Prices for properties continue to surge amid low interest rates, limited listings and an influx of international buyers The average price for detached homes within the Metro Vancouver area has sky rocketed to record highs leaving many to wonder when to cool off the scorching housing market is going to cool off.
The Real Estate Board of Greater Vancouver accounts that residential property sales in Port Moody touched 82 in May 2015. This represents a 10 per cent decrease compared to the 91 sales recorded in May 2014.
“While the supply of homes for sale remains below what’s typical for this time of year, our region continues to offer a diverse selection of housing options at different price points,” McLeod said. “This diversity within the housing stock is part of what’s driving today’s home sale activity.”
New listings for detached, attached and apartment properties in Port Moody totalled 213 in May. This represents a 26 per cent decrease compared to the 286 new listings reported in May 2014. The MLS® Home Price Index composite benchmark price for detached properties in Port Moody is currently $991,500, an increase compared to the benchmark price of $907,000 recorded in May 2014. Townhomes had a benchmark price of $443,000 and condos at $354,200.
Specifically, in the Heritage Woods area, there was a recorded 13 active listings with 9 sales in May 2015 for detached homes. The benchmark price came in at $1,139,800 which is a 6.4 per cent increase compared to last year’s price.
Heritage Mountain had a significantly lower amount of listings in comparison, at just 4 active listings and sales of 3. The benchmark price also came in slightly lower at $1,068,800 for detached homes which represented an increase of 9.5 per cent from last year.