Weekly Real Estate Take - June 2026 - Week 3

Three Things You Need to Know This Week

• After two consecutive weeks of sales flatlining at exactly 17 units, transaction volumes jumped by 47% to 25 sales in Week 3. This clear upward tick confirms that the Bank of Canada's interest rate announcement on Wednesday, June 10th, provided the clarity fence-sitters needed to write offers.

• New listings eased slightly to 52, down from 55 the week prior. The combination of shrinking new supply and rising sales pushed the weekly absorption rate up to 48.1%, meaning nearly half of the inventory volume introduced this week was absorbed by the market.

• Cancelled and expired listings dipped slightly to 28 but remained higher than actual sales for the second week running. This indicates that while buyers have returned to the market with confidence, they are entirely bypassing stale, overpriced listings in favour of freshly priced, competitive options.

   

If you are Selling: The buyers have returned, as proven by the jump to 25 completed transactions. However, do not confuse this return of demand with a return to a "seller's market frenzy." The fact that 28 listings failed to sell this week shows that the aggregate pool of choice accumulated over April and May is keeping buyers highly disciplined. If your home is sharp, turn-key, and priced accurately relative to the post-June 10th reality, it should sell. If it's priced on optimism, it will join the cancellation column.

If you are Buying: Your "waiting game" leverage has yielded excellent results. The market absorption rate is healthier at 48.1%, but overall competition is still deeply balanced compared to the spring peaks. You are shopping in a market where sellers of those 28 cancelled or expired listings are feeling the pressure of a summer slowdown. This gives you an excellent window to negotiate price improvements or structural terms on active inventory before the summer holidays take full effect.

- 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 229 Irwin St a 4 bed, 2 bath, 2,283 sqft Old City home listed for $529,000 ($232/sqft), 58 Pine St a 6 bed, 6 bath, 2,451 sqft Old City home listed for $649900 ($265/sqft), 3348 Departure Bay Rd a 5 bed, 2 bath, 2,306 sqft Departure Bay home listed for $675,000 ($293/sqft).

The 3 homes listed this week with the highest $/sqft are 7694 Lantzville Rd a 4 bed, 3 bath, 3,418 sqft Lower Lantzville home listed for $3,250,000 ($951/sqft), 2118 Buttle Lake Way a 1 bed, 1 bath, 504 sqft South Jingle Pot home listed for $369,000 ($732/sqft), 2551 Braun Rd a 5 bed, 5 bath, 4,630 sqft Cedar home listed for $2,900,000 ($626/sqft).

The 3 homes priced the most below their assessed value are 7297 Aulds Rd a 3 bed, 3 bath, 2,210 sqft Upper Lantzville home listed for $1,199,000 (33% below its tax-assessed value), 229 Irwin St a 4 bed, 2 bath, 2,283 sqft Old City home listed for $529,000 (18% below its tax-assessed value), 6117 Icarus Dr a 3 bed, 2 bath, 1,768 sqft North Nanaimo home listed for $800,000 (9% below its tax-assessed value).

The 3 least expensive new listings this week are 2118 Buttle Lake Way a 1 bed, 1 bath, 504 sqft South Jingle Pot home listed for $369,000. 229 Irwin St a 4 bed, 2 bath, 2,283 sqft Old City home listed for $529,000. 439 Stirling Ave a 4 bed, 1 bath, 1,749 sqft South Nanaimo home listed for $635,000.

The 3 most expensive new listings this week are 7694 Lantzville Rd a 4 bed, 3 bath, 504 sqft Lower Lantzville home listed for $3,250,000. 2551 Braun Rd a 5 bed, 5 bath, 4,630 sqft Cedar home listed for $2,900,000. 1560 Brebber Rd a 5 bed, 4 bath, 4,414 sqft Cedar home listed for $2,750,000.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of 1421 Cranberry Ave who secured a 15% discount off the $769,000 asking price (sale price $650,000). The buyers of 1092 St. David Cres who secured a 12% discount off the $579,000 asking price (sale price $510,000). The buyers of 1774 Extension Rd who secured a 12% discount off the $794,900 asking price (sale price $701,000).

The 3 highest cost per sqft sales this week were 612 Hamilton Ave a 2 bed, 1 bath, 788 sqft South Nanaimo home sold for $595,000 ($755/sqft), 221 Blairgowrie Pl a 3 bed, 3 bath, 2,262 sqft Departure Bay home sold for $1,350,000 ($597/sqft), 1925 Shasta Rd a 5 bed, 3 bath, 2,327 sqft Cedar home sold for $1,221,500 ($525/sqft).

The 3 highest sales this week were 221 Blairgowrie Pl a 3 bed, 3 bath, 2,262 sqft Departure Bay home sold for $1,350,000. 1925 Shasta Rd a 5 bed, 3 bath, 2,327 sqft Cedar home sold for $1,221,500. 1743 Flagstone Rd a 4 bed, 3 bath, 2,802 sqft Chase River home sold for $982,500.

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

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This Week in John’s Life

It’s been an incredible, fast-paced week here in Nanaimo, kicked off by a massive proud dad moment at the Port Theatre. I had the absolute joy of watching Avery receive a VIREB scholarship for academic excellence—a milestone that has had me beaming all week long.

On the business front, the major theme right now is the "fresh pivot." I’ve spent a lot of time meeting with local sellers who spent the spring season trying to move their properties and are now ready to introduce a brand-new strategy to the market. In a shifting landscape, a change in perspective and approach makes all the difference. Between masterminding with those clients, treating the team to a Friday lunch at Cactus Club, and hosting two busy open houses on Saturday, the energy has been completely electric.

I did manage to carve out some perfect Island balance amidst the rush. June and I cooled off after a packed Saturday with a late-evening swim in the Nanaimo River. Then on Sunday, we hopped on the Hullo ferry for a quick day trip to Vancouver for some shopping and to soak in the incredible buzz of the FIFA crowds. Living right in the Nanaimo city center makes a quick getaway like that so seamless and convenient.

Looking back on the week, I'm just reminded of how incredibly lucky we are. It’s June, the weather is epic, we live on Vancouver Island, and life is good.

- John Cooper