The Tri-Cities townhouse market was extremely active in November, with sales up 35.3% from November 2016, the typical new listing selling within 12 days and prices rising from October in most neighbourhoods. Buyers may be really onto something because, based on recent Tri-City land sales to developers, future townhouse prices could be much higher than the November benchmark price of from $620,200 (Port Moody) to $658,000 in Coquitlam. We looked at recent “land assembly sales” and found developers paying more than $700 per square foot just the land; and more than $2 million per detached lot for assemblies for new strata projects. Incidentally, developers are buying older Tri-City townhouse buildings – and often paying well above the current per-unit market price.
November is catching a wave of buyers wanting to purchase before new mortgage regulations come in January 1, but I advise you not to panic. Basically, you will need to qualify at around 4.5%-5%, which is unlikely a deal-breaker for many buyers. The Faith Wilson Group team includes a full-time mortgage brokers who can advise on mortgage changes, and strategies.
More than 90% of the new listings for condominium apartments in the Tri-Cities sold during November and the typical new listing sold within a median of 9 days,
amazing facts that may say all you need to gauge how hot this market has become.
The benchmark condo price increased from October and overall condo sales were up 18.5% from November of last year.
Even with this perhaps unprecedented action it is still possible to find some of the lowest-price condos in the Metro region, especially when you consider the Tri-Cities has SkyTrain links into Vancouver and the Fraser Valley. In November, a College Park condo in Port Moody sold for $296,500; another in Central Coquitlam for $253,900; and 39 buyers in Port Coquitlam paid a benchmark price of $$435,900. In November, there were 46 Tri-Cities condos listed for less than $400,000.
All 14 of the Tri-City neighbourhoods that we monitor reported condo apartment sales in November, but three were much more active than others. There were 46 sales in North Coquitlam, at a benchmark price of $480,700; 30 in Port Moody Centre, at $620,200; and 28 in Central Port Coquitlam, at a benchmark of $427,900. There were also condo apartment sales at every price point, from less than $250,000 to more than $1 million. The most popular price range was $500,000 to $600,000, with 55 listings, 50 of which sold.
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