Port Coquitlam led the way last month in Metro Vancouver in price gains for single-family homes in a sellers' market that has more people looking for homes than there are listings.
April real estate numbers released Tuesday by the Real Estate Board of Greater Vancouver shows prices for single-family homes rose 5.1% between March and April in PoCo, the highest gain in the Tri-Cities, where both Port Moody and Coquitlam saw houses prices rise by 3.7% over the same time frame.
“Home buyer competition remains intense across the region,” Dan Morrison, REBGV president
The benchmark price for a home in PoCo was $846,100 last month, still one of the most affordable areas in the Lower Mainland, with Maple Ridge the least expensive in the region at $627,200 for a single-family home. To get comparable or lower prices for a detached home, you would have to move to the Sunshine Coast, the GVRB statistics show.
The price hike comes as PoCo council debates the effect of foreign investment on the value of real state. It plans to ask the province to implement measures to curb the impact of speculative foreign investment on housing.
But a recent city report said the blame doesn't lie with overseas buyers; instead, B.C.'s strong economy, low bank interest rates and good mortgage terms are likely boosting demand.
Meanwhile, Port Moody and Coquitlam continue to be relatively affordable compared to Vancouver, Richmond and Burnaby, where prices are higher. At $1,255,700 for a single-family detached home in Port Moody (benchmark price for a typical property) and $1,085,300 for a similar home in Coquitlam, the cities are in the middle of the pack when it comes to buying a single-family home.
Last month, residential property sales in the region totalled 4,781, up 14.4% from the 4,179 sales recorded in April 2015 but down 7.6% compared to March 2016, when 5,173 homes sold.
Activity is still brisk, though, with April sales 41.7% above the 10-year sales average for the month.
“Home buyer competition remains intense across the region,” Dan Morrison, REBGV president said in a press release. “Whether you’re a home buyer or seller, it’s important to work with your local realtor to get the information you need and to develop a strategy that will help you navigate today’s market.”
