Weekly Real Estate Take - April 2026 - Week 2

 

 

The data for April Week 2 suggests the Nanaimo market is taking a collective "breather" after the record-shattering pace of the previous week. While inventory continues to land at a much higher volume than we saw during the winter, the immediate buyer response slowed down slightly this week.

Critical Observations for the Nanaimo Market

After hitting an all-time 2026 high of 27 sales last week, the drop to 17 indicates that the market isn't in a runaway "overheat" mode. This volatility is common in the spring as buyers cycle through the massive influx of new inventory.

The "Picky Buyer" Trend: Even with 52 new homes hitting the market, 19 listings were cancelled or expired. This keeps the "failure rate" near that 20-unit mark. It signals that Nanaimo buyers are exercising their power of choice; they aren't panicking into just any home, they are waiting for the right value.

We moved from a very hot 45% absorption last week to a more balanced 32.7%. This shift favors buyers, providing a bit more breathing room for negotiations than the first week of the month allowed.

Synopsis for a Nanaimo Homeowner Considering a Move.

For a Nanaimo homeowner, April Week 2 is a reminder that the spring market is a marathon, not a sprint. While we saw a record-breaking surge to start the month, the current pace has settled into a high-inventory, selective-demand environment. 

If you are selling, the message is clear: your home is no longer the only "new" thing on the block. With over 50 new single-family homes hitting the market each week, buyers have the luxury of being critical. Success right now is less about "market heat" and more about strategic positioning. 

For aspiring homeowners, the dip in absorption to 32% is a green light—there is fresh inventory available and slightly less immediate competition than we saw seven days ago, giving you a valuable window to negotiate subjects and price.

- John Cooper

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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!

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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 2555 Departure Bay Rd a 5 bed, 2 bath, 3,151 sqft Departure Bay home listed for $874,888 ($278/sqft), 680 Chelsea St a 5 bed, 2 bath, 2,660 sqft Central Nanaimo home listed for $750,000 ($282/sqft), 2185 Dick Ave a 4 bed, 4 bath, 3,006 sqft Extension home listed for $849,900 ($283/sqft).

The 3 homes listed this week with the highest $/sqft are 4800 McGuffie Rd a 1 bed, 1 bath, 484 sqft Hammond Bay home listed for $1,790,000 ($3,698/sqft), 485 Park Ave a 2 bed, 1 bath, 770 sqft South Nanaimo home listed for $598,000 ($777/sqft), 310 Mount Benson St a 2 bed, 2 bath, 1,038 sqft Central Nanaimo home listed for $775,000 ($747/sqft).

The 3 homes priced the most below their assessed value are 1841 Peyton Pl a 3 bed, 1 bath, 1,185 sqft Central Nanaimo home listed for $499,900 (15% below its tax-assessed value), 2100 Cedar Rd a 4 bed, 3 bath, 2,300 sqft Cedar home listed for $929,900 (11% below its tax-assessed value), 231 Derby Pl a 2 bed, 1 bath, 981 sqft University District home listed for $599,900 (8% below its tax-assessed value).

The 3 least expensive new listings this week are 1841 Peyton Pl a 3 bed, 1 bath, 1,185 sqft Central Nanaimo home listed for $499,900. 662 Farquhar St a 2 bed, 1 bath, 1,505 sqft South Nanaimo home listed for $518,000. 205 Sabiston St a 3 bed, 2 bath, 1,264 sqft South Nanaimo home listed for $540,000.

The 3 most expensive new listings this week are 2300 East Wellington Rd a 4 bed, 3 bath, 2,500 sqft South Jingle Pot home listed for $3,100,000. 3373 Creekside Pl a 3 bed, 4 bath, 3,223 sqft North Jingle Pot home listed for $1,799,000. 4800 McGuffie Rd a 1 bed, 1 bath, 484 sqft Hammond Bay home listed for $1,790,000.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of 556 Kennedy St who secured a 17% discount off the $479,900 asking price (sale price $400,000). The buyers of 931 Dufferin St who secured a 9% discount off the $471,000 asking price (sale price $430,000). The buyers of 3270 Smugglers Hill Dr who secured a 8% discount off the $850,000 asking price (sale price $785,000).

The 3 highest cost per sqft sales this week were 203 View St a 3 bed, 2 bath, 1,119 sqft South Nanaimo home sold for $640,000 ($572/sqft), 5224 Sherbourne Dr a 3 bed, 1 bath, 1,248 sqft Pleasant Valley home sold for $700,000 ($561/sqft), 7493 Andrea Cres a 3 bed, 2 bath, 1,354 sqft Upper Lantzville home sold for $752,000 ($555/sqft).

The 3 highest sales this week were 4954 Fillinger Cres a 4 bed, 2 bath, 4,179 sqft Hammond Bay home sold for $1,840,000. 2687 Jingle Pot Rd a 7 bed, 7 bath, 3,464 sqft South Jingle Pot home sold for $1,690,000. 2323 Rockwood Pl a 6 bed, 4 bath, 2,900 sqft South Jingle Pot home sold for $975,000.

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

It’s been a whirlwind of a week here in Nanaimo as we’ve been busy getting several new listings media-ready and dialing in our strategic launch process for their market debut. I’ve spent a lot of time lately meeting with sellers who are navigating those big life transitions, whether they are ready to downsize or looking to upsize for their growing families. On the home front, the kids are finally winding down after a fantastic Easter break and heading back to class at NDSS. I have to say, with the sun finally peeking out and the flowers starting to bloom, the smell of the spring air has me incredibly fired up for another summer in what I truly believe is the best place on Earth.

Warmly,

John Cooper

Whether you’re looking for further clarification on the points and insights above, would like to discover your specific home value, or just have real estate questions you’d like answered, I’d love to hear from you!

Reach out to me directly at:john@johncooper.ca or 250-619-9207