Multi-family homes continue to be a popular choice in the Tri-Cities housing market, experiencing benchmark price increases that are far outpacing single-family homes.
According to data from the Real Estate Board of Greater Vancouver (REBGV), the median price for a detached property has increased in value by 1.9% in Coquitlam, 0.5% in Port Coquitlam and 3.6% in Port Moody over the last three months.
During the same time period, condo prices have increased 9% in Coquitlam, 7% in PoCo and 8.4% in PoMo.
Townhouse sale prices have also outpaced those of single-family homes in the Tri-Cities. Since August, the median benchmark price for an attached property has risen 3.9% in Coquitlam, 7.4% in PoCo and 3.6% in Port Moody.
The trend in the Tri-Cities is similar to what has been seen across the Lower Mainland, according to Jill Oudil, REBGV’s president.
“Our detached homes market is balanced today while apartment and townhome sales remain in sellers’ market territory,” she said. “If you’re looking to enter the market, as either a buyer or seller, it’s important to understand these trends and use this information to set realistic expectations.”
According to the real estate board, analysts believe downward pressure on home prices occurs when the sale-to-listing ratio falls below 12% for a sustained period of time.
Across Metro Vancouver, the overall ratio in September was 29.8%, although the figure varied depending on the property type. Single-family homes had a sales-to-active listings ratio of 14.6%, while the figure was 42.3% for townhomes and 60.4% for apartments.
“Detached homes made up 30% of all sales in September and represented 62% of all homes listed for sale on the MLS,” Oudil said. “This dynamic has slowed the pace of upward pressure that we’ve seen on detached home prices in our market over the last few years.”
Currently, the benchmark price for all residential property — houses, condos and townhouses — in Coquitlam is $905,200 while the number is $715,800 in PoCo and $895,100 in Port Moody. The median value of a single-family home is $1.28 million in Coquitlam, $995,800 in Port Coquitlam and $1.5 million in Port Moody.
Meanwhile, the benchmark price for an apartment is $482,300 in Coquitlam, $414,200 in PoCo and $601,300 in PoMo.
