In Nanaimo land is quite expensive, depending on what you can build on a property land can easily cost 400,000$ That is quite a head start to make houses unaffordable. Given that build costs for a 1000 ft2 unit might run in the 250,000$ range, this project already is running you 650,000$. Add a few dollars to connect to city services, easily at 700,000. Does anyone else this is insane?
So maybe a 4-plex might work, 4000 ft2 of built space, so maybe total of 1.5M$ after everything added in. So about 375,000$ to buy a 1000 ft2 unit in a 4 plex... Yikes. Probably a 2100$ minimum monthly mortgage.
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