Tri City Detached Home Listing 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 30th and compared with April 30th meaning the findings represent the markets overall shift in the last 91 days.

Click Here for April detached statistics comparison to March

•••

Number of detached listings;

•  Port Coquitlam: 153 (up 33)
• Coquitlam: 414 (up 102)
  
• Port Moody: 99 (up 26)
  

Summary:

1. In March supply began to increase in the Tri City area.
2. Since mid April supply has been high in the Tric City area.
3. For the last several months supply has continued to climb well past the annual norm for this time of year. Despite the fact that the majority of buyers have taken a step back from the market countless new listings continue to pop up.
4. The market currently favors buyers due to an abundance of supply.

 •••

List Price:

Port Coquitlam:

• High - $4,499,000 (10 acres)
• Low - $1,199,900
  
• Average -$1,794,098 (down $81,273)
• Median - $1,698,944 (down $119,556)

Coquitlam:

• High - $8,800,000 (potential rowhome development)
• Low - $749,000 (1100 sqft rancher)
• Average -$2,653,457 (up $63,096)
• Median - $2,299,000 (down $24,500)
  

Port Moody:

• High - $7,998,000 (waterfront)
• Low - $1,299,999
• Average -$3,055,732 (down $116,956)
• Median - $2,648,800 (up $148,900)

Summary:

1. Last time we checked in we were seeing a general decline in both median and average price as the number of listings abruptly shot up.
2. Now that sales have slowed down prices are not dropping as quickly. There is a general sense that the market is paused.
3. Coquitlam has a large number of re-devlopment lots & over 15 new luxury listings (over $4,500,000) since we last checked in at the end of April.
4. Likewise Port Moody has 10 new luxury listings over $4,000,000 since we last checked in; and 8 ultra-luxury listings that have been sitting and range between $5,500,000-$7,998,000.
5. Both Coquitlam & Port Moody has skewed statistics because of luxury properties & land assembly/re-developmet.  Even with the above pushing prices upwards both cities area split between increasing/decreasing median/average prices.
6. Port Coquitlam is perhaps the truest representation of the current market as there are far less luxury properties to artifically push the average/median upwards. With only four properties listed above $4,000,000 (three of which were also present during our last update) the area represents a more realistic landscape for the average detached home.

 •••

Days on Market: 

Port Coquitlam:

• High -  644
• ​​Low - 1
• Average - 87 (up 6)
• Median - 49 (up 2)

Coquitlam:

• High -  1240
• ​​Low - 0
• Average - 80  (up 11)
• Median - 50 (up 23)
  

Port Moody:

• High -  445
• ​​Low - 0
• Average - 66 (up 13)
• Median - 52 (up 24)
  

Summary:

1. As previously mentioned, there is a general sense that the market is in a holding pattern. As such days on market are up across the board. While Port Coquitlam saw the smallest increase it also already had (by far) the highest median/average days on market. In that sense both Port Moody and Coquitlam are catching up to Poco. On average it now takes a few months to sell a detached home in the Tri City area.

•••

Overview:

• So far the year in the Tri City area has unfolded as follows:

1. As January progressed buyers returned to the market and stock began to move.
2. In late February we saw sellers take note of recent sales, and they too started to return. However, buyer interest still outpaced seller willingness.
3. Throughout the remainder of March and the duration of April we began to see multiple homes sell very quickly while others sat on the market. In a sense sellers had the ‘power,’ but only if their property was deemed by the market to have mass appeal.
4. When we last checked in the higher end of the market had slowed right down while the lower end was still performing. Now that summer has set in and supply is continuing to rise the entire market has slowed right down.
5. There is a sense of a summer pause. Home’s are still selling but it is taking a while…& the price needs to be sharp.

Are you looking to purchase a detached home 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!

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