The first quarter of 2021 has been a mad scramble for people listing and buying investment properties in Nanaimo. This was already an over-charged segment of the market through 2020 (Covid caused a lot of people to put their money into real estate outside of bigger cities), but in 2021 it's been even more frenzied.
In 2020 we saw a seller's market, with homes selling within a week or two. But in 2021, the following is a typical sight:
- Home is listed on a Tuesday
- Showings are only allowed Wednesday, Thursday, and Saturday.
- Showings can only be thirty minutes long (to accommodate large numbers of buyers)
- Offers reviewed on Sunday afternoon
- Big bidding war ensues
This activity is fueled in part by investors wanting to buy a home to…