The Tri-Cities’ future real estate outlook
Prior to the pandemic, the Tri-Cities had experienced modest growth in home prices.
“Sales had seen strong year-over-year improvement, and the Tri-Cities remained an affordable area to buy in compared to the city of Vancouver,” says B.C. real estate agent Casey Archibald.
Between March 2019 and March 2022, real estate sales volume was up 42% in Coquitlam and Port Moody and 63% in Port Coquitlam. In March 2022, the benchmark home price was $1,325,900 in Coquitlam, $1,146,600 in Port Coquitlam and $1,256,300 in Port Moody. But more recently, the pace of price gains has slowed down.
“The good news for home buyers and sellers is that 2022 is still seeing healthy growth, but at a more moderate level,” says Archibald. “With rising interest rates and inventory improving, we are now seeing a more level market and experiencing much more manageable growth throughout the Tri-Cities—meaning that, although this is still a sellers’ market, the path to buying is more reasonable.”
The Tri-Cities’ top three neighbourhoods
1—Moody Centre, Port Moody
Located in Port Moody, Moody Centre is a high-density mixed-use development that sprang up over the last several years next to the Moody Centre SkyTrain and West Coast Express station. Before its recent redevelopment, the area was characterized by low-density industrial and commercial buildings. Today, condos make up the majority of the housing stock, but you’ll also find rental homes, townhomes and single-family homes in the mix. In December 2021, the benchmark home price in Moody Centre was $800,054. Prices were 10% higher than they were one year earlier, 16% higher than three years earlier and 48% higher than five years earlier. That gives Moody Centre a value score of 4.5 out of 5, while its neighbourhood economics score is a solid 4.8 out of 5.
As a high-density development, the area has many stores, restaurants, offices and other businesses that serve its residents. It also has easy access to post-secondary institutions, including Simon Fraser University, Douglas College and Capilano University—it’s not surprising that student rentals abound. Residents love Moody Centre’s parks and its urban plaza, which hosts community events. Around 47% of households in the neighbourhood have children; however, the area has an accessibility score of just 0.7 out of 5.
View Zoocasa’s real estate listings in Moody Centre.
2—College Park, Port Moody
Situated at the base of Burnaby Mountain in Port Moody, College Park was developed over the last 30 years. It’s a great location for outdoorsy types, offering proximity to forest trails and marinas. Many homes in College Park have beautiful views of the water and mountains. The benchmark home in College Park was $1,049,934 in December 2021—15% higher than one year earlier, 19% higher than three years earlier and 45% higher than five years earlier. College Park has a value score of 3.4 out of 5 and a neighbourhood economics score of 4.8 out of 5.
