Tri-Cities housing closed out on a downward trend in 2022 as rising interest rates continue to deter interested homebuyers from entering the market.
But there was one area of real estate that saw some cheerful tidings in December.
Port Moody apartment sales doubled to 26 from 13 in November, which nearly matched the 32 new community listings last month, as well as the 33 sold a year earlier.
In total, the Real Estate Board of Greater Vancouver (REBGV) there were 158 Tri-Cities residences sold in December — 81 in Coquitlam, 40 in Port Moody and 37 in Port Coquitlam — from 161 listings available.
As a whole, that's a 23 per cent decrease from the 204 homes sold in November and 57 per cent from December 2021 (369).
Despite the decline, it's a slight improvement from the 32 per cent drop the region's market experienced from October.
"The headline story in our market in 2022 was inflation and the Bank of Canada’s efforts to bring inflation back to target by rapidly raising [interest rates]," said REBGV spokesperson Andrew Lis in a news release.
"This is a story we expect to continue to make headlines into 2023, as inflationary pressures remain persistent across Canada."
Meanwhile, Tri-Cities benchmark prices remained stable in December.
Benchmark townhouse prices ended 2022 at a regional average of $944,867. This represents a mere 0.4 per cent increase from December 2021, a one per cent decrease compared to November 2022, and an 11 per cent decrease over the past six months.
The benchmark price of a local apartment averaged $644,233. This is a 6.6 per cent increase from December 2021, a 1.4 per cent decrease compared to November 2022, and a 7.8 per cent decrease over the past 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 = $1,044,700
- Price Index = 325.1
- One-month = -1.2%
- Three-month = -3.9%
- Six-month = -9.5%
- One-year = -3.1%
- Three-year = 29.6%
- Five-year = 18.6%
- 10-year = 106.8%
Port Coquitlam
- Benchmark price = $888,300
- Price Index = 342
- One-month = -0.7%
- Three-month = -2.6%
- Six-month = -9.5%
- One-year = -1.5%
- Three-year = 38.2%
- Five-year = 31.9%
- 10-year = 133.4%
Port Moody
- Benchmark price = $1,079,300
- Price Index = 340.2
- One-month = -1.7%
- Three-month = -5.3%
- Six-month = -10.8%
- One-year = 1.1%
- Three-year = 39.3%
- Five-year = 27.2%
- 10-year = 132.9%
Single-family detached
Coquitlam
- Benchmark price = $1,698,400
- Price Index = 388.6
- One-month = -1.7%
- Three-month = -4.5%
- Six-month = -9.4%
- One-year = -2.6%
- Three-year = 39.7%
- Five-year = 29.3%
- 10-year = 143.3%
Port Coquitlam
- Benchmark price = $1,277,000
- Price Index = 360.9
- One-month = -0.4%
- Three-month = -2.9%
- Six-month = -10.6%
- One-year = -5.8%
- Three-year = 39.1%
- Five-year = 33.9%
- 10-year = 147%
Port Moody
- Benchmark price = $1,955,900
- Price Index = 370.4
- One-month = -1.2%
- Three-month = -5.7%
- Six-month = -11.1%
- One-year = 1.3%
- Three-year = 41.6%
- Five-year = 32.5%
- 10-year = 142.4%
Townhouses
Coquitlam
- Benchmark price = $978,400
- Price Index = 378.9
- One-month = -1.6%
- Three-month = -5.2%
- Six-month = -10%
- One-year = -0.4%
- Three-year = 33.5%
- Five-year = 33.6%
- 10-year = 145.4%
Port Coquitlam
- Benchmark price = $870,000
- Price Index = 348.4
- One-month = 0.1%
- Three-month = -4.4%
- Six-month = -11.3%
- One-year = -1.2%
- Three-year = 37.7%
- Five-year = 36.4%
- 10-year = 149.9%
Port Moody
- Benchmark price = $986,200
- Price Index = 374.4
- One-month = -1.4%
- Three-month = -5.5%
- Six-month = -11.7%
- One-year = 2.7%
- Three-year = 37.7%
- Five-year = 40.5%
- 10-year = 149.1%
Apartments
Coquitlam
- Benchmark price = $653,300
- Price Index = 370.6
- One-month = -0.7%
- Three-month = -1.3%
- Six-month = -6.7%
- One-year = 2.6%
- Three-year = 21.8%
- Five-year = 23%
- 10-year = 144.6%
Port Coquitlam
- Benchmark price = $599,200
- Price Index = 407.3
- One-month = -1.2%
- Three-month = -0.8%
- Six-month = -7.6%
- One-year = 5.2%
- Three-year = 33%
- Five-year = 33.5%
- 10-year = 166.2%
Port Moody
- Benchmark price = $680,200
- Price Index = 362.6
- One-month = -2.2%
- Three-month = -4.2%
- Six-month = -9%
- One-year = -1.2%
- Three-year = 23.2%
- Five-year = 23.1%
- 10-year = 143.4%
- with a file from Frank O'Brien, Western Investor
