John Hankins, CEO of the Nanaimo Economic Development Corporation, recently released this narrative on the solution to the Vancouver housing market challenge. Could Nanaimo, our made in BC city, be the solution to the sky high housing market costs in Vancouver and the challenge that presents young professionals trying to get on the property ladder and start a family?
A made in BC solution exists to the dizzy Vancouver real estate market
Hardly a day goes by when there is not a story highlighting the cost of housing in Vancouver and the challenge that presents young professionals trying to get on the property ladder and start a family. Only last week the headlines and social media were abuzz about a $2.4million knockdown property in Vancouver and yet a solution exists that is only a float plane away.
A made in BC solution exists to the dizzy Vancouver real estate market and it is Nanaimo. Yes, Nanaimo which is located 61 kilometers due West of Vancouver or within a 15-minute float plane / helicopter ride from downtown Vancouver. Nanaimo is a growing city of over 100,000 with a flourishing tech sector that is already supporting the BC governments focus on growing technology investment.
The average price for a newly built single family home as listed by CHMC in Jan 2016 in Nanaimo is $497,174 compared to Vancouver at $1,525,711 and Victoria at $736,781 the Nanaimo housing market at a third the price of Vancouver offers a viable made in BC solution to help young professionals get onto the property market, stay in BC and start a family. With lower commercial and industrial rates Nanaimo also offers an attractive base to start or locate a business, where an employer can provide a unique opportunity to its employees to stay on the West Coast, unlock the value of their Vancouver homes, realize significantly reduced commute times and pay downtown parking costs in Nanaimo you can only dream about in Vancouver.
But I hear you say Nanaimo is where people go to retire. Have I got news for you, after arriving in Nanaimo at the start of this year after spending 15 years in Calgary I have been excited to learn of the number of technology based companies that call Nanaimo home. These companies find the island lifestyle and lower cost of living conducive to attract and keep staff.
With two ferry terminals feeding daily services to Vancouver, a growing airport and the West coasts deepest sea port and busiest port on the island Nanaimo is able to overcome any perceived challenges to shipping product across Canada and the globe.
Inukton Services Ltd is an example of one such technology leader that was founded in 1989 designing and manufacturing remotely operated vehicles and modular robotic systems for use in confined spaces and hazardous environments. VMAC is a world-leader in the development of compact, powerful truck mounted mobile air compressor solutions.
Home grown technology companies are alive and thriving in Nanaimo as the City through its Economic Development Corporation (NEDC) recently invested in a downtown tech incubator called Square One that in less than a year of operation is full, with 8 companies at different stages of growth, these companies are choosing to stay in Nanaimo for the lifestyle and are able to draw on the talented pool of graduates from Vancouver Island University.
A made in BC viable and quick solution to allow companies to start up operations in Nanaimo to enable their staff from the young professional chasing the Canadian dream of home ownership and starting a family to allowing current home owners to release the equity in their home Nanaimo has it all.
Let’s change the story from a problem to a solution “Nanaimo is open for business”
– John Hankins CEO, Nanaimo Economic Development Corporation
A solution to Vancouver’s sky high housing market
Nanaimo is open for business! A dynamic city surrounded by the natural beauty of the ocean and mountains, aligns with many dynamic professionals looking for the work life balance that our incredible city and mild climate offers. With thriving technology companies, mult-reliable transportation choices feeding the city, a close knit community, world class international University programs and affordable housing, Nanaimo is a great solution to the sky high housing market.
Compare the average price for a newly built single family home as listed by CHMC in Jan 2016:
- Nanaimo – $497,174
- Victoria – $736,781
- Vancouver – $1,525,711
The Nanaimo housing market is at a third of the price of Vancouver’s. Truly a made in BC solution to young professionals getting onto the property market and staying in beautiful British Columbia.
Nanaimo is a made in BC solution. Only a 15-minute float plane or helicopter ride from downtown Vancouver, Nanaimo is a growing city of over 100,000 with a flourishing tech sector that is already supporting the BC governments focus on growing technology investment.