Monthly 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 June 29th and compared with April 26th meaning the findings represent the markets overall shift in the last 65 days.
Click Here for April detached statistics comparison to March
Number of attached listings;
Port Coquitlam: 72 (down 2)
Coquitlam: 350 (up 65)
Port Moody: 103 (up 1)
**Over the last two months market activity in Poco and Port Moody has remained steady. While these two areas fluctuated as winter transitioned in to spring, they seem to have stabilized over the duration of a busier spring season. Coquitlam on the other hand is an outlier with a massive influx of listings. This appears to be largely driven by new construction as over 110 of the listings are either currently under construction or set to be completed sometime in 2023.
List Price:
Port Coquitlam:
High - $1,399,000
Low - $359,999
Average -$740,131 (up ~$50,200)
Median - $699,900 (up $58,400)
Coquitlam:
High - $5,300,000
Low - $368,000
Average -$975,755 (up ~$45,200)
Median - $874,950 (up $75,950)
Port Moody:
High - $2,398,880
Low - $359,900
Average -$870,098 (down ~$31,600)
Median - $824,900 (up $7,900)
**On the whole, the above statistics convey this spring’s market growth with the median price having gone up in all three cities. While pricing statistics do depend on the type of supply currently on the market…the average increase to the median home price in the Tri Cities over the last two months is $47,416. This is a strong indicator of a traditional spring uptick in pricing. The average home price in Port Moody did drop since we last reported but that is likely due to a few outliers including 50+ year old units and studio apartments.
Days on Market:
Port Coquitlam:
High - 322
Low - 1
Average - 28 (down 9)
Median -15 (down 9)
Coquitlam:
High - 713
Low - 0
Average - 38 (down 6)
Median - 22 (down 1)
Port Moody:
High - 241
Low - 0
Average - 35 (down 6)
Median - 18 (down 7)
**Days on market are down across the board which is a strong indicator of an active market. With a hearty supply, a low days on market means that there is high market turnover. This is especially surprising in Coquitlam; usually a massive influx of supply will increase days on market…but Coquitlam still saw a drop to both its average and median since we last checked in.
Now that we have emerged from spring it is safe to say that the market has shown positive progression over the season. Prices are up, days on market are down, and supply remains steady. For the most part all of this reflects a traditionally active spring market. Now if the market were to continue along a traditional trajectory it would begin to slow down for summer to coincide with the end of the school year. Over the past few years the market has not followed a traditional pattern due to extenuating circumstances…so the big question now becomes…is a slower market right around the corner? Or will pent up demand from a slow 2022 continue to drive forward pricing increases and an active ‘spring style’ market.
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.
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