Real estate activity in the Tri-Cities picked up in the first quarter of 2024 compared to the opening three months of 2023, according to data from the Greater Vancouver Realtors (GVR).
Across Coquitlam, Port Coquitlam and Port Moody/Belcarra there were a total of 851 sales, a 17 percent bump compared to last spring. In the same timeframe, there were 1,663 new properties listed for sale, another 18 percent bump.
The sales increase does not follow trends seen across Metro Vancouver. Andrew Lis, GVR’s director of economics and data analytics, said 2024’s start was slow compared to last year, particularly for buyers.
“Despite the welcome increase in inventory, the overall market balance continues inching deeper into sellers’ market territory, which suggests demand remains strong for well-priced and well-located properties,” Lis said.
In spring, 2023, the region was suffering from a shortage of new listings, but the number of homes put up for sale has increased nearly 23 percent year-over-year, according to the GVR.
A total of 10,552 homes are currently listed with the organization, compared to just 8,617 in 2023. This is 6.3 percent above the 10-year seasonal average.
In March alone, there were 5,002 total properties newly listed in Metro Vancouver, a 15.9 percent increase compared to March, 2023, though 9.5 percent below GVR’s 10-year seasonal average.
Last month’s regional sales, however, have slightly decreased. A total of 2,415 residential sales were recorded in March, 2024, falling 4.7 percent from sales in 2023, and 31.2 percent below the 10-year seasonal average.
GVR’s March sales of single family homes and apartments decreased 5.4 percent and 7.9 percent from last year, respectively. Townhomes sales, however, have increased 6.2 percent.
The sales-to-active listings ratio in March was 23.8 percent, the GVR reported, noting downward pressure on homes occurs when that ratio dips below 12 percent for a sustained period. In March, 2023, the ratio stood at 30.7 percent.
Over the last year, benchmark property values in the Tri-Cities saw modest gains across all property types.
Port Coquitlam townhomes have experienced the biggest price spikes, the average price jumping 8.1 percent in a year. Conversely, townhome prices in Port Moody/Belcarra have only increased by 0.9 percent since March 2023, falling 4.5 percent in the last six months.
Across Metro Vancouver, composite benchmark prices have risen 4.5 percent since March, 2023, with the average home now valued at $1,196,800.
“Even though the market isn’t quite as hot as it was last year, we’re still seeing modest month-over-month price gains of one to two percent happening at the aggregate level, which is an interesting dynamic given that borrowing costs remain elevated,” Lis said.
Although inflation numbers are trending in the right direction, with two modest interest rate cuts expected from the Bank of Canada in 2024, it may not be enough for many buyers to start putting down mortgages, according to Liz.
“We expect constrained borrowing power to remain a challenging headwind as we move into the summer months,” he said.
Benchmark prices in the Tri-Cities:
| Coquitlam | Benchmark price | 1 month change | 3 month change | 6 month change | 1 year change |
| Single-family | $1,810,600 | 0.5% | 1.8% | 1.2% | 5.5% |
| Townhomes | $1,062,600 | 0.1% | 3.6% | -1.1% | 4.6% |
| Apartments | $748,500 | 2.6% | 5.2% | 2.7% | 6.6% |
| Port Coquitlam | Benchmark price | 1 month change | 3 month change | 6 month change | 1 year change |
| Single-family | $1,396,400 | -1.5% | 1.4% | -0.8% | 6.1% |
| Townhomes | $963,000 | 5.2% | 5.5% | 1.9% | 8.1% |
| Apartments | $642,600 | -1.2% | 5.2% | 2.5% | 4.6% |
| Port Moody/Belcarra | Benchmark price | 1 month change | 3 month change | 6 month change | 1 year change |
| Single-family | $2,060,800 | 1.0% | -1.4% | -1.0% | 3.7% |
| Townhomes | $1,008,700 | 0.4% | 0.1% | -4.5% | 0.9% |
| Apartments | $741,200 | 0.7% | 0.9% | 2.4% | 5.7% |
[EDITORS NOTE: The Real Estate Board of Greater Vancouver changed its organizational name to the Greater Vancouver Realtors in February, 2024.]