If a big, beautiful ocean view is your cup of tea, $500k can do that for you here. For that money you can get a great ocean view from your choice of dwelling – a nice house, a condo, or a townhouse. It’s possible to get ocean views here for much less money, and to get really huge views for more money but for $500k you can definitely wake-up at home and see something pretty out your window.
Not satisfied with seeing water? How about owning waterfront? You can do that here with your $500k – a North Nanaimo waterfront lot perhaps? or maybe a lakefront home? I do not want to make it sounds like we are tripping over waterfront properties at this price but it is possible to get into the waterfront market at this price.
MLS #294898 on Cathers Lake
$500k is definitely enough to get you into a nice new house either just finished or a few years old (to avoid the GST). This price range will buy you a large family home in a popular neighbourhood with or without a legal suite. It’s relatively easy to get quite a bit of new house for this price - as long as you are okay with being in a newer subdivision on a fairly small lot. I am working on a post about which properties I would flip and fixing up a family home on a large lot is definitely on my list since they are in demand but tougher to find … but more about that later.
For those not into the new style of housing, there are lovely character homes in the Old City Quarter that you can get into for $500k. The shopping area along Fitzwilliam Street is the site of Nanaimo’s original economic core and many of the homes just up the hill date from the same period (1800-1900) While it’s possible to more or less in this area $500k is a healthy budget if your goal is to own a little part of Nanaimo’s heritage.
The quaint Old City Quarter
Moving just out the city that same money will buy you a small private acreage if a bit of space is more your thing. The Cedar/Yellowpoint area has a lot of nice acreages that start at this price range. Conversely, you could put down $500k and get 2 small houses within the City. For that matter, you could buy 1 waterfront condo downtown in the new Pacifica building…
MLS #294995 photo from listing
You won't get this view for $150K but still..
With so much choice finding local real estate to buy with $500,000 is a thrill for the shoppers and a nightmare for the indecisive! What would you choose?