Nanaimo’s condo market is flatlining, as condominium sales improve in B.C.’s bigger markets. Slashed prices are being used to push unit sales at one of Nanaimo’s biggest downtown condo towers, while another building remains shelved for the foreseeable future.
Greater Vancouver is enjoying a bullish market, especially in condo sales, fuelled by Chinese investors looking to snatch up housing that is affordable by their standards.
Nanaimo real estate typically lags behind what is happening in larger markets by several months but it is difficult to predict what, if any, impact the forces driving a rush on unit sales in Vancouver will have here. Fewer units are selling and of those that are selling, many are going for less than a year ago. In Vancouver, prices are rising as Asian buyers are arriving by the plane load to buy up everything available.
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