Real estate expensive enough

Average Nanaimo house prices have jumped, fuelled in great part by offshore investment

To the editor,

Re: City could see first $1-million condo sale, June 6.

I was curious to read this article. The listing agent is quoted as saying “Fortunately for us, the market is ready for it…” She states that Nanaimo has been undervalued, but is catching up to where it should be and the listing is advertised in Asian markets where she expects a lot of interest. What is Nanaimo supposed to be catching up to? Vancouver, where there is a serious housing crisis, and losing young professionals who cannot afford to buy? A young relative recently moved to Nanaimo from Vancouver hoping to buy a house here. She concluded that she couldn’t afford Nanaimo prices either, and has purchased a newer house in Charlottetown for less than half what she would pay in Nanaimo.

Average Nanaimo house prices have jumped, fuelled in great part by offshore investment. In the past two years, several houses in our neighbourhood sold for close to $100,000 over assessment, and sit empty. I’m told that this trend is more evident in high-end north Nanaimo neighbourhoods. I write this at risk of sounding politically incorrect. This is not about racial bias. This is supported by statistics. Findings regarding Vancouver real estate owned by absentee offshore owners are alarming, and indicate that monetary and ownership rules were being circumvented and laws broken in China and Canada.

The pace at which real estate agents are pushing the Nanaimo market, assures that my grandchildren will never own a house in their hometown. We could rename ourselves ‘Nancouver.’

Ellie Langer, Nanaimo