Nanaimo is one of the fastest-growing cities in Canada, let alone B.C. According to the 2023 State of the Nanaimo Economy report by the City of Nanaimo, the population grew 10.3 percent between the 2016 census and the 2021 census. This growth rate was higher than B.C.’s at 7.6 percent and Canada’s at 5.2 percent. It comes as no surprise that Nanaimo is one of the best cities to consider investing in, especially for multi-family developments. Here are three reasons why.
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1. Profitable Return On Investment
The Nanaimo housing market is booming. In 2022, Nanaimo’s building permit values reached $410 million. Construction applications included 1,065 multi-family development projects. As housing prices rise in major cities like Vancouver, many people are moving to Nanaimo for more affordable housing options. Nanaimo’s real estate market has shown consistent growth in property values, and investing in a multi-family development can provide an opportunity to benefit from this appreciation.
2. Increased Cash Flow & Reduced Vacancy Rate
Multi-family developments in Nanaimo typically generate higher rental income compared to single-family properties. Not only that, but Nanaimo has a strong rental market both for long-term and short-term stays. Investing in multi-family developments can cater to tourists, single-income households, families, and the retiree market, increasing the potential for high occupancy rates and rental income. This demand for rental properties can lead to steady and reliable cash flow while reducing the risk of vacancy.
3. Great Location For Long-term Growth
Nanaimo’s proximity to Vancouver, Victoria, and major tourist destinations across Vancouver Island make it a great location for long-term growth. Being just a short ferry ride or flight away, Nanaimo is a more affordable housing alternative while still providing access to amenities and employment opportunities in major metropolitan areas. Nanaimo is also becoming more accessible. With the launch of Hullo, a foot-passenger-only ferry, residents can now go from downtown Nanaimo to downtown Vancouver in just 70 minutes.
Looking for a general contractor with 35 years building multi-family developments?
With 35 years of building multi-family developments, our team of general contractors and Nanaimo builders intimately know the ins and outs of turning your vision into a profitable investment. When you partner with us, you join our extensive network of real estate professionals and financial advisors to ensure your investment is protected. If you’re curious to learn more, reach out to us or browse through our latest multi-family developments and find out what Westmark can do for you.
