Benchmark prices are up across the board in Port Coquitlam between 20.3-26.7% over thier 2021 counterparts.


Detached Market:

May marks the second consecutive month that detached home's benchmark pricing has fallen.

This month there was a major change to how the Home Pricing Index (HPI) is calculated
 in an attempt to make it a more accurate reflection of the market for the average buyer/seller.

When compared to the now outdated HPI model the benchmark price for detached homes fell $96,900 in 30 days.

  However the May benchmark for detached homes was still $311,600  higher than its 2021 counterpart. 
 
Detached home benchmark pricing:

April: $1,614,600 (old HPI formula)
May $1,517,700 (number derived with new HPI formula)

Part of the reason that detached homes have begun to decrease in price is becuase of an increase in supply.
Detached homes' supply has increased by 27% in the past 30 days; resulting in 26 more listing in May compared to April.

Supply:

Compared to the same time last year supply has fluctuated across a wide array:
Detached:  -16.3%
Condo: -40%
Townhouse: +10.5%

The market is now edging passed balanced towards favoring buyers.

Sales:

Sales decrease across the board as buyers take a wait and see approach.

Compared to April 2022 sales are down
Detached: -9
Condo: -4
Townhouse: -16

Townhouse Market:

The benchmark price for a townhome is $215,000 higher than the same time last year.

April: $1,010,600 (old HPI)
May: $1,019,000 (new HPI)

SNAPSHOT: 

Fluctuating supply. Decreasing demand. Moving Towards Buyers Market.