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Nanaimo, British Columbia Real Estate Market Data

Updated: Nov 2024

House

Median price $600,000
Monthly growth 1.5%
Quarterly trend 4.2%
Stock on market 0.6%

Apartment

Median price $350,000
Monthly growth 1.0%
Quarterly trend 2.8%
Stock on market 1.1%

Prices by Number of Bedrooms

Houses

Bedrooms Median Price
2 bedrooms $500,000
3 bedrooms $600,000
4 bedrooms $700,000

Apartments

Bedrooms Median Price
1 bedrooms $300,000
2 bedrooms $400,000
3 bedrooms $500,000

Demographics

Current Population (2025) 17,000
Previous Population (2020) 16,000
Population Change 6.3%
Total Private Dwellings 6,500
Occupied Private Dwellings 6,000
Population Density (per km²) 1.7
Land Area (km²) 2,500.5

Market Analysis






Nanaimo Real Estate Market Analysis

Current Market Conditions and Trends

The real estate market in Nanaimo, British Columbia, is experiencing sustained growth as indicated by the latest market statistics. With a median house price of $600,000, the market has seen a notable year-over-year increase of 4.2%. The demand for houses in Nanaimo continues to be robust, reflecting a healthy local economy and an attractive lifestyle that appeals to both residents and investors.

In contrast, the market for apartments shows a more moderate pace with a median apartment price of $350,000, increasing at 2.8% over the past year. This trend suggests that while there is growth in the apartment sector, it is not as pronounced as that of detached homes.

The population of Nanaimo currently stands at 17,000, with an impressive growth rate of 6.25%. This demographic trend is a key driver in the real estate market’s expansion as more people seek housing in this growing community.

Investment Opportunities and Potential

Nanaimo’s real estate market presents diverse investment opportunities. The steady increase in home prices indicates a seller’s market where real estate assets are appreciating and investment returns can be favorable. For investors looking at long-term capital gains, purchasing single-family homes could be especially promising due to their higher appreciation rate compared to apartments.

The rising population is also influencing rental demand positively, offering potential for investors interested in income properties. With more individuals and families moving to the area, there is an opportunity for investors to cater to this demographic by providing rental units or developing multi-family dwellings.

Focused development in areas poised for infrastructure expansion or commercial investment could further enhance property values and rental incomes over time. Therefore, investors should keep an eye on municipal plans and new business developments within Nanaimo.

Future Market Outlook

The future outlook for Nanaimo’s real estate market remains optimistic. Population growth serves as a foundational indicator that demand for housing will continue to rise. Assuming economic conditions remain stable and interest rates are managed effectively, one can anticipate ongoing growth within the real estate sector.

However, it is important for stakeholders to monitor economic indicators closely as external factors such as changes in government policy or shifts in global economic conditions can impact local markets. Investors should therefore maintain a balanced approach, considering both current trends and potential risks when making decisions.

In summary, with careful analysis and strategic investment choices, stakeholders can capitalize on Nanaimo’s growing real estate market while being mindful of its cyclical nature.