Cheap Houses and Condos for Sale in Nanaimo

Listings last updated 07/21/2019

Cheap Homes in Nanaimo

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Finding cheap houses for sale in Nanaimo, BC

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There are 336 cheap houses for sale in Nanaimo, BC

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Situated on the east coast of Vancouver Island, Nanaimo is British Columbia’s fourth largest population centre and is known for its urban and outdoor amenities, beautiful coastal views, and transport links around the area. The city, also referred to as “The Harbour City,” has a population of 90,504 which is growing every year, and has become one of the more desirable places to live on the Island. Nanaimo enjoys a pleasant climate, with mild and rainy winters, and dry, warm summers. The city is protected by the mountains on Vancouver Island, so it doesn’t generally experience extremes in weather; however, snowfall does occasionally fall in the winter months.

Along with Victoria, Nanaimo is Vancouver Island’s gateway city and has great ferry and air transport links to other communities on the Island, Vancouver, Calgary, destinations further north, as well as the small islands offshore. Nanaimo sits around 110 km from Victoria, and its key industries include tourism, retail, services, technology, as well as forestry, which hugely sustain the economy. Its strong economy paired with cheap housing prices make Nanaimo a very attractive city and more people are deciding to settle on the Island and commute to Vancouver or Victoria for work.

Nanaimo offers the best of both worlds in terms of city living and recreational activities, and popular pass-times include mountain biking, scuba diving, hiking, climbing, shopping, and wildlife watching. The city embraces its First Nations culture and heritage, and puts on a number of festivals and events every year to celebrate its history. The population is diverse, with 86.4% of the population being of European descent and 6.3% of Aboriginal heritage.

Popular areas in Nanaimo include: Harewood, Brechin-Hill, Chase-River, College-Heights, Departure-Bay, Dover-Bay and Hammond-Bay.

Nanaimo, BC

Nanaimo, BC
real estate market overview

Real Estate Market Overview

Nanaimo boasts a healthy and active real estate market, and has experienced an influx of buyers and interest from other markets around BC in the last couple of years. Housing prices increased by 17% from 2016-2017, raising the average price for a single-family home to $410,400, and the demand for property in Nanaimo is on the up. The areas surrounding Nanaimo have also increased in price, such as Port Alberni, Parksville and Qualicum Beach, as Vancouver Island is now seen as a viable alternative to Vancouver especially for those seeking affordable housing.

Although prices are rising, Nanaimo is still significantly cheaper than other big cities in BC, and it still offers a pleasant lifestyle and excellent transport links to Vancouver and Victoria. The market is currently in favour of sellers and homes frequently receive multiple offers, with the most popular property type being single-family homes. The city is set to see more development in the condo and townhouse market as more young professionals and families move in. Nanaimo is a very attractive place to live for move-up buyers, first-time buyers and retirees alike, and the city’s economy is only set to improve in the next few years. The rental market is fairly tight, with a high demand for rental units and fairly low vacancy rates.

real estate market overview

Cheap Real Estate Market Overview

Nanaimo’s market has been growing in recent years but it still remains cheaper than neighbouring cities Victoria and Vancouver. Nanaimo poses a very realistic alternative to Vancouver’s affordability crisis and the average condo price costs around $220,000, while the benchmark price for a townhouse is $337,178. Some homes cost a quarter of what they might do in Vancouver, and many people even commute to Vancouver via floatplane or ferry, so Nanaimo is a viable option for many looking for value for money and a nice lifestyle with city amenities.

First-time buyers in Nanaimo may also be able to benefit from the BC government’s Home Owner Mortgage and Equity Partnership program which was introduced in 2016. The program is a huge aid for first-time homebuyers in Nanaimo, as it provides a loan of up to $37,500 or up to 5% of the purchase price with favourable interest and payment rates to help households enter the market for the first time.

cheap real estate market overview

Read more about living in Nanaimo, BC.