March marked big numbers for real estate in Tri-Cities

Tri-City house prices were up in March and so were sales

Another month, another increase in housing prices in the Tri-Cities.

But rising prices have not slowed down buyers, according to Dan Morrison, president of the Real Estate Board of Greater Vancouver, who said March was the busiest month on record. 

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“Today’s demand is broad based,” he said in a press release. “Home buyers are active in neighbourhoods across our region.”

“Strong job and economic growth in our province, positive net migration and low interest rates are helping to drive this activity,” Morrison said. 

Across Metro Vancouver, the number of residential property sales shot up dramatically in March, with a record 5,173 transactions — a 27.4% increase compared to the same month last year and 24% climb from February. 

In the Tri-Cities, Coquitlam’s transaction numbers climbed from 303 to 434 (43.3%) from the same time last year while Port Coquitlam’s number rose from 138 to 218 (58%) and Port Moody’s climbed from 76 to 126 (66%).

The increased sales activity had corresponding price increases. 

The benchmark value for a single-family detached home in Coquitlam is now $1,046,100, a 3.9% rise in the last 30 days and a 29.7% increase from this time last year. A detached home in Port Coquitlam is now $804,900, up 32.2% in the last year while Port Moody’s is  up 29% over the last 12 months at $1,210,800.

Townhouse prices rose in Coquitlam by 23.2% in the last year to a benchmark average of $480,000 while PoCo’s numbers rose 27.4% to $485,200 and Port Moody’s increased 20.3% to $521,700. 

Apartment values have also jumped in the last 12 months. Currently, the average cost of a condo in Coquitlam is $313,800, up 19.8%, while PoCo’s numbers have risen 16% to $265,200 and Port Moody’s have climbed 19.5% to $427,900. 

gmckenna@tricitynews.com

@gmckennaTC

 

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