440 homes are available against 227 in play — 127 under contract and 100 closed. That works out to roughly 4.8 months of inventory, which by the standard measure is balanced: under four months favours sellers, four to six is even, above six favours buyers. Nanaimo sits in the middle of that band. Buyers have genuine selection for the first time in years; sellers who price to the market are still transacting quickly, and 127 homes under contract is not a market that has stalled.

Homes that actually sold spent a median of just 27 days on market — but active listings that haven't yet found a buyer have been sitting a median of 41 days. The gap tells the story: pricing precision is everything right now.

Chase River topped closed sales with 12 transactions — just ahead of North Nanaimo's 11. But North Nanaimo still carries the largest active inventory at 92 listings, offering buyers the most choice in the city's most popular corridor.

Ground Level Entry with Main Up was the top-selling layout with 23 sales, followed closely by Main Level Entry with Lower Level(s) at 21. Ranchers — the easiest to live in — accounted for 18 sales, third overall.

A note on BC Assessment. Assessed values lag the market — they reflect last year’s conditions, not today’s. Assessment also moves differently from one area to the next, and work done on a home can change its assessment on its own. Useful as a rough guide. Not a price.

It answers a single question: if nothing new came on the market, how long would it take to sell everything already listed? Take the homes for sale, divide by how many sell in a month. For Nanaimo this July, 440 divided by 93 — four point eight months.

Below four months there are not enough homes to go round: multiple offers, prices pushing up, sellers setting the pace. Above six there are more homes than buyers, and the pace passes to them. Between the two, which is where Nanaimo is, supply and demand are roughly matched — prices hold, a well-priced home still sells quickly, and an overpriced one sits. Neither side has the whip hand.

One caveat worth stating. The figure moves with what you count. Measured against closed sales alone it reads 4.8 months; count the 127 homes already under contract as absorbed and it reads nearer 2.4. This report uses closed sales over the last thirty days — the stricter of the two, and the conventional one.

The Bank of Canada held its policy rate at 2.25% on July 15 — the sixth consecutive decision to leave it alone — and expects inflation back near two percent by early 2027. What pressure remains is coming from outside the country: oil tied to the war in the Middle East, and American trade policy. The Bank calls uncertainty still high, but its read on this sector is steadier than the headlines suggest.

Where there is genuine difficulty, it is in condominiums rather than detached homes. In June, Ottawa and the Province committed up to $3.2 billion over ten years to cut development charges and convert more than 2,200 unsold B.C. condos into affordable housing — roughly 2,500 finished units are standing empty province-wide. Ontario is running a $1.3 billion version of the same idea in Toronto, a market that sold 85 new condos in the month of January.

Nanaimo detached is not that market. The Island benchmark for a single family home is $816,400, down two percent on the year — and it sits within one percent of the $807,500 median this report arrived at independently. That is a market easing, not one in trouble. The board's own read of it matches what the pages above found: buyers are being more measured, so sellers need to be realistic.

Sources — Bank of Canada rate announcement, July 15 2026. CREA resale forecast, July 15 2026. Globe and Mail and Juno News on the federal–B.C. housing agreement, June 19 2026. Better Dwelling and Canadian Mortgage Professional on the Ontario programme. VIREB via Nanaimo News Bulletin, July 6 2026.

I'm feeling the market is actually fairly strong. I've seen multiple offers even in the high-end price range, close to the $2 million mark, where several buyers were competing. If the market recognizes value, there are lots of people ready to go. It's not a market where there are no buyers — it's a market that's price-sensitive.

Strategically placing your home in the right position can actually get you a very strong value. Understanding the market and its dynamics, and creating a proper strategy, is critical when buyers are this sensitive to pricing. Each area and home style reacts differently, and understanding this can help you maximize your value.

Our approach is not only based on 30 years of experience on the ground selling, but backed by our exclusive dashboard that gives market insight beyond what is generally available. If you're thinking of selling, we'd be happy to give you a market update on your home.

Derek Gillette · Personal Real Estate Corporation · Gillette & Associates · 250-618-2832