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  September 26th  and compared with July 30th meaning the findings represent the markets overall shift in the last 58 days.

Click Here for July 30th and compared with April 30th

•••

Number of detached listings;

•  Port Coquitlam: 185 (up 32)
• Coquitlam: 467 (up 53)
  
• Port Moody: 120 (up 21)
  

Summary:

1. After beginning to increase in March supply has been high in the Tri City area for nearly six months.
2. Year-over-year buyers have taken a step back and the past several months have been slow. However, August 2024 finally saw general sales increases compared to July 2024 for the first time in several months.  
3. While the overall market still leans towards favoring buyers the last 14+ days have seen showings increase.

 •••

List Price:

Port Coquitlam:

• High - $4,499,000 (10 acres)
• Low - $1,149,300
  
• Average -$1,738,571 (down $55,527)
• Median - $1,625,000 (down $73,944)

Coquitlam:

• High - $8,799,000 (potential rowhome development)
• Low - $949,900 (1100 sqft rancher)
• Average -$2,699,489 (up $46,032)
• Median - $2,325,000 (up $26,000)
  

Port Moody:

• High - $7,998,000 (waterfront)
• Low - $1,249,000
• Average -$2,973,274 (down $82,458)
• Median - $2,549,000 (down $129,800)

Summary:

1. Last time we checked in (on July 30^th) sales had slowed down and prices were holding. In general, there was a sense that the market is paused.
2. Since our last check-in sales have restarted, however a large percentage of the sales are concentrated on new listings. Much of the stagnant supply from the early summer months have remained as holdovers and they are now seeing price drops which is pulling both the average/median down.
3. Coquitlam continues to hav a large number of re-development lots & luxury listings with 40 active listings over $4,500,000. These are the properties artificially driving up the median/average. Standard homes are not ballooning in value.
4. Port Coquitlam is perhaps the truest representation of the current market as there are far less luxury properties to artificially push the average/median upwards. With only one property listed above $4,000,000 (there were four on July 30th) the area represents a more realistic landscape for the average detached home. Reasonably priced homes are selling quickly, luxury homes are sitting, and summer holdovers are reducing prices or relisting.

 •••

Days on Market: 

Port Coquitlam:

• High -  702
• ​​Low - 0
• Average - 89 (up 2)
• Median - 50 (up 1)

Coquitlam:

• High -  1298
• ​​Low - 1
• Average - 82  (up 2)
• Median - 52 (up 2)
  

Port Moody:

• High -  503
• ​​Low - 0
• Average - 61 (down 5)
• Median - 36 (down 16)
  

Summary:

1. Nothing exciting to report for the majority of the Tri City area. Days on market are holding…only Port Moody saw any real change. Their median dropped as a direct result of a handful of longstanding luxury listings both selling and relisting.  

•••

Overview:

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

1. In late February we saw sellers take note of recent sales, and they too started to return. However, buyer interest still outpaced seller willingness.
2. 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.
3. Throughout June & part of July the higher end of the market had slowed right down while the lower end was still performing.
4. For the majority of August & the beginning of September summer doldrums fully set in and the entire market slowed right down.
5. While there was a sense that the market was ‘paused’ the last 2+ weeks have shown signs of renewed activity. And we will have to wait and see what fall truly has in store for the Tri City area.

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.

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