The Strong Nanaimo Real Estate Industry

When you look at the numbers, Nanaimo real estate has been declining since 2006. While that is what the numbers say for that one year, if you take a look back further, you will discover there was a huge increase just a few years earlier. Essentially what that means is that Nanaimo is simply stabilizing itself. After such a huge rush of people into the town, it needed time to go back down to a reasonable number of people. So while the numbers are saying that more people are leaving than going, the truth is Nanaimo real estate is still going strong.

Part of the reason for Nanaimo’s strong real estate industry is its location. It is often known as the “gateway” to Vancouver Island. It is set up right on the edge of Vancouver Island which offers beautiful scenery and a great view of the George Strait. The scenic aspect of Nanaimo has played a huge part in its success as a town and also in the success of Nanaimo real estate. Many people want to have the luxury and elegance that Nanaimo has to offer. The rush of people looking for permanent and vacation homes has lead to a huge surge in strata home building. Examples of these homes are going to be townhomes, apartment complexes and patio homes. This allows for more people to live in a smaller area. You will find examples of each of these types of homes scatter throughout all of Nanaimo. Outside of simply the scenery that Nanaimo has to offer, there is the environmental aspect. The town is very focused on remaining eco-friendly because of its location.

Other than the focus on the scenery and the beautiful nature, the town has become a huge multicultural center. Everywhere you turn in Nanaimo you will see evidence of this. You will find home styles that vary greatly in shape and design as well as restaurants and other businesses that are more commonly found in other countries. This multicultural aspect has played a huge part in the Nanaimo real estate business as well. With people coming in and out of Nanaimo for business and moving to Nanaimo for new jobs they town has been forced to expand to accommodate. This means more permanent and temporary housing options.

Another group that seems to be flocking into Nanaimo and flooding the Nanaimo real estate market is retired people. These people are simply looking for a place to relax where they don’t have to work hard, and simply enjoy life. This makes Nanaimo an ideal destination. The weather in Nanaimo plays a pretty large part in this trend. The winter can be pretty wet, but temperature-wise they are very mild, while the summers will be hot enough to enjoy the many reservoirs offered in the area. The community homes have become a large part of the town because of this group coming into the town. These communities often times will take care of the landscaping and the homes when no one is around, but still allow the people to own the homes. This is ideal for anyone who travels, or leaves for the winters.

As you can see the Nanaimo real estate has been declining for the past couple of years, but will always be a strong market. Once the population stabilizes, you will see another increase in the strength of Nanaimo real estate.