Westwood, Nanaimo - August 2026 Real Estate Report

Westwood, Nanaimo: Your Neighbour Just Sold. Here Is What You Need to Know.

If you live in Westwood and you have been wondering whether your home is worth more or less than what the city says - the answer is: it depends on what you are looking at. Here is the straight story on where things stand right now, broken down by property type.

The Vibe: Houses vs. Condos in Westwood

Houses - We Are Holding Strong, But Watch the Trend

The average sale price for houses in Westwood hit $910,000 this month, up 2.5% from last month. Listings are sitting at $925,000 on average, and homes are selling at 98.38% of list price - meaning buyers are getting a small discount, but sellers are still doing well. Price per square foot is around $714.

Here is the thing though: the predicted market value for houses is $863,196, and that number is drifting down from the 3-month moving average of $869,818. Property values have shifted -1.31% recently. That is not a crash - it is the market taking a breather. Only 1 house sold this month, and homes are sitting for an average of 19 days, which is slightly longer than nearby Harewood at 18 days.

• Average sale price: $910,000 (up 2.5% from last month)
• Average list price: $925,000
• Price per square foot: $714
• Sale-to-list ratio: 98.38%
• Average days on market: 19
• Predicted market value: $863,196
• Estimated monthly rent: $3,724
• Rental yield: 4.96%
• Recent value change: -1.31%

On the neighbourhood leaderboard, Westwood houses rank 2 out of 19 for price - near the top of Nanaimo. But growth rate ranks 14 out of 19, which puts us in below-average territory for appreciation right now. The bright spot: days-on-market ranks 1 out of 17, meaning when a house does sell here, it moves fast.

Condos - Selling Quick, But Values Are Sliding

Condos in Westwood are a different story. The average sale price is $365,000, essentially flat, and the one condo that sold this month went at exactly 100% of list price - a balanced, no-drama transaction. Price per square foot is around $356, and homes are moving in 17 days, faster than Harewood at 18 days.

But here is where we need to be honest with each other: the predicted condo value is $516,492, down from a 3-month moving average of $542,240. That is a -6.99% recent change, and it ranks dead last - 18 out of 18 - for growth among comparable Nanaimo neighbourhoods. Condos here are selling fast, but they are not gaining value right now.

• Average sale price: $365,000
• Average list price: $359,900
• Price per square foot: $356
• Sale-to-list ratio: 100%
• Average days on market: 17
• Predicted market value: $516,492
• Estimated monthly rent: $2,594
• Rental yield: 3.80%
• Recent value change: -6.99%
• Growth rank: 18 out of 18 in Nanaimo

The Secret Sauce: Why Your HonestDoor Price Matters More Than Your Tax Assessment Right Now

Your city assessment is a snapshot taken months ago. It does not know what happened on your street last week. The HonestDoor Price updates in real time, and for Westwood houses, that number is $866,712 - sitting 0.37% below the average assessed value of $869,948. That gap might sound small, but if you are pricing a home to sell, being off by even 1% can cost you weeks on the market.

For condos, the HonestDoor Price is $518,183 - a number that has already started to reflect the softening trend that the city assessment has not caught up to yet. If you are a condo owner relying on last year's assessment to set expectations, you could be in for a surprise.

Think of the HonestDoor Price as the real-world check - the number that accounts for what buyers are actually paying today, not what an assessor estimated six months ago.

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

For house sellers, the window is open but it is not wide open. Prices are up month-over-month, demand is real, and Westwood sits near the top of Nanaimo for price. But with predicted values dipping and growth ranking 14 out of 19, waiting for a big appreciation bump may not pay off. If your house is ready, this summer is a reasonable time to move.

For condo sellers, the urgency is higher. Values are down 6.99% recently, and Westwood condos rank last in Nanaimo for growth right now. The good news is that condos here are selling fast - 17 days on average. If you price it right using your HonestDoor Price as a guide, you can still get a clean sale. But sitting on the sidelines hoping for a rebound is a riskier play.

Bottom line: Westwood is still one of Nanaimo's pricier addresses, and that reputation has real staying power. Just make sure the number you are working with reflects today's market - not last year's paperwork.

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.