For a Nanaimo homeowner weighing their next move, the data from March Week 1 provides a clear signal: the "waiting game" is ending. The market has shifted from the stagnant inventory build-up of January into a much more active, fluid environment.

• The Buyer Surge is Real: We have just hit 23 single family sales in a single week, tying for the second-highest sales volume since October. Unlike the December sales spike (which happened when there was almost nothing to buy), this current surge is occurring alongside a healthy flow of 42 new listings. This means buyers are active, decisive, and ready to move.

• Absorption is Rebounding: In January, the absorption rate plummeted to 28%. It has now climbed back to 54.8%. For you, this means the market is no longer "over-supplied." Well-priced homes are being absorbed at a rate that favors sellers who are ready to list now before the late-spring competition intensifies.

• Confidence Over Scarcity: The "fall-out" (cancelled/expired listings) remains low at 13. This suggests that the gap between seller expectations and buyer reality has closed. Buyers aren't just looking; they are committing.

What This Means for You

If you are Selling to Upsize: Now is a strategic window. Sales activity is high enough that you can likely move your current home quickly, but inventory (42 new listings this week) is still high enough that you have genuine options for your next purchase. You aren't stuck in the "no inventory" trap of December.

If you are Downsizing or Cashing Out: The momentum is in your favor. We are currently seeing a "sweet spot" where sales volume is rising faster than the cancellation rate. Waiting until May or June may mean competing with even more "Spring Market" listings, which could dilute your home’s visibility.

- John Cooper

Most Recent Market Statistics (February 2026)*

Vancouver Island (not including Victoria)

228 single-family homes sold. Average price: $826,130 (up 1% from 12 months to date, this year over last). Single-family unit sales volume is up 2.5%. Average days on market increased by 2% to 49 days. The average condo sold for $428,986. Condo unit sales are down 6%, 12 months to date. Condos have seen a increase of 14% in days on market. Average days to sell is 64 days. The average row/townhouse sold for $573,384. Row/townhouse unit sales are down 7.5%, 12 months to date. Row/townhouses have seen a decreased of 2% in days on market. Average days to sell is 55 days. Lot sales volume is down 7.5%. Lot prices have increased by 9%, 12 months to date. Average lot sale price: $488,005.

Nanaimo

70 single-family homes sold. Average price: $851,967 (up 1% from 12 months to date, this year over last). Single-family unit sales volume is up 8%. Average days on market increased by 2.5% to 42 days. The average condo sold for $449,987. Condo unit sales are down 1%, 12 months to date. Condos have seen a decreased of 2% in days on market. Average days to sell is 50 days. The average row/townhouse sold for $558,278. Row/townhouse unit sales are decreased by 7%, 12 months to date. Row/townhouses have seen no changes in days on market. Average days to sell is 43 days. Lot sales volume is down 17.5%. Lot prices have decreased by 15.5%, 12 months to date. Average lot sale price: $493,184.

Parksville/Qualicum

33 single-family homes sold. Average price: $958,483 (down 0.5% from 12 months to date, this year over last). Single-family unit sales volume is down 0.7%. Average days on market decrease by 2.5% to 39 days. The average condo sold for $479,201. Condo unit sales have decreased by 24.5%, 12 months to date. Condos have seen an increase of 11.5% in days on market. Average days to sell is 58 days. The average row/townhouse sold for $687,561. Row/townhouse unit sales are down 13%, 12 months to date. Row/townhouses have seen an increase of 16% in days on market. Average days to sell is 57 days. Lot sales volume is up 23.5%. Lot prices have decreased by 0.5%, 12 months to date. Average lot sale price: $544,860.

FULL REPORTS HERE.

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Notable New Listings

I like to start by outlining the best value based on $/sqft. The 3 best value homes listed this week are 4358 Gulfview Dr a 5 bed, 3 bath, 3,403 sqft North Nanaimo home listed for $988,000 ($290/sqft), 5153 Dunn Pl a 4 bed, 3 bath, 3,221 sqft North Nanaimo home listed for $985,000 ($306/sqft), 6088 McGirr Rd a 6 bed, 4 bath, 2,894 sqft North Nanaimo home listed for $949,900 ($328/sqft).

