TODAY'S
MORTGAGE RATES IN Nanaimo

There's no shortage of mortgage options in Nanaimo. Big banks, local credit unions, mortgage brokers, and even private lenders are all available. RBC, TD, Scotiabank, CIBC, BMO, and National Bank are familiar and often convenient. If you already bank with them, the process can feel smoother. But rates? Not always the best—so comparison matters.

Local Credit Unions

Credit unions like Coastal Community, Island Savings, and First Credit Union have strong local roots. If you've been living or working on Vancouver Island, they may offer better rates or more personalized service. We've seen them come through with competitive offers, especially for long-time members.

Mortgage Brokers in Nanaimo

A good broker works for you, not the lender. They shop around, negotiate, and help you compare options—ideal if you're a first-time buyer or have a unique scenario.

Well-known names in town include:

• Oceanvale Mortgage & Finance
• VI Mortgages (Bill Fraser)
• Nowik Mortgage
• Invis
• Lendlab
• Integrity Mortgage
• Rescom

We've talked to people who had great experiences with brokers who explain everything clearly and work hard to get the best deal.

Alternative and Private Lenders

Private and alternative lenders fill the gap when banks say no. They can help if you're self-employed, new to Canada, or rebuilding credit. Rates are usually higher, so a broker can help you weigh the trade-offs. Ask questions, read the fine print, and make sure it fits your long-term plans.

How to Choose the Right Lender

There's no one-size-fits-all. Keep these in mind:

• Know how much you can comfortably afford.
• Get pre-approved to understand your borrowing power.
• Don't settle for the first offer—compare.
• Use tools like EveryRate.ca to shop 97+ lenders in one place.

Home prices in Nanaimo climbed quickly in early 2025. Buyers are feeling the pinch, but there's good news: listings are up and interest rates are trending lower.

The median single-family price hit $865,000 in January 2025. Homes are spending more time on market—about 66 days—and inventory is higher. In February, 975 active listings gave buyers more room to decide. To boost affordability, more buyers are looking at income suites and co-buying with family.

Nanaimo Housing Market in 2024: A Quick Recap

2024 was steady. The single-family benchmark rose 3.8% to $819,000 by December. Townhouses dipped slightly, and condos saw a small drop. Single-family sales rose 1.8%, townhouses were up 11%, and condos held steady. Over 2,100 new listings hit the market, and homes sold a bit faster than the year before.

Buyers gravitated to North Nanaimo, Lower Lantzville, and North Jingle Pot—often for larger lots and strong school access. Multi-generational homes and basement suites kept growing in popularity.

Nanaimo's Housing Outlook for 2025

2025 started strong. Prices continue rising, but more listings should ease pressure. In January, the median sale price reached $865,000 (up from $790,000 in December). Sales volume climbed too—53 single-family homes sold in January, a 32% jump year-over-year.

With more homes available, buyers have time to think, though days-on-market remain elevated. Expect a busy spring as inventory builds and rates settle lower. New construction is slowing due to costs, so resale competition may intensify.

Neighbourhood Spotlight

Here’s what homes were selling for in key Nanaimo neighbourhoods (April 2025):

• Brechin Hill: $768,800 – Close to downtown and commuter-friendly
• Cedar: $937,000 – Rural feel, larger lots
• Central Nanaimo: $700,000 – Good value and amenities
• College Heights: $1,099,000 – High-end homes near VIU
• Cinnabar Valley: $892,000 – Quiet, family-friendly
• Departure Bay: $925,000 – Ocean views, established homes
• North Nanaimo: $700,000 – Strong schools, family appeal
• Old City: $499,000 – Affordable entry point
• Pleasant Valley: $629,000 – Accessible, townhome-friendly
• South Nanaimo: $670,000 – Affordable and growing
• University District: $799,000 – Good for students or rental income

What Does This Mean for You?

If you're buying, now’s a good time to compare mortgage options. Listings are up, so choice is better. With prices still rising, acting sooner can help you save. If you're selling, values are trending higher, but homes are sitting longer—price it right and be patient. Whether upgrading, relocating, or buying your first home, EveryRate can help you sort options with zero stress.

Minimum down payments in Canada depend on the purchase price:

• Under $500,000: 5% minimum
• $500,000 to $999,999: 5% on the first $500,000, then 10% on the rest
• $1,000,000 or more: 20% minimum

Here’s how that plays out in Nanaimo. Old City, with an average home price of $499,000, still allows a 5% down payment—$24,950—making it a solid entry point for first-time buyers.

Central or North Nanaimo hover around $700,000, so the minimum down payment is about $45,000. Departure Bay and Cedar are closer to $925,000, requiring around $68,500. In high-end areas like College Heights (~$1,099,000), 20% is required, so the minimum is $219,800.

First-time buyers may also consider programs like the B.C. Home Owner Mortgage and Equity Partnership. If you've saved 2.5%, the province may match it to reach the 5% minimum, interest-free for five years.

If you put down less than 20%, you’ll need mortgage default insurance. The premium is added to your mortgage and varies with your down payment. Also budget for legal fees, land transfer tax, and title insurance—usually another 1%–4% of the purchase price, payable in cash.