The Nanaimo real estate market is seeing an influx of buyers from Vancouver. Nanaimo and the rest of Vancouver Island has always been a popular place for city dwellers to retire, but now the small Vancouver Island City’s real estate market is experiencing more movement than previous years.

Nanaimo real estate agent Julien Prevost shares his thoughts:

“Really what’s happened is in March everything came to a grinding halt and its almost like the market was non existent the volume was down dramatically and the as soon as they announced reopening the market went crazy. So we are in a market that hasn’t been this busy since about 2017 and then year over year prices are probably up about seventeen percent. Volumes up dramatically, prices are up significantly I’d say.”

It is impossible to deny the Pandemics influence on the market. With the Island’s relative stability during the pandemic, some people being forced into early retirement and more people working from home, Nanaimo has become a destination for many Vancouverites looking for more affordable housing.

Julien Prevost continues:

“The Island did so well during COVID I know a lot of people I know a lot of people thought about moving here because of that. A lot of people have been forced in retirement a bit early and the Island is really a retirement community so people like we’re trying to get over here and for the first time ever young people who have really good jobs in bigger cities can now work from home. So they are selling their houses, townhomes and condos in Vancouver, coming over to get a way nicer home here. I’d say probably around fifty percent of my clients here are from Vancouver. So while a lot of people are struggling through the back end of the year, repercussions of COVID real estate has gone like nuts.”