Real estate gains in Tri-Cities slump over last quarter
Real estate gains in the Tri-Cities have come to a halt over the past quarter, according to the Real Estate Board of Greater Vancouver’s (REBGV) monthly stat report.
The same trend has been seen across the vast majority of Metro Vancouver cities.
Andrew Lis, REBGV’s director of economics and data analytics said the price decline is due to a seasonal downturn in sales and an uptick in the number of listings.
Local news that matters to you
No one covers the Tri-Cities like we do. But we need your help to keep our community journalism sustainable.
There was reluctance on the part of some homeowners to list their properties earlier this year due to the highest mortgage rates in over a decade, leading to low inventory, according to Lis.
“With fewer listings coming to the market earlier this year than usual, inventory levels remained very low, which led prices to increase throughout the spring and summer months,” Lis said.
In September, there were 5,447 properties listed for sale in Metro Vancouver, a 28 percent increase compared to September, 2022, and 5 percent above the 10-year seasonal average.
Total inventory, currently around 11,400 properties listed for sale in the region, has increased over 9 percent from last year, but it is still 6 percent below the 10-year seasonal average.
The sales-to-active listing ratio for September was at 17.7 percent, and prices decrease when the ratio dips below 12 percent for a sustained period, according to REBGV.
Lis said in contrast to spring and summer, the September listings shows renewed interest of homeowners wanting to sell, describing the numbers as “back in line with long-term historical averages.”
“This upward shift in new listings has allowed overall inventory levels to recover modestly from the low levels we saw earlier this year,” Lis said. “When we pair this dynamic with the slowdown in sales that typically occurs in the fall as a result of seasonal patterns, the outcome is more balanced market conditions overall.”
The price downturn has been small over the past three months, around 0.3 percent across all property types in Metro Vancouver, with the benchmark price being over $1.2 million.
In the Tri-Cities, there’s little discernible pattern across the varying property types over the last three months, save the uniform decline in apartment prices.
Port Moody’s benchmark price for single-family homes and townhomes rose 2.3 percent, but apartment prices have slightly decreased by 0.5 percent.
Coquitlam’s benchmark price for single-family homes and townhomes has been stable, but apartment prices have gone down 1.1 percent.
Port Coquitlam’s benchmark price single family homes have declined 0.7 percent, prices for townhomes are down 1.8 percent and apartments are down 0.6 percent.
The number of new listings in the Tri-Cities in September increased 22 percent compared to September, 2022.
| Coquitlam | Benchmark price | 1 month change | 3 month change | 6 month change | 1 year change |
| Single-family | $1,789,300 | -0.5% | 0.1% | 4.3% | 2.3% |
| Townhomes | $1,075,100 | 0.3% | 0.0% | 5.9% | 4.2% |
| Apartments | $729,100 | -1.8% | -1.1% | 3.8% | 4.7% |
| Port Coquitlam | Benchmark price | 1 month change | 3 month change | 6 month change | 1 year change |
| Single-family | $1,408,000 | -2.1% | -0.7% | 7.0% | 7.1% |
| Townhomes | $944,800 | -0.9% | -1.8% | 6.1% | 4.0% |
| Apartments | $626,600 | 0.0% | -0.6% | 2.0% | 4.1% |
| Port Moody | Benchmark price | 1 month change | 3 month change | 6 month change | 1 year change |
| Single-family | $2,082,000 | 0.3% | 2.3% | 4.7% | 0.9% |
| Townhomes | $1,056,800 | 0.0% | 2.3% | 5.7% | 2.5% |
| Apartments | $724,200 | -0.7% | -0.5% | 3.3% | 2.2% |
Author
