Summer real estate was bustling in the Tri-Cities, especially for prospective buyers looking for a start-up place to call home.
There was a modest uptick in real estate sales after 267 residences were sold in August, despite a rising cost of living according to the Real Estate Board of Greater Vancouver (REBGV).
That's an increase of four per cent, and 10 more homes compared to the 257 sold in July, out of 439 listings (156 in Coquitlam, 78 in Port Coquitlam and 33 in Port Moody/Belcarra).
As well, it appears more new homeowners simply wanted to get into the market.
The REBGV's report indicates attached homes were the popular buy across all Tri-Cities communities with a 70 per cent increase in August.
A total of 71 sold out of 81 listings compared to 42 out of 106 in July.
Port Moody sold double the number of attached homes between July (6) and August (12), while Coquitlam and Port Coquitlam saw similar bumps above 60 per cent for the same category.
Meanwhile, as a whole, the Metro Vancouver region endured a colder housing market as sales in the month fell 29.2 per cent below the 10-year August average.
Sales totalled 1,870 in the month, down 40.7 per cent from August 2021, but just 0.9 per cent below the 1,887 transactions in July 2022, based on sales through the REBGV's multiple listing service (MLS).
"With inflationary pressure and interest rates on the rise, home buyer and seller activity shifted below our long-term seasonal averages this summer," spokesperson Andrew Lis said.
"This shift in market conditions caused prices to edge down.
"Home buyers and sellers are taking more time to assess what this changing landscape means for their housing needs," Lis added.
For more detailed information, you can visit the REBGV’s website.
The following numbers show Tri-City benchmark prices, monthly and yearly changes as well as price index according to MLS Home Price Index data:
Residential
COQUITLAM
- Benchmark price = $1,104,500
- Price Index = 343.8
- One-month = -2.6%
- Three-month = -8%
- Six-month = -5.7%
- One-year = 9.8%
- Three-year = 39.6%
- Five-year = 25.7%
- 10-year = 113.1%
PORT COQUITLAM
- Benchmark price = $917,900
- Price Index = 353.4
- One-month = -3%
- Three-month = -10.4%
- Six-month = -8.1%
- One-year = 10.9%
- Three-year = 46%
- Five-year = 38%
- 10-year = 136.5%
PORT MOODY
- Benchmark price = $1,175,200
- Price Index = 370.4
- One-month = -1.8%
- Three-month = -4.1%
- Six-month = 2.7%
- One-year = 15.8%
- Three-year = 54.5%
- Five-year = 39.4%
- 10-year = 144.6%
Single-family detached
COQUITLAM
- Benchmark price = $1,794,700
- Price Index = 410.6
- One-month = -3.2%
- Three-month = -8%
- Six-month = -4.4%
- One-year = 11.8%
- Three-year = 50.2%
- Five-year = 36.7%
- 10-year = 151%
PORT COQUITLAM
- Benchmark price = $1,328,100
- Price Index = 375.4
- One-month = -4.8%
- Three-month = -12.5%
- Six-month = -13.2%
- One-year = 9.5%
- Three-year = 50.2%
- Five-year = 39.1%
- 10-year = 150.4%
PORT MOODY
- Benchmark price = $2,145,100
- Price Index = 406.2
- One-month = -1.7%
- Three-month = -3.9%
- Six-month = 4.1%
- One-year = 17.7%
- Three-year = 58.7%
- Five-year = 41.7%
- 10-year = 155.8%
Townhouses
COQUITLAM
- Benchmark price = $1,058,500
- Price Index = 410
- One-month = -2.1%
- Three-month = -5.6%
- Six-month = -3.5%
- One-year = 16.6%
- Three-year = 47.9%
- Five-year = 46.5%
- 10-year = 163.8%
PORT COQUITLAM
- Benchmark price = $905,500
- Price Index = 362.6
- One-month = -1.1%
- Three-month = -11.1%
- Six-month = -5.4%
- One-year = 10.1%
- Three-year = 41.9%
- Five-year = 42.6%
- 10-year = 150.8%
PORT MOODY
- Benchmark price = $1,096,600
- Price Index = 416.3
- One-month = -2.3%
- Three-month = -3.7%
- Six-month = 4.1%
- One-year = 19.8%
- Three-year = 53.5%
- Five-year = 59.6%
- 10-year = 174.6%
Apartments
COQUITLAM
- Benchmark price = $669,200
- Price Index = 379.6
- One-month = -1.7%
- Three-month = -6.7%
- Six-month = -4.4%
- One-year = 11.2%
- Three-year = 26.1%
- Five-year = 32.6%
- 10-year = 139%
PORT COQUITLAM
- Benchmark price = $613,600
- Price Index = 417.1
- One-month = -2.1%
- Three-month = -6.1%
- Six-month = -1.1%
- One-year = 15%
- Three-year = 38.8%
- Five-year = 46.8%
- 10-year = 173.5%
PORT MOODY
- Benchmark price = $719,600
- Price Index = 383.6
- One-month = -0.9%
- Three-month = -5%
- Six-month = -1.1%
- One-year = 9.4%
- Three-year = 32.1%
- Five-year = 41.3%
- 10-year = 148%
- with files from Frank O'Brien, Western Investor
