Real estate values continue to rise in the Tri-Cities but the number of transactions has fallen in the last three months, according to the latest statistics from the Real Estate Board of Greater Vancouver.
Since April, the number of sales of attached, detached and apartments in Coquitlam, Port Coquitlam and Port Moody has dropped 18.8% compared to the same period last year.
The decrease was particularly large in the single-family home category, which saw a 25.6% decline across the Tri-Cities; Coquitlam saw a 27.7% drop and Port Moody a 31.1% decrease.
Even in the last 30 days, the number of transactions has decreased 7.3%, smaller than the Metro Vancouver region-wide decline of 11.5%.
But the lack of sales does not appear to be hurting prices.
Since the beginning of the year, residential property in Coquitlam has risen in value by 13.5% while Port Coquitlam has seen a 15.7% increase and Port Moody has seen a 10.9% increase. The last month alone has seen a 2% jump in Coquitlam, a 2.2% rise in Port Coquitlam and an increase of 1.8% in Port Moody.
Some of the largest increases since the beginning of the year have come in the apartment category.
For example, Port Coquitlam has seen an 18.9% increase in overall selling price while the figures for Coquitlam have jumped 17.9% and the benchmark price for an apartment in Port Moody rose 13.6%.
Across the region, the number of sales has also declined from last year’s record-breaking figures. Jill Oudil, the president of the Real Estate Board of Greater Vancouver, acknowledged that demand for single-family detached homes has fallen. But she said sales of townhouses and apartments are picking up across the region.
“Home buyers have more selection to choose from in the detached market today while condominium listings are near an all-time low on the MLS,” she said in a press release. “Detached home listing have increased every month this year, while the number of condominiums for sale has decreased each month since February.”
gmckenna@tricitynews.com
@gmckennaTC
