It appears apartments in Coquitlam were a hot ticket for residents looking to find a home in the Tri-Cities.
The Real Estate Board of Greater Vancouver (REBGV) said the local form of real estate saw an increase of 37 per cent after 48 were sold during January.
That's also a 46 per cent uptick from the 33 apartments sold in the same month in 2022.
Combined, there were 73 homes taken off the market in Coquitlam in January from 258 listings available.
Across the Tri-Cities, new homeowners purchased 130 residences from a total of 436 listings last month, including 34 in Port Coquitlam and 23 in Port Moody.
It's a 17 per cent decrease from the 158 homes sold in December and 43 per cent from January 2022 (305).
There were two other real estate sales — two in Port Coquitlam — that had positive sales last month.
Thirty per cent more detached PoCo homes (13) sold, and January attached residence sales matched December 2022's total (10).
In its update, the REBGV said sales throughout Metro Vancouver totalled 1,022 last month compared to the 2,285 homes sold in January 2022, which equates to a 55 per cent decline.
Last month's numbers also reflected a 21 per cent decline from the 1,295 homes sold in December 2022.
"Due to seasonality, market activity is quieter in January. With mortgage rates having risen so rapidly over the last year, we anticipated sales this month would be among the lowest in recent history," REBGV spokesperson Andrew Lis said in a news release.
"Looking forward, however, the Bank of Canada has said that it will pause further rate increases as long as the incoming economic data continues to support this policy stance. This should provide more certainty for home buyers and sellers in the market."
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 = $1,042,600
- Price Index = 324.5
- One-month = -0.2%
- Three-month = -2.9%
- Six-month = -8.1%
- One-year = -6.9%
- Three-year = 27.3%
- Five-year = 17.7%
- 10-year = 107.2%
Port Coquitlam
- Benchmark price = $894,600
- Price Index = 344.5
- One-month = 0.7%
- Three-month = -1.8%
- Six-month = -5.4%
- One-year = -5.2%
- Three-year = 38.2%
- Five-year = 32.1%
- 10-year = 134.5%
Port Moody
- Benchmark price = $1,083,700
- Price Index = 341.5
- One-month = 0.4%
- Three-month = -3%
- Six-month = -9.5%
- One-year = 0.2%
- Three-year = 38.4%
- Five-year = 26.5%
- 10-year = 136.5%
Single-family detached
Coquitlam
- Benchmark price = $1,689,900
- Price Index = 386.6
- One-month = -0.5%
- Three-month = -3.5%
- Six-month = -8.8%
- One-year = -6.6%
- Three-year = 37%
- Five-year = 27.7%
- 10-year = 143.9%
Port Coquitlam
- Benchmark price = $1,279,200
- Price Index = 361.6
- One-month = 0.2%
- Three-month = -2.6%
- Six-month = -8.3%
- One-year = -11.5%
- Three-year = 38%
- Five-year = 34.4%
- 10-year = 148.2%
Port Moody
- Benchmark price = $1,976,200
- Price Index = 374.2
- One-month = 1%
- Three-month = -2.7%
- Six-month = -9.4%
- One-year = 0.8%
- Three-year = 42.8%
- Five-year = 32.2%
- 10-year = 154.7%
Townhouses
Coquitlam
- Benchmark price = $975,600
- Price Index = 377.8
- One-month = -0.3%
- Three-month = -3.9%
- Six-month = -9.7%
- One-year = -5.3%
- Three-year = 31.9%
- Five-year = 32.3%
- 10-year = 152%
Port Coquitlam
- Benchmark price = $879,100
- Price Index = 352.1
- One-month = 1.1%
- Three-month = -1.5%
- Six-month = -3.9%
- One-year = -2.8%
- Three-year = 39.2%
- Five-year = 40.1%
- 10-year = 151.9%
Port Moody
- Benchmark price = $997,500
- Price Index = 378.7
- One-month = 1.1%
- Three-month = -2.4%
- Six-month = -11.1%
- One-year = 0.6%
- Three-year = 37.6%
- Five-year = 40.5%
- 10-year = 156.4%
Apartments
Coquitlam
- Benchmark price = $656,300
- Price Index = 372.3
- One-month = 0.5%
- Three-month = -1.3%
- Six-month = -3.5%
- One-year = -0.9%
- Three-year = 19.4%
- Five-year = 21.9%
- 10-year = 137.1%
Port Coquitlam
- Benchmark price = $605,400
- Price Index = 411.6
- One-month = 1.1%
- Three-month = -0.8%
- Six-month = -3.4%
- One-year = 3.3%
- Three-year = 33.1%
- Five-year = 29.8%
- 10-year = 165.4%
Port Moody
- Benchmark price = $677,200
- Price Index = 361.0
- One-month = -0.4%
- Three-month = -3.1%
- Six-month = -6.8%
- One-year = -1.5%
- Three-year = 20.8%
- Five-year = 20.2%
- 10-year = 133.1%
