The Greater Vancouver housing market seems to remain in a stable situation with a balance between new and existing listings and demand this summer. While the real estate market in the region declined in July compared to the previous months due to the holiday season, the housing market activity in another Canadian metropolitan centre, Toronto, remains at peak levels. This is just one example of why we cannot take even the usual seasonal trends for granted. The numbers vary a great deal between provinces, cities, and even communities and neighbourhoods.
So if you’re planning to invest or sell in some of the Greater Vancouver communities, you had better make an in-depth analysis of the real estate market conditions in that area and also speak to your Vancouver Realtor. In several of our earlier posts this year, we presented the real estate statistics for different Vancouver neighbourhoods. Let’s have a look at those we haven’t analyzed yet, starting with Port Coquitlam, so you can develop a clearer picture of how local housing markets have been doing so far.
Port Coquitlam Real Estate
Compared to the benchmark price for a residential property in the Greater Vancouver area, which is $630,251 in July 2011, the overall prices of Port Coquitlam properties are below average. The average price of a detached house in this community was $562,316 in July 2011, but the prices varied moderately. (The price range of a Port Coquitlam detached house was 5.4 compared to 0.6 in the Greater Vancouver average). The prices of detached properties went up 5.2 per cent in a year-over-year comparison, which is slower than the Greater Vancouver average of 9.2. Prices of attached housing rose at the same pace, while their average price for July 2011 reached $427,649. Apartments in Port Coquitlam are slightly cheaper than a year ago; in fact, their prices went down by 2.1 per cent in the last three years.
On the contrary, with the July 2011 average price of $249,461, their Housing Price Index (HPI) reached 292.2 points, a record HPI level among Port Coquitlam housing types, which means that an average apartment there is almost three times more expensive than it was in 2001 (inflation not accounted for). The HPI for detached and attached houses in Port Coquitlam reached 237.7 points and 235.2 points, respectively, which is significantly lower than the average Greater Vancouver HPI of 266.2.
When we look at the HPI trend line, we can clearly see that detached housing fluctuates the most, followed by detached housing and apartments. Detached housing has been rising with a seesaw-pattern since the beginning of 2011, but suddenly plummeted in the middle of June by 20 HPI points from 261.8 points to the current 237.7 points. After such a fall, there is a significant chance that a rebound will occur in the following month. The attached housing trend line behaved much more smoothly, with light fluctuations and a upward trend since the beginning of 2011, which picked up pace last month, jumping from 222.9 points to 235.2 points. Apartment prices in the Port Coquitlam area seem to have their rising periods long over. Their HPI has been quite stable since March 2011, oscillating around roughly 295 HPI points. It remained nearly the same in a year-over-year and month-over-month comparison, levelling off at 292.2 points.
All data and graphs courtesy of the Real Estate Board of Greater Vancouver.