The benchmark price for a single-family home went up 1.2 per cent in Port Moody in August, but dipped slightly in Coquitlam and Port Coquitlam.
According to the monthly market report of the Greater Vancouver Realtors (GVR), the benchmark price of a detached home in Port Moody is now $2,178,200. That’s 20.7 per cent higher than three years ago and a 146.89 per cent increase over the past decade.
In Coquitlam, the benchmark price for a detached home in August was down 0.1 per cent to $1,828,700 while the price of $1,432,100 in Port Coquitlam was 0.3 per cent lower than the previous month.
The benchmark selling price for townhomes fared better in August in Port Coquitlam, where it went up one per cent to $952,700, while Port Moody had a more modest gain of 0.2 per cent to $1,063,100.
In Coquitlam, the benchmark price for townhomes went down 1.2 per cent in August to $1,076,600.
Apartments in Coquitlam also downticked last month as the benchmark sales price slipped 0.5 per cent to $743,000, while Port Moody experienced a 1.6 per cent drop to $749,700.
But in Port Coquitlam, August’s benchmark price for a condo apartment of $648,300 was 0.5 per cent higher than it was in July.
Andrew Lis, GVR’s director of economics and data analytics, said in a news release the traditional summer slowdown for buyers combined with new listings from sellers created a higher inventory of properties for sale across the region.
But a quarter percentage drop in the prime lending rate announced today (Sept. 4) by the Bank of Canada along with more sales activity as the weather cools could help turn any drops around.
“We will watch the upcoming September data to see whether they decide to show up,” Lis said of the expected boost in buyers.
Across the Lower Mainland, the benchmark selling price for single-family homes fell 0.1 per cent in August, townhomes slipped 0.4 per cent and condo apartments experienced a 0.2 per cent reduction.
Overall, sales of homes across the region in August were down 17.1 per cent from a year earlier.
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