NNN’s top 10 of 2017: Prices and demand for Nanaimo real estate soars
NANAIMO — Never-before-seen demand for real estate paced a feverish residential market in Nanaimo in 2017.
Average house prices rose, topping record levels of over $500,000 due in part to a lack of inventory in the Harbour City.
“As long as the demand remains more than the supply, the prices will keep going up,” Janice Stromar, Vancouver Island Real Estate board president and Nanaimo realtor, told NanaimoNewsNOW in April.
Stromar said multiple offers and bidding wars on homes became the new norm, after only happening occasionally in Nanaimo in the past.