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Port Moody a popular place to buy amid 13% decrease in June regional real estate

Attached homes in the city had the largest month-to-month increase in sales, according to the Real Estate Board of Greater Vancouver (REBGV).
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Construction cranes tower over Port Moody's Suter Brook Village neighbourhood.

Future property owners in the Tri-Cities were turning to Port Moody to buy a home last month.

That's according to a new regional housing report as attached (22) and detached homes (14) in the city were the two forms of real estate that saw the highest month-to-month sales increases.

Data from the Real Estate Board of Greater Vancouver (REBGV) shows 37 and 16 per cent respective increases for those Port Moody residences from May to June.

However, those were 30 and 50 per cent decreases compared to sales in the same period in 2021.

Overall, the Tri-Cities experienced a 13 per cent monthly drop across the region. A total of 340 homes were sold of 626 listings in June for Coquitlam, Port Coquitlam and Port Moody/Belcarra as opposed to 391 in May.

Meanwhile, there were 120 apartments that sold in Coquitlam last month and while that was the hottest ticket on the local market, it was a 19 per cent decline compared to June 2021.

In Metro Vancouver, June home sales dropped roughly 35 per cent since last year and 16 per cent from May 2022 as houses remained on the market longer and interest rates rose.

The region totalled 2,444 sales last month, down from 3,762 in June 2021, and 2,918 homes in May 2022, and were also 23.3 per cent below the 10-year June sales average.

REBGV board chair Daniel John says the drop in sales came because buyers have more properties to choose from, but rising interest rates and 39-year high inflation are causing them to be cautious and thus, listings are staying available for longer.

"We're seeing downward pressure on home prices as we enter summer in Metro Vancouver due to declining homebuyer activity, not increased supply," John said in a news release.

"To meet Metro Vancouver's long-term housing demands, we still need to significantly increase housing supply."

The home price index composite benchmark price sat at more than $1.2 million last month, a 12.4 per cent increase over June 2021, a two per cent decrease compared to May 2022 and a 2.2 per cent decrease over the past three months.

For detailed more information, you can visit the REBGV’s website.

The following numbers show Tri-City benchmark prices, monthly and yearly changes as well as price index according to MLS Home Price Index data:

Residential

COQUITLAM

  • Benchmark price = $1,154,200
  • Price Index = 359.2
  • One-month = -3.9%
  • Three-month = -4.5% 
  • Six-month = 7%
  • One-year = 15%
  • Three-year = 43.7%
  • Five-year = 33.3%
  • 10-year = 120.2%

PORT COQUITLAM

  • Benchmark price = $981,600
  • Price Index = 378
  • One-month = -4.1%
  • Three-month = -5.6%
  • Six-month = 8.9%
  • One-year = 20%
  • Three-year = 54.5%
  • Five-year = 50.2%
  • 10-year = 148.5%

PORT MOODY

  • Benchmark price = $1,209,400
  • Price Index = 381.2
  • One-month = -1.3%
  • Three-month = 0.7% 
  • Six-month = 13.3%
  • One-year = 21,2%
  • Three-year = 56.5%
  • Five-year = 45.2%
  • 10-year = 153.3%

Single-family detached

COQUITLAM

  • Benchmark price = $1,874,100
  • Price Index = 428.8
  • One-month = -3.9%
  • Three-month = -3.5%
  • Six-month = 7.4%
  • One-year = 17.8%
  • Three-year = 53.7%
  • Five-year = 43.8%
  • 10-year = 158.3%

PORT COQUITLAM

  • Benchmark price = $1,427,900
  • Price Index = 403.6
  • One-month = -5.9%
  • Three-month = -8.6%
  • Six-month = 5.3%
  • One-year = 19.9%
  • Three-year = 60.3%
  • Five-year = 50.3%
  • 10-year = 165.5%

PORT MOODY

  • Benchmark price = $2,201,300
  • Price Index = 416.8
  • One-month = -1.3%
  • Three-month = 1.8%
  • Six-month = 14%
  • One-year = 22.6%
  • Three-year = 56.9%
  • Five-year = 47.3%
  • 10-year = 169.6%

Townhouses

COQUITLAM

  • Benchmark price = $1,086,500
  • Price Index = 420.8
  • One-month = -3.1%
  • Three-month = -5%
  • Six-month = 10.6%
  • One-year = 19.8%
  • Three-year = 49.9%
  • Five-year = 58.4%
  • 10-year = 173.2%

PORT COQUITLAM

  • Benchmark price = $980,300
  • Price Index = 392.6
  • One-month = -3.8%
  • Three-month = -3.7%
  • Six-month = 11.3%
  • One-year = 20.8%
  • Three-year = 52.6%
  • Five-year = 59.8%
  • 10-year = 169.5%

PORT MOODY

  • Benchmark price = $1,116,500
  • Price Index = 423.9
  • One-month = -1.9%
  • Three-month = -0.5%
  • Six-month = 16.3%
  • One-year = 23.8%
  • Three-year = 55.6%
  • Five-year = 67.1%
  • 10-year = 185.3%

Apartments

COQUITLAM

  • Benchmark price = $700,500
  • Price Index = 397.3
  • One-month = -2.4%
  • Three-month = -3%
  • Six-month = 10%
  • One-year = 15.4%
  • Three-year = 30.2%
  • Five-year = 45.4%
  • 10-year = 146.9%

PORT COQUITLAM

  • Benchmark price = $648,300
  • Price Index = 440.7
  • One-month = -0.8%
  • Three-month = -0.8%
  • Six-month = 13.8%
  • One-year = 19.2%
  • Three-year = 42.8%
  • Five-year = 60.9%
  • 10-year = 178.7%

PORT MOODY

  • Benchmark price = $747,300
  • Price Index = 398.3
  • One-month = -1.4%
  • Three-month = 0.6%
  • Six-month = 8.5%
  • One-year = 15.2%
  • Three-year = 36.1%
  • Five-year = 51.1%
  • 10-year = 149.2%

- with files from The Canadian Press