Chase River, Nanaimo - July 2026 Real Estate Report

Chase River, Nanaimo: Your Assessment Says One Thing. The Market Says Another.

If you own a home in Chase River and you've been glancing at your latest property assessment feeling pretty good about yourself - hold on. There's a gap between what the government thinks your place is worth and what a buyer would actually hand you a cheque for. That gap is worth knowing about right now.

The Vibe: What's Actually Happening in Chase River

Let's split this into houses and condos, because they're telling two pretty different stories.

Houses - Steady, But Don't Get Ahead of Yourself

The average sale price for a house in Chase River is sitting at $816,250, up 2.6% from last month. That sounds like good news, and it is - partly. But here's the catch: only 2 houses sold last month, which is down 50% from the month before. Low volume means those numbers can swing fast. Don't read too much into a single month.

• Average sale price: $816,250
• Average list price: $829,000
• Price per square foot: $438
• Homes sold for 98.49% of list price - buyers are getting a small discount
• Average days on market: 66 days
• Predicted market value (HonestDoor): $712,963
• 3-month moving average: $709,150 - trending up slightly
• Rental yield: 5.21%
• Estimated monthly rent: $3,234

Sixty-six days on market is a long time. We're not in a frenzy here. Chase River houses rank dead last in Nanaimo for days-on-market speed - 16th out of 16 neighbourhoods tracked. That tells us buyers are taking their time, doing their homework, and not rushing to compete. On the growth leaderboard, we sit 16th out of 19 neighbourhoods. Not a number to brag about, but the predicted value is still climbing past the 3-month average, so there's a slow, quiet upward push happening.

Compared to nearby Five Acres (HonestDoor Price $702,736) and Southend ($651,840 predicted), Chase River houses are priced higher. Duke Point is in a different league entirely at $1,204,487 - that's a different buyer altogether.

Condos - A Surprise Bright Spot

If we're being honest, the condo story in Chase River is more interesting right now. The HonestDoor Price for condos has dipped 5.32% recently, landing at $486,078. That sounds rough on the surface. But the predicted market value is $513,410 - and that number is climbing above the 3-month moving average of $486,593. Values have shifted up 5.51% recently.

• Average HonestDoor Price: $486,078
• Predicted market value: $513,410
• 3-month moving average: $486,593 - predicted value is above this
• Recent value change: +5.51%
• Estimated monthly rent: $2,528
• Rental yield: 3.80%
• Average Airbnb estimate: $120 per night

On the neighbourhood growth leaderboard, Chase River condos rank 6th out of 18 in Nanaimo. That puts us in above-average territory - a genuinely solid position. Compare that to the house side of things, and condos are quietly outperforming right now. Worth paying attention to if you're an investor or thinking about a smaller footprint.

One thing to flag: nearby Southend, Five Acres, and Harewood all show higher condo HonestDoor Prices than Chase River. That gap could mean Chase River condos are undervalued - or it could mean those neighbourhoods carry a premium for a reason. Either way, it's a data point worth watching.

The Secret Sauce: Why Your Tax Assessment Is Lying to You (Kind Of)

Here's the thing about government assessments - they're a snapshot from months ago, sometimes longer. The average assessed value for a Chase River house is $823,382. The average HonestDoor Price is $705,916. That's a difference of 14.27%. If you're making decisions based on your assessment notice, you could be working with a number that's significantly out of step with what the market is doing today.

The HonestDoor Price updates in real time, pulling from actual sales data and current market signals. It's not a guess - it's a live read on what your property is worth right now, not what it was worth when the assessor last ran the numbers. With 1,578 properties assessed in Chase River this year, there's plenty of data to work with. But data is only useful if it's current.

If your financial planning, your refinancing conversation, or your "should I sell?" decision is anchored to that assessment number - it's time to check your HonestDoor Price instead.

The "So What?" - Thinking About Selling This Summer?

Here's the straight talk for anyone considering listing a Chase River house this summer.

The price rank is strong - 7th out of 19 neighbourhoods in Nanaimo. That means Chase River is genuinely above average in value. But the growth rank (16th out of 19) and the days-on-market rank (last place) tell us buyers aren't scrambling. They have options and they know it. Homes are sitting for over two months on average before selling.

That doesn't mean don't sell. It means price it right from day one. Homes are selling at 98.49% of list price - close to asking, but not over. Buyers are negotiating. If you come in too high hoping to "leave room," you'll sit on the market and that 66-day average will become your reality. Price sharp, present well, and you can still get a strong result.

The neighbourhood has only seen 11 property transactions in 2026 so far. Low inventory can work in your favour if you're the best option on the street. With an average sale price of $816,250 and a rental yield of 5.21% for houses, Chase River still makes a compelling case to buyers who are weighing ownership against renting.

Bottom line - Chase River is not a hot market right now, but it's not broken either. It's a market that rewards smart pricing and patience. Check your HonestDoor Price, know your real number, and make your move with clear eyes.

This information is all based on our opinions based on the information available to us. Everyone's situation may be different and you should reach out to us for more personalized information.