July showed some signs that the red-hot Metro Vancouver real estate market could be moderating, according to the Real Estate Board of Greater Vancouver.
But benchmark prices have remained steady in the region, a trend that is being seen in the Tri-Cities, according to the latest sales figures.
Overall, residential real estate in Coquitlam was up 0.5% in the last month and 9.9% in the last three months, with a benchmark price of $778,700. That number breaks down to $1,226,700 for a single-family detached home (up 0.8% in the last month), $520,400 for a townhouse (down 1.3% in the last month) and $339,000 for an apartment (up 1.1% in the last month).
Port Moody saw an overall real estate price increase of 1.5%, with a benchmark price of $770,000 — single-family detached homes increased 1.3% to $1,397,100, townhouses were down 1% to $542,100 followed by a 3.2% increase in apartments to $460,000.
Port Coquitlam had the highest overall real estate price increase in the Tri-Cities, with the benchmark price for all transactions coming in at $599,000, up 2.4%. A single-family detached home in PoCo is now $919,600 (up 0.4%) while townhouse values rose 4.7% to $539,600 and apartments increased 4.8% to $301,000.
The number of sales has begun to pull back from the record-breaking months seen in the spring.
In June, Coquitlam had 375 real estate transactions (detached, attached and apartment), a figure that falls to 292 in July.
Similar declines were seen in Port Coquitlam, where the sales numbers dropped from 155 in June to 122 in July, while Port Moody’s numbers fell from 100 to 72.
The Tri-City numbers reflect a larger trend in the Metro Vancouver area, where overall sales decreased 18.9%, to 3,226 from 3,978 the month prior.
“After several months of record-breaking sales activity, home buyer demand returned to more historically normal levels in July,” said Dan Morrison, the president of the Real Estate Board of Greater Vancouver. “Home sale activity showed some moderating signs in late June and this carried into July. We’ll wait and watch over the next few months to see if this marks the return of more normal market trends.”