April of this year has seen an incredible appetite for homes in the Tri-Cities, but no other area has seen more action and bidding wars than Heritage Woods and Heritage Mountain. Home values in Heritage Woods and Heritage Mountain are up, up, up!
Out of all 12 neighbourhoods in Port Moody, Heritage Woods and Heritage Mountain have the best odds for sellers, meaning the demand and potential selling price are in favour of the sellers. In April of this year 100% of the townhomes and duplexes in Heritage Mountain sold, leaving buyers thirsty for more inventory. In Heritage Woods in the same month 63% of the same style homes sold.
Single family homes priced under the 1 million mark have seen action like never before. A home in Heritage Mountain that was listed for $999,000 with a City assessment of $920,000 This home sold in a bidding war in a week for more than $150,000. I am certain the sellers are very happy but I can only imagine the handful of buyers that were disappointed with their loss.
The reality is that the gap between single family detached homes vs attached properties (duplexes and townhomes) is getting larger. If you are looking to get into a larger homes as a buyer then you need to act quickly and have a good team to advise you including a Real Estate agent, a mortgage broker (one that will answer their phone on weekends and evenings) a home inspector that can all work and adjust to the stressful reality of the multiple offer, bidding war home buying market that we are in. The other option is to get into a larger duplex or townhome. We are already seeing strata complexes such as Treetops go way up in price. In less than a year, these duplex style townhouses up to 3,500 sq ft in size have gone up from the high $600’s to now selling for the low $800’s. This is a trend that will not stop as the single family homes will be out of the price range of most and the only alternative are these types of homes for the growing families.
We believe these two neighbourhoods are a solid investment and even with the high prices, you cannot get a better west coast lifestyle and having the top rated schools in the Tri-cities. We believe prices will stablelize at some point. When? That’s the billion dollar questions (and anyone that can answer that, you should not trust), but the interest rates will go up, and that is a fact. No matter how you slice it, home values in Heritage Woods and Heritage Mountain will always be at the top as demand will continue as they are a wonderful place to live.