I relocated to Nanaimo in the summer of 2021 and spent a hectic and enormous amount of time house-hunting here. In our home search, I’ve come to be familiar with which neighbourhoods are a little more affordable than others. Some of the more expensive places to live here tend to have some proximity to the water with ocean or mountain views and are located near to amenities. Hopefully, that isn’t a surprise to you. But I know you’re here to find the most affordable spots to find a home, so here we go!
Old City
Old City is the area downtown Nanaimo which has so much charm. There are many small businesses downtown like boutique shopping, restaurants, and cafes. Just like most downtown core areas, there isn’t a lot of extra space for large parcels of land to build homes onto. The average price according to my MLS system for a single-family detached is $614,913…. But that’s if you can even find one. There's a very small number of detached homes for sale in this area which comes as no surprise because of the location. Condos for sale and apartments in Old City average $652,949 and outnumber detached homes by almost triple.
While you might want to avoid certain areas due to crime. And yes- Nanaimo just like any city has crime, the Old City Quarters is a really charming and well-maintained part of downtown Nanaimo. Living here also has you living close to Maffeo Sutton park (a community favourite) as well as the seaplane terminal and soon-to-be high-speed ferry service between Nanaimo and Downtown Vancouver. Hello Canucks games!
South Nanaimo
South Nanaimo encompasses the area just above Old City, south of The University District and Westwood Lake.
The average-priced home here (today) is $682,956 which is well below the city of Nanaimo’s Median price of $919,900. Unlike Old City, there are many more detached homes in this area.
Being more removed from the downtown area makes it a more appealing spot for a family home. And with the prices the way they are and proximity to the University, is somewhere to consider buying an investment property as well! South Nanaimo is where you will find Colliery Dam park which I will highlight in an upcoming blog post. You’re also only about a 7-8 minute drive to the Aquatic and Ice centers.
Chase River!
Coming in at $753,016 for a single-family detached home, this area of Nanaimo makes it our third most affordable neighbourhood in Nanaimo. You’re about a 10ish minute drive south of Downtown and about a 25-minute drive from the North end of the City, just off of the “new Highway”, so it’s an easy place to get to and from. Chase River is a mix of older but well-built homes and some new developments, which has caused prices to rise slightly in this area. If your looking for a quieter lifestyle this is a nice balance of outdoor space, parks and shopping with lots of amenities right in the neighbourhood. If you need to get to the airport you’re a 10-minute drive away. Chase River is also situated at an even distance from both Departure bay and Duke Point ferry terminals.
I’m extremely happy we made the move from North Vancouver to Vancouver Island as it was much more attainable to afford a detached home here. I’m going to finish this video by saying I KNOW I’m going to get comments about these prices not seeming very affordable by most standards. B.C.’s home prices are some of the most expensive in the world, we are well aware of this but for some of us, we just can’t imagine living anywhere else! If you want to live the island life make sure you get in touch!
