The Tri-Cities has seen a significant increase in the value of condos and attached homes since the beginning of the year, a trend largely mirrored in the rest of the region.
According to new data from the Real Estate Board of Greater Vancouver, the benchmark price for an apartment has jumped 15.7% in Port Moody and Coquitlam, and 16% in Port Coquitlam.
The average townhouse price has also increased since December, rising 10.7% in Coquitlam, 9.1% in PoCo and 8% in PoMo.
“Demand for condominiums and townhomes is driving today’s activity,” said Jill Oudil, president of the REBGV, who noted that May saw a return to near record sales levels across Metro Vancouver. “First-time buyers and people looking to downsize from their single-family homes are both competing for these two types of housing.”
PoCo has seen the biggest jump in overall residential real estate prices. Since the beginning of the year, the benchmark residential home value in that city increased 12.3%, higher than any other area covered by the REBGV.
While PoCo has historically lagged behind the other two Tri-City municipalities, Coquitlam has only seen an 8.8% rise so far this year while Port Moody has increased 8.2%.
Across the region, residential properties sales totalled 4,364 in May, a decline from last year’s record 4,769 but a 22.8% increase from April 2017.
“While sales are inching closer to the record-breaking pace of 2016, the market itself looks different,” Oudil said. “Sales last year were driven by demand for single-family homes. This year, it’s clear that townhomes and condominiums are leading the way.”
The benchmark price for all residential properties in Metro Vancouver was $967,500 in May, up 8.8% over the same month last year. A typical single-family home in the Lower Mainland now costs $1.26 million, according to the May 2017 figures.
@gmckennaTC
