Tri-Cities house prices down from a year ago

Cost of Coquitlam home drops 6.7% last month compared to January 2018

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.

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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.

ggranger@tricitynews.com

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