With our convention centre in place the the announcement that 2 first class hotel are to be built Nanaimo is poised for growth.
The Alberta baby boomers are back and they are looking for ocean view homes. The traffic from Alberta slowed after 2007. Many worked a few more years, while others invested in Arizona when priced dropped in the US. About 2000 people are expected to move here in the next 12 months. This will push our population to over 150,000 (Regional District).
The development at the airport has resulted in 4 airlines flying regular flights to Seattle, Calgary, Victoria, Vancouver and Abbotsford. Traffic at the airport is up 29% from last year.
Cruise ship traffic is down this year with just 4 coming this year. The environmental regulations were changed for cruise ships operating in Canadian waters. Many ships are being refitted to meet with the regulations.
The BC Summer Games will more than make up for it. The BC Summer Games will involve 3000 volunteers are expected to assist 2000+ athletes and thousands of spectators. While most of the athletes are too young to invest now it will introduce them to our city. The parents will also be visiting Nanaimo from all over BC. You can't help but love Nanaimo once you have been here. The world class boating, fishing, hiking and skiing are just a few of our nature charms. Then you look at out moderate climate, low unemployment rate, house prices, shopping new Port Theatre, hotels and convention centre.
The single family home sales was off slightly from May but up 3% from last year. The last 12 month period is 17% up from the previous 12 month period. Prices are up 3% but I suspect most of that is due to the increase in the cost of building a new home. I personally have seen more than a few multiple offer situations since January. Lot sales are up 107% in the last 12 month period. New home builders have sensed the change in the market and are back and building more new homes. The city planning department was swapped last month with permits. Condo sales in June were up 42% over last June and up 40% over the last 12 months. Condo prices have not changed much but inventories are 17% lower. We still have 10 months of inventory.
They should be up and running by Spring 2015. They own 2 catamaran ships that will travel downtown Nanaimo to downtown Vancouver. The lease will commence on October 1, 2014. Island Ferries is required to start operations by March 31, 2015.
The lease is for a term of 20 years, renewable twice at Council's discretion (not to be unreasonably withheld). Rent from the lease area is $52,000 per annum.
The entrance will be off Grace Street. Perhaps that part of town will start to get some new development?
Lead singer of the Guess Who and Canadian rock legend Burton Cummings is coming to Nanaimo Sept. 26th, 2014.
He will be playing at the Port Theatre and tickets are $119.
Clap for the wolfman, These eyes, Laughing, American Woman, Share the Land and No Time, are just a few of his songs.
I post both my cell and office number so my clients can reach me anytime. I am always happy to discuss your Nanaimo real estate needs.
Office 1-5140 Metral Dr. Nanaimo