Westwood, Nanaimo - September 2026 Real Estate Report

Westwood, Nanaimo: Your Home Is Worth More Than the City Thinks - Or Is It?

If you own a home in Westwood and you have not checked your numbers lately, now is the time to pay attention. The city's assessment says one thing. The real world is saying something slightly different. Here is what is actually going on in our neighbourhood right now.

The Vibe: What the Market Is Doing in Westwood

Houses - Still the Top of the Leaderboard

If you have been watching the "For Sale" signs in Westwood, here is what is actually happening with houses. We are sitting at an average sale price of $1,139,200, with listings coming in at $1,162,450 this month. Buyers are paying about 98% of list price, which means we are in a stable buyers' market - not a fire sale, but sellers are giving a little ground.

• Average sale price: $1,139,200
• Average list price this month: $1,162,450
• Price per square foot: $615
• Sale-to-list ratio: 98.06% - buyers are paying just under asking
• Average days on market: 15 days
• Properties sold last month: 2

Fifteen days on market is fast. Harewood is sitting at 18 days, so our houses are moving quicker than the neighbours. On the Nanaimo leaderboard, Westwood houses rank 2nd out of 15 neighbourhoods for speed - that is a strong signal of real demand. For price, we rank 1st out of 19 neighbourhoods. We are the most expensive game in town, and buyers know it.

The predicted market value for a Westwood house right now is $867,201, with a rental yield of 4.95% and estimated rent of $3,736 per month. That is a solid return for anyone thinking about holding rather than selling.

Condos - A Different Story, But Not a Bad One

The condo side of Westwood is a calmer market, and that is not necessarily a bad thing. The average sale price is $365,000, and here is something interesting - condos are actually selling at 100% of list price. No negotiating, no discounts. That is a balanced market doing exactly what it should.

• Average sale price: $365,000
• Average list price this month: $359,900
• Price per square foot: $356
• Sale-to-list ratio: 100% - full list price, no wiggle room
• Average days on market: 17 days
• Properties sold last month: 1

Seventeen days on market beats both Northfield (24 days) and Harewood (18 days). So even with lower volume, our condos are not sitting around collecting dust. The predicted market value for a Westwood condo is $518,183, with estimated rent of $2,603 per month and a rental yield of 3.80%. On the Nanaimo growth leaderboard, condos rank 7th out of 18 - solidly above average.

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

Here is the thing about your city assessment. It is a snapshot taken months ago, using data that is already old by the time it lands in your mailbox. The average assessed value in Westwood is $870,536. Sounds good, right? But the HonestDoor Price - which updates in real time using actual market activity - is currently $848,730. That is 2.5% lower than what the city says your home is worth.

That gap matters. If you are pricing a home to sell based on your assessment, you could be starting the conversation in the wrong place. If you are a buyer trying to figure out fair value, the assessment is not your friend. The HonestDoor Price is the real-world check - it reflects what buyers are actually paying right now, not what an algorithm decided last fall.

• Average assessed value (city): $870,536
• Average HonestDoor Price (real-time): $848,730
• The gap: 2.5% lower than the city's number
• HonestDoor Price change from last period: down 2.13%
• Condo HonestDoor Price: $509,710 - down 1.64% from last period

Both houses and condos are seeing their HonestDoor Prices ease back a little. The market is taking a breather. That does not mean panic - it means get current data before you make a move.

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

Here is the straight talk for anyone in Westwood considering a sale before fall. The conditions are not perfect, but they are workable - if you go in with the right expectations.

For house sellers, you are still in the most expensive neighbourhood in Nanaimo by price rank (1st out of 19). Your home will move fast - 15 days on average. But buyers are negotiating, and they are landing about 2% below list. Price it sharp from day one and you will not be chasing the market down.

For condo sellers, the volume is low (one sale last month), but the buyers who are out there are paying full list price. That is actually a cleaner transaction. The challenge is finding that buyer - but when you do, you are not leaving money on the table.

• Westwood houses: rank 1st in Nanaimo for price, 2nd for speed - strong position to sell
• Westwood condos: rank 7th in Nanaimo for growth - above average, not the top
• Neighbourhood growth: 0.02% year over year - steady, not explosive
• Total transactions in 2026: 25 across the neighbourhood
• 1,634 properties assessed this year - a big pool of potential sellers watching the same numbers you are

The bottom line - do not rely on your tax assessment to set your price this summer. Pull your HonestDoor Price, see where the real market is sitting, and make your move based on what buyers are actually paying today. That is how you sell smart in Westwood.

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.