If you were looking for a townhome in 2022 you would have been in competition with a lot of buyers. In 2020, the price of a 3 bedroom townhome in Coquitlam was around $730,000.00. Fast forward to 2022 after the COVID pandemic ( well the height of it), and low interest rates, Coquitlam townhomes were selling for just under $1,200,000.00
What was making these prices skyrocket?
The benchmark price for Coquitlam detached homes in 2020 was around $1,200,000. A price tag of $700,000 for a 3 bedroom Coquitlam townhome was not unreasonable. Continued cheap money in the form of low interest rates allowed for buyers to continue to borrow at record low borrowing costs.
Gap between Detached homes and townhomes
There is a large gap between Detached homes and townhomes in Coquitlam. The development of Burke Mountain Townhomes such as Amber Gate and Baycrest West offer a variety of floor plans and layouts for everyone.
In Burquitlam townhomes have been one of the main types of buildings that have helped with infill housing. The Robinsons offer 2, 3 bedrooms with lock-off suites, perfect for rental income. 2 bedroom homes with a garden starting in the mid $700’s.
Up on Burke Mountain Baycrest West offers 3 bedroom homes starting at $1,159,000.00. All homes come with parking for 2 vehicles, so there is no need to worry about where to park your second car.
One of the oldest neighbourhoods in Coquitlam, Maillardville offers larger floor plans and a variety of layouts.
Central Coquitlam and Ranch Park also has a few hidden gems in the neighbourhood. You can find 3 bedroom townhomes with over 1300 sqft of living space for under $800,000 which is a deal compared to newer townhomes.
Price Differences between Coquitlam sub areas
There is a bit of a difference when it comes to townhome pricing in Coquitlam.
Average Price of a 2bedroom townhome in Coquitlam as of July 1, 2022
Maillardville Townhomes $726,275
Central Coquitlam Townhomes $562,500
Burke Mountain Townhomes $935,000