Westwood, Nanaimo - October 2026 Real Estate Report
Westwood, Nanaimo: Your Neighbour Just Sold. Here Is What You Need to Know.
If you have been watching the "For Sale" signs in Westwood and wondering what your place is actually worth right now, this is the update you have been waiting for. The city's assessment number on your tax notice is already old news. The real story is a little more nuanced - and worth paying attention to before summer hits.
The Vibe: What Is Happening in Westwood Right Now
Westwood is one of Nanaimo's pricier pockets - ranked number 1 out of 19 neighbourhoods for house prices. That is a strong position to be in. But the market is taking a breather. Here is the honest breakdown for houses and condos.
Houses: High Prices, But Patience Required
If we are talking houses, the headline number looks good on the surface. The average sale price sits at $945,500, up 3.1% from last month. But dig a little deeper and the picture gets more interesting.
- Average sale price: $945,500 (up 3.1% from last month)
- Average list price: $982,450
- Price per square foot: $574
- Sale-to-list ratio: 96.25% - buyers are paying below asking
- Average days on market: 81 days
- Properties sold this period: 2
- Days-on-market rank: 15 out of 16 in Nanaimo
- Growth rank: 12 out of 18 neighbourhoods
- Predicted market value (HonestDoor): $848,730
- 3-month moving average: $859,864 (values are drifting down slightly)
- Rental yield: 4.98%
- Estimated monthly rent: $3,684
Here is the honest read: our houses are sitting on the market for 81 days on average. That ranks us 15th out of 16 neighbourhoods for speed of sale in Nanaimo. Compare that to nearby Harewood where homes are taking 111 days - so we are moving faster than some neighbours - but this is not a bidding-war market right now. Buyers have leverage. They know it. The 96.25% sale-to-list ratio confirms it.
The growth rank of 12 out of 18 puts us in the below-average tier on the Nanaimo neighbourhood leaderboard. Not the bottom, but not the top either. Values have shifted by -2.13% recently, and the predicted value is trending below the 3-month average. The market is not falling off a cliff - it is just cooling off.
Condos: Fast Sales, But Softer Values
The condo side of Westwood tells a different story. Sales are happening quickly - days-on-market ranks 3rd out of 13 in Nanaimo, which means when a condo hits the market here, it moves. The catch is that values are under pressure too.
- Average sale price: $365,000
- Average list price: $359,900
- Sale-to-list ratio: 100% - sellers are getting full asking price
- Price per square foot: $356
- Average days on market: 17 days
- Properties sold this period: 1
- Days-on-market rank: 3 out of 13 in Nanaimo
- Growth rank: 15 out of 18 neighbourhoods
- Predicted market value (HonestDoor): $509,710
- 3-month moving average: $514,795 (also drifting down slightly)
- HonestDoor Price (all condos): $542,645 (up 6.46% from previous period)
- Rental yield: 3.82%
- Estimated monthly rent: $2,567
The 6.46% jump in the HonestDoor Price for condos is the bright spot here. That is a real signal worth watching. But the growth rank of 15 out of 18 on the neighbourhood leaderboard tells us we are still near the bottom of the pack for value appreciation. Condos are selling fast and at full price - that is a balanced, stable market. Just do not expect a big windfall if you are selling today.
The Secret Sauce: Why Your HonestDoor Price Matters More Than Your Tax Assessment Right Now
Here is something most Westwood homeowners do not realize. The city's average assessed value for houses here is $870,536. But the average HonestDoor Price is $844,656 - that is 2.97% lower than what the assessment says your home is worth. The assessment is a snapshot from months ago. It does not know what happened in the market last week, last month, or even this season.
The HonestDoor Price updates in real time. It pulls from actual transaction data, current listing activity, and neighbourhood trends. Right now, with house values down -2.13% recently and the predicted value sitting at $848,730 - below the 3-month average of $859,864 - relying on your tax assessment to price your home is a fast way to sit on the market for 81 days wondering why nobody is biting.
Check your HonestDoor Price. It is the real-world check your assessment cannot give you.
The So What: Should You Sell in Westwood This Summer?
If you are a house owner thinking about listing this summer, here is the straight talk.
- You are in Nanaimo's most expensive neighbourhood by price rank - that is your biggest asset
- But buyers have the upper hand right now - they are paying 96.25% of list, not over asking
- Homes are taking 81 days to sell - price it right from day one or you will be chasing the market down
- The predicted value of $848,730 is your anchor - not the $870,536 assessment and not wishful thinking
- Nearby Harewood and Northfield are cheaper - buyers who get priced out of Westwood go there next, so your competition is real
If you are a condo owner, the news is a little better on speed - 17 days on market is sharp. But with a growth rank of 15 out of 18 and values drifting down slightly, this summer is not the time to hold out for a premium. Price it at market and let the fast-moving condo demand work in your favour.
Bottom line: Westwood is still one of Nanaimo's most desirable addresses. The fundamentals are solid - 1,634 assessed properties, 29 transactions in 2026, and rental income potential of $3,668 a month for houses. But this is a market that rewards smart pricing, not optimism. Know your real number before you list.
westwood | nanaimo | october 2026This 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.