Homeowners in the Tri-Cities who bought during last year’s real estate frenzy have likely seen the value of their houses decrease.
Over the last six months, the benchmark prices for all residential property in Coquitlam fell 4.3% to $748,100 while Port Coquitlam saw a decrease of 2.4% to $588,400 and Port Moody fell 0.5% to $770,000, according to data from the Real Estate Board of Greater Vancouver (REBGV).
Single-family detached homes were responsible for the majority of the drop, falling 8.8% to $1.12 million in Coquitlam, 5.2% to $860,000 in PoCo and 3.7% to $1.34 million in Port Moody since September. The figures reflect a regional trend, which showed the number of transactions have fallen dramatically across Metro Vancouver since August.
“February home sales were well below the record-breaking activity from one year ago and inline with our long-term historical average for the month,” said Dan Morrison, the president Real Estate Board of Greater Vancouver. “Limited supply and snowy weather were two factors hampering this activity.”
Benchmark prices for townhouses also saw declines in Port Coquitlam (2.7%) and Port Moody (4.1%), although the values increased in Coquitlam (2.1%).
Apartments in the Tri-Cities appeared to duck the trend. In Coquitlam, the value of a condominium unit increased 3.6% while Port Coquitlam saw a 2.8% gain and Port Moody’s benchmark price increased by 5%.
Across the region, the number of transactions fell dramatically in February compared to a year ago.
In 2017, 2,425 homes were sold, which is a 41.9% drop from the 4,172 sales recorded during the same month in 2016 and 7.7% below the 10-year sales average for the month.