Weekly Real Estate Take - July 2026 - Week 3

Key Takeaways from the July Week 3 Data

• The Second-Highest Sales Week of the Year: Buyers closed on 29 properties this week. This is a 45% jump over the previous two weeks and ties the late-spring spikes as the second-busiest sales week in our entire tracking history.

   

• Supply Tightens Up: New listings dropped to 49, falling below the 50-unit mark for the first time since March.

   

• Absorption Approaches Record Levels: The combination of shrinking new supply and surging sales sent the weekly absorption rate up to 59.2%. This is just a hair below the all-time newsletter record of 60% set back in late April.

   

• Failed listings dropped to 15, matching a seasonal low. The heavy end-of-month and end-of-quarter market cleanups are officially finished. The active inventory left on the shelves is priced accurately, and buyers are moving on it.

 

If you are Selling:

You have just entered a highly efficient, fast-moving window. The jump to a 59.2% absorption rate means well-positioned homes are getting immediate attention. Because weekly new listings dropped below 50, you are facing significantly less new competition than sellers did during the chaotic spring market. If your home is sharp and priced right, it has a very high probability of selling right now.

 

If you are Buying:

The casual window-shopping phase of early summer is over. The interest rate stability at 2.25% has brought your competition back into the arena. While you still enjoy a healthy amount of aggregate choice left over from the spring inventory build-up, the sharp drop in cancellations and sudden spike in sales mean you can no longer afford to hesitate on top-tier properties.

 

- John Cooper

 

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 3022 Barnes Rd a 3 bed, 2 bath, 2,262 sqft Cedar home listed for $675,000 ($298/sqft), 2195 Tulsa Rd a 5 bed, 4 bath, 2,985 sqft Central Nanaimo home listed for $894,900 ($300/sqft), 618 Beach Dr a 4 bed, 4 bath, 2,742 sqft Departure Bay home listed for $849,900 ($310/sqft).

 

The 3 homes listed this week with the highest $/sqft are 6421 Portsmouth Rd a 3 bed, 2 bath, 1,185 sqft North Nanaimo home listed for $734,900 ($620/sqft), 1746 & 1756 Meredith Rd a 4 bed, 2 bath, 1,957 sqft Central Nanaimo home listed for $1,149,900 ($588/sqft), 421 Poets Trail Dr a 3 bed, 2 bath, 1,465 sqft University District home listed for $849,999 ($580/sqft).

 

The 3 homes priced the most below their assessed value are 2792 Holden Corso Rd a 5 bed, 4 bath, 3,098 sqft Cedar home listed for $1,350,000 (10% below its tax-assessed value), 6547 Peregrine Rd a 5 bed, 4 bath, 3,228 sqft North Nanaimo home listed for $1,180,000 (9% below its tax-assessed value), 2146 Pauls Rd a 3 bed, 2 bath, 2,018 sqft Cedar home listed for $779,900 (9% below its tax-assessed value).

 

The 3 least expensive new listings this week are 627 Kennedy St a 2 bed, 1 bath, 1,351 sqft Old City home listed for $524,000. 45 Riley Pl a 2 bed, 2 bath, 1,633 sqft Hammond Bay home listed for $609,000. 1746 Meredith Rd a 4 bed, 2 bath, 1,957 sqft Central Nanaimo home listed for $649,900.

 

The 3 most expensive new listings this week are 4646 Ambience Dr a 7 bed, 5 bath, 1,351 sqft Hammond Bay home listed for $1,928,000. 2962 Ridgeway Rd a 5 bed, 4 bath, 4,347 sqft North Jingle Pot home listed for $1,898,000. 156 Golden Oaks Cres a 3 bed, 4 bath, 3,596 sqft Hammond Bay home listed for $1,895,000.

 

Notable New Sales

 

The 3 buyers that secured the largest discounts this week are the buyers of 1032 Moyse Cres who secured a 14% discount off the $625,000 asking price (sale price $535,000). The buyers of 440 Sealion Pl who secured a 10% discount off the $1,099,000 asking price (sale price $990,000). The buyers of 103 Haliburton St who secured a 10% discount off the $499,000 asking price (sale price $450,000).

 

The 3 highest cost per sqft sales this week were 7399 Sunbury Rd a 3 bed, 3 bath, 3,143 sqft Lower Lantzville home sold for $2,750,000 ($875/sqft), 924 St. Andrews St a 2 bed, 1 bath, 708 sqft Central Nanaimo home sold for $485,000 ($685/sqft), 2143 Lang Cres a 3 bed, 2 bath, 1,216 sqft Central Nanaimo home sold for $820,000 ($674/sqft).

 

The 3 highest sales this week were 7399 Sunbury Rd a 3 bed, 3 bath, 3,143 sqft Lower Lantzville home sold for $2,750,000. 7190 Hase Pl a 6 bed, 5 bath, 3,330 sqft Upper Lantzville home sold for $1,937,500. 6485 Groveland Dr a 5 bed, 4 bath, 3,536 sqft North Nanaimo home sold for $1,140,000.

 

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.