The red hot real taste market in Vancouver is sending ripples over to Vancouver Island and a new record setting home sale in Nanaimo is proof that luxury buyers are investing there.
The waterfront home sold for $2.35 million and is one of an increasing number of homes over 1-million dollars that are being bought up by everyone from Alberta to Asia.
At 1.18 million dollars this newly listed Nanaimo home won’t be for everyone but Cathy Levell’s finding an increasing number of people lining up to spend that.
“Oh yes. And this will probably sell this week,” says Levell, a longtime Nanaimo real estate agent.
She just sold the highest priced home on record in Nanaimo for 2.35 million dollars.
“Which is beyond anything ever that we’ve seen,” says Levell. “And we’re seeing the same trend this year.”
19 homes sold for over 1-million dollars in this community last year and she expects 2016 to set a new standard, after all the interest she’s getting from luxury buyers bringing their ultra budgets to a market just across the water from Vancouver made even more attractive by a low Canadian dollar.
“There has definitely been a shift and they’re pre-approved buyers and the inventory isn’t there,”
A sign say experts that the real estate market in this region is on the way up.
“We are starting to see really high demand for single family homes.
Janice Stromar is President-elect of the Vancouver Island Real Estate Board and says the median price of a home here is now $395,000. But even in that price margin that’s $40,000 more than last year.
“It’s not skyrocketing but it is definitely going up because Nanaimo is still relatively affordable,” Says Stromar.
And Levell says that equation is the same for luxury properties.
“Can you imagine what this property would cost in West Vancouver?” says Levell, showing off the Nanaimo waterfront listing.
And that ripple effect is now hitting home here. In a city Levell says a million dollar home would be a real rarity in just a few years ago,
“They do that in Vancouver it doesn’t happen here so that indicates that things are changing,” says Levell.
As buyers from Asia to Alberta buy up pricey Nanaimo waterfront and save millions doing it.