It appears residents looked to condos in Coquitlam and Port Moody last month to purchase a new home.
The Real Estate Board of Greater Vancouver's (REBGV) latest report showed 244 homes were sold across the Tri-Cities in September, including 124 apartments.
That's from a total of 528 listings across the Tri-Cities — 319 in Coquitlam, 123 in Port Coquitlam and 86 in Port Moody/Belcarra.
And while high rises were the go-to spot, the region's overall sales decreased by nine per cent compared to 267 residences that were sold in August.
There were also 80 per cent more detached homes sold in Port Moody in September compared to the REBGV's previous monthly data.
The Tri-Cities' numbers also nearly matched those of Metro Vancouver's overall stats.
The REBGV says sales in the region totalled 1,687 last month, a 46 per cent drop from 3,149 the September before and 10 per cent from 1,870 in August.
Andrew Lis, the board's director of economics and data analytics, attributed the lower sales levels to the Bank of Canada hiking interest and mortgage rates in an effort to tamp down on inflation.
Those hikes have contributed to the market's composite benchmark price reaching $1,155,300 last month, up 3.9 per cent from last September but down 2.1 per cent from August.
"With fewer homes selling and new listings continuing to come to market, inventory is beginning to accumulate, providing buyers with more selection compared to last year," Lis said, in a news release.
"With more supply and less demand within this market cycle, residential home prices have edged down in the region over the last six months."
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 = $1,086,800
- Price Index = 338.3
- One-month = -1.6%
- Three-month = -5.8%
- Six-month = -10.1%
- One-year = 6.6%
- Three-year = 37.5%
- Five-year = 24%
- 10-year = 108.6%
PORT COQUITLAM
- Benchmark price = $911,500
- Price Index = 351
- One-month = -0.7%
- Three-month = -7.1%
- Six-month = -12.3%
- One-year = 8.8%
- Three-year = 44.9%
- Five-year = 37.4%
- 10-year = 132.5%
PORT MOODY
- Benchmark price = $1,140,500
- Price Index = 359.4
- One-month = -3%
- Three-month = -5.7%
- Six-month = -5.1%
- One-year = 11.7%
- Three-year = 48.2%
- Five-year = 33.8%
- 10-year = 140.9%
Single-family detached
COQUITLAM
- Benchmark price = $1,779,200
- Price Index = 407
- One-month = -0.9%
- Three-month = -5.1%
- Six-month = -8.4%
- One-year = 9%
- Three-year = 48.4%
- Five-year = 35.4%
- 10-year = 146.2%
PORT COQUITLAM
- Benchmark price = $1,314,200
- Price Index = 371.5
- One-month = -1%
- Three-month = -8%
- Six-month = -15.9%
- One-year = 6.9%
- Three-year = 47.8%
- Five-year = 39.2%
- 10-year = 147.2%
PORT MOODY
- Benchmark price = $2,073,900
- Price Index = 392.7
- One-month = -3.3%
- Three-month = -5.8%
- Six-month = -4.1%
- One-year = 11.8%
- Three-year = 49.7%
- Five-year = 36.3%
- 10-year = 149.8%
Townhouses
COQUITLAM
- Benchmark price = $1,032,000
- Price Index = 399.7
- One-month = -2.5%
- Three-month = -5%
- Six-month = -9.8%
- One-year = 11.6%
- Three-year = 44.7%
- Five-year = 43.4%
- 10-year = 156.2%
PORT COQUITLAM
- Benchmark price = $910,400
- Price Index = 364.6
- One-month = 0.6%
- Three-month = -7.1%
- Six-month = -10.6%
- One-year = 10.2%
- Three-year = 43.5%
- Five-year = 41.1%
- 10-year = 153.5%
PORT MOODY
- Benchmark price = $1,043,000
- Price Index = 396
- One-month = -4.9%
- Three-month = -6.6%
- Six-month = -7%
- One-year = 13.4%
- Three-year = 46.9%
- Five-year = 51.7%
- 10-year = 158.1%
Apartments
COQUITLAM
- Benchmark price = $661,900
- Price Index = 375.4
- One-month = -1.1%
- Three-month = -5.5%
- Six-month = -8.3%
- One-year = 8.7%
- Three-year = 26.1%
- Five-year = 29.9%
- 10-year = 137%
PORT COQUITLAM
- Benchmark price = $603,900
- Price Index = 410.5
- One-month = -1.6%
- Three-month = -6.9%
- Six-month = -7.6%
- One-year = 11.7%
- Three-year = 36.7%
- Five-year = 42.7%
- 10-year = 159%
PORT MOODY
- Benchmark price = $710,200
- Price Index = 378.6
- One-month = -1.3%
- Three-month = -4.9%
- Six-month = -4.4%
- One-year = 9.6%
- Three-year = 28.9%
- Five-year = 34.5%
- 10-year = 152.9%
- with files from The Canadian Press
