The Metro Vancouver real estate market may be slowing, according to the most recent real estate statistics.
But home buyers are still flocking to Coquitlam to buy apartments.
Coquitlam has a wide range of apartments available from multi-million dollar penthouse suites in condo towers to affordably priced units under $400,000 in older buildings.
Two examples available on the website Zealty.ca show what people are paying for apartments in Coquitlam — and the selling prices may surprise.
Luxury apartments are still selling, even when they are under construction, but sellers may have to take a price cut.
In western Coquitlam, for example, a 1,487 sq. ft. two-bedroom, three-bathroom condo in the new Boffo-built Smith and Farrow building at 720 Farrow St. sold for $2.09 million.
The 46-storey tower near North Road in Burquitlam won't be complete until 2024; however, sales information states that there will be several amenities in this condo development, including:
- a pool, hot tub and steam room
- a catering kitchen
- full-service concierge
- fitness facility
- yoga studio
The cautious buyer didn't pay full price for the penthouse suite when it sold on June 15.
There was some wriggle room in the final price, which was slashed $174,100 from the original $2,269,900 selling price.
Older Coquitlam apartment sold for $12,000 over-asking
Meanwhile, the buyer of a 633 sq.ft. one-bedroom, one-bathroom unit with shared laundry at Armanda Estates paid top dollar.
The purchaser of the home at 1000 King Albert Ave. in the walkable Austin Heights neighbourhood paid thousands over-asking on June 4 to get the apartment, which was listed for just six days, according to Zealty.ca.
With a renovated kitchen and new flooring, the unit sold for $391,000, up from the $379,000 asking price.
The unit is in a 53-year-old building, located directly across from Blue Mountain Park, and appears to be the most affordable apartment sold in June.
Meanwhile, Coquitlam condo sales are outpacing townhouses and detached homes, according to the most recent Greater Vancouver Real Estate Board report.
More apartments sold than townhouses, detached houses combined
As many as 120 apartment units changed hands last month, compared to 125 in May and 148 in June, 2021 when the market, fuelled by the pandemic and low interest rates, was hot.
Comparatively, sales of single family homes dried up last month, with only 47 sold in June, compared to 67 in May and 126 in June 2021.
There were only 22 townhouse units sold in June, according to the report, compared to 51 in May and 54 in June 2021.
The benchmark price for an apartment last month in Coquitlam was $700,500, compared to $1,086,500 for a townhouse and $1,874,100 for a detached house.
Meanwhile, prices have dropped slightly since May, but less so for apartments.
Coquitlam one-month price drop:
- Apartment -2.4%
- Townhouse -3.1%
- Detached -3.9%
