Weekly Real Estate Take - February 2026 - Week 3

The Nanaimo market is shaking off the 'January doldrums' and entering a stable, balanced spring cycle. For homeowners, the most encouraging sign is the efficiency rebound; in mid-February, we saw the absorption rate climb back to 50%, meaning for every two homes listed, one is selling. This is a massive improvement over January, where nearly four homes were listed for every one sale. We are also seeing a sharp decline in failed listings (cancelled/expired), which indicates that sellers are finally aligning their price expectations with what buyers are willing to pay in 2026. For an aspiring buyer, the 'panic' of low inventory is gone—there are roughly 150 new opportunities hitting the market each month—but the window for deep discounts may be closing as sales volume begins to trend upward again toward March.

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

Notable New Listings

I like to start by outlining the best value based on $/sqft. The 3 best value homes listed this week are 2001 Lakeside Dr a 3 bed, 4 bath, 2,783 sqft Chase River home listed for $799,900 ($287/sqft), 3688 Glen Oaks Dr a 5 bed, 5 bath, 3,030 sqft Hammond Bay home listed for $980,000 ($323/sqft), 161 Bonavista Pl a 5 bed, 3 bath, 2,988 sqft North Nanaimo home listed for $978,000 ($327/sqft).

The 3 homes listed this week with the highest $/sqft are 7902 Lantzville Rd a 2 bed, 1 bath, 850 sqft Lower Lantzville home listed for $1,699,000 ($1,999/sqft), 3180 West Rd a 3 bed, 4 bath, 1,624 sqft North Jingle Pot home listed for $1,825,000 ($1,124/sqft), 2560 Tiesu Rd a 5 bed, 2 bath, 1,446 sqft Cedar home listed for $1,300,000 ($899/sqft).

The 3 homes priced the most below their assessed value are 7902 Lantzville Rd a 2 bed, 1 bath, 850 sqft Lower Lantzville home listed for $1,699,000 (16% below its tax-assessed value), 3688 Glen Oaks Dr a 5 bed, 5 bath, 3,030 sqft Hammond Bay home listed for $980,000 (14% below its tax-assessed value), 4627 Lost Lake Rd a 2 bed, 3 bath, 2,291 sqft North Nanaimo home listed for $865,000 (10% below its tax-assessed value).

The 3 least expensive new listings this week are 556 Kennedy St a 4 bed, 2 bath, 1,500 sqft Old City home listed for $499,900. 397 Machleary St a 2 bed, 1 bath, 1,338 sqft Old City home listed for $698,000. 2217 Fern Rd a 3 bed, 2 bath, 2,002 sqft Central Nanaimo home listed for $699,900.

The 3 most expensive new listings this week are 156 Golden Oaks Cres a 3 bed, 4 bath, 1,500 sqft Hammond Bay home listed for $1,995,000. 3180 West Rd a 3 bed, 4 bath, 1,624 sqft North Jingle Pot home listed for $1,825,000. 7902 Lantzville Rd a 2 bed, 1 bath, 850 sqft Lower Lantzville home listed for $1,699,000.

 

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of 7037 Dickinson Rd who secured a 7% discount off the $1,175,000 asking price (sale price $1,090,000). The buyers of 436 Deering St who secured a 7% discount off the $649,000 asking price (sale price $605,000). The buyers of 2018 Cinnabar Dr who secured a 6% discount off the $739,900 asking price (sale price $695,000).

The 3 highest cost per sqft sales this week were 7037 Dickinson Rd a 3 bed, 2 bath, 1,920 sqft Lower Lantzville home sold for $1,090,000 ($568/sqft), 909 Brookfield Pl a 3 bed, 2 bath, 1,256 sqft South Nanaimo home sold for $710,000 ($565/sqft), 765 Dufferin St a 2 bed, 1 bath, 1,012 sqft Central Nanaimo home sold for $530,000 ($524/sqft).

The 3 highest sales this week were 104 Whitefish Pl a 9 bed, 7 bath, 5350 sqft North Nanaimo home sold for $1,888,888. 6516 Groveland Dr a 5 bed, 3 bath, 2,802 sqft North Nanaimo home sold for $1,300,000. 2920 Aquarian Pl a 4 bed, 4 bath, 2,863 sqft Cedar home sold for $1,250,000.

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

We were treated to some incredible winter weather this week, and I made sure to actually get out and enjoy that Vitamin D. On the business side, the momentum stayed strong as we sold a beautiful ocean-view home in North Nanaimo to some very happy clients. We’ve also been busy onboarding two fantastic new properties hitting the market next week: a character home in the Newcastle neighbourhood and a home with a suite in South Nanaimo for under $600,000—a price point I know many of you have been waiting for!

On a personal note, Valentine’s Day was spent in the best way possible: hiking through Colliery Dam Park with my dachshund, Lucille. I’ve also been dialed into my fitness lately and felt a huge sense of accomplishment hitting all my strength training and boxing goals this week.

To cap it all off, I’m heading to Vancouver this Thursday night for something a little different! I’ll be refereeing a pro MMA show, BFL 86, which is being broadcast live on UFC Fight Pass. It’s a complete shift in gears from real estate, but I love the energy and the discipline of the sport.

- John Cooper

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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

 

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