By Ian Holmes

Nanaimo home prices continue going through the roof

Oct 24, 2017 | 5:43 PM

NANAIMO — A sizzling mid-island housing market is showing no signs of cooling off.

Eye-popping record home prices are reported in the Nanaimo and Parksville Qualicum markets, thrusted skyward by continued low inventory, according to Vancouver Island Real Estate Board (VIREB) president Janice Stromar.

VIREB reported the average sale price for a single-family home in Nanaimo in September was nearly $526,400, while in Parksville-Qualicum the average single-family home sold in Sept. for more than $598,000.

The average single-family sale price in Nanaimo just six months ago was roughly $502,700.

“We are still seeing multiple offers pretty much all the time in the lower end of the market. Anything under $500,000 is flying off the market if it’s priced correctly,” Stromar told NanaimoNewsNOW.

New Heights

Olivia Lundman to compete in marathon distance at World Race Walking Championships

20h ago

The Hard Way

Clippers comeback to beat the Bulldogs for second straight playoff win

Apr 05, 2026

significant work

Ladysmith's enhanced Forrest Field project nears completion

Apr 04, 2026

Stromar was involved in two local sales last week where five and six offers respectively were placed on homes, pushing the sale prices more than $20,000 above the asking price. She said multiple offer scenarios continue to be the norm as opposed to the exception.

She said buyers from the Lower Mainland taking advantage of the relatively affordable market on the island and retirees taking advantage of the lifestyle are other factors driving up prices.

VIREB reported 319 single-family homes were on the market in Nanaimo in September, up from 245 six months ago and just 237 a year ago. It’s a far cry from the 608 on the market five years ago.

Stromar is hopeful relief is on the way in terms of selection for buyers to choose from.

“There are quite a few new builds out there, I don’t know if there’s enough that’s really going to address the supply issue, but time will tell.”

The Canada Mortage and Housing Corporation (CMHC) reported construction started on 331 housing units of all types in Nanaimo in the second quarter of this year, up substantially from 180 during the same period last year. Work on 136 single-family builds began in the second quarter, according to CMHC.

Stromar said everyone is waiting to see what impact tightened mortgage rules to take effect in the new year will have on the market.

“It’s going to make it more difficult for more people to qualify for a mortgage. If that happens to enough people and demand slows down then of course prices will start to level out.”

ian@nanaimonewsnow.com

On Twitter: @reporterholmes