Single-family benchmark, Nanaimo
$789,100As of October 2026.Source
Townhome benchmark, whole VIREB area
$579,800As of October 2026.Source
Apartment benchmark, whole VIREB area
$400,000As of October 2026.Source
Population of the City of Nanaimo
99,863As of 2021 Census.Source
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Nanaimo sits halfway up Vancouver Island, and its single-family market has been drifting slightly lower while townhomes have gone the other way.

Nanaimo’s single-family drift and townhome rise

The Vancouver Island Real Estate Board’s October 2026 benchmark for a Nanaimo single-family home was $789,100, down 2% from a year earlier. Board-wide, the single-family benchmark was $780,400, down 1% on the year and up 1% on September. The townhome benchmark across the board was $579,800, up 6%, and the apartment benchmark was $400,000, down 3%. Those last two are for the whole board area, so they are a rough guide for a Nanaimo owner, not a precise one.

VIREB recorded 582 sales across all types, down 9% from a year earlier, and 4,173 active listings, up 9%. Single-family sales numbered 298. Nanaimo’s 2021 Census count was 99,863 people, a 10.3% rise from 90,504 in 2016.

From equity to room: the Nanaimo arithmetic

A lender’s math starts at the appraisal and the 80% line the Financial Consumer Agency of Canada describes: 80% of appraised value, minus what you still owe on the first mortgage. In the first example a house owner has $181,280 of room, and a $60,000 loan sits comfortably inside it. In the second, a townhome owner has $179,800 of equity but only $63,840 of room, and a $50,000 loan leaves $13,840. Test your own plan on the calculator, and pick a value a bit below the benchmark.

Renovation, retirement and self-employment

Nanaimo owners often borrow to renovate, to fund retirement or to bridge irregular income. A renovation loan has to be repaid whether or not the work lifts the value, and single-family benchmarks slipped over the year, so read our page on borrowing for a renovation before you commit. If you are older and the aim is cash flow, reverse mortgages work differently from a second mortgage, with no regular payments but a growing balance. If your income is irregular, see the self-employed page.

How a BC court-ordered sale ends

If a loan goes wrong, the end of the road in BC runs through the court. Legal Aid BC says a lender cannot sell your home without your consent or a court order. A lender can ask for an Order for Conduct of Sale, and a sale must be approved by the court. The Order Approving Sale sets a move-out date, and Legal Aid BC says courts usually allow around 30 days after it takes effect, though it can be sooner. Speak to a lawyer well before that point.

Fees, tax and what we could not source

A second mortgage in Nanaimo costs interest, a lender fee, often a broker fee, legal costs and an appraisal. BC’s property transfer tax is a purchase tax and we found no line for a loan on a home you keep. The Home Owner Grant, which reduces your annual property tax on a principal residence, applies in full up to a 2026 assessed value of $2,075,000 and has no effect on what you can borrow. We found no Nanaimo-specific arrears or renewal figure, so none is given. If your first mortgage renews soon, compare a second mortgage and a refinance before you add a loan.

What to bring and what to ask

Gather your latest mortgage statement, the property tax notice, income records and a list of what you plan to pay off or build. If your home has a secondary suite, tell the professional early, since it can change how a lender values the home.

Then ask for the full first-year cost in writing: interest, lender fee, broker fee, legal and appraisal. Our guide to private second mortgages explains the exit plan you should expect to hear, because a short term means a renewal or payout in a year or two.

Supply on the Island

VIREB counted 1,319 active single-family listings in October 2026, against 1,224 a year earlier, about 8% more. Condo apartment listings were 353, against 362. More single-family homes for sale tends to slow price growth, which is consistent with the 2% annual dip in Nanaimo’s benchmark. It also means a lender’s appraiser has plenty of recent comparable listings to check your home against.

Where to take a Nanaimo plan for review

Bring the first mortgage and the property type to a licensed mortgage professional in British Columbia and ask for banks, credit unions and private lenders to be compared. The British Columbia page covers the provincial rules and costs. For a review of your own Nanaimo numbers, use the options check.

A Nanaimo single-family home at the October 2026 benchmark

The $789,100 value is VIREB's October 2026 Nanaimo single-family benchmark, used as a stand-in for an appraisal. The $450,000 first mortgage and $60,000 loan are made up. The 80% ceiling is the Financial Consumer Agency of Canada's figure for a second mortgage.

Home value used
$789,100
Owed on the first mortgage
$450,000
Combined loan-to-value with a $60,000 loan
64.6%

$510,000 divided by $789,100

80% of the home value
$631,280
Room left after the new loan
$121,280

$181,280 minus $60,000

Room under an 80% ceiling before the loan
$181,280

A $60,000 loan uses a third of the room, and the owner has $121,280 left. A modest renovation loan like this is well inside the ceiling.

Illustration only. The figures are made up to show the arithmetic. They are not a quote, a rate or an offer.

A townhome valued at the Island-wide benchmark, with a loan at the edge

The $579,800 value is VIREB's October 2026 townhome benchmark for the whole board area, not Nanaimo alone, used as a stand-in for an appraisal. The $400,000 first mortgage and $50,000 loan are made up.

Home value used
$579,800
Equity before the new loan
$179,800

$579,800 minus $400,000

Combined loan-to-value with a $50,000 loan
77.6%

$450,000 divided by $579,800

80% of the home value
$463,840
Room under an 80% ceiling before the loan
$63,840

$463,840 minus $400,000

Room left after the new loan
$13,840

Equity of $179,800 gives $63,840 of room, and a $50,000 loan leaves $13,840. A 3% lower appraisal would make this loan too large.

Illustration only. The figures are made up to show the arithmetic. They are not a quote, a rate or an offer.

Questions people ask

Nanaimo's price figures: where do they come from?

The Vancouver Island Real Estate Board publishes monthly benchmarks, and its October 2026 media release gave a Nanaimo single-family benchmark of $789,100. Townhome and apartment benchmarks in that report are for the whole board area, not Nanaimo alone.

Once a BC court approves a sale, when must I leave?

Legal Aid BC says the Order Approving Sale sets a move-out date, usually the possession date in the sale contract. Courts usually give around 30 days after the order takes effect, but it can be sooner. A lawyer can tell you what applies to your case.

Older Nanaimo owners: is there a way to borrow without monthly payments?

A reverse mortgage is one product that does this, with the interest added to the balance, which reduces your equity over time. It has different eligibility and costs than a second mortgage. Compare both and read the contract with a lawyer.

Is the cost of a Nanaimo renovation loan justified?

Only if the total cost, including fees and interest, is less than the benefit and fits your budget. Nanaimo single-family prices slipped 2% on the year, so do not assume renovations will pay for themselves through a higher appraisal.

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Sources