Many people like to wait until the busy spring market to sell their homes. However, this year in Nanaimo we are experiencing a seller’s market. A seller’s market is when there are more buyers than sellers in the market place. Right now we are experiencing very low inventory levels which means that if you list your home and price it at market value, you stand a very good chance of selling it quickly.
There is no question that here in Nanaimo a 3 bedroom home has much better resale value than a 2 bedroom home. There is a much bigger market for 3 bedroom homes because the third bedroom opens up all sorts of usage options from a place to sleep to a media room or just a place to store things. Two bedroom homes exclude people with families as there just isn’t enough room.
According to the rental market survey released by CMHC the average vacancy rate in Canada's major centers was 2.9%. In Nanaimo it is 2% and in Parksville 1%. The vacancy rates in both towns are well below the average. The low vacancy rate is a good sign for investors wishing to become land lords.