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Ups, Downs In Tri-City Real Estate

Ups, downs in Tri-City real estate

A slowdown in sales of houses and an overall drop in transaction activity has not hampered real estate values in the Tri-Cities, according to new data release by the Real Estate Board of Greater Vancouver (REBGV).

The figures show that over the last six months, prices overall have continued to climb, rising 4.9% in Coquitlam, 5.1% in Port Coquitlam and 3.7% in Port Moody. The demand is particularly acute for attached properties, like condos and townhouses, a trend seen across Metro Vancouver.

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“The supply of apartment and townhome properties for sale today is unable to meet demand,” said Jill Oudil, REBGV’s president. “On the other hand, our detached home market is beginning to enter buyers’ market territory.”

The data notes that the benchmark price for a townhouse has increased in the last six months by 6.3% in Coquitlam, 2.1% in Port Coquitlam and 4% in Port Moody; during the same period, condo prices rose 6.5% in Coquitlam, 7.4% in PoCo and 7.3% in Port Moody.

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