November 2026 Newsletter
November 2026
Key Takeaways from the November Week 1 Data
All-Time High Weekly Absorption (72.0%): With fresh inventory contracting down to 25 new listings and sales climbing to 18, the weekly absorption rate surged to a 2026 record of 72%. Turn-key, realistically priced listings that hit the market this week were absorbed immediately.
Supply Drops to New 2026 Low (25 Units): New inventory broke below the 30-unit threshold for the second consecutive week. As November begins, homeowners are formally pulling back from launching new marketing campaigns ahead of the holiday period.
Post-Rate Hike Cleanout (38 Cancellations): Cancelled and expired listings spiked to 38, marking the second-highest single week of failed listings in our entire tracking dataset (surpassed only by the 50-unit spike in mid-September). Following the Bank of Canada’s decision on October 28 to raise its policy rate by 25 basis points to 2.50%, sellers who were holding out on aspirational pricing either hit the end of their October listing agreements or opted to pull their homes off the market rather than face carrying costs through the winter.
Sales Resilience (18 Deals): Despite the fresh 0.25% bump in borrowing costs, buyers locked down 18 firm/pending deals; outpacing the weekly averages of both September and October. Borrowers with pre-approvals locked in prior to the October 28th rate hike are moving decisively to deploy their rate commitments before they lapse.
Synopsis for a Nanaimo Homeowner Planning Their Next Move
November opens with a bifurcated dynamic: brand-new inventory is trickling in at an annual low, while existing stale stock is undergoing an aggressive seasonal purge.
For Sellers:
New listing volume has dried up to 25 homes, giving currently active, well-presented properties their cleanest competitive runway of the year. Furthermore, the 18 sales prove that motivated buyers with rate commitments are ready to act before year-end. However, the spike to 38 cancellations demonstrates that buyers will not absorb rate increases on behalf of unrealistic sellers. To secure an agreement before December's slowdown, pricing strictly against current fall sales is essential.
For Buyers:
The central bank's rate increase to 2.50% changes the calculation for rate holds and qualification. If you hold a rate hold below 2.50%, urgency is on your side to write offers before that window closes. While incoming new listings have dropped to 25, the flood of 38 failed listings offers fertile ground for negotiation. Sellers whose listings expired or were cancelled as October turned into November may be exceptionally open to direct inquiries, extended closing dates, or sharp price corrections to avoid carrying their homes through Q1.
Most Recent Market Statistics (October 2026)*
Vancouver Island (not including Victoria)
298 single-family homes sold. Average price: $830,962 (up 1% from 12 months to date, this year over last). Single-family unit sales volume is down 8%. Average days on market saw no change at 50 days. The average condo sold for $412,148. Condo unit sales are down 10%, 12 months to date. Condos have seen an increase of 6% in days on market. Average days to sell is 66 days. The average row/townhouse sold for $578,024. Row/townhouse unit sales are down 7%, 12 months to date. Row/townhouses have seen an increase of 17% in days on market. Average days to sell is 63 days. Lot sales volume is down 7%. Lot prices have increased by 4%, 12 months to date. Average lot sale price: $491,516.
79 single-family homes sold. Average price: $848,227 (down less than 1% from 12 months to date, this year over last). Single-family unit sales volume is down 4%. Average days on market decreased 2% to 41 days. The average condo sold for $433,072. Condo unit sales are down 13%, 12 months to date. Condos have seen an increase of 14% in days on market. Average days to sell is 57 days. The average row/townhouse sold for $557,020. Row/townhouse unit sales are decreased by 12%, 12 months to date. Row/townhouses have seen an increase of 33% in days on market. Average days to sell is 52 days. Lot sales volume is down 21%. Lot prices have decreased by 10%, 12 months to date. Average lot sale price: $479,108.
42 single-family homes sold. Average price: $956,825 (up 1% from 12 months to date, this year over last). Single-family unit sales volume is down 12%. Average days on market increased by 5% to 43 days. The average condo sold for $430,773. Condo unit sales are increased by 35%, 12 months to date. Condos have seen an increase of 43% in days on market. Average days to sell is 67 days. The average row/townhouse sold for $664,573. Row/townhouse unit sales are down 10%, 12 months to date. Row/townhouses have seen a increase of 14% in days on market. Average days to sell is 58 days. Lot sales volume is up 61%. Lot prices have increased by less than 1%, 12 months to date. Average lot sale price: $565,311.
46 single-family homes sold. Average price: $830,616 (up 3% from 12 months to date, this year over last). Single-family unit sales volume is down 10%. Average days on market decreased by 4% to 50 days. The average condo sold for $341,755. Condo unit sales are down 4%, 12 months to date. Condos have seen a decrease of 3% in days on market. Average days to sell is 62 days. The average row/townhouse sold for $582,282. Row/townhouse unit sales have increased 6%, 12 months to date. Row/townhouses have seen an increase of 22% in days on market. Average days to sell is 73 days. Lot sales volume is down 22%. Lot prices have increased by 23%, 12 months to date. Average lot sale price: $553,202.