The 3 homes listed this week with the highest $/sqft are 3383 Opal Rd a 4 bed, 2 bath, 1,970 sqft Uplands home listed for $1,850,000 ($939/sqft), 1620 Loat St a 1 bed, 1 bath, 664 sqft Departure Bay home listed for $575,000 ($866/sqft), 3379 Opal Rd a 4 bed, 4 bath, 2,878 sqft Uplands home listed for $1,980,000 ($688/sqft).

The 3 homes priced the most below their assessed value are 3824 Yellow Point Rd a 4 bed, 3 bath, 2,244 sqft Cedar home listed for $1,499,900 (15% below its tax-assessed value), 2945 Newton St a 2 bed, 2 bath, 1,204 sqft Departure Bay home listed for $515,000 (13% below its tax-assessed value), 2331 Panorama View Dr a 3 bed, 2 bath, 2,006 sqft South Jingle Pot home listed for $799,000 (6% below its tax-assessed value).

The 3 least expensive new listings this week are 3824 Yellow Point Rd a 4 bed, 3 bath, 2,244 sqft Cedar home listed for $1,499,900. 2945 Newton St a 2 bed, 2 bath, 1,204 sqft Departure Bay home listed for $515,000. 2331 Panorama View Dr a 3 bed, 2 bath, 2,006 sqft South Jingle Pot home listed for $799,000.

The 3 most expensive new listings this week are 7490 Copley Ridge Dr a 5 bed, 4 bath, 2,244 sqft Upper Lantzville home listed for $2,195,000. 1390 Kurtis Cres a 7 bed, 5 bath, 5,080 sqft Cedar home listed for $2,059,000. 3379 Opal Rd a 4 bed, 4 bath, 2,878 sqft Uplands home listed for $1,980,000.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of 7431 Andrea Cres who secured a 9% discount off the $769,000 asking price (sale price $697,000). The buyers of 125 Harewood Rd who secured a 9% discount off the $699,900 asking price (sale price $635,000). The buyers of 6253 Olympia Way who secured a 7% discount off the $749,000 asking price (sale price $700,000).

The 3 highest cost per sqft sales this week were 1538 Brebber Rd a 2 bed, 2 bath, 1,170 sqft Cedar home sold for $716,000 ($612/sqft), 5768 Quarry Cres a 2 bed, 2 bath, 1,370 sqft Pleasant Valley home sold for $819,900 ($598/sqft), 550 Hannah Rd a 3 bed, 2 bath, 1,196 sqft South Nanaimo home sold for $708,000 ($592/sqft).

The 3 highest sales this week were 2168 Waring Rd a 4 bed, 4 bath, 2,840 sqft Cedar home sold for $1,325,000. 3689 Glen Oaks Dr a 3 bed, 4 bath, 3,586 sqft Hammond Bay home sold for $1,251,000. 3748 Glen Oaks Dr a 3 bed, 3 bath, 3,032 sqft Hammond Bay home sold for $1,240,000.

If you are looking for details on a recent sale not mentioned here, email me and I will send you the sale price.

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This Week in John’s Life

This week was a perfect example of why I love what I do—a blend of high-energy business, community connection, and some great local culture. Here is the latest from my corner of the world:

The market is keeping us on our toes! This week, we officially onboarded a new downtown condo and secured an accepted offer on a beautiful family home in Cedar. We also added a fantastic new listing in Deerwood to our portfolio and successfully sold another Parksville warehouse. On the advisory side, I had a great session conducting a buyer consultation for a client relocating from Vancouver—it’s always rewarding to help people find their footing here on the Island.

One of the highlights of my week was the time spent with colleagues and partners. I had a great coffee chat with an up-and-coming agent from Royal LePage; I always find it energizing to share notes with the next generation of talent. I also attended a lunch at Cactus Club with five bankers from BMO—it was a "super fun" (and productive) meetup that really reinforced the importance of the expert network we have supporting our clients.

On the personal front, I made sure to soak in some of Nanaimo's local arts scene. I caught a live Leeroy Stagger show at The Vault Cafe—if you haven't been lately, the atmosphere there is unmatched, and Leeroy was incredible.

Interested in Your Home's Value?

Just like monitoring the value of your investment portfolio, it is important to monitor the value of your real estate holdings. Your BC Assessment Value should never be relied upon for financial decisions. Email me for a personalized market assessment. I respond to every inquiry personally and prioritize open communication with my clients. I'm here to help!

John Cooper
250.619.9207
john@johncooper.ca