May 2026 Newsletter

by John Cooper

The data for May Week 1 has arrived, and it signals a "Spring Crossroads" for the Nanaimo market. While buyer activity remains at a historic high, we are seeing a massive surge in Cancelled and Expired listings, suggesting that the market is beginning to punish sellers who overreached on their initial pricing.

The Sales Engine is Still Humming: Despite the drop from last week's outlier of 33, 27 sales in one week is still a powerhouse performance. It matches the high of early April and remains significantly higher than any week in January or February.

The "Reality Check" Spike: The most jarring number is the 35 Cancelled/Expired listings. This is the highest "failure rate" we've seen since November Week 2. It suggests that as we transitioned from April to May, many sellers whose homes didn't sell during the record-breaking April rush are pulling their listings to regroup, re-price, or simply giving up on the spring market.

Inventory Velocity: With 70 new listings, the supply is still coming in fast (the second-highest week in our weekly newletter tracking history). The market is currently adding inventory slightly faster than it can consume it, which is cooling the absorption rate back down to a balanced 38.6%.

Synopsis: For the Nanaimo Homeowner & Aspiring Buyer

"For a Nanaimo homeowner, May Week 1 is a loud signal to prioritize accuracy over optimism. While the 27 sales this week prove that demand is still incredibly strong, the massive spike to 35 cancellations shows that the market is becoming highly efficient at filtering out overpriced homes. Buyers currently have more choice than at any point in the last six months, and they are using that leverage to walk away from listings that don't offer immediate value.

If you are an aspiring homeowner, the 'frenzy' of late April has softened into a 'High-Inventory Balance.' With 70 new listings hitting the market this week, you have the upper hand in selection. The spike in expirations means you may even see 'old' inventory returning with fresh, more aggressive price tags. This is a week for patience and due diligence—the options are there, and the pressure to overpay has significantly eased."

- John Cooper

Most Recent Market Statistics (April 2026)*

Vancouver Island (not including Victoria)

372 single-family homes sold. Average price: $830,233 (up 1% from 12 months to date, this year over last). Single-family unit sales volume is up 1%. Average days on market decreased by 4% to 48 days. The average condo sold for $417,723. Condo unit sales are down 14%, 12 months to date. Condos have seen an increase of 14% in days on market. Average days to sell is 65 days. The average row/townhouse sold for $576,457. Row/townhouse unit sales are down 8%, 12 months to date. Row/townhouses have seen an increase of 9% in days on market. Average days to sell is 58 days. Lot sales volume is down 11%. Lot prices have increased by 6%, 12 months to date. Average lot sale price: $494,822.

FULL REPORT HERE.

Nanaimo

106 single-family homes sold. Average price: $850,924 (up .5% from 12 months to date, this year over last). Single-family unit sales volume is up 11%. Average days on market decreased by 2% to 41 days. The average condo sold for $438,748. Condo unit sales are down 21%, 12 months to date. Condos have seen an increase of 8% in days on market. Average days to sell is 55 days. The average row/townhouse sold for $556,729. Row/townhouse unit sales have decreased by 12%, 12 months to date. Row/townhouses have seen an increase of 12.5% in days on market. Average days to sell is 45 days. Lot sales volume is down 17%. Lot prices have decreased by 18%, 12 months to date. Average lot sale price: $483,774.

FULL REPORT HERE.

Parksville/Qualicum

57 single-family homes sold. Average price: $963,799 (up 1% from 12 months to date, this year over last). Single-family unit sales volume is down 8%. Average days on market decreased by 5% to 39 days. The average condo sold for $465,888. Condo unit sales have decreased by 18%, 12 months to date. Condos have seen an increased of 19% in days on market. Average days to sell is 61 days. The average row/townhouse sold for $686,765. Row/townhouse unit sales are down 12%, 12 months to date. Row/townhouses have seen an increase of 22% in days on market. Average days to sell is 60 days. Lot sales volume is up 10.5%. Lot prices have decreased by 2%, 12 months to date. Average lot sale price: $544,117.

FULL REPORT HERE.

Cowichan Valley

75 single-family homes sold. Average price: $823,863 (up 4% from 12 months to date, this year over last). Single-family unit sales volume is down 6.5%. Average days on market decreased by 4% to 50 days. The average condo sold for $340,366. Condo unit sales are up 13%, 12 months to date. Condos have seen an increase of 27% in days on market. Average days to sell is 61 days. The average row/townhouse sold for $567,097. Row/townhouse unit sales have decreased by .5%, 12 months to date. Row/townhouses have seen an increased of 14% in days on market. Average days to sell is 65 days. Lot sales volume is down 34%. Lot prices have increased by 31%, 12 months to date. Average lot sale price: $592,521.

FULL REPORT HERE.

