The bad news: Tri-City prices went up by a small margin of 1.765% across all categories of housing last month.
The good news: people are still buying.
Despite the COVID-19 pandemic — 15 months later — the regional market is holding strong with a total of 612 completed purchases in Coquitlam, Port Coquitlam and Port Moody/Belcarra among 963 listings in May.
According to data released this week from the Real Estate Board of Greater Vancouver (REBGV), this represents a 257% increase in sales compared to the same month in 2020.
However, that’s roughly a 5% decrease in sales compared to 645 from April this year.
The report also shows more residents are buying detached homes in Coquitlam and the Port Moody/Belcarra area, while attached residences are the popular purchase in Port Coquitlam.
In a statement from the REGBV, 4,268 homes changed hands across all of Metro Vancouver last month, a 13% compared with April.
While May didn't match record-breaking activity seen earlier in the spring, the board says transactions were still 187.4% higher than those recorded in May last year during the pandemic shutdown.
Sales last month were 27.7% above the 10-year sales average for May and the board says listing activity also remained above the long-term average.
For more extensive data and 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 = $1,088,000
- Price Index = 323.4
- One-month = 1.6%
- Three-month = 8.9%
- Six-month = 13.9%
- One-year = 15.3%
- Three-year = 10.1%
- Five-year = 41.3%
- 10-year = 117.2%
PORT COQUITLAM
- Benchmark price = $923,700
- Price Index = 316.2
- One-month = 1.1%
- Three-month = 10.5%
- Six-month = 17.1%
- One-year = 20.1%
- Three-year = 13.3%
- Five-year = 52.5%
- 10-year = 118.2%
PORT MOODY
- Benchmark price = $1,046,900
- Price Index = 294.4
- One-month = 0.8%
- Three-month = 8.4%
- Six-month = 12.3%
- One-year = 13.0%
- Three-year = 7.0%
- Five-year = 41.9%
- 10-year = 113.3%
Single-family detached
COQUITLAM
- Benchmark price = $1,499,100
- Price Index = 332.7
- One-month = 1.4%
- Three-month = 10%
- Six-month = 17.8%
- One-year = 23.4%
- Three-year = 13.6%
- Five-year = 26.2%
- 10-year = 120.2%
PORT COQUITLAM
- Benchmark price = $1,253,000
- Price Index = 334.1
- One-month = 0.4%
- Three-month = 10.3%
- Six-month = 20.6%
- One-year = 29.3%
- Three-year = 19.4%
- Five-year = 37.6%
- 10-year = 128.1%
PORT MOODY
- Benchmark price = $1,820,500
- Price Index = 336.2
- One-month = 0.4%
- Three-month = 9.9%
- Six-month = 17.9%
- One-year = 25.3%
- Three-year = 19.1%
- Five-year = 34.9%
- 10-year = 122.2%
Townhouses
COQUITLAM
- Benchmark price = $833,900
- Price Index = 305.9
- One-month = 1.4%
- Three-month = 9.6%
- Six-month = 14.5%
- One-year = 14.2%
- Three-year = 13%
- Five-year = 46.7%
- 10-year = 109.4%
PORT COQUITLAM
- Benchmark price = $780,800
- Price Index = 295.6
- One-month = 0.8%
- Three-month = 11.9%
- Six-month = 19.4%
- One-year = 20.7%
- Three-year = 13.2%
- Five-year = 55.4%
- 10-year = 108.2%
PORT MOODY
- Benchmark price = $752,500
- Price Index = 255.9
- One-month = 1.7%
- Three-month = 11%
- Six-month = 13.1%
- One-year = 12.4%
- Three-year = 6.7%
- Five-year = 36.6%
- 10-year = 77.7%
Apartments
COQUITLAM
- Benchmark price = $588,000
- Price Index = 322.7
- One-month = 2%
- Three-month = 7.6%
- Six-month = 10.7%
- One-year = 10.1%
- Three-year = 6.7%
- Five-year = 68.7%
- 10-year = 119.5%
PORT COQUITLAM
- Benchmark price = $527,200
- Price Index = 315.3
- One-month = 1.8%
- Three-month = 9.6%
- Six-month = 12.9%
- One-year = 13.7%
- Three-year = 9.1%
- Five-year = 77.5%
- 10-year = 116.6%
PORT MOODY
- Benchmark price = $714,600
- Price Index = 297.8
- One-month = 0.9%
- Three-month = 6.4%
- Six-month = 8.8%
- One-year = 8.2%
- Three-year = 2.6%
- Five-year = 60.6%
- 10-year = 137.5%
- with a file from The Canadian Press
