Weekly Real Estate Take May 2025 - Week 3

For the last 3 weeks in a row there have been more than 75 single family homes introduced to the Nanaimo market. That is over 230 homes in 3 weeks. During that same time period there have been 68 homes sold. Inventory continues to rise, albeit subtle, and most asset categories are balanced, or slightly favouring buyers. That said, we are still seeing multiple offers on sharply priced homes in asset categories that are experiencing higher trading volume. Most notably, homes with suites under $1,000,000 and single family homes priced under $750,000.

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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 4847 Lost Lake Rd, a 4 bed, 3 bath, 3,118 sqft North Nanaimo home listed for $875,000 ($281/sqft), 1053 Palomino Pl, a 5 bed, 3 bath, 2,646 sqft South Nanaimo home listed for $749,000 ($283/sqft), 1059 Old Victoria Rd, a 4 bed, 3 bath, 3,198 sqft South Nanaimo home listed for $965,000 ($302/sqft).

The 3 homes listed this week with the highest $/sqft are 2953 Ravenhill Rd, a 3 bed, 1 bath, 1,260 sqft Cedar home listed for $999,900 ($794/sqft), 6866 Doumont Rd a 4 bed, 3 bath, 3,071 sqft Pleasant Valley home listed for $2,398,000 ($781/sqft), 606 Nottingham Dr, a 4 bed, 3 bath, 1,661 sqft Departure Bay home listed for $1,290,000 ($777/sqft).    

The 3 homes priced the most below their assessed value are 676 Beaconsfield Rd, a 3 bed, 2 bath, 1,200 sqft University District home listed for $624,900 (8% below its tax-assessed value), 770 Bruce Ave, a 4 bed, 3 bath, 1,987 sqft South Nanaimo home listed for $759,900 (6% below its tax-assessed value), 28 Trofton Rd, a 4 bed, 2 bath, 2,269 sqft Chase River home listed for $699,000 (3% below its tax-assessed value). 

The 3 highest priced new listings this week are 1560 Brebber Rd, a 5 bed, 4 bath, 4,203 sqft Cedar home listed for $2,999,900. 7490 Copley Ridge Dr, a 5 bed, 4 bath, 3,791 sqft Upper Lantzville home listed for $2,399,900. 6866 Doumont Rd, a 4 bed, 3 bath, 3,071 sqft Pleasant Valley home listed for $2,398,000.    

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of 509 Third St, who secured a 13% discount off the $630,000 asking price (sale price $550,000). The buyers of 292 Applegreen Ave, who secured an 8% discount off the $788,000 asking price (sale price $721,500). The buyers of 720 McBride Pl, who secured a 6% discount off the $670,000 asking price (sale price $630,000).

The 3 highest cost per sqft sales this week were 1410 Spruston Rd, a 5 bed, 4 bath, 1551 sqft Extension home sold for $1,257,000 ($810/sqft), 119 Irwin St, a 3 bed, 1 bath, 1,084 sqft South Nanaimo home sold for $750,000 ($692/sqft), 720 McBride Pl, a 3 bed, 1 bath, 1,130 sqft University District home sold for $630,000 ($558/sqft).

The 3 highest sales this week were 1410 Spruston Rd, a 5 bed, 4 bath, 1,551 sqft Extension home sold for $1,257,000. 3298 Shearwater Dr, a 4 bed, 3 bath, 2,603 sqft Hammond Bay home sold for $1,210,000. 210 Concordia Pl, a 3 bed, 3 bath, 2,622 sqft University District home sold for $1,050,000.

This Week in My Life

This week has been consistently busy with homeowner consultations. Many of these meetings are homeowners planning months or even years in advance. I recommend that my clients check in on their home’s market value at least once every 24 to 36 months if they are not making any major investment decisions and annually if they have important decisions pending.

I finally had a chance to review all my pictures and videos from my trip to Montreal last week. UFC Canada invited us for some professional development and it was such a great experience (video here).  This past long weekend I took advantage of the Hullo Ferry service and dropped into Vancouver for the night. Hullo has really made living in Downtown Nanaimo feel more like living conveniently close to Downtown Vancouver. It is easier for me to get to Downtown Vancouver from Nanaimo than from my home town of White Rock, BC.

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