Weekly Real Estate Take - November 2026 - Week 2

Key Takeaways from the November Week 2 Data

• Completed deals plummeted by more than 55% week-over-week, dropping to just 8 sales. This represents the quietest single week of buyer activity since mid-January (when sales hit 7) and marks only the second single-digit sales week recorded in 2026.

• The "Rate-Hike Hangover" Sets In: The contrast between Week 1 and Week 2 illustrates the immediate impact of the Bank of Canada's October 28 rate increase to 2.50%. Week 1 saw an urgent deployment of expiring pre-approvals (18 sales), while Week 2 reflects the sudden lull as remaining buyers pause to recalculate their borrowing power and debt-servicing limits under the higher prime rate.

• Supply Ticks Up to 35 Listings: Despite the seasonal calendar, fresh inventory expanded from 25 to 35 new listings as a cluster of sellers made a final push to get in front of buyers before the holiday freeze.

• Absorption Plunges to 22.9%: With new supply outpacing closed transactions more than four to one, the weekly absorption rate collapsed from last week's record high of 72.0% down to 22.9%.

• Cancellations Normalize to 16: Following the massive 38-unit contract expiration and delisting purge at the start of the month, failed listings settled back down to 16, indicating the bulk of October contract expiries have cleared.

   

Synopsis for a Nanaimo Homeowner Planning Their Next Move

Mid-November shows a market running into an early seasonal wall, exacerbated by the recent bump in borrowing costs.

For Sellers:

The clock on 2026 is winding down rapidly. With sales dropping to 8 units across the city, the pool of active buyers writing offers right now has narrowed down to the most serious, finance-ready movers. With 35 fresh homes entering the market, inventory is accumulating rather than moving. If your home is listed and you want an accepted offer before mid-December, testing an ambitious price tag in a 22.9% absorption climate will simply lead to stagnation into the new year. Flawless presentation and a price positioned strictly against recent closed comps are non-negotiable.

For Buyers:

Buyer leverage has rebounded sharply. The surge of competition seen in early November has evaporated, and weekly absorption has fallen back toward late-September lows. With fresh supply outpacing transactions by a wide margin, you face zero urgency or multi-offer pressure. This window gives you substantial leverage to negotiate subject-to-sale clauses, finance and inspection terms, and price concessions with motivated sellers who want to avoid carrying mortgage and tax overhead through January.

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 528 Hecate St a 6 bed, 3 bath, 2,886 sqft Old City home listed for $450,000 ($156/sqft), 619 Pine St a 5 bed, 2 bath, 2,093 sqft Old City home listed for $599,000 ($286/sqft), 995 Franklyn St a 5 bed, 3 bath, 2,331 sqft Old City home listed for $684,900 ($294/sqft).

The 3 homes listed this week with the highest $/sqft are 250 Dawkins Lane a 3 bed, 1 bath, 808 sqft South Jingle Pot home listed for $599,900 ($742/sqft), 2471 Balance Rd a 4 bed, 2 

bath, 2,663 sqft North Jingle Pot home listed for $1,890,000 ($710/sqft), 56 Kennedy St a 4 bed, 3 bath, 1,650 sqft Old City home listed for $939,000 ($569/sqft).

The 3 homes priced the most below their assessed value are 528 Hecate St a 6 bed, 3 bath, 2,886 sqft Old City home listed for $450,000 (32% below its tax-assessed value), 2792 Holden Corso Rd a 5 bed, 4 bath, 3,098 sqft Cedar home listed for $1,149,000 (24% below its tax-assessed value), 2331 Panorama View Dr a 3 bed, 2 bath, 2,006 sqft South Jingle Pot home listed for $729,900 (14% below its tax-assessed value).

The 3 least expensive new listings this week are 528 Hecate St a 6 bed, 3 bath, 2,886 sqft Old City home listed for $450,000. 619 Pine St a 5 bed, 2 bath, 2,093 sqft Old City home listed for $599,000. 203 Cadboro Pl a 3 bed, 2 bath, 1,418 sqft University District home listed for $599,000.

The 3 most expensive new listings this week are 5060 BROAD RIDGE Pl a 6 bed, 5 bath, 5,517 sqft Upper Lantzville home listed for $2,645,000. 2471 Balance Rd a 4 bed, 2 bath, 2,663 sqft North Jingle Pot home listed for $1,890,000. 8485 Lisa Lane a 5 bed, 6 bath, 4,200 sqft Upper Lantzville home listed for $1,888,000.

Notable New Sales

The 3 buyers that secured the largest discounts this week are the buyers of 989 Plecas Cres who secured a 17% discount off the $499,000 asking price (sale price $415,000). The buyers of 733 Fitzwilliam St who secured a 9% discount off the $689,900 asking price (sale price $625,000). The buyers of 1951 Szasz Dr who secured a 2% discount off the $839,000 asking price (sale price $819,000).

The 3 highest cost per sqft sales this week were 519 Duke St a 2 bed, 2 bath, 586 sqft South Nanaimo home sold for $500,000 ($853/sqft), 5926 Broadway Rd a 3 bed, 2 bath, 1,512 sqft North Nanaimo home sold for $790,000 ($522/sqft), 1951 Szasz Dr a 4 bed, 2 bath, 1,918 sqft Chase River home sold for $819,000 ($427/sqft).

The 3 highest sales this week were 6728 Medd Rd a 4 bed, 3 bath, 3,172 sqft North Nanaimo home sold for $870,500. 6614 Everest Dr a 4 bed, 3 bath, 2,127 sqft Pleasant Valley home sold for $820,000. 1951 Szasz Dr a 4 bed, 2 bath, 1,918 sqft Chase River home sold for $819,000.

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

Listing Data

(click links below to access reports)

This Week in John’s Life

I would be remiss if I didn’t look back on this past week as one of the most memorable I can recall in decades. On the business front, the last ten days delivered our biggest stretch of completions of the entire year, including the single largest closing week I’ve experienced in the past 18 months of real estate trading. At the exact same time, I slipped away to celebrate my milestone 50th birthday in Mexico City, taking in the vibrant traditions of the Día de los Muertos festival from Halloween through November 2nd. Pulling off a record sales week on Vancouver Island while out of the country was only possible thanks to my incredible executive assistant, Monique, who kept every single deal and detail running like clockwork on the ground, while having blazing-fast internet down in Mexico made staying tapped in effortless. 

The trip itself was an unbelievable adventure from start to finish; safe, vibrant, endlessly walkable, and filled with everything from Michelin-starred dining to 17th-century temples and cobblestone strolls through the oldest colonial neighborhoods in the Americas [video here]. I left already eager to return, but after landing back home the day before my birthday and settling into a quiet evening, getting to spend the weekend unwinding and hanging out with my daughters was the absolute best gift to kick off this next half-century.

- John Cooper

Reach out to me directly at:

john@johncooper.ca or 250-619-9207.

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!