Affordability Guide · Nanaimo

What Can You Actually Afford in Nanaimo?

Current prices, what you'll pay at closing beyond the purchase price, and how the mortgage stress test affects your buying power. No sugar-coating.

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Current Market

Nanaimo Prices by Property Type

Benchmark prices reflect what an average buyer actually pays — not outliers. Updated regularly based on MLS data.

Detached Home

$785K

Benchmark Price

Townhouse

$565K

Benchmark Price

Condo / Apartment

$385K

Benchmark Price

North Nanaimo (Detached)

$870K+

Above City Average

What You'll Actually Pay

Beyond the Purchase Price

Buyers are often surprised by closing costs. Here's a realistic picture of what you'll need on top of your down payment on a $750,000 home.

Closing Cost Breakdown

🏛️

Property Transfer Tax

Varies / $0 first-time

$0–$13,000

⚖️

Legal / Notary Fees

Standard closing

$1,200–$2,000

🏠

Home Inspection

Recommended

$450–$650

📋

Title Insurance

One-time

$200–$400

📦

Moving Costs

Local move

$800–$3,000

🔧

Immediate Repairs / Updates

Budget for surprises

$2,000–$10,000+

CMHC Mortgage Insurance

If your down payment is under 20%, you pay CMHC insurance on the mortgage. It's added to your mortgage (not paid at closing) but it does increase your total loan amount and monthly payment. Here's what the premium looks like at different down payment levels:

Down Payment	% of Purchase	Premium Rate	On $750K
$37,500	5%	4.00%	$28,500
$52,500	7.5%	3.10%	$21,607
$75,000	10%	2.80%	$18,900
$112,500	15%	2.40%	$15,300
$150,000+	20%+	0%	$0

Important

The Mortgage Stress Test

This catches more buyers off guard than anything else. Here's how it actually works.

⚠️

Your approval is based on a rate you won't actually pay

Every lender must qualify you at the higher of: your contract rate + 2%, or 5.25% — whichever is greater. So if you're getting a 5.5% mortgage, you're tested at 7.5%. This can reduce what you qualify for by 15–20%.

Contract Rate

5.5%

What you actually pay

Stress Test Rate

7.5%

What you're qualified at

Qualification Gap

~15–20%

Reduction in buying power

A mortgage broker can run the exact numbers for your income and situation before you start shopping. It's worth doing before you fall in love with a house that turns out to be $50K above your actual limit.

Real Examples

Three Buyer Scenarios

Single Buyer — $80K Income

Budget Range~$400K–$450K

Down Payment Needed$25K–$40K

Realistic TargetCondo or older townhouse

Tight budget but workable. Programs like FHSA + HBP can meaningfully boost the down payment.

Couple — $140K Combined Income

Budget Range~$680K–$750K

Down Payment Needed$50K–$80K

Realistic TargetTownhouse or entry-level detached

Good range for Nanaimo. Mid-city detached homes and newer townhouses are realistic targets.

Upgrader — $200K+ Income

Budget Range~$950K–$1.2M

Down Payment Needed$150K+

Realistic TargetNorth Nanaimo or Hammond Bay

Covers most of the city. Neighbourhoods like Hammond Bay, North Nanaimo, and Departure Bay come into range.

Keep Reading

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First-Time Buyer Programs

Every BC/federal program, what's active, and what's been cancelled.

Next Guide →

The Nanaimo Buyer's Roadmap

8 steps from pre-approval to possession day.

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Call 250-585-3322