Is it too soon to pop the cork on the champagne?
Tri-City home sales experienced a slight rebound in February — especially in Coquitlam — where sales of condos have increased dramatically since January, according to the Real Estate Board of Greater Vancouver (REBGV),
In Coquitlam, a whopping 84 condos were sold, up from 48 in January — a 75 per cent increase.
More people also bought houses in Coquitlam with 34 single-family homes sold in February, compared to 21 in January — an increase of 61.9 per cent.
Port Moody real estate up slightly
As well, 10 times as many townhouses were sold in Coquitlam last month — 40 compared to four in January.
Port Moody also experienced an increase in homes sales in February with 11 single-family homes sold, compared to three in January — a 266.7 per cent rise.
Also in Port Moody:
- 15 townhouses sold in February (compared to six in January)
- 20 apartments sold in February (compared to 14 in January)
However, in Port Coquitlam, single-family home sales dropped modestly last month to 11 compared to 13 in January while townhouses and apartments sales increased slightly (10 to 14 for townhouses and 11 to 15 for apartments).
Still, sales and listings are nowhere near the activity of last winter (see figures below), according to the REBGV statistics, but prices appear to be holding steady in Coquitlam, Port Coquitlam and Port Moody.
“It’s hard to sell what you don’t have, and with new listing activity remaining among the lowest in recent history, sales are struggling to hit typical levels for this point in the year,” said Andrew Lis, REBGV’s director, economics and data analytics.
“On the plus side for prospective buyers, the below-average sales activity is allowing inventory to accumulate, which is keeping market conditions from straying too deeply into sellers’ market territory, particularly in the more affordably priced segments.”
Prices may 'firm up' this spring
As for the future of prices, the REGBV says prices may "firm up" this spring, something that appears to already be taking place in Coquitlam, Port Coquitlam and Port Moody where there was little change in prices between January and February.
Here's how real estate performed in the Tri-Cities in February 2023:
Coquitlam
Price - Compared to January
- Detached: $1,694,000, up 0.3%
- Townhouse: $999,900, up 2.5%
- Apartment: $663,100, up 1.0%
Listings, January vs February 2023
- Detached: 76, 61 down -19.7%
- Townhouse: 39, 52 up 33.3%
- Apartment: 143, 112 down -21.7%
Sales. Dec. 2021-Feb. 2022 vs Dec. 2022-Feb. 2023
- Detached: 196, 87 down -55.6%
- Townhouse: 91, 58 down -36.3%
- Apartment: 360: 167 down -53.6%
Port Moody
Price - compared to January
- Detached: $1,969,900, down -0.3%
- Townhouse: $984,000, down -1.3%
- Apartment: $705,400, up 4.2%
Listings, January vs February 2023
- Detached: 24,18 down -25.0%
- Townhouse: 22, 22 no change
- Apartment: 55, 49 down -10.9%
Sales. Dec. 2021-Feb. 2022 vs Dec. 2022-Feb. 2023
- Detached: 48, 22 down -54.2%
- Townhouse: 52 ,27 down -48.1%
- Apartment: 91, 60 down -34.1%
Port Coquitlam
- Detached: $1,282,000, up 0.2%
- Townhouse: $884,700, up 0.6%
- Apartment: $611,500, up 1%
Listings, January vs February 2023
- Detached: 20, 34 up 70%
- Townhouse: 16, 7 down -56.3%
- Apartment: 41, 45 up 9.8%
Sales. Dec. 2021-Feb. 2022 vs Dec. 2022-Feb. 2023
- Detached: 98, 34 down -65.3%
- Townhouse: 58, 34 down -41.4%
- Apartment: 135, 43 down -68.1%
