Weekly Real Estate Take - August 2026 - Week 2

Key Takeaways from the August Week 2 Data

• Completed transactions dropped by nearly half to 12 sales: This ties for the lowest single-week sales volume recorded since early February (matching 12 sales in Feb Week 1 and Jan Week 1), signalling that buyers have temporarily stepped off the field for summer vacations.

• Absorption Drops to 27.3%: Driven by the combination of 44 new entries and only 12 sales, the weekly absorption rate plummeted from last week's record high of 67.6% down to 27.3%; the lowest absorption level recorded since late January.

• Listing Volume Bounces Back: Sellers introduced 44 new homes, up nearly 30% from the 34 listings added in each of the previous two weeks. Inventory is continuing to flow into the market despite the lull in buyer transactions.

• Cancellation Pullback: Failed listings cooled off to 22 after the historic "great clean out" peak of 37 in August Week 1, returning to typical mid-summer baseline levels.

 

Synopsis for a Nanaimo Homeowner Planning Their Next Move

 

For Sellers: The sudden drop to 12 sales confirms that buyers are taking a pause ahead of late summer. With 44 new properties entering the arena, competition among sellers has stiffened. If you are listing now or sitting on active inventory, setting a realistic price relative to recent comparables is critical to avoid sitting active until the autumn market kicks in.

 

For Buyers: Leverage has shifted back into your hands. An absorption rate of 27.3% means inventory is accumulating faster than it is being sold. You face minimal multi-offer pressure right now, giving you an ideal window to negotiate price, include subject conditions, and thoroughly inspect properties without rushing.

 

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!

Notable New Listings

I like to start by outlining the best value based on $/sqft. The 3 best value homes listed this week are 2490 Highland Blvd a 4 bed, 4 bath, 2,567 sqft Departure Bay home listed for $729,900 ($284/sqft), 2682 BEAVER CREEK Cres a 4 bed, 2 bath, 2,166 sqft Diver Lake home listed for $629,900 ($291/sqft), 995 Franklyn St a 5 bed, 3 bath, 2,331 sqft Old City home listed for $699,900 ($300/sqft).

 

The 3 homes listed this week with the highest $/sqft are 2445 Godfrey Rd a 5 bed, 3 bath, 2342 sqft Extension home listed for $2,249,000 ($960/sqft), 3315 Hammond Bay Rd a 6 bed, 3 bath, 2,379 sqft Departure Bay home listed for $1,749,000 ($735/sqft), 460 Nanaimo River Rd a 3 bed, 2 bath, 1,320 sqft Extension home listed for $949,000 ($719/sqft).

 

The 3 homes priced the most below their assessed value are 2580 Ingram Rd E a 4 bed, 3 bath, 3,907 sqft Cedar home listed for $1,499,999 (16% below its tax-assessed value), 1636 Roberta Rd S a 4 bed, 3 bath, 1,964 sqft Chase River home listed for $749,900 (7% below its tax-assessed value), 439 Stirling Ave a 4 bed, 1 bath, 1,749 sqft South Nanaimo home listed for $615,000 (7% below its tax-assessed value).

 

The 3 least expensive new listings this week are 514 Nicol St a 2 bed, 2 bath, 1,229 sqft South Nanaimo home listed for $520,000. 37 Strickland St a 2 bed, 2 bath, 1,097 sqft South Nanaimo home listed for $549,000. 611 First St a 3 bed, 2 bath, 1,633 sqft University District home listed for $599,900.

 

The 3 most expensive new listings this week are 2445 Godfrey Rd a 5 bed, 3 bath, 1,229 sqft Extension home listed for $2,249,000. 3315 Hammond Bay Rd a 6 bed, 3 bath, 2,379 sqft Departure Bay home listed for $1,749,000. 4684 Ambience Dr a 7 bed, 5 bath, 4,098 sqft North Nanaimo home listed for $1,699,000.

 

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of 1277 Selkirk Dr who secured a 15% discount off the $875,000 asking price (sale price $740,000). The buyers of 2122 Wren Pl who secured a 9% discount off the $1,198,000 asking price (sale price $1,095,000). The buyers of 2109 Lakeside Dr who secured a 7% discount off the $849,900 asking price (sale price $790,000).

 

The 3 highest cost per sqft sales this week were 709 Stirling Ave a 2 bed, 1 bath, 756 sqft University District home sold for $495,000 ($655/sqft), 403 Watfield Ave a 3 bed, 2 bath, 1,214 sqft University District home sold for $713,000 ($587/sqft), 1277 Selkirk Dr a 2 bed, 2 bath, 1,676 sqft University District home sold for $740,000 ($442/sqft).

 

The 3 highest sales this week were 5961 Waldbank Rd a 6 bed, 4 bath, 3,563 sqft North Nanaimo home sold for $1,185,000. 2122 Wren Pl a 4 bed, 3 bath, 3,646 sqft University District home sold for $1,095,000. 618 Beach Dr a 4 bed, 4 bath, 2,742 sqft Departure Bay home sold for $840,000.

 

If you are looking for details on a recent sale not mentioned here, email me and I will send you the sale price.