Real estate in Nanaimo is shifting. The Canadian real estate market is stable and continues to attract positive attention from investors, which includes international investors and projects. Nanaimo was in a holding pattern in the last couple of years and into early 2014. Now real estate in Nanaimo is experiencing an increase in home sales and building permit applications.
Urban Real Estate in Nanaimo
The Urban Land Institute reports that across North America a trend towards urbanization will continue. This contributes to intown housing and urban investments having the highest investment and development prospect scores. Real estate in Nanaimo varies from this forecast slightly with more development happening in single family homes than condominiums.
We will continue to attract technology companies and those able to work remotely through successful developments such as our passenger ferry service and our hotel that is expected to bring 70,000 people to Nanaimo each year. Nanaimo is likely to see a growth in our urban center with more mixed use projects. Real estate in Nanaimo’s urban centre will shift and the profile of our developments will change quickly. Large cities like Vancouver and Victoria tailor their urban developments around live, work, and play, with residents wanting to be within walking distance of their downtown core. It may seem far off now, but before you know it Nanaimo’s landscape will be changing.
The emerging trends for 2014 continues to hold the hotel sector favorable. The real estate in Nanaimo that is held for hotel development confirms this. The hotel occupancy rates were almost back to peak levels and expect to see tremendous activity moving forward. It is predicted that limited service hotels and full service hotels are moving up in the real estate investment ranking. This boosts parallels the nation’s economic recovery and as travel increases, the hospitality industry will continue to expand. According to hotel managers, the increased demand is coming from corporate travel.
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