There were nearly 300 new homeowners in the Tri-Cities last month as it appeared most people tried to get into the market before the late interest hike.
The Real Estate Board of Greater Vancouver's (REBGV) latest data report showed a 23 per cent increase in sales from September to October across Coquitlam, Port Coquitlam and Port Moody/Belcarra.
A total of 299 homes were sold — or 56 per cent of the 535 listings available — including 194 in Coquitlam, which provided the biggest boost to the region's real estate market.
In fact, all forms of housing in the city saw a jump in sales.
Coquitlam attached homes saw nearly double the number of "sold signs" in October from the previous month to 93.3 per cent.
Meanwhile, 109 apartments were taken off the market at an uptick of 47.3 per cent.
The Tri-Cities, overall, was above the regional sales mark, which stood at a 12.8 per cent increase from a month earlier.
Most of the sales came before Oct. 26 when the Bank of Canada raised the overnight lending rate by 50 basis points, pushing the prime rate to 3.75 per cent.
"Inflation and rising interest rates continue to dominate headlines, leading many buyers and sellers to assess how these factors impact their housing options," said REBGV spokesperson Andrew Lis in a release.
"With sales remaining near historic lows, the number of active listings continues to inch upward, causing home prices to recede from the record highs set in the spring of 2022."
While month-to-month sales went up, year-over-year sales for October were down by 45.5 per cent compared to 2021, according to REBGV's data.
The composite benchmark price for all residential properties is currently $1,148,900 — a 2.1 per cent increase from October last year, but a 9.2 per cent decrease 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 = $1,074,200
- Price Index = 334.3
- One-month = -1.2%
- Three-month = -5.3%
- Six-month = -11.5%
- One-year = 3.6%
- Three-year = 35.4%
- Five-year = 23.3%
- 10-year = 107.8%
Port Coquitlam
- Benchmark price = $911,000
- Price Index = 350.8
- One-month = -0.1%
- Three-month = -3.7%
- Six-month = -12.1%
- One-year = 5.7%
- Three-year = 44%
- Five-year = 37.1%
- 10-year = 134.3%
Port Moody
- Benchmark price = $1,117,500
- Price Index = 352.2
- One-month = -2%
- Three-month = -6.7%
- Six-month = -8.6%
- One-year = 7.6%
- Three-year = 44.2%
- Five-year = 30.2%
- 10-year = 137.5%
Single-family detached
Coquitlam
- Benchmark price = $1,750,400
- Price Index = 400.5
- One-month = -1.6%
- Three-month = -5.5%
- Six-month = -10.8%
- One-year = 5.1%
- Three-year = 45.7%
- Five-year = 34.4%
- 10-year = 144.1%
Port Coquitlam
- Benchmark price = $1,313,100
- Price Index = 371.1
- One-month = -0.1%
- Three-month = -5.9%
- Six-month = -14.7%
- One-year = 2.9%
- Three-year = 46%
- Five-year = 39.3%
- 10-year = 148.2%
Port Moody
- Benchmark price = $2,029,800
- Price Index = 384.4
- One-month = -2.1%
- Three-month = -7%
- Six-month = -8.5%
- One-year = 8.4%
- Three-year = 46.4%
- Five-year = 33.1%
- 10-year = 145%
Townhouses
Coquitlam
- Benchmark price = $1,014,600
- Price Index = 393
- One-month = -1.7%
- Three-month = -6.1%
- Six-month = -11.7%
- One-year = 7.8%
- Three-year = 42.5%
- Five-year = 40.5%
- 10-year = 151.6%
Port Coquitlam
- Benchmark price = $892,300
- Price Index = 357.3
- One-month = -2%
- Three-month = -2.5%
- Six-month = -13.5%
- One-year = 6.1%
- Three-year = 42.1%
- Five-year = 37.3%
- 10-year = 151.4%
Port Moody
- Benchmark price = $1,021,600
- Price Index = 387.9
- One-month = -2%
- Three-month = -8.9%
- Six-month = -10.1%
- One-year = 9.9%
- Three-year = 43.6%
- Five-year = 47.8%
- 10-year = 154.5%
Apartments
Coquitlam
- Benchmark price = $665,000
- Price Index = 377.2
- One-month = 0.5%
- Three-month = -2.3%
- Six-month = -8%
- One-year = 7.8%
- Three-year = 26.2%
- Five-year = 29.9%
- 10-year = 145.4%
Port Coquitlam
- Benchmark price = $610,200
- Price Index = 414.8
- One-month = 1%
- Three-month = -2.6%
- Six-month = -7.5%
- One-year = 10.8%
- Three-year = 37.2%
- Five-year = 42.4%
- 10-year = 166.4%
Port Moody
- Benchmark price = $699,000
- Price Index = 372.6
- One-month = -1.6%
- Three-month = -3.8%
- Six-month = -7.4%
- One-year = 4.1%
- Three-year = 25.2%
- Five-year = 30.2%
- 10-year = 151.6%
- with files from Western Investor
