Condos for sale in Nanaimo
Now is the time to buy a condo in Nanaimo! I did a search on MLS to see what the inventory was like for condos/strata in Nanaimo. Currently, as of today, there are 457 condos for sale in Nanaimo (figures from VIREB). This number includes condos and townhouses.
According to an article on Canada.com "Nanaimo's condo market is flat lining. Fewer units are selling and of those that are selling, many are going for less than a year ago."
Adrienne Warren, Senior Economist and real estate specialist at Scotiabank says" The condominium market is likely to become more affordable, with buyers enjoying a greater selection. While there has been a slowdown in single-unit construction in the country, there is a corresponding increase in multi-unit housing, and the inventory of unsold condominiums is rising. The favourable outlook for condominium sales is also partially driven by the very tight rental market in most of the country."
What does all this mean to you - the prospective condo purchaser or the investor? It appears that the condo market in Nanaimo has become a buyer's market. There is a lot of inventory and sales are weak. If you have been humming and hawing about whether or not to get into the real estate market; now may be the time. Mortgage rates are still fairly attractive too.
If you would like to discuss your purchasing options please give me a call. Perhaps one of those condos for sale in Nanaimo has your name on it.