The dog days of summer are ringing true for the Tri-Cities' real estate market.
And so is the rising cost of living, which appears to have become a big factor in why most prospective homeowners are choosing not to buy right now.
There was a 24 per cent drop in month-to-month sales, according to the Real Estate Board of Greater Vancouver's (REBGV) latest report.
That's 257 homes sold in July out of 492 total listings (142 in Coquitlam, 70 in PoCo and 45 in Port Moody/Belcarra) compared to 340 in June.
It also marks a 46 per cent annual drop compared to July 2021, when 92 per cent of the available listings (484 residences) were taken off the market, including nearly 300 in Coquitlam and more than 100 in Port Coquitlam.
The stats are just above Metro Vancouver's overall real estate sales averages; down 23 per cent from June and 43 per cent from last July.
Sales in the region totalled 1,887 last month and were 35 per cent below the 10-year July sales average.
The REBGV said the figures signal a new market cycle is here and is characterized by lessening demand for homes.
"Homebuyers are exercising more caution in today’s market in response to rising interest rates and inflationary concerns," said REBGV chair Daniel John in a news release today (Aug. 3).
"This allowed the selection of homes for sale to increase and prices to edge down in the region over the last three months."
Meanwhile, Port Moody apartments are still being purchased more than any other form of real estate in the Tri-Cities.
There was a 19 per cent increase in sales with 25 sold last month; there was a 13 per cent uptick for the same category from May to June.
As well, two more sold signs were placed at detached homes in Coquitlam (49) in marking a 4.3 per cent increase in its July sales compared to a month earlier (47).
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 = $1,134,600
- Price Index = 353.1
- One-month = -1.7%
- Three-month = -6.6%
- Six-month = 1.3%
- One-year = 13.3%
- Three-year = 42.1%
- Five-year = 30%
- 10-year = 116.9%
PORT COQUITLAM
- Benchmark price = $946,100
- Price Index = 364.3
- One-month = -3.6%
- Three-month = -8.7%
- Six-month = 0.2%
- One-year = 15.7%
- Three-year = 49.6%
- Five-year = 43.7%
- 10-year = 141.3%
PORT MOODY
- Benchmark price = $1,197,300
- Price Index = 377.3
- One-month = -1%
- Three-month = -2.1%
- Six-month = 10.7%
- One-year = 19.3%
- Three-year = 55.5%
- Five-year = 42.1%
- 10-year = 150.9%
Single-family detached
COQUITLAM
- Benchmark price = $1,853,500
- Price Index = 424
- One-month = -1.1%
- Three-month = -5.5%
- Six-month = 2.4%
- One-year = 16.7%
- Three-year = 52.1%
- Five-year = 41.9%
- 10-year = 155.6%
PORT COQUITLAM
- Benchmark price = $1,395,500
- Price Index = 394.4
- One-month = -2.3%
- Three-month = -9.3%
- Six-month = -3.5%
- One-year = 17.1%
- Three-year = 56.9%
- Five-year = 47.1%
- 10-year = 159.6%
PORT MOODY
- Benchmark price = $2,181,900
- Price Index = 413.2
- One-month = -0.9%
- Three-month = -1.6%
- Six-month = 11.3%
- One-year = 21.1%
- Three-year = 58%
- Five-year = 45.1%
- 10-year = 164.7%
Townhouses
COQUITLAM
- Benchmark price = $1,080,700
- Price Index = 418.6
- One-month = -0.5%
- Three-month = -6%
- Six-month = 4.9%
- One-year = 18.7%
- Three-year = 50.7%
- Five-year = 52.7%
- 10-year = 170.8%
PORT COQUITLAM
- Benchmark price = $915,000
- Price Index = 366.4
- One-month = -6.7%
- Three-month = -11.3%
- Six-month = 1.1%
- One-year = 13.4%
- Three-year = 43.8%
- Five-year = 46.5%
- 10-year = 152%
PORT MOODY
- Benchmark price = $1,122,000
- Price Index = 426
- One-month = 0.5%
- Three-month = -1.3%
- Six-month = 13.2%
- One-year = 23.4%
- Three-year = 55.9%
- Five-year = 63.8%
- 10-year = 185.1%
Apartments
COQUITLAM
- Benchmark price = $680,600
- Price Index = 386
- One-month = -2.8%
- Three-month = -5.9%
- Six-month = 2.7%
- One-year = 12.4%
- Three-year = 27.7%
- Five-year = 37.7%
- 10-year = 142.3%
PORT COQUITLAM
- Benchmark price = $626,600
- Price Index = 426
- One-month = -3.3%
- Three-month = -5%
- Six-month = 6.9%
- One-year = 16.1%
- Three-year = 40%
- Five-year = 52.9%
- 10-year = 177%
PORT MOODY
- Benchmark price = $726,300
- Price Index = 387.2
- One-month = -2.8%
- Three-month = -3.8%
- Six-month = 5.6%
- One-year = 12.2%
- Three-year = 31.7%
- Five-year = 43.6%
- 10-year = 145.4%
- with files from The Canadian Press
