The Tri-City real estate market saw roughly the same steadiness of home sales in July despite a 20 per cent year-over-year decrease.
A total of 302 residences were taken off the market in the region, according to the latest data from Greater Vancouver Realtors (GVR), including 178 in Coquitlam, 66 in Port Coquitlam and 58 in Port Moody/Belcarra.
By comparison, 304 were sold in June; 377 in July 2023.
The numbers also show 40 per cent of homes were sold last month from 768 available listings.
The popular buys: Port Coquitlam detached houses (+15 per cent increase from June) and apartments (+14.8 per cent), as well as Port Moody detached homes (+183 per cent).
The biggest month-to-month drop was 20 per cent for attached Port Coquitlam houses.
The Metro Vancouver real estate market totalled 2,333 sales last month, down five per cent from a year ago, while new listings reached 5,597.
GVR spokesperson Andrew Lis says the numbers indicate the buyer hesitance that materialized months ago continued in July, noting the trend persisted despite another cut to the Bank of Canada’s policy rate and a rush of new inventory.
He says it's also surprising to see transaction levels remain below historical norms during the mid-point of summer, which the numbers cover.
“While it remains to be seen whether softening prices and improved borrowing costs will entice buyers to purchase as we head into the fall market, it’s worth noting that it can take a few months for improvements to borrowing costs to materialize into higher transaction levels," Lis said.
"In this respect, it’s still early days, so we will watch the market for signs of transaction activity picking up in the months ahead.”
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 = $1,110,800
- Price Index = 349.0
- One-month = -0.3%
- Three-month = -1.2%
- Six-month = 1.2%
- One-year = -2%
- Three-year = 10.5%
- Five-year = 38.7%
- 10-year = 104.6%
Port Coquitlam
- Benchmark price = $962,200
- Price Index = 374.1
- One-month = 0%
- Three-month = -0.7%
- Six-month = 3.3%
- One-year = -0.8%
- Three-year = 18.8%
- Five-year = 53.7%
- 10-year = 140.7%
Port Moody
- Benchmark price = $1,140,200
- Price Index = 363.9
- One-month = -0.3%
- Three-month = 0.4%
- Six-month = 4.5%
- One-year = 2.3%
- Three-year = 14.2%
- Five-year = 49.8%
- 10-year = 128%
Single-family detached
Coquitlam
- Benchmark price = $1,830,000
- Price Index = 424.7
- One-month = -0.7%
- Three-month = -1.0%
- Six-month = 2.6%
- One-year = 1.1%
- Three-year = 16.4%
- Five-year = 51.7%
- 10-year = 139.8%
Port Coquitlam
- Benchmark price = $1,436,900
- Price Index = 406.7
- One-month = 0.9%
- Three-month = -0.1%
- Six-month = 5.3%
- One-year = 1.2%
- Three-year = 21.2%
- Five-year = 61.9%
- 10-year = 159.2%
Port Moody
- Benchmark price = $2,151,900
- Price Index = 411.8
- One-month = -1.4%
- Three-month = 0.1%
- Six-month = 5.9%
- One-year = 4.5%
- Three-year = 20.3%
- Five-year = 56.2%
- 10-year = 146%
Townhouses
Coquitlam
- Benchmark price = $1,091,900
- Price Index = 427.2
- One-month = 0.7%
- Three-month = 1.1%
- Six-month = 5.9%
- One-year = 2.8%
- Three-year = 19.9%
- Five-year = 52.7%
- 10-year = 163.7%
Port Coquitlam
- Benchmark price = $943,200
- Price Index = 380.2
- One-month = -0.8%
- Three-month = -2.3%
- Six-month = 2.8%
- One-year = -2.9%
- Three-year = 17.6%
- Five-year = 49.6%
- 10-year = 159.3%
Port Moody
- Benchmark price = $1,061,300
- Price Index = 410.1
- One-month = 1.2%
- Three-month = 1.3%
- Six-month = 5.7%
- One-year = 1.6%
- Three-year = 16.8%
- Five-year = 50.4%
- 10-year = 169.3%
Apartments
Coquitlam
- Benchmark price = $746,900
- Price Index = 418.2
- One-month = 0.1%
- Three-month = -1.1%
- Six-month = 2.7%
- One-year = 0%
- Three-year = 18.4%
- Five-year = 37.1%
- 10-year = 156.4%
Port Coquitlam
- Benchmark price = $645,300
- Price Index = 445.0
- One-month = -0.3%
- Three-month = 0.7%
- Six-month = 4%
- One-year = 1.9%
- Three-year = 21%
- Five-year = 46.2%
- 10-year = 180.6%
Port Moody
- Benchmark price = $762,000
- Price Index = 417.3
- One-month = 0.2%
- Three-month = 2.8%
- Six-month = 7.4%
- One-year = 6.3%
- Three-year = 20%
- Five-year = 41.6%
- 10-year = 152.8%
With files from The Canadian Press
