Coquitlam home prices in January dipped 6.7% compared to January 2018, the largest decrease in the Tri-CIties.
The benchmark price for a detached Coquitlam home last month was $1,195,500, which is $85,815 less than a year ago. Dollar-wise, it was the 12th highest decrease in the 21 markets of the Greater Vancouver Real Estate Board.
Port Moody had the highest benchmark price at $1,454,500 which is $40,361 less than 2018, 16th highest in the GVREB, a drop of 2.7%. Port Coquitlam’s benchmark dropped 3.6% to $943,200, a decrease of 35,223 putting PoCo 17th.
Vancouver West had the biggest decrease in value at $500,591, a 14.1% drop. West Vancouver was second at $477,436 (15.4%), a drop that was in excess of $300,000 more than the next closest, Richmond which dropped by $169,895.
The price of Coquitlam and PoCo condos, however, saw marginal increases from a year ago. The benchmark price for a Coquitlam condominium in January was $515,500, a 0.6 rise of $3,075. While Port Coquitlam’s went up by $7,224 to $458,700, a 1.6% rise. Even though the benchmark price for a Port Moody condo decreased by $13,500 (–2.1%) from January last year, it was still the highest in dollars in the Tri-Cities at $629,400.
According to an analysis of the numbers by Zoocasa, the real estate market has been hit hard by federal mortgage stress tests, foreign buyers and speculation taxes, and price fatigue.