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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.
Fawn Bluff,Bute Inlet
5791 Newton Wynd,Vancouver West
2606 – 2610 Marine Crescent,Vancouver West
The River House Estate,Telkwa
1098 Wolfe Avenue,Vancouver West
5476 Angus Drive,Vancouver West
4176 Crown Crescent,Vancouver West
6335 Elm Street,Vancouver West
1657 W King Edward Avenue,Vancouver West
1075 Douglas Crescent,Vancouver West
3690 East Boulevard,Vancouver West
4335 Rockridge Road,West Vancouver
9911 Bates Road,Richmond
2149 West 35th Ave,Vancouver West
611 Shaw Avenue,Coquitlam
4245 St. Georges Avenue,North Vancouver
2817 138 Street,South Surrey White Rock
621 Shaw Avenue,Coquitlam
605 Shaw Avenue,Coquitlam
615 Shaw Avenue,Coquitlam
10180 Finlayson Drive, Richmond,Richmond
501 1337 W 10th Avenue,Vancouver West
2355 Larch Street,Vancouver West
217-10780 No 5 Road,Richmond
106-1750 Maple Street,Vancouver West
140-15230 Guildford Drive,Surrey
103 – 930 West 16th Avenue,Vancouver West
215-2020 East Kent Avenue South,Vancouver East
PH6-108 W Cordova Street,Vancouver West
113 – 9299 Tomicki Avenue,Richmond
903 – 162 Victory Ship Way,North Vancouver
205 – 9388 Tomicki Avenue,Richmond
305-930 West 16th Avenue,Vancouver West
205-930 West 16th Avenue,Vancouver West
851-855 Terminal Avenue,Vancouver East
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