Tri City Attached Home Review Comparison:
The Tri Cities are an informal grouping of the three adjacent cities of Coquitlam, Port Coquitlam, and Port Moody. The Tri Cities also includes the two villages of Anmore and Belcarra. The entire area is located in the northeast sector of Metro Vancouver, and combined, these five communities have a population of roughly 234,000 residents. With vibrant culture, abundant natural beauty, a central location, and a drive to continually evolve and elevate...it is a fantastic place to look for a home.
- All statistics below were gathered on July 16th and compared with April 25th meaning the findings represent the markets overall shift in the last 82 days.
Click Here for April 25th attached statistics comparison to February 6th
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Number of attached listings;
- Port Coquitlam: 167 (up 50)
- Coquitlam: 613 (up 160)
- Port Moody: 133 (up 20)
- For seven months now the Coquitlam market has had a large number of new listings each month. However, before it also had a large number of buyers each month. Currently, buyers have dropped off but supply continues to flood the market.
- Both Port Moody and Port Coquitlam follow a similar trajectory. After months of low supply & quick sales, sales have dropped off allowing supply to slowly build.
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List Price:
Port Coquitlam:
- High - $1,688,888 (retail space attached)
- Low - $349,000
- Average -$795,280 (up ~$46,900)
- Median - $730,000 (up $40,100)
Coquitlam:
- High - $2,419,900 (pre-sale penthouse)
- Low - $399,000
- Average -$893,109 (down ~$30,400)
- Median - $799,900 (down ~$15,050)
Port Moody:
- High - $2.299,800 (3bed penthouse)
- Low - $464,800
- Average -$919,312 (down ~$2,265)
- Median - $875,000 (down $9,900)
- In April prices were up across the board. Spring had kicked in and homes were moving. But the summer duldrums set in early this year & ine 2/3 of the Tri City area prices are down.
- Port Coquitlam was the only city with a pricing increase. That is likely due to the high number of ½ duplex listings and large executive style townhouses.
- Both Port Moody and Coquitlam saw declines…although nothing significant. At the moment the market appears to be holding…but there also aren’t many sales. The question now becomes will prices drop further once stock begins to move
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Days on Market:
Port Coquitlam:
- High - 165
- Low - 0
- Average - 34 (up 6)
- Median -27 (up 10)
Coquitlam:
- High - 1096
- Low - 0
- Average - 51 (up 6)
- Median - 35 (up 11)
Port Moody:
- High - 271
- Low - 0
- Average - 33 (up 8)
- Median - 25 (up 8)
- The market has slowed down substantially. Days on market are up.
- The beginning of the year was marked by unusually high average for days on market, and while spring temporarily brought the average down…it is right back up. Homes in the TriCity area are taking their time to sell.
- Subject to sale offers have returned, and buyers have much more power.
- Back in April there was a concern about supply. Listings just kept coming…but buyers were active. At the time we questioned what would happen if buyers receded…we are now seeing the start of that exact situation. An increase to days on market.
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Overview:
During the spring market power was leaning towards sellers. At the time there was enough stock on the market for buyers to be somewhat choosey…& this was evident as a large number of buyers vied for a small number of homes, while others sat on the market. Since then supply increases have not slowed down. But buyers have faded. Power is now mostly in the hands of buyers as a smaller group of buyers have an ever growing inventory to choose from.
Are you looking to purchase a condo or townhouse in the Tri Cities? Let us know the particular area and style of home you are looking for and we will keep an eye on the market for you and let you know when your perfect home is listed.
Let our knowledge and expertise ease your mind, so you don't have to stress over the details. We are here to make your life easier!