Port Moody was the go-to Tri-City community in June for new home owners to buy.
That's according to Greater Vancouver Realtors (GVR) as the organization released its latest report, noting the Tri-Cities, as a whole, dropped by 19 per cent in month-to-month home sales.
In total, 304 residences were taken off the regional market last month compared to 378 in May. This includes 187 in Coquitlam, 62 in Port Coquitlam and 55 in Port Moody/Belcarra.
Port Moody apartments and attached homes were the only two forms of real estate in the red figures with monthly upticks of 26.9 and 6.7 per cent respectively.
“With an interest rate announcement from the Bank of Canada in July, there is a possibility of another cut to the policy rate this summer. This is yet another factor tilting the market in favour of buyers, even if the boost to affordability is modest,” Andrew Lis, GVR director of economics and data analytics, said in a news release.
“But June’s lower-than-normal transaction volumes suggest many buyers remain hesitant, which has allowed inventory to accumulate and has kept a lid on upward price pressure across market segments. With that said, the transaction-level data do show that well-priced properties are still selling quickly, suggesting astute buyers are able to spot value and act when opportunities arise.”
There were 753 listings across the Tri-Cities in June, meaning only 40 per cent of available homes were sold.
The 304 homes sold was also a 33 per cent year-over-year decline with 452 residences sold in June 2023.
The biggest month-to-month drop was 37.5 per cent for attached Port Coquitlam houses. 452
The GVR said sales totalled 2,418 last month throughout Metro Vancouver compared to 2,988 sales in June 2023, marking a 19.1 per cent decrease year over year.
For detailed more information, you can visit the GVR’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 = $1,113,600
- Price Index = 349.9
- One-month = -1.0%
- Three-month = -0.7%
- Six-month = 1.8%
- One-year = -1.7%
- Three-year = 10.5%
- Five-year = 38.5%
- 10-year = 105.9%
Port Coquitlam
- Benchmark price = $961,900
- Price Index = 374
- One-month = -0.8%
- Three-month = 0.7%
- Six-month = 3.6%
- One-year = 0.1%
- Three-year = 18.7%
- Five-year = 52.8%
- 10-year = 140.5%
Port Moody
- Benchmark price = $1,143,200
- Price Index = 364.9
- One-month = -0.4%
- Three-month = 2.1%
- Six-month = 2.5%
- One-year = 2.5%
- Three-year = 15.1%
- Five-year = 49.5%
- 10-year = 129.9%
Single-family detached
Coquitlam
- Benchmark price = $1,842,600
- Price Index = 427.6
- One-month = -0.7%
- Three-month = 0.8%
- Six-month = 2.9%
- One-year = 2.4%
- Three-year = 17.2%
- Five-year = 52.6%
- 10-year = 143.2%
Port Coquitlam
- Benchmark price = $1,423,900
- Price Index = 403
- One-month = -1.6%
- Three-month = 1.2%
- Six-month = 3.9%
- One-year = 1%
- Three-year = 20%
- Five-year = 60.1%
- 10-year = 158.2%
Port Moody
- Benchmark price = $2,182,800
- Price Index = 417.7
- One-month = 0.5%
- Three-month = 3.7%
- Six-month = 5%
- One-year = 7.4%
- Three-year = 22.5%
- Five-year = 56.4%
- 10-year = 150%
Townhouses
Coquitlam
- Benchmark price = $1,084,200
- Price Index = 424.2
- One-month = -1.1%
- Three-month = 1.6%
- Six-month = 5.8%
- One-year = 1%
- Three-year = 19.5%
- Five-year = 49.9%
- 10-year = 160.4%
Port Coquitlam
- Benchmark price = $950,600
- Price Index = 383.2
- One-month = -1.5%
- Three-month = 0%
- Six-month = 4.5%
- One-year = -0.9%
- Three-year = 17.9%
- Five-year = 49.3%
- 10-year = 160.3%
Port Moody
- Benchmark price = $1,048,300
- Price Index = 405.1
- One-month = -0.8%
- Three-month = 2%
- Six-month = 2.5%
- One-year = -0.2%
- Three-year = 16.2%
- Five-year = 48.6%
- 10-year = 165.5%
Apartments
Coquitlam
- Benchmark price = $746,400
- Price Index = 417.9
- One-month = -0.7%
- Three-month = -1.2%
- Six-month = 4.2%
- One-year = 0.6%
- Three-year = 18.5%
- Five-year = 36.2%
- 10-year = 156.4%
Port Coquitlam
- Benchmark price = $647,400
- Price Index = 446.5
- One-month = 1.2%
- Three-month = 0.9%
- Six-month = 6.7%
- One-year = 3.4%
- Three-year = 20.5%
- Five-year = 44.7%
- 10-year = 178%
Port Moody
- Benchmark price = $760,100
- Price Index = 416.3
- One-month = 0.9%
- Three-month = 3.1%
- Six-month = 4.8%
- One-year = 5.9%
- Three-year = 19.4%
- Five-year = 41.9%
- 10-year = 155.4%
With a file from Jess Balzer, Burnaby NOW
