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Housing Market Update: Coquitlam Housing Market


Blog by Team Aragon | July 8th, 2015


 

Temperatures weren’t the only thing that broke records in June, property prices and sales soared last month, according to the Real Estate Board of Greater Vancouver. June was the second best month in the board’s history!

The sale price of detached homes in Coquitlam is said to have been $890,000 – that’s a 17 per cent increase from last year’s $763,750. But despite the increase in the price 385 homes were purchased last month.

“Demand in our detached home market continues to drive activity,” board President Darcy McLeod said in a statement. “There were more detached home sales in the region last month than we’ve seen during the month of June in more than 10 years.”

The MLS® Home Price Index composite benchmark price for all residential properties in Coquitlam is currently $582,400. This represents an 11.4 per cent increase compared to June 2014.

There was an increase in townhouses and condo sales as well. According to the REBGV there was a 128% per cent increase in condo sales, meaning 130 were purchased in the last month compared to the 57 sold in June 2014; townhouse sales actually decreased by 8 per cent to 56 compared to the previous year of 61 sales.

New listings for detached, attached and apartment properties in Coquitlam totalled 509 in June. This represents a 35 per cent increase compared to the 378 new listings reported in June 2014. "We’re seeing a steady stream of new listings entering the market, but the overall number of homes for sale is not keeping up with buyer demand," McLeod said.

Seems like Canada’s most expensive housing market is getting even pricier with no sign of slowing down.