Tri-Cities home prices continue to fall as more sellers struggle to find buyers

Home prices continued to decline across the Tri-Cities in September, while new data shows a growing number of homeowners are struggling to sell their properties on the first attempt.

According to the latest figures from Greater Vancouver REALTORS (GVR), Port Coquitlam experienced the steepest annual price decline among the three municipalities, with its benchmark residential price falling 8.2 percent compared to September 2025.

Coquitlam saw a 6.3 percent annual decrease, while Port Moody recorded a 5.8 per cent drop.

Meanwhile, an analysis by real estate data platform Zealty found that 45 percent of homes sold in Port Moody during the first nine months of 2026 had previously been listed unsuccessfully, the second-highest proportion among 18 cities examined across Greater Vancouver and the Fraser Valley.

The figures highlight the challenges facing sellers in a market characterized by declining prices, slower sales and longer selling periods.

Nearly half of Port Moody sales follow failed listings

Zealty’s analysis of every home sale across Greater Vancouver and the Fraser Valley between January and September found that failed listings have become increasingly common.

A failed listing refers to a property that was previously listed for sale but had its listing expire or withdrawn within the past year before returning to the market.

In Port Moody, 45 percent of the 408 homes sold during the nine-month period had experienced at least one failed listing before eventually finding a buyer.

That was the second-highest proportion among the 18 cities analyzed, behind only West Vancouver.

The median Port Moody home took 59 days to sell, measured from its first listing attempt rather than simply the most recent listing date.

Port Coquitlam recorded a similar trend, with 42 percent of its 504 home sales following an unsuccessful earlier listing. The median selling period was 54 days.

In Coquitlam, 38 percent of the 1,516 homes sold had previously been listed unsuccessfully, with a median selling period of 50 days.

The findings suggest sellers across the Tri-Cities are increasingly having to withdraw, relist or adjust their expectations before securing a sale.

The trend extends beyond the Tri-Cities.

Across Greater Vancouver and the Fraser Valley, 40 percent of homes sold between January and September had experienced a failed listing, more than double the 19 percent recorded in 2021.

The regional median time to sell, measured from the first listing attempt, also increased dramatically, from 12 days in 2021 to 58 days in 2026.

The analysis also found a significant difference in selling prices depending on whether a property sold on its first attempt.

Homes that required relisting eventually sold at a median 13 percent below their original asking price, compared with 3.5 percent below asking for properties that sold on their first listing.

The findings suggest sellers who initially price their homes above what buyers are willing to pay may face substantial reductions before completing a transaction.

Home prices fall across the Tri-Cities

The latest GVR figures show property values continuing to decline in all three municipalities.

The benchmark price of a residential property in Coquitlam was $971,700 in September, down one per cent from August and 6.3 percent from a year earlier.

Port Coquitlam’s benchmark price fell to $835,500, a decrease of 0.6 percent month-over-month and 8.2 percent annually.

Port Moody remained the most expensive of the three municipalities, with a benchmark residential price of $1,011,500.

However, the city also experienced the largest monthly decline in the Tri-Cities, with prices falling 2.5 percent from August.

The benchmark figures represent the estimated value of a typical property in each market, rather than the average selling price of homes that changed hands during the month.

Single family declines

Single-family home prices continued to fall across the region, particularly in Port Coquitlam and Port Moody.

In Port Moody, the benchmark single-family home price was $1,903,500, down 8.4 percent from September 2025 and three percent from August.

Port Coquitlam recorded a benchmark detached price of $1,240,600, an annual decline of 8.5 percent, while Coquitlam’s benchmark fell 6.6 percent to $1,584,400.

Despite the declines, the price difference between detached homes in the three municipalities remains substantial. A typical detached home in Port Moody costs approximately $663,000 more than one in Port Coquitlam.

Weak condo market

Apartment prices also declined across all three municipalities, reflecting a broader slowdown in Metro Vancouver’s condominium market.

Port Coquitlam experienced the largest annual decline, with its benchmark apartment price falling nine per cent to $550,000.

Coquitlam’s benchmark apartment price dropped 7.3 percent to $640,100, while Port Moody recorded a 4.9 percent decrease to $676,200.

Townhouses also lost value, with Port Coquitlam experiencing a 7.8 percent annual decline to $834,300.

Coquitlam’s townhouses fell 6.5 percent to $976,600, while Port Moody’s declined 5.2 percent to $940,900.

Port Moody experienced a particularly sharp monthly decline in townhouse prices, which fell 4.7 percent between August and September.

Sales slow across the region

The latest figures also show weakening sales activity in parts of the Tri-Cities.

Coquitlam recorded 141 residential sales in September, compared with 165 during the same month last year, a decline of approximately 14.5 percent.

Port Coquitlam recorded 55 sales, down from 74 a year earlier, representing a 25.7 percent decrease.

Port Moody and Belcarra, which GVR groups together for sales statistics, recorded 46 transactions, compared with 44 in September 2025, a modest increase of 4.5 percent.

Apartment sales accounted for much of the local slowdown.

Coquitlam recorded 62 apartment transactions, compared with 76 a year earlier, while Port Coquitlam saw sales fall from 29 to 13.

Port Moody and Belcarra recorded 21 apartment sales, up from 18 in September 2025.

Regional market

Across Metro Vancouver, 1,717 residential properties changed hands in September, down from 1,875 a year earlier and 25 per cent below the 10-year seasonal average.

Apartment sales declined 18.6 percent year-over-year, while detached home sales increased 4.2 percent and attached home sales edged up 0.6 per cent.

“While sales were down about eight percent overall in September, this figure hides the fact the weakness is contained to the sizeable apartment segment, which typically accounted for half of sales in any given month in recent years,” said Andrew Lis, GVR’s chief economist and vice-president of data analytics. “By contrast, sales of attached and detached homes finished slightly up from last September, consistent with our view that end-users are primarily driving the market, as investor-driven demand awaits more favourable market conditions.”

The region’s overall benchmark residential price fell to $1,075,900, a 5.5 percent decrease from September 2025.

GVR reported 16,394 properties available for sale across Metro Vancouver, approximately 24.3 percent above the 10-year seasonal average.

The sales-to-active-listings ratio stood at 10.9 percent, below the 12 percent threshold that historically signals downward pressure on prices when sustained over time.

“The combination of slow sales and inventory trending lower has kept home prices from declining too swiftly, with the composite price index drifting down 0.5 percent month over month,” Lis said.

“While small month-over-month changes may not appear significant individually, the cumulative effect of many small changes has become more pronounced over time, with all market segments now showing price declines of about three per cent since the start of the year.”