Weekly Real Estate Take - March 2026 - Week 3

 

If you are a Nanaimo homeowner watching the market for the right moment to act, March Week 3 suggests the market has found its "New Normal" for the spring.

For Sellers: The "pricing pushback" we saw in Week 2 (when 21 listings failed) has eased. With only 9 cancellations this week, it’s clear that homes entering the market now are finding their audience. However, with 53 new competitors joining you this week alone, your home must be "market-ready." In this environment, a home that shows well and is priced to the current 38% absorption rate has a very strong chance of being one of the 20+ sales we expect to see next week.

For Buyers: Selection remains at a seasonal high. You have roughly twice the options today that you had in December. However, the drop in expired listings tells us that other buyers are starting to lock in deals on the "good ones." You still have leverage, but the window where you could wait for a home to expire to negotiate a lower price is narrowing as market efficiency improves.

The Strategy: If you are selling to buy, you are in the ideal "Balanced Market." You can expect a predictable sale price for your current home and a healthy variety of options for your next one. We have moved past the volatility of January and the inventory shock of early March into a functional, steady spring market.

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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!

- John Cooper

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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 7810 Aats Rd a 5 bed, 5 bath, 5,670 sqft Lower Lantzville home listed for $1,099,900 ($194/sqft), 3269 Smugglers Hill Dr a 6 bed, 3 bath, 4,542 sqft Departure Bay home listed for $969,000 ($213/sqft), 1250 Townsite Rd a 4 bed, 2 bath, 2,101 sqft Central Nanaimo home listed for $589,500 ($281/sqft).

The 3 homes listed this week with the highest $/sqft are 3165 Ingram Rd a 2 bed, 2 bath, 1,452 sqft Cedar home listed for $1,299,000 ($895/sqft), 740 Oakley St a 2 bed, 1 bath, 767 sqft Central Nanaimo home listed for $585,000 ($763/sqft), 3238 Adby Rd a 3 bed, 2 bath, 1,306 sqft Uplands home listed for $849,900 ($651/sqft).

The 3 homes priced the most below their assessed value are 5378 Rutherford Rd a 2 bed, 2 bath, 1,319 sqft North Nanaimo home listed for $849,900 (13% below its tax-assessed value), 308 Holly Ave a 2 bed, 1 bath, 1,008 sqft Central Nanaimo home listed for $529,500 (10% below its tax-assessed value), 518 Steeves Rd a 3 bed, 3 bath, 1,579 sqft South Nanaimo home listed for $690,000 (9% below its tax-assessed value).

The 3 least expensive new listings this week are 308 Holly Ave a 2 bed, 1 bath, 1,008 sqft Central Nanaimo home listed for $529,500. 43 Kennedy St a 2 bed, 1 bath, 1,836 sqft Old City home listed for $545,000. 249 Larch St a 3 bed, 1 bath, 978 sqft Brechin Hill home listed for $549,900.

The 3 most expensive new listings this week are 4844 Fillinger Cres a 4 bed, 3 bath, 1,008 sqft North Nanaimo home listed for $1,650,000. 3676 Monterey Dr a 4 bed, 4 bath, 3,524 sqft North Jingle Pot home listed for $1,498,888. 4546 Laguna Way a 6 bed, 4 bath, 3,108 sqft North Nanaimo home listed for $1,388,000.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of 3090 Decourcy Dr who secured a 8% discount off the $1,149,000 asking price (sale price $1,055,000). The buyers of 6529 Raven Rd who secured a 6% discount off the $1,188,000 asking price (sale price $1,117,000). The buyers of 2749 Joanna Terr who secured a 5% discount off the $739,000 asking price (sale price $700,000).

The 3 highest cost per sqft sales this week were 3090 Decourcy Dr a 3 bed, 2 bath, 1,566 sqft Cedar home sold for $1,055,000 ($674/sqft), 7436 Lantzville Rd a 4 bed, 3 bath, 2,185 sqft Lower Lantzville home sold for $1,400,000 ($641/sqft), 93 Cilaire Dr a 3 bed, 2 bath, 1,450 sqft Departure Bay home sold for $885,000 ($610/sqft).

The 3 highest sales this week were 1390 Kurtis Cres a 7 bed, 5 bath, 5,080 sqft Cedar home sold for $2,000,000. 2120 Huddington Rd a 5 bed, 2 bath, 2,542 sqft Cedar home sold for $1,450,000. 7436 Lantzville Rd a 4 bed, 3 bath, 2,185 sqft Lower Lantzville home sold for $1,400,000.

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This Week in My Life

This week has been all about high-level connections and deep dives into the current state of our local market. Between the big stages and the quiet consultations, one thing is clear: people are watching the Nanaimo market very closely right now.

The momentum continues as we introduced two incredible new properties to the market: a modern downtown condo and a stunning waterfront estate. I also had the privilege of presenting on another ICON Panel, sharing the virtual stage with some of the top-performing agents from across North America. Back home, my calendar has been packed with homeowner consultations every single day. It seems everyone in Nanaimo is curious about their home’s current value, and I’ve loved helping so many of you "calibrate" your expectations and plan for the future.

We are currently in the thick of prepping several diverse new listings that I can’t wait to show you. Keep your eyes peeled for:

• A charming character home in the University District.

• A beautiful family home in Chase River that backs directly onto a serene creek.

• A perfect retirement home in the sought-after Deerwood community.

On a personal note, I’m taking Avery and June to Los Angeles for a few days of sun and exploration! Believe it or not, none of us have ever been, so we are beyond excited to check out the sights, soak in the culture, and finally see what the L.A. hype is all about.

- 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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