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Tri-City April home sales surge in comparison to one year ago amid COVID-19

Mixed bag of regional real estate still favours overall Metro Vancouver market
sold-sign
Sold sign in front of a home. | File photo

While housing sales may be on a slight downslope in 2021, COVID-19 hasn't stopped the Tri-Cities' market completely.

Prices surged locally in April 2021, according to the latest report from the Real Estate Board of Greater Vancouver (REBGV), averaging an increase of nearly 16% across all types of homes compared to the same month last year.

A total of 645 homes were sold last month among 1,031 listings between the Coquitlam, Port Coquitlam and Port Moody/Belcarra areas, a near 400% increase compared to April 2020 with more people purchasing attached residences than those detached or apartments.

However, that’s a 19% decrease in sales compared to 792 from March.

Across Metro Vancouver, REBGV says more than 4,900 homes were sold — a 342.6% increase compared to 1,109 sales during the same month last year. 

The data didn't quite reach the same heights as March when 5,708 homes were purchased. 

When it comes to listings, 7,938 detached, attached and apartments were listed last month, which equates to a massive surge of 243.2% compared to the 2,313 houses that hit the market in April 2020. 

Listings also dipped from numbers in March when 8,287 were added.

"Our housing market has changed considerably from one year ago when COVID-19 concerns brought activity to a near standstill,” REGBV spokesperson Keith Stewart said in a news release. “This was followed by a well-documented spike in home buyer demand across the region. So far this spring, we’ve seen a corresponding supply response from home sellers."

For more extensive data and 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 = $1,064,700 
  • Price Index = 315.8 
  • One-month = 3.2%
  • Three-month = 10.1% 
  • Six-month = 12%
  • One-year = 14%
  • Three-year = 9.5%
  • Five-year = 47.5%
  • 10-year = 115%

PORT COQUITLAM

  • Benchmark price = $913,500
  • Price Index = 312.7
  • One-month = 2.7%
  • Three-month = 13.5%
  • Six-month = 15.6%
  • One-year = 18%
  • Three-year = 12.8%
  • Five-year = 56.4%
  • 10-year = 115.7%

PORT MOODY

  • Benchmark price = $1,049,200 
  • Price Index = 290 
  • One-month = 3.2%
  • Three-month = 10% 
  • Six-month = 12.8%
  • One-year = 12%
  • Three-year = 7.6%
  • Five-year = 45.7%
  • 10-year = 113.7%

Single-family detached

COQUITLAM

  • Benchmark price = $1,478,400
  • Price Index = 328.1 
  • One-month = 3.1%
  • Three-month = 11.9%
  • Six-month = 17.1%
  • One-year = 21.4%
  • Three-year = 13.3%
  • Five-year = 35.7%
  • 10-year = 120.2%

PORT COQUITLAM

  • Benchmark price = $1,248,500
  • Price Index = 332.9
  • One-month = 1.8%
  • Three-month = 14.1%
  • Six-month = 20.7%
  • One-year = 27.2%
  • Three-year = 20.4%
  • Five-year = 45.8%
  • 10-year = 128.6%

PORT MOODY

  • Benchmark price = $1,814,000 
  • Price Index = 335
  • One-month = 4.3%
  • Three-month = 13.3%
  • Six-month = 19.7%
  • One-year = 25.8%
  • Three-year = 20.1%
  • Five-year = 44.2%
  • 10-year = 125%

Townhouses

COQUITLAM

  • Benchmark price = $786,700 
  • Price Index = 288.7
  • One-month = 3.9%
  • Three-month = 10.7%
  • Six-month = 12.4%
  • One-year = 16.2%
  • Three-year = 12%
  • Five-year = 47.6%
  • 10-year = 103.7%

PORT COQUITLAM

  • Benchmark price = $774,700
  • Price Index = 293.3
  • One-month = 2.8%
  • Three-month = 17.2%
  • Six-month = 16.9%
  • One-year = 18.7%
  • Three-year = 12.7%
  • Five-year = 54.6%
  • 10-year = 104.5%

PORT MOODY

  • Benchmark price = $719,000 
  • Price Index = 243
  • One-month = 5%
  • Three-month = 10.3%
  • Six-month = 10.8%
  • One-year = 11.3%
  • Three-year = 8.6%
  • Five-year = 34.7%
  • 10-year = 72%

Apartments

COQUITLAM

  • Benchmark price = $576,400 
  • Price Index = 316.3
  • One-month = 2.8%
  • Three-month = 8.1%
  • Six-month = 7.8%
  • One-year = 8.2%
  • Three-year = 6%
  • Five-year = 71.8%
  • 10-year = 115.5%

PORT COQUITLAM

  • Benchmark price = $517,900
  • Price Index = 309.7
  • One-month = 3.3%
  • Three-month = 10.7%
  • Six-month = 11%
  • One-year = 11.3%
  • Three-year = 7.6%
  • Five-year = 78.6%
  • 10-year = 112.4%

PORT MOODY

  • Benchmark price = $708,400
  • Price Index = 295.2
  • One-month = 1.5%
  • Three-month = 7.5%
  • Six-month = 9.3%
  • One-year = 5.6%
  • Three-year = 2.3%
  • Five-year = 63.5%
  • 10-year = 140.6%

- with a file from Jess Fedigan, Burnaby Now