Long Lake, Nanaimo - August 2026 Real Estate Report

Long Lake, Nanaimo: Your Neighbour Just Got a Surprise on Their Assessment

If you own a home in Long Lake and you're still going off your BC Assessment notice, you're probably leaving money on the table - or at least walking around with the wrong number in your head. Here's what's actually happening on the ground right now.

The Vibe: Houses vs. Condos in Long Lake

Let's break it down for us locals, because houses and condos are telling two pretty different stories right now.

Houses - Slow to Sell, But Holding Value

The house market in Long Lake is taking a breather. One sale last month, sitting at an average sale price of $800,000 - up 45.5% from the month before, though with that little volume, one sale moves the needle fast. Homes are sitting on the market for an average of 80 days, which ranks 16 out of 17 neighbourhoods in Nanaimo for days on market. That's slow. Buyers know it too - they're paying about 97.57% of list price, meaning sellers are giving a little ground to close the deal.

• Average sale price: $800,000
• Average list price: $819,900
• Price per square foot: $362
• Average days on market: 80
• Sales last month: 1
• Predicted market value: $804,111
• Rental yield: 5.12%
• Estimated monthly rent: $3,546
• Growth rank: 8 out of 19 in Nanaimo - above average

The predicted value of $804,111 is creeping up past the 3-month moving average of $802,025, so the floor is holding. And a 5.12% rental yield is genuinely solid for anyone thinking about holding and renting rather than selling right now.

Condos - Steady, But Watch the Trend

Condos are a different picture. Four sales last month, averaging $344,250 - and buyers are paying 95.82% of list, so there's negotiating room here. At $445 per square foot, Long Lake condos are priced below average for Nanaimo (ranking 9 out of 13). Days on market sit at 51, which is middle-of-the-pack but still on the slower side.

• Average sale price: $344,250
• Average list price: $358,200
• Price per square foot: $445
• Average days on market: 51
• Sales last month: 4
• Predicted market value: $393,991
• Rental yield: 4.04%
• Estimated monthly rent: $2,040
• Growth rank: 12 out of 18 in Nanaimo - below average

The predicted value of $393,991 is sliding below the 3-month moving average of $401,178, and values have dipped 2.02% recently. Not a freefall - but worth watching if you're a condo owner thinking about timing a sale.

The Secret Sauce: Your HonestDoor Price vs. That Government Assessment

Here's the thing about BC Assessment - it's a snapshot from July 1st of the previous year. The market doesn't care about that date. It moves every single month.

Right now, the average assessed value for a Long Lake house is $754,757. The average HonestDoor Price is $812,537. That's a gap of 7.66% - real money we're talking about. For a house in this range, that difference is roughly $57,000 that your assessment is simply not showing you.

For condos, the assessed average is $378,858. The HonestDoor Price comes in at $392,595 - about 3.63% higher. Smaller gap, but still a more current read on what a buyer would actually pay today.

The HonestDoor Price updates in real time using actual transaction data. It's the number you want in your back pocket before you talk to a realtor, refinance, or decide whether to list this summer.

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

If you own a house in Long Lake and you're eyeing a summer sale, here's the honest take. Demand is light right now - one sale last month tells you competition is thin on both sides. Homes are taking 80 days to move, so price it right from day one. Buyers are informed and they're negotiating. Coming in too high and chasing the market down is the worst play in a slow-volume neighbourhood.

The good news - your actual value is likely higher than your assessment says. Use your HonestDoor Price as your starting point for that conversation with your agent, not the government's number from last year.

For condo owners, the market is softer and values have ticked down recently. If selling is on your radar, sooner is probably better than waiting to see if that trend reverses. A 4.04% rental yield means holding and renting is a reasonable alternative if you're not in a rush.

On the neighbourhood leaderboard, Long Lake houses rank 8 out of 19 for growth in Nanaimo - that's a respectable spot, sitting above average. Nearby, Rutherford is slightly pricier at an HonestDoor Price of $823,498 and growing at the same pace. Linley Valley comes in higher at $910,751 but growing slower. Long Lake sits in a solid middle ground - not the cheapest, not the flashiest, but a real, established neighbourhood with numbers that hold up.

Bottom line - check your HonestDoor Price today. It takes two minutes and it's the most current read on what your Long Lake property is actually worth right now.

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.