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Vancouver's Affordability Refugees Welcome In Nanaimo

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Real Estate Market Update

 

Vancouver Island

258 single family homes sold. Avg. price $358,548 (up 4% 12 months to date, this year over last). 18 waterfront homes sold, 31 lots sold & 121 condos sold. Single family unit sales volume is up 15%. Average days on market has decreased by 10% to 63 days. The average condo sells for $240,272. Condo unit sales are up 30%, 12 months to date. Condos have seen an 7% decrease in days on market. Average days to sell is 93 days. Lot sales volume is up 5%, 12 months to date. Lot prices have increased by 6%, 12 months to date. Average lot sale price is $147,898. Most active region: Nanaimo & Parksville/Qualicum; Highest average price: Parksville/Qualicum. FULL REPORT HERE.
 

Nanaimo

63 single family homes sold. Avg. price $392,157 (up 15% 12 months to date, this year over last). 1 waterfront home sold, 12 lots sold & 33 condos sold. Single family unit sales volume is up 15% 12 months to date. Average days on market has decreased by 17% to 40 days. The average condo sells for $251,827. Condo unit sales are up an average of 18% 12 months to date. Condos have seen a 17% decrease in days on market. Average days to sell is 68 days. Lot sales volume is down 8%, 12 months to date. Lot prices have decreased by 3%, 12 months to date. Average lot sale price is $161,744. Most active region: North Nanaimo; Highest average price: Hammond Bay.FULL REPORT HERE.


Parksville/Qualicum


63 single family homes sold. Avg. price $409,437 (3% 12 months to date, this year over last). 6 waterfront homes sold, 4 lots sold & 19 condos sold. Single family unit sales volume is up 22%, 12 months to date. Average days on market has decreased by 12% to 52 days. The average condo sells for $279,379. Condo unit sales are up 32%, 12 months to date. Apartments have seen the greatest increase in units reported sold. Condos have seen a 22% decrease in days on market. Average days to sell is 66 days. Lot sales volume is up 82%. Lot prices have increased by 16%, 12 months to date. Average lot sale price is $188,022. Most active region: Parksville; Highest average price: Qualicum Beach. FULL REPORT HERE.


Cowichan Valley


33 single family homes sold. Avg. price $360,327 (up 6%, 12 months to date, this year over last.) 3 waterfront homes sold, 1 lots sold & 21 condos sold. Single family unit sales volume is up 8%. Average days on market has decreased by 8% to 69 days. The average condo sells for $219,778. Condo unit sales are up 34%, 12 months to date. Condos have seen a 26% decrease in days on market. Average days to sell is 88 days. Lot sales volume has decreased by 23%, 12 months to date. Lot prices have decreased by 1%, 12 months to date. Average lot sale price is $127,605. Most active region: Ladysmith; Highest average price: Cobble Hill. FULL REPORT HERE.


Port Alberni/West Coast

15 single family homes sold. Avg. price $228,492 (up 7% 12 months to date, this year over last). 0 waterfront homes sold, 7 lots sold & 6 condos sold. Single family unit sales volume is up 40%, 12 months to date. Average days on market has decreased by 2% to 97 days. The average condo sells for $213,684. Condo unit sales are up 81%, 12 months to date, with apartments seeing the largest increase in units sold. Condos have seen a 16% increase in days on market. Average days to sell is 182 days. Lot sales volume is up 39%. Lot prices have increased by 32%, 12 months to date. Average lot sale price is $101,329. Most active region: Port Alberni; Highest average price: Alberni Valley. FULL REPORT HERE.

Vancouver's Affordability Refugees Zero In On Nanaimo


This week, a timely article was released in Bloomberg Business coining the term 'affordability refugees', in reference to Vancouver residents who are being dramatically priced out of the market. In response to the astronomical cost of living in the Vancouver area, residents are seeking refuge elsewhere, and considering making significant changes in order to preserve some semblance of the lifestyle they grew up with. With costs creeping up throughout the entire lower mainland, Nanaimo has begun to rise to the top of the list of alternatives. With housing costs one quarter of those in Vancouver, and only a 40 km commute by sea or air, the harbour city we have long purported as a fantastic option has begun gaining ground as a viable alternative. Nanaimo's historical reputation as a rough and tumble mill town has been eclipsed by an influx of new business, a diversifying economic base, and a migration of Canadians in search of an affordable west coast lifestyle. With a spectacular coastline, views of the coastal mountains and an abundance of outdoor recreation, the only surprising element is how long it has taken Vancouverites to realize the potential here. With several float plane flights every hour, the new Helijet route, two vehicle ferries and a future high-speed downtown passenger ferry, the commute can be shorter, and definitely more pleasant than from the lower mainland suburbs, for a fraction of the cost. 


So Nanaimo Is Cheaper....But How Much Cheaper?


Using the reasoning put forward by the Vancouver Sun this week, when taking into consideration the cost of housing and commuting five days a week via float plane, living in Nanaimo would still result in significant savings each year. Since the average single family detached home hit $1.83M in Vancouver in January, and the same in Nanaimo was $358,000, the cost of housing alone would save home owners approximately $76,800 annually. Most people who commute to Vancouver from Nanaimo do not do so every day of the week. Many are able to do some work remotely, or travel instead by ferry, using the travel time to work while enjoying the view. But, if you did commute 5 days a week by float plane, the average annual cost would be $40,000 - $47,000, depending on days, times and sales promotions. So using this scenario alone, annual savings would be in the range of $40,000+, with the potential for even greater savings with some adjustments in commuting methods or frequency. 

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