What The Nanaimo – Vancouver High Speed Ferry Will Mean For Real Estate
Last year it was announced that a high speed ferry service between downtown Nanaimo and Vancouver’s Waterfront SeaBus terminal would be launching in 2018. Not only will this affect tourism but it could also impact Vancouver, and Nanaimo’s, real estate market.
Island Ferries, the company behind this planned service, initially announced that the ferry would launch in July of this year. However, on Monday, June 4, they confirmed that the service would be delayed.
The crossing is expected to take approximately 68 minutes with prices starting from $25. While the cost is higher than the current foot passenger fee from Horseshoe Bay to Nanaimo, it does cut out the need to travel from Downtown, to Horseshoe Bay.
Vancouver Real Estate
The improved transport options to enter Vancouver from Nanaimo could possibly ease some of the pressure off of the city’s real estate market. Those based on Vancouver Island, could consider taking jobs in Vancouver, without having to relocate. Likewise, those already living and working in Vancouver, could consider relocating to Nanaimo for the more affordable real estate.
Nanaimo Real Estate
There is, however, already great demand for property in Nanaimo. Nanaimo News Now recently reported that the average value of a single family home has increased 63% since 2013. It could well be the case that the high-speed ferry service could push the value of homes up even further – making it great for those looking to sell, but far more difficult for those ready to buy.
If you are ready to buy or sell property in Vancouver or Nanaimo, call our office to schedule an appointment with our experienced real estate notary public and lawyer, Kieran. Kieran regularly assists his clients in the conveyancing process so that the close of their sale goes smoothly, and avoids unnecessary delays. Call us on 778.819.8553.