Vancouver’s red hot real estate market is turning into an incoming wave of new sales in Nanaimo.
As commuters who can, sell their Vancouver homes for big profits and buy their dream homes in the Harbour City.
With smiles as big as the profits from their recent East Vancouver sale and still a lot of disbelief, Mark Wellburn and Danielle Gerrard walk through the backyard of their newly purchased lakefront home to their private dock.
“Yeah. Thrilled. Over the moon,” say the two in chorus.
The humble couple is feeling a little like high rollers, after selling their modest East Vancouver home for 1.2 million dollars. 120 thousand dollars over asking price, in that city’s burning hot real estate market.
“Being on a lake is not an easy thing to do in Vancouver,” says Wellburn. “For us it would be impossible so we opted to purchase this home and we’re very happy.”
“It has five balconies,” says Danielle Gerrard. “It’s right on the water. I love it.”
The couple is in a growing number of buyers who plan to commute by ferry or float plane to work in downtown Vancouver from the homes they’ve now purchased in Nanaimo.
“Yeah he’s thinking about getting one of those little float planes that we can fly over back and forth which would be nice,” says Gerrard.
And as Vancouver prices push ever higher, the Vancouver Island Real Estate Board is expecting to see even more of this new buyer in the market.
“The trip is becoming easier and easier,” says Jason Finlayson, Past-President of the Vancouver Island Real Estate Board. “We’ve got the float planes, the ferries and there is talk of another passenger ferry out of Nanaimo.”
An outlandish idea maybe even just a few short years ago but now newly minted millionaires are trading in hour long commutes in congested traffic for a short float plane ride to work each day.
“We’re getting lots of people from the Mainland looking at Nanaimo and Victoria too they come up here,” says Realtor Brad Ney.
What long term impact this will all have on Nanaimo prices has yet to be seen, but prices are on the rise in the harbour city, and experts expect that to continue in the wave of this new push.
Cashing in on Vancouver’s skyrocketing real estate market for a piece of paradise just across the water.