Home prices may have dropped in the Tri-Cities, according to recent real estate statistics.
But someone recently bought a Coquitlam apartment roughly $25,000 more than asking.
While the listed price may have been lowered to attract buyers, another reason for the quick sale at a higher price could simply be affordability.
The one-bedroom condo at 1045 Howie Ave. was listed at $349,900 and sold for $375,000 after just nine days on the market — seven per cent above the listing.
Still, the sale price was much higher than the 2022 assessment, which is $322,500 as of July 1, 2021, according to BC Assessment.
According to Zealty.ca, the apartment is 51 years old but was recently updated with new flooring and kitchen cabinets.
(The listing agent was Victoria Mejia of Royal LePage Wolstencroft.)
Central in Austin Heights
It's also centrally located — close to Safeway at Austin Heights and Blue Mountain Park.
According to the Real Estate Board of Greater Vancouver (REBGV), there were more home sellers in the region's housing market in September while home buyer demand remained below the region’s long-term average
In Coquitlam, apartments sold well in September, compared to other forms of housing.
The Real Estate Board of Greater Vancouver's (REBGV) latest report showed 244 homes were sold across the Tri-Cities in September, including 124 apartments.
That's from a total of 528 listings across the Tri-Cities — 319 in Coquitlam, 123 in Port Coquitlam and 86 in Port Moody/Belcarra.
And while high rises were popular, the region's overall sales decreased by nine per cent compared to 267 residences that were sold in August.
Real estate prices dropping
Here's what we know about the apartment at 1045 Howie Ave. that sold Sept. 30.
- Final price: $375,000
- Size: 667 sq. ft.
- Price per square foot: $562
- Property taxes: $1,053
- Maintenance fee: $290
There is an underground garage, storage and pets and rentals are allowed with restrictions.
While this apartment sold for more than the listed price, the benchmark price for a Coquitlam home is nearly six per cent less today than three months ago.
Here's the breakdown:
COQUITLAM
- Benchmark price = $1,086,800
- Price Index = 338.3
- One-month = -1.6%
- Three-month = -5.8%
- Six-month = -10.1%
- One-year = 6.6%
- Three-year = 37.5%
- Five-year = 24%
- 10-year = 108.6%
- with files from Kyle Balzer, Tri-City News
