Home prices have been rising faster in Port Coquitlam, new real estate data show, but it’s still the most affordable municipality to live in the Tri-Cities.
In one year, in PoCo, benchmark prices for residential properties rose 18.4 per cent, compared to 16.8 per cent for Port Moody and 16.7 per cent for Coquitlam.
Information provided by the Real Estate Board of Greater Vancouver (REBGV) shows fewer homes are available in the Lower Mainland, resulting in pressure on home prices.
Coquitlam has the highest-priced homes in the Tri-Cities, followed by Port Moody and Port Coquitlam.
Here’s the benchmark price for all properties, including townhomes, condos and single family homes, for the Tri-Cities:
- Port Coquitlam: $934,000
- Port Moody: $1,065,700
- Coquitlam: $1,204,800
However, price gains haven’t been as steep over the summer as they were in the spring, according to REBGV stats.
Since August, Port Coquitlam home prices rose 1.0 per cent, compared to 0.4 per cent for Port Moody and 1.0 per cent for Coquitlam.
REBGV economist Keith Stewart said sales activity was above average and new listings were typical.
“Although this is keeping the overall supply of homes for sale low, we’re not seeing the same upward intensity on home prices today as we did in the spring,” Stewart said.
“Home price trends will, however, vary depending on property type and neighbourhood, so it’s important to take a hyper-local look at your location and property category of choice before making a home buying or selling decision.”
(REBGV does not cover eastern municipalities past Maple Ridge, or Surrey and Langley)
Other affordable areas (under $1 million), according to REBGV benchmark prices for September are:
- New Westminster: $729,900
- Pitt Meadows: $925,300
- Sunshine Coast: $831,500