Notable New Listings

I like to start by outlining the best value based on $/sqft. The 3 best value homes listed this week are 133 Milton St a 4 bed, 4 bath, 2,450 sqft Old City home listed for $699,900 ($286/sqft), 541 Charfinch Pl a 4 bed, 3 bath, 3,057 sqft Uplands home listed for $899,900 ($294/sqft), 3120 Robin Hood Dr a 4 bed, 3 bath, 2,768 sqft Departure Bay home listed for $839,900 ($303/sqft).

The 3 homes listed this week with the highest $/sqft are 5020/5010 Fillinger Cres a 3 bed, 2 bath, 1,403 sqft North Nanaimo home listed for $2,995,000 ($2135/sqft), 3129 Departure Bay Rd a 1 bed, 1 bath, 567 sqft Departure Bay home listed for $529,000 ($933/sqft), 7080 Blackjack Dr a 3 bed, 2 bath, 1,328 sqft Upper Lantzville home listed for $899,000 ($677/sqft).

The 3 homes priced the most below their assessed value are 1790 Waddington Rd a 1 bed, 1 bath, 503 sqft Central Nanaimo home listed for $329,000 (18% below its tax-assessed value), 550 Cadogan St a 2 bed, 2 bath, 1,755 sqft Central Nanaimo home listed for $559,000 (13% below its tax-assessed value), 1986 Estevan Rd a 2 bed, 2 bath, 1,127 sqft Brechin Hill home listed for $535,000 (10% below its tax-assessed value).

The 3 least expensive new listings this week are 1790 Waddington Rd a 1 bed, 1 bath, 503 sqft Central Nanaimo home listed for $329,000. 3129 Departure Bay Rd a 1 bed, 1 bath, 567 sqft Departure Bay home listed for $529,000. 1986 Estevan Rd a 2 bed, 2 bath, 1,127 sqft Brechin Hill home listed for $535,000.

The 3 most expensive new listings this week are 5020/5010 Fillinger Cres a 3 bed, 2 bath, 503 sqft North Nanaimo home listed for $2,995,000. 6063 Breonna Dr a 3 bed, 5 bath, 3,890 sqft North Nanaimo home listed for $2,099,900. 156 Golden Oaks Cres a 3 bed, 4 bath, 3,596 sqft Hammond Bay home listed for $1,949,900.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of 1971 Woodridge Rd who secured a 7% discount off the $1,149,900 asking price (sale price $1,075,000). The buyers of 5709 Malibu Terr who secured a 6% discount off the $949,900 asking price (sale price $895,000). The buyers of 7228 Aulds Rd who secured a 5% discount off the $1,150,000 asking price (sale price $1,088,000).

The 3 highest cost per sqft sales this week were 7478 High Ridge Cres a 6 bed, 4 bath, 3,904 sqft Upper Lantzville home sold for $2,775,000 ($711/sqft), 624 Winchester Ave a 3 bed, 2 bath, 1,152 sqft South Nanaimo home sold for $668,000 ($580/sqft), 7228 Aulds Rd a 3 bed, 3 bath, 1,966 sqft Upper Lantzville home sold for $1,088,000 ($553/sqft).

The 3 highest sales this week were 7478 High Ridge Cres a 6 bed, 4 bath, 3,904 sqft Upper Lantzville home sold for $2,775,000. 4648 Sheridan Ridge Rd a 6 bed, 5 bath, 3,995 sqft North Nanaimo home sold for $1,490,000. 7549 Andrea Cres a 4 bed, 3 bath, 2,783 sqft Lower Lantzville home sold for $1,425,000.

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!

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

This Week in John’s Life

This week has been absolute lightning in a bottle. If you’ve been watching the Nanaimo market, you know the energy is shifting, and our team is right in the thick of it.

We are officially launching six new homes to the MLS this week! The momentum is incredible right now; just last week, we navigated two intense bidding wars that resulted in unconditional, above-list sales and two very happy sets of sellers. It’s been amazing to see the John Cooper Signature Launch Plan making such a visible impact—it’s designed to create this exact kind of urgency and results. If you’re curious about how we differentiate your property, send me a message directly; I’d love to show you the blueprint.

On a personal note, I finally managed to sneak away for my first Nanaimo River swim of the season! That early May heatwave was the perfect excuse to jump in and recharge. The "office" looks a little different for me later this week, though—I’m heading over to Vancouver to referee at BFL, broadcast live on UFC Fight Pass. There is nothing like the energy of a pro fight night to keep you sharp.

Looking ahead, we have massive open house plans set for this weekend. Since it’s Mother’s Day, we’re making sure these events are extra special, so stay tuned for the schedule. I am genuinely so excited about this season and the opportunities we’re creating for our clients. I truly love Vancouver Island and the community we’re building here.

Interested in Your Home's Value?

John Cooper
250.619.9207
john@johncooper.ca

May 2026 Newsletter

by John Cooper

Most Recent Market Statistics (April 2026)*

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