Nanaimo | A Pivot City
In 2019 and 2020, Canada has seen some of the highest levels of immigration. British Columbia, specifically Nanaimo, has invited most of these immigrants and has seen immense business growth and economic development in the same period.
By 2024, forecasts suggest that the population growth Nanaimo alone will go past the 100,000 mark.
Source: Nanaimo Community Profile
Because of this, the real estate market has grown considerably in the region, inviting more investments for expansion projects. The average rent for a two-bedroom apartment has gone up by 12% in 2021, standing at a whopping $1,400. More high-tech employment in the city, university students, and staff are also increasing this rental demand as tech hubs start taking roots right outside Vancouver the city.
Nanaimo As a Pivot City
The increasing population and the overall infrastructure development that different communities are seeing, such as the Comox Valley, Parksville, and the revitalization of Qualicum Beach, have brought investor interest and confidence back.
This means more economic growth for the country and the potential for better returns for investors. Expansive developments in the nation will only increase in the post-pandemic world, with Nanaimo, the Island’s second-largest city, at the center of it all.
As the hub for immigration growth, business growth, and expansion projects in BC with the potential for better returns, residential, commercial, and industrial projects are starting to take roots here. The real estate market is also booming, presenting more opportunities for investors to get a piece of the pie.
To find out more about the investment and business opportunities in Nanaimo or if you are a business in the region and have a story, and you’d like to be featured on TechIsland, contact us:
Economic Development Officer