Affordable Housing Update 2020

May 2021 | Housing

The City of Nanaimo recently presented an update on affordable housing, outlining the current housing situation and actions undertaken to help our community. This is what we learned:

Rental Vacancy Rate

The current rental vacancy rate in Nanaimo is dire. In October 2018 the rental rate was 2.4% and in October 2020 it had dropped to 1%. 

Rental Rates

While the number of available rental units has decreased, the rental rates in Nanaimo have increased. The rates have increased 2.4% in 2019-2020 making already affordably housing even more unaffordable. 

House Prices

New home owners are being forced out of the market due to increases in housing prices, putting even more pressure on rental housing. The average home sale price increased by 8.8% between 2019-2020. The average single family home now costs $758,054. 

City of Nanaimo Actions

The City of Nanaimo’s Affordable Housing Strategy provides a framework for the City to work with other levels of government, the private sector, and non-profit organizations to facilitate the development of affordable housing. Here’s their progress so far:

New Emergency Shelter

Transition Housing

Supportive Housing 

Affordable Rental Housing

Below Market Rental

affordable housing info-graphic from the city of nanaimo
Click on image to view the full infographic

To increase the overall stock of affordable housing in Nanaimo, the City has implemented these new projects and policies:

Community Amenity Contribution Policy

Health and Housing Action Plan 

Rent Bank established in January 2021

Short-term rental regulations to ensure local rental housing is available longterm for locals.

For more information on the City of Nanaimo’s plans and actions, click here.

Resources to help you

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