Westwood, Nanaimo - July 2026 Real Estate Report

Westwood, Nanaimo: Your Neighbour Just Got a Reality Check on Their Home Value

If you own a home in Westwood and you haven't looked at your HonestDoor Price lately, now is the time. The city's assessment and what the market is actually doing are telling two slightly different stories - and knowing the difference could matter a lot if you're thinking about making a move this summer.

The Vibe: What's Happening With Houses and Condos Right Now

Let's break it down for us Westwood folks, because houses and condos are living in very different worlds right now.

Houses - Taking a Breather

The house market in Westwood is cooling off. The average sale price sits at $870,000, but that's down 18.1% from last month. Before you panic, one sale can swing that number hard when volume is this low - we only saw 1 house transaction this month. Still, the trend is worth watching.

• Average sale price: $870,000
• Average list price this month: $879,000
• Price per square foot: $694
• Sold-to-list ratio: 98.98% - buyers are getting a small discount
• Average days on market: 41 days
• Predicted market value: $874,111
• Estimated monthly rent: $3,759
• Rental yield: 4.94%

Here's a bright spot though. Our houses are selling faster than Harewood (46 days) and Northfield (50 days). So while prices are softening, Westwood homes are not sitting and gathering dust compared to the neighbours. The predicted value of $874,111 is also trending up from the 3-month moving average of $867,177, which tells us the floor is holding.

On the neighbourhood leaderboard, Westwood houses rank 10 out of 19 for growth - right in the middle of the pack. Price rank is 3 out of 19, meaning we're still one of the pricier addresses in Nanaimo. Days-on-market rank is 13 out of 16, so the slow-selling label is real. Sellers need to price sharp.

Condos - Steady and Surprisingly Quick

The condo story in Westwood is calmer. One unit sold at exactly list price - $365,000 - which signals a balanced market where neither side has the upper hand. And those condos are moving fast. Average days on market is just 17 days.

• Average sale price: $365,000
• Average list price this month: $359,900
• Price per square foot: $356
• Sold-to-list ratio: 100% - no discounts here
• Average days on market: 17 days
• Predicted market value: $555,332
• Estimated monthly rent: $2,753
• Rental yield: 3.73%

On the condo leaderboard, Westwood ranks 2 out of 12 for days on market - that means our condos are among the fastest-selling in all of Nanaimo. Growth ranks 12 out of 18, which is below average, but the predicted value of $555,332 is climbing above the 3-month average of $532,722. That's a quiet positive signal.

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

Here's the thing about your BC Assessment notice. It's a snapshot frozen in time - usually reflecting market conditions from months ago. The market doesn't wait for paperwork.

Right now in Westwood, the average assessed value for houses is $869,641. The average HonestDoor Price is $862,625 - that's 0.81% lower than the assessment and it has dipped 1.31% from the previous period. That gap might look small, but on an $870,000 home, we're talking about roughly $7,000 in difference. If you're using your assessment to set a list price, you could be starting from the wrong number.

The HonestDoor Price pulls from real-time transaction data and current market signals. It's the real-world check against a static government number. With 1,637 properties assessed in Westwood this year and only 17 actual transactions recorded in 2026 so far, the assessment is working with a lot less live data than HonestDoor is. Check your HonestDoor Price at honestdoor.com - it takes about 30 seconds and it's free.

For condos, the HonestDoor Price is $516,492, down 6.99% from the previous period. That's a meaningful drop. If you own a Westwood condo and you're basing any financial decisions on older numbers, that 7% shift is worth knowing about today, not at next year's assessment.

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

If you're a Westwood homeowner eyeing a summer sale, here's the straight talk.

For house sellers - the market is softer than it was. Buyers are paying just under list price and homes are taking over a month to sell on average. That doesn't mean don't sell. It means price it right from day one. Overpricing and then chasing the market down is the worst outcome. With a predicted value of $874,111 and a price rank of 3 out of 19 in Nanaimo, Westwood is still a premium address. Use that. Just don't get greedy on the list price.

For condo sellers - the timing looks better. Units are selling in 17 days and at full list price. That's about as clean a signal as you get. If you've been on the fence, summer could be your window before the market shifts further.

For everyone - neighbourhood growth in Westwood is 0.02% year over year. That's not a number that makes headlines. Harewood and Northfield are cheaper alternatives for buyers, and Northfield is actually growing at the same pace. The competition for buyers is real. Your pricing strategy and your HonestDoor Price need to be part of the same conversation.

• Westwood house HonestDoor Price: $862,625 (down 1.31%)
• Westwood condo HonestDoor Price: $516,492 (down 6.99%)
• Neighbourhood growth rank: 10 out of 19 for houses
• Total transaction rank in Nanaimo: 4 - we're an active market
• Average assessed value rank in Nanaimo: 5 - still a high-value neighbourhood
• Airbnb rank in Nanaimo: 7 for houses, 12 for condos

Bottom line - Westwood is still one of Nanaimo's more valuable neighbourhoods, but the market is asking sellers to be realistic. Pull your HonestDoor Price, compare it to your assessment, and make your summer plan based on what the market is actually doing - not what it was doing a year ago.

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.