Tri-Cities’ home prices slide well below 2022 peak as market cools

Housing prices in the Tri-Cities’ have fallen well below their peak from the spring of 2022.

Across all housing types in Coquitlam, Port Coquitlam, and Port Moody, median prices have fallen an average of 9.1 percent over the last three years.

Inventory levels across Metro Vancouver have reached a 10-year high, and spring sales – normally a busy period for the market – have been slow, according to Greater Vancouver Realtors’ (GVR) monthly report.

Andrew Lis, GVR’s director of economics and data analytics, said sales activity might turn a corner, but May’s sales were well below the 10-year average. 

“On a year-to-date basis, sales in 2025 rank among the slowest to start the year in the past decade,” Lis said. “Some buyers are still sitting on the sidelines or are being especially selective.”

Lis, however, pointed out the market situation “closely mirrors” slow starts in 2019 and 2020, noting that sales rebounded significantly in the latter half of 2020. He said whether a similar pattern occurs in 2025 is the “million-dollar question.”

Regional data

GVR’s inventory in the region reached 17,094, a 25 percent increase compared to last year and 45.9 percent above the 10-year average. There were 6,620 new listings in May alone, a 3.9 percent increase from last year and 9.3 percent above the average for the month.

On the other hand, May’s single-family home sales numbers have fallen 22.7 percent from last year, townhome sales have dropped 10.3 percent, and apartment sales have fallen 18.8 percent.

The sales-active-listing ratio for the month stands 13.4 percent – far below the 20 percent threshold needed to cause upward pressure on prices.

Lis said that due to the healthy inventory, sellers are adjusting their prices, giving buyers more negotiating room. However, he said with an unusually slow spring, the summer sales activity might pick up due to “delayed purchasing decisions.”

“The market continues tilting in favour of buyers, which bodes well for anyone looking to make a purchase this summer,” he said. 

Tri-Cities data

The same trend can be seen across the Tri-Cities, where total residential sales decreased from 378 units in May 2024 to 318 units in May 2025, marking a 15.9 percent year-over-year decline.

Active listings, meanwhile, have risen significantly year-over-year.  Total listings in Coquitlam jumped from 200 to 515, a 157.5 percent surge, Port Coquitlam listings grew from 74 to 162, a 118.9 percent increase, while Port Moody’s listings rose from 64 to 118, an 84.4 increase.

Over the last year, benchmark prices across all housing types are down 4.6 percent in Coquitlam, 1.4 percent in Port Coquitlam, and 4.4 percent in Port Moody.

The decline is stark when compared to May 2022: in Coquitlam, prices have fallen 11.4 percent, 5.8 percent in Port Coquitlam, and 10 percent in Port Moody.