Port Moody real estate has been holding steady while property sales and prices have slowed elsewhere in the Tri-Cities.
But as interest rates and inflation continue to bite, even Port Moody sellers are having to drop their prices this summer.
A case in point is a collection of condos in central Port Moody, close to SkyTrain, where all seven listings reported sold in the last 30 days went for less than asking, according to Zealty.ca.
Even a large 1,860 sq. ft. two-bedroom condo in the desirable NewPort Village neighbourhood took a bit of a hit when it sold July 13, after 29 days on the market.
The condo, located in The Bentley, has unobstructed panoramic, 180-degree ocean views and is steps to restaurants, parks and shopping.
Located at 2002-295 Guildford Way, the asking price on June 14 was $1.44 million, but it sold on July 13 for $1.34 million, a seven per cent price drop.
Here is a list of the NewPort village area condos that were sold recently — and all for several thousand dollars less than asking, according to Zealty.ca:
- 906-288 Ungless Way, 2 bedroom / 2 bathroom asking $849,000, sold for $820,000
- 202-220 NewPort Dr., 2 bedroom / 2 bathroom, asking $679,900, sold for $660.000
- 1102-295 Guildford Way, 2 bedroom / 1 bathroom, asking $679,000 (original), $649,00 (final) sold fo $640,000
- 702-295 Guildford Way, 1 bedroom / 1 bathroom, asking $638.000. sold for $635,000
- 311-225 NewPort Dr., 1 bedroom / 2 bathroom, asking $574,000, sold for $550,000
An economic study, released by Desjardins on Aug. 11, predicts a sharper price correction to Canadian house prices than originally expected.
"After peaking in February at the national level, home prices continue to fall and have further to go before they find a bottom. That said, we still believe home prices will end 2023 above pre-pandemic levels nationally and in all ten provinces," the report states.
However, it stated that the price correction may be short-lived.
"... the correction in Ontario and BC has been more abrupt than elsewhere. However, we expect the pace of price decline to slow as international immigration, return to work and improved affordability provide tailwinds to the housing market going forward."