Nanaimo is a city on Vancouver Island in British Columbia, Canada. It is known as "The Harbour City." The City was previously known as the "Hub City" which has been attributed to its original layout design where the streets radiated out from the shoreline like the spokes of a wagon wheel as well as its generally centralized location on Vancouver Island. Nanaimo is also the headquarters of the Regional District of Nanaimo.
Why should I invest in Nanaimo?
A coastal hub along the eastern shores of Vancouver Island, Nanaimo offers a wealth of opportunity when it comes to homeownership and investment. With a growing economy, the city has an abundance of homes that are not only affordable, but that can also provide a return on investment.
With real estate prices becoming unaffordable in Vancouver and even Victoria, many are looking to centers like Nanaimo. Even though prices are on the rise, they are still considered affordable and its also considered a very desirable place to live. With Westjet and Air Canada now servicing the city, this has also connected Nanaimo to other major cities in a major way.
Nanaimo Market Facts (Fall 2017):
- 2016 Vacancy Rate: 1.0%
- Average MLS residential sale price (SF): $498,300
- Average MLS Days on Market (DOM): 28
- Total Market Listings (MLS): 1200
- Average weekly earnings (BC): $925
- Average 2 bedroom rent: $1300
- Unemployment Rate: 3.6%
The 2011 Canadian Census reported that Nanaimo had a population of 83,810, a 6.5% increase since 2006. The size of the city's land area is 91.30 km², making the population density 918.0 people per km². The average age of a Nanaimoite is 44.8 years old, higher than the national median at 40.6.