, behind New York Style Pizza - an application has been submitted to the City for building a big rental complex there.

Aerial view of site of proposed Telus Living condos in downtown Nanaimo

They have some good ideas for this one. There's an enclosed dog park and a kids' playground (with views) out back, plus a common area that includes an outdoor work bar above the street, a social lounge and outdoor dining space. There's even going to be a space for some community gardening. There are two buildings, one 6 storeys high and one 7 storeys. The taller building will have a common area on the rooftop, perfect for watching the fireworks I'm sure.

This development is planned to include 197 residential units, a commercial retail unit and and a shared underground…

1368 Views, 0 Comments

Read Full Post