Coquitlam and Port Moody Real Estate has continued to increase year over year. With changes to mortgage rates in the past months, the monthly sale prices have gone down affecting short term sales.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 1,903 in October 2022, a 45.5 per cent decrease from the 3,494 sales recorded in October 2021, and a 12.8 per cent increase from the 1,687 homes sold in September 2022.
Last month’s sales were 33.3 per cent below the 10-year October sales average. However, the bigger pictures is that year over year, the prices have continued to increase. There are times where we see blips in the market, and short term changes, however, long term we have continued to see an upward trend.
The Residential Composite pricing for year over year is up 2.1% for the Greater Vancouver. Overall the prices have continued to increase year over year.
Coquitlam and Port Coquitlam Pricing also has seen a significant increase from 2021 – 2022. Coquitlam Real Estate for Detached Home for Octover $1,779,000. The Benchmark price for Coquitlam has increased year over year for the past 10 years.
MLS Benchmark Prices
The MLS® HPI is a measure of real estate prices that provides a clearer picture of market trends over traditional tools such as mean or median average prices. The MLS® HPI is a more stable price indicator than average prices, because it tracks changes of “middle-of-the-range” or “typical” homes and excludes the extreme high-end and low-end properties.
Benchmark Price for the Tri-Cities
Benchmark Changes for Coquitlam Detached Real Estate
Currently $1,750,400
1 year change 5.06%
3 years 45.69 %
5 years 34.40 %
10 years 144.06%
Benchmark Changes for Port Moody Apartment Real Estate
Here are the statistics for areas in the Greater Vancouver that continue to show positive year over year price changes.
Port Moody Apartment Benchmark Prices:
Currently $699,000
1 month change – 1.58%
1 year change 4.11%
3 year change 25.16%
5 year change. 30.23%
Benchmark Changes for Coquitlam Townhome Real Estate
Port Moody Apartment Benchmark Prices:
Currently $1,014,600
1 month change – 1.58%
1 year change 4.11%
3 year change 42.55%
5 year change. 40.51%
Most expensive townhomes in Coquitlam are in Burke Mountain with a benchmark price of $1,117.100. The most affordable townhomes in Coquitlam are located in Central Coquitlam with a benchmark price of $716,500
SnapStats Market Update for Greater Vancouver
SnapStats Market Update for Fraser Valley