Nanaimo

Nanaimo sits on Vancouver Island’s east coast like a secret that half of British Columbia already knows about. The city’s grown by over 10% since 2016, and there’s a simple reason why—it’s got the coastal charm without the Vancouver Island price tag that makes Victoria wallets weep.

The numbers tell a story that mortgage brokers should pay attention to. Nearly 100,000 people call this place home, with a median household income of $75,500 and a housing market that’s refreshingly diverse. You’ll find everything from waterfront properties to practical family homes, with single-detached houses making up just over half the market. The rest splits between apartments, duplexes, and row houses, giving borrowers options that don’t exist in smaller island communities.

What makes Nanaimo different isn’t just geography—it’s the bathtub races. Yes, you read that right. Every summer, people race modified bathtubs across the Strait of Georgia to Vancouver. It’s been happening since 1967, and it perfectly captures the city’s mix of practicality and playfulness. This isn’t a community that takes itself too seriously, but it’s serious about quality of life.

The economic foundation runs deeper than tourism, though visitors certainly help. Healthcare leads employment at 16.1%, followed by retail trade and construction. The old forestry dependence has shifted toward a more balanced economy, which means stability for property values. Nearly half the workforce commutes less than 15 minutes—try finding that in most BC cities.

For borrowers looking at equity-based solutions, Nanaimo offers something compelling: a 70% maximum LTV in a market with genuine staying power. The city’s plant hardiness zone improved a full level over recent decades, making it increasingly attractive for year-round living. That’s not speculation—it’s climate data backing up what locals already know.