A smaller housing inventory resulted in a 17 per cent monthly decrease in Tri-Cities home sales, but there was one form of real estate that stood tall.
Attached Port Moody homes were the go-to buy in July with a 46.7 per cent increase from June, according to the latest data from the Real Estate Board of Greater Vancouver (REBGV).
That was 22 homes taken off the market in the City of the Arts last month out of 81 from its housing catchment.
Regionally, 377 residences were sold from 624 listings in the Tri-Cities from July; 223 in Coquitlam, including 100 apartments, and 73 in Port Coquitlam.
In June, 452 were sold out of 715 listings across Coquitlam, Port Coquitlam and Port Moody/Belcarra.
However, July 2023 showed some promise in the year-over-year comparison — a 47 per cent increase from the 257 homes sold in the same month in 2022.
Metro Vancouver's average home price rose to just over $1.2 million, the REBGV said.
That's up 0.6 per cent from the previous month, 0.5 per cent compared with the same month last year, from 2,455 homes sold in July, which was a 28.9 per cent increase from July 2022.
REBGV spokesperson Andrew Lis explained the "not insignificant" year-over-year bump in sales corresponds with the shock felt in 2022 from the Bank of Canada's steep rate hikes.
"Looking under the hood of these figures, it's easy to see why sales are posting such a large year-over-year percentage increase," he said in a news release.
"Last July marked the point when the Bank of Canada announced their 'super-sized' increase to the policy rate of one full per cent, catching buyers and sellers off guard, and putting a chill on market activity at that time."
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The following numbers show Tri-Cities benchmark prices, monthly and yearly changes as well as price index according to MLS Home Price Index data:
Residential
Coquitlam
- Benchmark price = $1,135,300
- Price Index = 355.0
- One-month = 0.1%
- Three-month = 3.1%
- Six-month = 6.8%
- One-year = -1.1%
- Three-year = 34.8%
- Five-year = 26.2%
- 10-year = 119.5%
Port Coquitlam
- Benchmark price = $975,800
- Price Index = 375.3
- One-month = 0.8%
- Three-month = 4.8%
- Six-month = 9.5%
- One-year = 3.2%
- Three-year = 47.2%
- Five-year = 39.9%
- 10-year = 152.4%
Port Moody
- Benchmark price = $1,120,500
- Price Index = 353.9
- One-month = 0.1%
- Three-month = 1.1%
- Six-month = 1.2%
- One-year = -6.5%
- Three-year = 35.2%
- Five-year = 27.7%
- 10-year = 137.2%
Single-family detached
Coquitlam
- Benchmark price = $1,795,400
- Price Index = 415.7
- One-month = 0.5%
- Three-month = 3.9%
- Six-month = 7.9%
- One-year = -1.5%
- Three-year = 41.7%
- Five-year = 34.8%
- 10-year = 154.4%
Port Coquitlam
- Benchmark price = $1,424,600
- Price Index = 401.3
- One-month = 0.5%
- Three-month = 5.2%
- Six-month = 11.2%
- One-year = 2.1%
- Three-year = 50.1%
- Five-year = 46%
- 10-year = 173%
Port Moody
- Benchmark price = $2,070,700
- Price Index = 393.1
- One-month = 1.7%
- Three-month = 3.7%
- Six-month = 3.1%
- One-year = -4.7%
- Three-year = 42.8%
- Five-year = 32.9%
- 10-year = 154.4%
Townhouses
Coquitlam
- Benchmark price = $1,061,900
- Price Index = 414.0
- One-month = -1.2%
- Three-month = 1.3%
- Six-month = 7.4%
- One-year = -1.7%
- Three-year = 39.7%
- Five-year = 36.9%
- 10-year = 168.8%
Port Coquitlam
- Benchmark price = $975,300
- Price Index = 391.8
- One-month = 1.4%
- Three-month = 7.3%
- Six-month = 12.5%
- One-year = 6.8%
- Three-year = 47.2%
- Five-year = 45.1%
- 10-year = 174.9%
Port Moody
- Benchmark price = $1,028,900
- Price Index = 396.6
- One-month = -0.4%
- Three-month = 0%
- Six-month = 2.9%
- One-year = -7.5%
- Three-year = 39.1%
- Five-year = 37.3%
- 10-year = 161.8%
Apartments
Coquitlam
- Benchmark price = $742,200
- Price Index = 420.7
- One-month = 0.6%
- Three-month = 3.6%
- Six-month = 6.8%
- One-year = 4%
- Three-year = 31.8%
- Five-year = 27.2%
- 10-year = 162.3%
Port Coquitlam
- Benchmark price = $637,100
- Price Index = 435.2
- One-month = 1.1%
- Three-month = 2.6%
- Six-month = 5.8%
- One-year = 2.1%
- Three-year = 36.6%
- Five-year = 30.2%
- 10-year = 178.4%
Port Moody
- Benchmark price = $726,700
- Price Index = 390.3
- One-month = -0.2%
- Three-month = 2.9%
- Six-month = 4.5%
- One-year = 0.3%
- Three-year = 25.1%
- Five-year = 23.2%
- 10-year = 153.9%
- with a file from The Canadian Press
