Real estate sales activity saw sharp declines in the Tri-Cities last month, mirroring a similar trend seen across Metro Vancouver, according to the most recent figures from the Real Estate Board of Greater Vancouver.
REBGV president Jill Oudil said while there are still areas where demand is strong, for the most part, transaction numbers have returned to typical summer levels.
“Housing demand is inconsistent across the region right now,” she said. “Pockets of the market are still receiving multiple offers and others are not. It depends on the price, property types and location.”
In the Tri-Cities, Port Coquitlam saw the sharpest decline in sales activity.
The transaction total for all property types (detached, attached and apartment) fell to 118 in July from 174 in June, a 32.2% decline. Port Moody’s numbers decreased from 90 to 75, a 16.6% fall, while Coquitlam saw a 15.9% drop, from a collective total of 320 to 269.
Meanwhile, the number of listings in the Tri-Cities has also fluctuated in recent months.
In Coquitlam, the number of detached, attached and apartment properties listed for sale dropped 4.2% in July compared to the month before while in Port Coquitlam, the figure fell 12.8% and in Port Moody, the listing numbers rose 1%.
The Tri-Cities appear to be bucking the regional trend for listing numbers, which saw an 8% increase in the number of homes for sales across Metro Vancouver.
“Because home sale activity decreased to more historically normal levels in July, the section of homes for sale in the region was able to edge above 9,000 for the first time this year,” Oudil said.
But she said prices are still holding at their historically high levels. The sales-to-active-listings ratio for all properties in July was 32.2%, breaking down to 16.9% for detached homes, 44.9% for townhomes and 62% for condominiums.
The benchmark price for all property types in Metro Vancouver is currently $1,019,400. The figure is $885,000 in Coquitlam, $866,100 in Port Moody and $704,200 in Port Coquitlam.
@gmckennaTC
