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Real estate activity was all over the map in the Tri-Cities this October. Coquitlam reported an almost eight per cent increase in listings over September and close to a nine per cent decrease in sales for the same time period. It was a different story in Port Coquitlam where listings increased by a massive 53.7 per cent and sales were up 13.5 per cent. Meanwhile, in Port Moody, listings were down a touch over 34 per cent and sales were also off by 2.7 per cent.
Condos in all three of the Tri-Cities have been a good place to park your money for the past decade. Benchmark sale prices are up in Coquitlam (47.5 per cent), PoCo (32.2 per cent) and Port Moody (40.9 per cent) since 2005.
A quick analysis of 16 recently reported sales in the area indicates owners accepted offers anywhere from four per cent under asking to six per cent above list price. What makes that last sale unusual is that the property in question is still under construction and developers typically accept offers right at asking. Instead, this condo in the yet-to-be-completed Orchid Riverside Homes complex was listed at $292,900 and sold for $309,350. The development has been described as Port Coquitlam’s fastest selling complex; a new show suite opens November 28.
Central Port Coquitlam
Central Port Coquitlam is abuzz with condo activity with 90 active listings including homes in the Orchid Riverside complex mentioned earlier. The neighbourhood has several new developments including ParkGate Apartments where a one-bedroom home will set you back $239,900, Altura ($269,900 for a one-bedroom), and the under-construction Amanti on Welcher building where one-bedrooms range from $201,900 to $317,900.
When assessing recent sales in this neighbourhood, we have already talked about the surprising final price of one Orchid Riverside home. The other recently reported sale was for a 21-year-old, one-bedroom unit just down the street in Avebury Point. After 125 days on the market, the owners there accepted an offer three per cent under their $199,900 list price.
Central Coquitlam
Coquitlam’s city centre is one of eight designated town centres in Metro Vancouver’s regional growth strategy. The community, which serves as the downtown for the northeast sector of the region, is undergoing considerable change in advance of the opening of the Evergreen SkyTrain line. The neighbourhood has 24 active listings beginning at $124,900 for a recently listed one-bedroom in Creekside Manor to $575,000 for a two-bedroom apartment in the year-old Austin tower.
Tricities Condo Market Snapshot: Nov 13
