Nearly half of available real estate in the Tri-Cities sold in November.
However, to arguably nobody's surprise, the region as a whole saw a significant drop in monthly and yearly sales due to rising inflation and the holiday season right around the corner.
A total of 204 homes sold — 133 in Coquitlam, 39 in Port Coquitlam and 32 in Port Moody/Belcarra — according to the Real Estate Board of Greater Vancouver (REBGV).
That's 49 per cent of the 416 listings for attached and detached homes, as well as apartments in each community.
It's also a 32 per cent decrease in month-to-month sales compared to the 299 sold in October, which was a 23 per cent increase from September as prospective home buyers swooped in ahead of the late interest hike.
As well, Tri-Cities sales experienced a 56 per cent drop compared to November 2021 when 470 homes were sold.
"In our view, sales are likely at or near bottom with some downside risk if interest rates move higher than expected," said Brian Yu, chief economist with Central 1 Credit Union, following the release of October sales data, which was nearly mirrored in November.
"Higher mortgage rates continue to price a large swath of buyers out of the market, but lower pre-approved rates, steady fixed rates and lower prices may be drawing some buyers back in. A strong provincial labour market and robust population growth are also supporting confidence."
Amid the decline, there was one form of Tri-Cities real estate that saw positive results.
New homeowners bought 12 Port Moody/Belcarra detached residences in November, one more sold compared to the same month in 2021 (11) and matching the same as October (12).
The REBGV reports that residential home sales in the region totalled 1,614 in November 2022, a 53 per cent decrease from the 3,428 sales recorded in November 2021, and a 15 per cent decrease from October 2022.
The composite benchmark price for Metro Vancouver sat at $1,131,600 last month, a less than one per cent decrease from November 2021 and a 1.5 per cent drop from October 2022.
The number also amounts to a 10.2 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 = $1,057,700
- Price Index = 329.2
- One-month = -1.5%
- Three-month = -4.2%
- Six-month = -11.9%
- One-year = 0.5%
- Three-year = 32.2%
- Five-year = 20.4%
- 10-year = 106.7%
Port Coquitlam
- Benchmark price = $894,300
- Price Index = 344.4
- One-month = -1.8%
- Three-month = -2.5%
- Six-month = -12.7%
- One-year = 1.8%
- Three-year = 39.6%
- Five-year = 33.1%
- 10-year = 133.2%
Port Moody
- Benchmark price = $1,098,100
- Price Index = 346.1
- One-month = -1.7%
- Three-month = -6.6%
- Six-month = -10.4%
- One-year = 5%
- Three-year = 41%
- Five-year = 28.5%
- 10-year = 134%
Single-family detached
Coquitlam
- Benchmark price = $1,728,400
- Price Index = 395.4
- One-month = -1.3%
- Three-month = -3.7%
- Six-month = -11.4%
- One-year = 2%
- Three-year = 42.1%
- Five-year = 31.1%
- 10-year = 144.5%
Port Coquitlam
- Benchmark price = $1,282,600
- Price Index = 362.5
- One-month = -2.3%
- Three-month = -3.4%
- Six-month = -15.5%
- One-year = -2.6%
- Three-year = 40.4%
- Five-year = 34.3%
- 10-year = 147.8%
Port Moody
- Benchmark price = $1,980,300
- Price Index = 375
- One-month = -2.4%
- Three-month = -7.7%
- Six-month = -11.2%
- One-year = 4.8%
- Three-year = 43.8%
- Five-year = 30.5%
- 10-year = 144.1%
Townhouses
Coquitlam
- Benchmark price = $994,300
- Price Index = 385.1
- One-month = -2%
- Three-month = -6.1%
- Six-month = -11.3%
- One-year = 3.7%
- Three-year = 39%
- Five-year = 36.7%
- 10-year = 148%
Port Coquitlam
- Benchmark price = $869,000
- Price Index = 348
- One-month = -2.6%
- Three-month = -4%
- Six-month = -14.7%
- One-year = 2.4%
- Three-year = 37.7%
- Five-year = 34.8%
- 10-year = 143.4%
Port Moody
- Benchmark price = $1,000,700
- Price Index = 379.9
- One-month = -2.1%
- Three-month = -8.7%
- Six-month = -12.1%
- One-year = 5.3%
- Three-year = 39.6%
- Five-year = 43.8%
- 10-year = 148.3%
Apartments
Coquitlam
- Benchmark price = $658,200
- Price Index = 373.3
- One-month = -1%
- Three-month = -1.7%
- Six-month = -8.3%
- One-year = 5.3%
- Three-year = 24.6%
- Five-year = 26.4%
- 10-year = 141.6%
Port Coquitlam
- Benchmark price = $606,600
- Price Index = 412.4
- One-month = -0.6%
- Three-month = -1.1%
- Six-month = -7.2%
- One-year = 8.5%
- Three-year = 34.7%
- Five-year = 37.9%
- 10-year = 166.9%
Port Moody
- Benchmark price = $695,200
- Price Index = 370.6
- One-month = -0.5%
- Three-month = -3.4%
- Six-month = -8.2%
- One-year = 3.3%
- Three-year = 23.8%
- Five-year = 28.1%
- 10-year = 143.3%
- with a file from Frank O'Brien, Western Investor
