Real estate and banking experts are closely watching the Canadian real estate market, with some suggesting the market has stabilized while others say it could drop further after successive interest rate hikes, the latest a 25 per cent hike on Jan. 25.
But in Coquitlam, where housing pressures remain and even average rents have grown 14.4 per cent year over year since 2022, with $2,680 the average monthly rent, buyers and sellers are still exchanging property.
Coquitlam's average rent is on the high end among mid-sized cities, according to the Rentals.ca and Urbanation latest National Rent Report.
However, while home sales are significantly slower than this time last year, real estate is still selling in Coquitlam, Zealty.ca data shows.
In this week's recap of most and least expensive homes sold, it appears properties that were listed in late 2022 took longer to sell than those listed in January, by several weeks, while in many cases homes sold below the 2022 assessed value.
Renovated half-duplex big seller
As always, there is one exception — a half duplex in central Coquitlam, which sold for a hefty $1.54 million in just seven days, more than 20 per cent above its assessed value.
Located at 580 Draycott St. near Mundy Park, the home is 56 years old but sits on a large a 5,500 sq-ft. lot., featuring 2,489 sq. ft. of living space.
The home is also recently renovated, with massive curb appeal and has air conditioning.
Still, there is great variation in housing prices and choices, as recent sales reports show, on Zealty.ca.
Buyers purchased a penthouse apartment on Glen Drive for nearly $1.3 million while a large, recently renovated one bedroom apartment sold for $390,000.
Sold prices for townhouses varied wildly from $597,000 for an older two bedroom to $1.3 million for a four-bedroom townhome.
Single family homes sells for under $1M
As for single family homes, sale prices ranged from $890,000 for a fixer-upper in River Springs to $2 million for a newer house on Burke Mountain.
The River Springs home featured three bedrooms plus den, three full bathrooms and sold below its $1 million assessed value in just four days.
Here's a summary of most and least expensive homes sold in Coquitlam in the last 30 days:
Single family home
Most expensive: $2,034,000
- Address: 1366 Paquette St., Burke Mountain
- Assessed value: $2,034,000
- Age: 11 years
- Size: 3,906 sq. ft. on a 5,073 sq-ft. lot
- Features: Six bedrooms, four bathrooms with a spacious porch leading to the grand entrance with sitting area in the foyer. Living room features 20-foot high ceiling and extra large window overseeing a view to the valley and a west-facing back yard.
- Sold Jan. 22 after 12 days on the market
Least expensive: $890,000
- Address: 1314 Flynn Crescent, River Springs
- Assessed value: $1,184,000
- Age: 41 years
- Size: House is 1,945 sq. ft. on a 4,059 sq-ft. lot
- Features: Basement entry with three bedrooms plus den, three full bathrooms, double tandem garage, parking for two out front, and flat fully fenced yard backing onto green space.
- Sold Feb. 3 after four days on the market
Duplex
Most expensive: $1,540,000
- Address: 580 Draycott St., central Coquitlam
- Assessed value: $1,281,000
- Age: 56 years
- Size: 2,489 sq. ft. on a 5,500 sq-ft. lot.
- Features: Large five-bed, three-bath half duplex with a rec room, kitchen and entrance to a backyard. New high efficiency furnace and AC with black out blinds
- Sold Jan. 23 after seven days on the market
Least expensive: $1,280,000
- Address: 939 Robinson St., Coquitlam West
- Assessed value: $1,169,000
- Age: 13 years
- Size: 1,711 sq. ft. on 4,410 sq-ft. lot.
- Features: Half duplex on two levels with three bedrooms, three bathrooms, double car garage, private fenced yard with electric car charger and large patio, close to SFU.
- Sold Feb. 13 after five days on the market
Townhouse
Most expensive: $1,300,000
- Address: #226-3105 Dayanee Springs Blvd., Westwood Plateau
- Assessed value: $1,399,000
- Age: 14 years
- Size: 2,395 sq. ft.
- Features: Four-bedroom, 3.5-bath corner townhome with attached double garage, over-height nine-foot ceilings on the main floor with full basement finished with a bedroom and bathroom for guests.
- Sold Jan. 22 after 69 days on the market
Least expensive: $597,000
- Address: 69-1561 Booth Ave., Maillardville
- Assessed value: $614,000
- Age: 26 years
- Size: 918 sq. ft.
- Features: Renovated two-storey, two-bedroom, two-bathroom townhouse with updated kitchen, cabinets, flooring, stainless steel appliances. Living room with gas fireplace; two secure parking stalls.
- Sold Jan 25 after 50 days on the market
Condo (apartment)
Most expensive: $1,285,000
- Address: 3402 2968 Glen Dr., north Coquitlam
- Assessed value: $1,351,000
- Age: 11 years
- Size: 1,408 sq. ft.
- Features: Two-level penthouse with two bedrooms and two bathrooms and over 1,400 sq. ft. of living space, boasts 300 degrees panoramic views including over Lafarge Lake and Town Centre Park.
- Sold Jan. 18 after 86 days on the market
Least expensive: $390,000
- Address: 305-1045 Howie Ave., central Coquitlam
- Assessed value: $358,400
- Age: 49 years
- Size: 613 sq. ft.
- Features: Renovated one bed, one bath, move in ready home with nice finishings. South facing home with beautiful views of the city and Fraser River and close to shopping.
- Sold Jan. 8 after 19 days on the market
SOUND OFF: How have you or members of your family been affected by the housing market? Have you been hit hard by rising mortgage rates? Send us a letter. (Letters can't be anonymous).
