Weekly Real Estate Take - March 2026 - Week 2
If you are considering your next move, March Week 2 is a stark reminder that we are currently in a "Price-Sensitive Market." While last week’s 23 sales created a sense of urgency, this week’s massive influx of 62 new listings has shifted the leverage back toward the buyer.
For Sellers: You are no longer competing with just a handful of homes; you are competing with substantial new inventory. To stand out, your pricing must be accurate and your presentation "optimal." The jump in cancellations to 21 shows that buyers are quickly walking away from homes that don't offer immediate value.
For Buyers: This is your "Green Light" week. With the highest number of new options hitting the market since last fall, you have significantly more selection and less pressure to engage in bidding wars. The drop in absorption suggests you have time to be diligent and negotiate.
For your next move: If you are selling to upsize, the inventory you’ve been waiting to choose from is finally here. However, your own home needs to be the best-priced option in its category to ensure you aren't one of the 21 owners who saw their listings expire or canceled this week.
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 1421 Cranberry Ave a 8 bed, 5 bath, 3,467 sqft Chase River home listed for $769,000 ($222/sqft), 1116 Thunderbird Dr a 7 bed, 4 bath, 3,425 sqft Central Nanaimo home listed for $899,900 ($263/sqft), 664 Nicol St a 6 bed, 3 bath, 2,834 sqft South Nanaimo home listed for $749,900 ($265/sqft).
The 3 homes listed this week with the highest $/sqft are 7261 Lantzville Rd a 3 bed, 1 bath, 1,184 sqft Lower Lantzville home listed for $1,399,000 ($1182/sqft), 2116 Northfield Rd a 3 bed, 3 bath, 1,050 sqft Central Nanaimo home listed for $1,195,000 ($1138/sqft), 8572 Rumming Rd a 4 bed, 4 bath, 2,452 sqft Lower Lantzville home listed for $2,100,000 ($856/sqft).
The 3 homes priced the most below their assessed value are 7850 Shangri-La Rd a 4 bed, 3 bath, 3,944 sqft Lower Lantzville home listed for $2,249,900 (18% below its tax-assessed value), 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), 150 June Ave a 5 bed, 2 bath, 2,238 sqft Central Nanaimo home listed for $650,000 (9% 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 $479,900. 150 Columbia St a 3 bed, 1 bath, 1,055 sqft South Nanaimo home listed for $620,000. 3193 King Richard Dr a 2 bed, 1 bath, 1,050 sqft Departure Bay home listed for $649,000.
The 3 most expensive new listings this week are 7255 Aulds Rd a 6 bed, 6 bath, 1,500 sqft Upper Lantzville home listed for $2,498,000. 7850 Shangri-La Rd a 4 bed, 3 bath, 3,944 sqft Lower Lantzville home listed for $2,249,900. 8572 Rumming Rd a 4 bed, 4 bath, 2,452 sqft Lower Lantzville home listed for $2,100,000.
Notable New Sales
The 3 buyers that secured the largest discounts this week are the buyers of 1654 Cedar Rd who secured a 9% discount off the $539,500 asking price (sale price $489,000). The buyers of 5320 Cascara Dr who secured a 9% discount off the $1,125,000 asking price (sale price $1,025,000). The buyers of 4957 Ney Dr who secured a 5% discount off the $1,139,900 asking price (sale price $1,080,000).
The 3 highest cost per sqft sales this week were 1944 Woobank Rd a 3 bed, 2 bath, 1,604 sqft Cedar home sold for $1,120,000 ($698/sqft), 6017 Tweedsmuir Cres a 3 bed, 2 bath, 1,483 sqft North Nanaimo home sold for $890,000 ($600/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 442 Montclair Dr a 5 bed, 5 bath, 3,593 sqft University District home sold for $1,290,000. 1944 Woobank Rd a 3 bed, 2 bath, 1,604 sqft Cedar home sold for $1,120,000. 4957 Ney Dr a 6 bed, 4 bath, 3,581 sqft North Nanaimo home sold for $1,080,000.
This Week in My Life
I started the week at Green Olive for a new business broker launch event. It was a fantastic turnout with some truly engaging conversations about the local economy. On the marketing front, I had a great meeting with a local online advertiser—one of those "super cool" sessions where the ideas just flow. To keep the team and our clients looking sharp, we also put in a fresh order for our John Cooper branded clothing!
The property side of things has been equally busy. I spent some time in Qualicum Beach touring high-end luxury homes on the Eagle Crest golf course and viewed a stunning waterfront condo in downtown Nanaimo. We also hosted a successful open house at our listing on 4th Street.
One of the most rewarding parts of the week has been onboarding several new listings from other agents who weren't able to get the job done; I’m excited to bring our specific strategy to these properties to get them across the finish line. Of course, nothing beats the feeling of handing over the keys to a happy family for their new home in North Nanaimo.
After a high-octane week, the weekend was strictly for family. I spent some much-needed time with my girls, taking Lucille the dachshund for long walks through Colliery Dam Park and Maffeo Sutton. There is nothing like a little fresh Island air and a happy dog to help you reset for another busy week ahead!
- 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
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