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

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Comments are closed

Just Posted

Nanaimo’s newest skatepark now open for use in Harewood

Harewood Centennial Park amenity opens on schedule

Column: Sustainable society based on foundational services

Services tied to local populations puts sustainability above growth, says columnist

Beefs & Bouquets, July 1

To submit a beef or a bouquet to the Nanaimo News Bulletin, e-mail

Consultant presents two options for Ravensong pool expansion project in Qualicum Beach

RDN committee defers decision until more information available on Parksville pool plans

‘This year is unlike any other’: Trudeau delivers Canada day address

Sophie Gregoire Trudeau and the Prime Minister release video celebrating the national holiday

B.C. repairs COVID-19 emergency order for local government

Ombudsperson shut out as his recommendations implemented

No doctor assisted death allowed at Hamlets in Duncan

Faith-based company that owns facility believes in sanctity of life

More than 50,000 Coronavirus cases reported per day in US

Coronavirus cases are rising in 40 of 50 US states

Trump plans huge July 4 fireworks show despite DC’s concerns

Despite health concerns from D.C.’s mayor, no one apparently will be required to wear masks

Canadian engineer detained in Egypt released, needs treatment, family says

Yasser Albaz was detained at the Cairo airport after a business trip in February of 2019

RCMP arrest armed man on grounds near Trudeau residence

Officers descended on the sprawling estate Thursday morning.

Longtime Vancouver Island fishing family hooks into local market over wholesale

Locally caught fish are scarce in fishing towns, an irony one Sointula family is working to change

Undercover operation exposes prominent human trafficking problem in Greater Victoria

VicPD’s Operation No More took place in mid-June at a local hotel

Most Read