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With detached home prices out of reach for many, more and more people are turning to condos as a family lifestyle choice. No, you don’t have the fenced backyard and the privacy. Then again, you don’t have to cut the grass or fix the roof or any number of other maintenance issues that arise when you’re a homeowner.
And it’s way more affordable. While three-bedroom condos make up only four per cent of the Tri-Cities’ active condo listings, they offer great bang for your buck. The median selling price of a detached home in Coquitlam last month was just shy of $1.2 million. Compare that to the median listing price of the city’s seven three-bedroom condos currently on the market: $554,900. It’s the same story in PoCo. There the median selling price of a house in January was $780,000 while the most expensive three-bedroom condo listing is $165,000.
Five of this neighbourhood’s 54 listings are three-bedroom condos, with four of them in preconstruction developments. That would seem to indicate that Coquitlam developers are recognizing the need for more family-sized condos. The oldest property is in Brookmere Garden; it’s over 1,200 square feet and was listed about a month ago. For $450,000 you can call this newly remodelled unit close to three SkyTrain stations home.
A three-bed condo in the nearby Foster building recently sold for $435,000 – one per cent below list. Its new owners are undoubtedly looking forward to the completion of the Evergreen Line as their new home is just one block away.
Central Port Coquitlam
Port Coquitlam offers the most affordability in the Tri-Cities region and this particular neighbourhood currently has two three-bedroom condos on the market. Both are in the Orchard Valley complex and are priced at $149,000 and $165,000. The complex, which has an indoor pool, a rec centre, clubhouse, and a greenhouse, is close to numerous schools as well as libraries and a number of restaurants and cafés. With its easy access to local highways, this is also a good location for commuters.