The spring home buying season is off to a slow start in the Tri-Cities.
According to figures released Wednesday by the Real Estate Board of Greater Vancouver, transaction numbers in Coquitlam, Port Coquitlam and Port Moody were down in March compared to the same month last year.
Apartments were particularly hard hit, with 165 changing hands compared to 254 in 2017, while the number of detached home sales fell from 170 to 116.
Phil Moore, president of the REBGV, said a similar trend was seen across Metro Vancouver, where sales activity fell 29.7% compared to last year.
"We saw less demand from buyers and fewer homes listed for sale in our region in the first quarter of the year," he said. "High prices, new tax announcements, rising interest rates and stricter mortgage requirements are among the factors affecting home buyer and seller activity."
Despite the slow down in transactions, prices for condominiums continue to inch upwards.
In Coquitlam, the benchmark median price for an apartment has risen 33% over the last 12 months and 6.6% in the last three months, while Port Coquitlam's rose 35.6% over the last year and 8.4% since January.
Port Moody's condo prices have also seen significant increases, rising 32.4% over the last year and 6.7% since the beginning of 2018.
"Even with lower demand, upward pressure on prices will continue as long as the supply of homes for sale remains low," Moore said. "Last month was the quietest March for new home listings since 2009 and the total inventory, particularly in the condo and townhome segments, of homes for sale remains well below historical norms."
However, detached home price movement has continued to slow down so far this year.
For example, in the last six months detached homes in Coquitlam have only risen 0.7% to $1,290,000, compared to a 12% increase over the last year.
Port Moody's detached home prices have fallen 0.8% in the last six months with a 12-month increase of 10.1%, while Port Coquitlam's values rose 3.2% in the last six months compared to 15.5% over the last year.
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