Notable New Listings
I like to start by outlining the best value based on $/sqft. The 3 best value homes listed this week are 2362 Extension Rd a 3 bed, 4 bath, 2,680 sqft Chase River home listed for $795,000 ($297/sqft), 5161 Dunn Pl a 5 bed, 4 bath, 3,176 sqft North Nanaimo home listed for $967,000 ($304/sqft), 4915 Denford Pl a 5 bed, 3 bath, 3,015 sqft North Nanaimo home listed for $999,900 ($332/sqft).
The 3 homes listed this week with the highest $/sqft are 6671 Harwood Dr a 4 bed, 2 bath, 2,150 sqft Upper Lantzville home listed for $2,950,000 ($1372/sqft), 2560 Pylades Dr a 3 bed, 2 bath, 1,378 sqft Cedar home listed for $1,099,900 ($798/sqft), 540 Deering St a 2 bed, 2 bath, 816 sqft Na South Nanaimo home listed for $635,000 ($778/sqft).
The 3 homes priced the most below their assessed value are 850 Hunter St a 3 bed, 1 bath, 1,447 sqft Na Central Nanaimo home listed for $710,000 (10% below its tax-assessed value), 2875 Glenayr Dr a 2 bed, 1 bath, 806 sqft Na Departure Bay home listed for $550,000 (9% below its tax-assessed value), 2362 Extension Rd a 3 bed, 4 bath, 2,680 sqft Chase River home listed for $795,000 (8% below its tax-assessed value).
The 3 least expensive new listings this week are 2875 Glenayr Dra 2 bed, 1 bath, 806 sqft Departure Bay home listed for $550,000. 540 Deering Sta 2 bed, 2 bath, 816 sqft South Nanaimo home listed for $635,000. 400 10th St a 3 bed, 3 bath, 1,692 sqft South Nanaimo home listed for $675,000.
The 3 most expensive new listings this week are 6671 Harwood Dra 4 bed, 2 bath, 2,150 sqft Upper Lantzville home listed for $2,950,000. 4823 Whalley Waya 6 bed, 4 bath, 2,933 sqft North Nanaimo home listed for $1,350,000. 5751 Linyard Rd a 5 bed, 5 bath, 3,592 sqft North Nanaimo home listed for $1,318,000.
Notable New Sales
The 3 buyers that secured the largest discounts this week are the buyers of 1746 Meredith Rd who secured a 13% discount off the $599,900 asking price (sale price $520,000). The buyers of 234 Golden Oaks Cres who secured a 13% discount off the $800,000 asking price (sale price $695,000). The buyers of 643 Kennedy St who secured an 11% discount off the $550,000 asking price (sale price $490,000).
The 3 highest cost per sqft sales this week were 821 Park Ave a 3 bed, 2 bath, 1,267 sqft South Nanaimo home sold for $740,000 ($584/sqft), 243 Princess St a 3 bed, 2 bath, 862 sqft South Nanaimo home sold for $490,500 ($569/sqft), 3349 Creekside Pl a 6 bed, 5 bath, 4,065 sqft North Jingle Pot home sold for $2,300,000 ($566/sqft).
The 3 highest sales this week were 3349 Creekside Pla 6 bed, 5 bath, 4,065 sqft North Jingle Pot home sold for $2,300,000. 1436 Leask Rda 4 bed, 4 bath, 2,818 sqft Cedar home sold for $1,165,000. 775 Southland Way a 4 bed, 3 bath, 2,884 sqft South Nanaimo home sold for $1,035,000.
If you are looking for details on a recent sale not mentioned here, email me and I will send you the sale price.
Nanaimo Residential New Listings
Nanaimo Residential Home Sales This Week
Nanaimo Residential Withdrawn / Cancelled / Expired Listings
I wasn’t built in a traditional real estate mold—my path ran through barely scraping by in school, marketing degrees, MMA gyms, and appraiser training. Nineteen years later, that unconventional mix of marketing strategy, valuation know-how, and grit is exactly why I thrive at what I do.
Waiting to negotiate behind closed doors keeps your listing invisible to the very buyers ready to write an offer. A public price drop resets saved searches, puts your home back on the radar, and turns passive waiting into active showings.
Downsizing your Vancouver Island home doesn't mean sacrificing your equity, provided you avoid private off-market deals and rushed launches that prevent open market competition. By listing strategically on the open market, you ensure you capture true market value and keep your hard-earned wealth where it belongs.
This Week in John’s Life
What an absolute powerhouse of a week on both the professional and personal fronts, as Monique and I officially marked one of our biggest completion weeks of 2026 with seven property handovers across Vancouver Island.
Early in the week, we successfully handed over keys for a residential home in Deerwood, a rare acreage off the Nanaimo River, an immaculate new custom build in Upper Lantzville, a one-bedroom condo in downtown Nanaimo, and a character fixer-upper in South Nanaimo.
On a very personal note, I’m actually writing this update from Mexico City, where I’ve been celebrating my milestone 50th birthday right in the heart of the magical four-day Día de los Muertos festival. Immersing myself in the vibrant marigolds, community ofrendas, and deep cultural celebrations has been a soul-stirring reset and an unforgettable way to celebrate half a century before flying back home to Nanaimo on Wednesday evening, fully recharged and ready to sprint headfirst into the final stretch of 2026.
John Cooper
250.619.9207
john@johncooper.ca
Categories
Recent Posts
