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Low supply a potential factor in 14% decrease from Tri-City January home sales

Despite the setback, it appears homebuyers had an eye for Port Coquitlam and Port Moody detached units as both broke even.
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New home construction. | Getty Images

A lack of supplies is likely the case for a dip in real estate sales across the Tri-Cities.

The Real Estate Board of Greater Vancouver (REBGV) is backing the theory with its latest review as there were fewer homes up for sale across its jurisdiction in January 2022 compared to the same month in 2021.

The Tri-Cities saw 305 homes sold last month, which is a 14 per cent year-over-year decrease (354) and a 17 per cent from December 2021 purchases (369).

This includes 172 bought in Coquitlam, 77 in Port Coquitlam and 56 in Port Moody/Belcarra.

Combined with all areas of Metro Vancouver, the REBGV says home sales totalled 2,285 last month, an almost five per cent decrease from 2,389 in January 2021 and a 15 per cent fall from 2,688 in December 2021.

The slide was seen across all forms of real estate in the Tri-Cities.

However, three managed to reach or break even — Port Moody/Beclarra detached and attached residences saw increases of 114.3 and 41.7 per cent respectively, while Port Coquitlam detached homes claimed a modest jump of 7.4 per cent.

There were a total of 445 new listings in the Tri-Cities of the 4,170 across Metro Vancouver in January.

Meanwhile, the region's benchmark price for all residential properties reached more than $1.2 million last month, up 18.5 per cent from last January and two per cent from December.

REBGV economist Keith Stewart says conditions in the market remain tight because there is a lack of supply and a lot of people taking advantage of low interest rates.

“Our listing inventory on MLS is less than half of what would be optimal to begin the year. As a result, hopeful homebuyers have limited choice in the market today," he said in a statement today (Feb. 2).

"This trend is causing fierce competition for a scarce number of homes for sale, which, in turn, increases prices."

For detailed data and information, you can visit the REBGV’s website.

The following numbers show Tri-City benchmark prices, monthly and yearly changes as well as price index according to MLS Home Price Index data:

Residential

COQUITLAM

  • Benchmark price = $1,203,100
  • Price Index = 357.6
  • One-month = 3.5%
  • Three-month = 7.2% 
  • Six-month = 9.9%
  • One-year = 23.7%
  • Three-year = 31.4%
  • Five-year = 58.2%
  • 10-year = 144.8%

PORT COQUITLAM

  • Benchmark price = $1,022,500
  • Price Index = 350
  • One-month = 3.5%
  • Three-month = 7.7%
  • Six-month = 10.4%
  • One-year = 27%
  • Three-year = 35.2%
  • Five-year = 67.9%
  • 10-year = 142.7%

PORT MOODY

  • Benchmark price = $1,128,700
  • Price Index = 317.4 
  • One-month = 1.1%
  • Three-month = 5.5% 
  • Six-month = 7.2%
  • One-year = 19.4%
  • Three-year = 24.9%
  • Five-year = 48.7%
  • 10-year = 135.3%

Single-family detached

COQUITLAM

  • Benchmark price = $1,675,700
  • Price Index = 371.9 
  • One-month = 3.7%
  • Three-month = 8.9%
  • Six-month = 11.3%
  • One-year = 26.9%
  • Three-year = 40.2%
  • Five-year = 51.2%
  • 10-year = 146.3%

PORT COQUITLAM

  • Benchmark price = $1,448,100
  • Price Index = 386.1
  • One-month = 6.1%
  • Three-month = 12.3%
  • Six-month = 16.7%
  • One-year = 32.3%
  • Three-year = 53.5%
  • Five-year = 73.1%
  • 10-year = 165%

PORT MOODY

  • Benchmark price = $2,020,900
  • Price Index = 373.2
  • One-month = 3.7%
  • Three-month = 7.6%
  • Six-month = 8.4%
  • One-year = 26.2%
  • Three-year = 38.9%
  • Five-year = 50.5%
  • 10-year = 154.2%

Townhouses

COQUITLAM

  • Benchmark price = $938,300
  • Price Index = 344.2
  • One-month = 3.7%
  • Three-month = 6.9%
  • Six-month = 10.7%
  • One-year = 26.5%
  • Three-year = 34.7%
  • Five-year = 61.6%
  • 10-year = 139.5%

PORT COQUITLAM

  • Benchmark price = $870,100
  • Price Index = 329.4
  • One-month = 2.3%
  • Three-month = 7.1%
  • Six-month = 9.4%
  • One-year = 31.7%
  • Three-year = 36.5%
  • Five-year = 61.4%
  • 10-year = 129.7%

PORT MOODY

  • Benchmark price = $819,000
  • Price Index = 278.5
  • One-month = 3.2%
  • Three-month = 7.5%
  • Six-month = 7.6%
  • One-year = 22.3%
  • Three-year = 25%
  • Five-year = 54.5%
  • 10-year = 104.2%

Apartments

COQUITLAM

  • Benchmark price = $639,800
  • Price Index = 351.1
  • One-month = 3.4%
  • Three-month = 6.1%
  • Six-month = 8.6%
  • One-year = 20%
  • Three-year = 24.1%
  • Five-year = 69.1%
  • 10-year = 150.8%

PORT COQUITLAM

  • Benchmark price = $561,500
  • Price Index = 335.8
  • One-month = 2.1%
  • Three-month = 4.4%
  • Six-month = 6.2%
  • One-year = 20%
  • Three-year = 22.4%
  • Five-year = 71.1%
  • 10-year = 135%

PORT MOODY

  • Benchmark price = $755,600
  • Price Index = 314.9
  • One-month = -1.6%
  • Three-month = 3.1%
  • Six-month = 6.1%
  • One-year = 14.8%
  • Three-year = 19.6%
  • Five-year = 52.5%
  • 10-year = 149.1%

- with a file from The Canadian Press

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