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Tri-Cities: It’s Time to Buy

Posted by Leo Bruneau on Tuesday, March 22nd, 2016 at 1:46pm.

Is now the time to buy real estate?  Absolutely.   According to the Real Estate Board of Greater Vancouver the past year has seen a tremendous increase in the value of real estate value in Coquitlam, Port Coquitlam, and Port Moody, making homes in these areas an incredible investment.   For comparison, detached homes in Coquitlam had an MLS HPI Benchmark Price of $787 800 on average in February 2015, but that average skyrocketed to $1 006 900 by February 2016.   coquitlam-deteched -house-2016   Port Coquitlam saw comparable growth with the price of detached homes increasing from $593 100 to $776 800 over the same time period, while Port Moody climbed from $927 600 to $1 164 800.     … that’s an average increase of $213 333 in only one year!   port-moddy-2016-HPIThe Tri-Cities’ townhouse market experienced the same upswing as well, with the MLS HPI Benchmark Price increasing by an average of $77 ,833, and the condo market wasn’t far behind with an average increase of $52 500.  Port Moody saw the most growth in respect to both, with Coquitlam and Port Coquitlam not far behind.   These trends indicate a unique (and incredible) opportunity for real estate investment, and they’re projected to continue.  While it is apparent that the Tri-Cities have the potential for rapid and substantial return, homes in Coquitlam, Port Coquitlam, and Port Moody also provide a picturesque, family-friendly place for homeowners to settle down with a very positive outlook for appreciation as well.     There’s pride in homeownership; while owning a home offers greater privacy than renting, you’re more likely to become a part of the community when you own, and the Tri-Cities offer a variety of fantastic communities for you to plant your roots.    

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