The average price of a single-family home in Port Coquitlam increased by more than $53,000 in one month, according to the Real Estate Board of Vancouver’s monthly report.
The REBGV said they’ve been shocked at the region’s price increases, which they modestly predicted would increase two percent by the end of 2023.
Prices have risen for six consecutive months, totalling gains of six percent across all housing types only halfway through the year.
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“Back in January, few people would have predicted prices to be up as much as they are – ourselves included,” explained Andrew Lis, REBGV’s director of economics.
In the Tri-Cities, Port Coquitlam’s single family homes and townhomes experienced the biggest increases in May, at 2.8 and 2.2 percent, respectively.
But price increases were seen across all housing types in all three cities.
In Coquitlam, the average price for a single-family home increased by 1.6 percent; in Port Moody townhouse prices increased 1.3 percent, and apartment prices increased 1.5 percent.
While the Tri-Cities’ average housing prices are still down 8 percent across all types, a significant rebound has occurred over the last six months.
Properties in Coquitlam have seen a bounce back of 3.9 percent, and Port Coquitlam prices have bounced back 6.6 percent.
Port Moody’s prices have seen the slowest rebound of 1.7 percent, mainly held down by single family home prices (townhomes and apartments have risen 5.3 and 3.2 percent, respectively).
Across REBGV’s coverage area, residential home sales increased 15.7 percent from May, 2022.
That’s still 11.5 percent fewer new listings than last year, along with 10.5 percent fewer active listings – both are below the 10-year seasonal average.
Downward pressure on pricing occurs when the sales-to-active listing ratio dips below 12 percent for a sustained period, according to the REBGV, referencing historical data.
Price increases occur when that ratio – the percentage of available listings that have sold – is above 20 percent.
The current ratio across the region is 28.5 percent for single family homes, and around 45 percent for townhomes and apartments.
In the Tri-Cities, sales-to-active listing ratios are even more pronounced: single-family homes are at 49.7 percent, townhomes are at 61 percent, and apartments are at 75 percent.
“You don’t have to squint to see the reason prices continue to increase. The fundamental issue remains that there are more buyers relative to the number of willing sellers in the market,” Lis said. “This is keeping the amount of resale homes available in short supply,”
Lis said it’s a “surprising twist” that sales have rebounded back to historical averages despite high mortgage rates and fewer than usual new listings.
“If mortgage rates weren’t holding back market activity so much right now, I think our market would look a lot like the heydays of 2021/22, or even 2016/17.”
Across the region, single-family home sales in May have increased 30.7 percent from last year, while apartment and townhome sales have increased 7.9 and 16.7 percent, respectively.
In the Tri-Cities, single family homes sales in May increased 23 percent from 2022, townhomes sales have increased 6 percent, and apartment sales have increased 16 percent.
| Coquitlam | Benchmark price | 1 month change | 3 month change | 6 month change | 1 year change |
| Single-family | $1,755,500 | 1.6% | 4.3% | 3.2% | -8.7% |
| Townhomes | $1,058,700 | 1.0% | 4.2% | 6.5% | -5.5% |
| Apartments | $723,800 | 1.0% | 4.5% | 4.4% | -3.6% |
| Port Coquitlam | Benchmark price | 1 month change | 3 month change | 6 month change | 1 year change |
| Single-family | $1,392,100 | 2.8% | 6.8% | 8.5% | -8.3% |
| Townhomes | $928,900 | 2.2% | 5.1% | 7.1% | -8.7% |
| Apartments | $625,600 | 0.8% | 2.9% | 3.5% | -3.9% |
| Port Moody | Benchmark price | 1 month change | 3 month change | 6 month change | 1 year change |
| Single-family | $2,007,600 | 0.5% | 1.2% | 1.9% | -9.7% |
| Townhomes | $1,042,100 | 1.3% | 5.4% | 5.3% | -7.8% |
| Apartments | $716,300 | 1.5% | 2.9% | 3.2% | -5.1% |
