Nanaimo condo building nearly half sold in two days

Nanaimo condo building nearly half sold in two days
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WATCH: It may be the fastest selling condominium Nanaimo has seen. 91 Chapel Street went on the market yesterday and buyers have already snapped up nearly half of the buildings 61 units.It’s a sign the real estate market is still very hot and buyers are bullish in Nanaimo’s downtown. Kendall Hanson reports.

David Ayou wasted no time signing on to buy a condo in this new downtown Nanaimo development.

And he’s not alone.

He’s just one of several people who’ve snapped up nearly half the buildings units in the first two days they’ve been on sale.

“I’m not surprised,” said Ayou. “I think it’s to be expected with downtown Nanaimo growing the way it is and a lot of changes coming. I think we’re going to see more of this.”

It’s no secret that Nanaimo’s real estate market is hot.

Still, so far, it’s never seen a rush comparable to other areas such as Vancouver until now.

“I believe that this is certainly amongst the fastest selling condo projects in central Vancouver Island in quite some time,” says John Cooper of Cooper of McLintock & Associates.

According to the Vancouver Island Real Estate Board, Nanaimo had fewer listings in November than the same month last year, with the average home price up 14 per cent or $60,000.

The first new condos for sale in Nanaimo’s downtown in several years are being built on the site of a former bowling alley.

Real estate agents say they’ve seen a shift in who’s buying.

“A lot of our demand has traditionally come from other parts of British Columbia, not the Lower Mainland, Alberta and other parts of Canada are the three largest markets buying here,” said Cooper. “And in the last 18 months, that’s shifted dramatically to the Lower Mainland and Victoria.”

This building’s buyers are a mix of local, international, and from other parts of B.C.

The developer says they’re attracted by the surroundings and the convenience.

“It was the accessibility to that large market but accessibility to mountain biking and paddle boarding,” said Alvin Benjamin of Island Creek Developments. “It has that and that’s what people are seeing.”

The remainder of the units, which start at $260,000, is expected to sell out within eight weeks. A fast-selling project by Nanaimo standards and a sign buyers believe in the revitalization of the city’s downtown.

Kendall HansonKendall Hanson

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