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When you reach the age where the upkeep on your single-family detached house is just too much to handle, you begin to weigh your options. Many boomers are discovering that condo living has lots to offer and downsizing can be a good way to build up retirement savings. Fortunately, there are condos in just about every Tri-Cities’ neighbourhood, so you do not have to move far from your friends and all your cherished familiar places.
Two-bedroom condos make up 62 per cent of the active listings in Coquitlam, Port Moody and Port Coquitlam. You can set up home in one of these for as little as $138,000 in Orchard Valley in PoCo or as much as $945,000 in North Coquitlam’s The Evergreen complex.
Port Moody Centre
While this community is known mostly for its preserved historical character, it has also been the focus of recent development activity in anticipation of the completion of the Evergreen Line. There are 36 active condo listings here; all but 10 have two bedrooms. Prices for a two-bedroom here start at $275,000 for a home in Sonrisa and go as high $719,000 for one in Nahanni.
Recent sales activity in Port Moody Centre indicates properties are well priced. One two-bedroom in Aria 1 was only on the market for five days before selling for one per cent over its $485,000 list price, while another two-bed in Sahalee went for $528,000 – a little under its $528,800 asking price.
Central Port Coquitlam
This is one of the busiest Tri-Cities’ neighbourhoods when it comes to active condo sales. There are currently 63 listings, with just under half of those having two bedrooms. The most affordable of these is $138,000 in Orchard Valley. Prices go as high as $528,888 for a unit in Villagio 2.
Sales in the area have also been brisk and a review of 17 two-bedroom condos that recently changed hands paints a picture of 18 per cent of owners accepting offers under asking, 47 per cent getting exactly what they asked for, and 35 per cent closing deals above their list price.
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