Coquitlam Real Estate Market, a Prosperous Outlook
Living in British Columbia is a privilege. The amazing natural scene of Fraser River has come together with the advantages of living in a modern city. Whether you enjoy getting fresh air while hiking in the mountains around the city, or you like to play tennis in one of the large courts, Coquitlam won`t let you down.
Tre-Cities is comprised of the cities of Coquitlam, Port Coquitlam, and Port Moody. Located in Metro Vancouver, this region is only a short commute from Vancouver’s downtown. So if you like working in Vancouver, but you find it too expensive to live, you can't go wrong with Coquitlam.
Compared to Vancouver, Tri-Cities is a more affordable option for buying a home. If you`re interested in the Coquitlam real estate market, and you`re considering making an investment here, this blog is for you.
Keep reading to learn more about homes for sale Coquitlam.
Tri-Cities and Real Estate Market
So why Tri-Cities? We all know that Vancouver, located just a few miles away, has a great real estate market. But can we tell the same about Coquitlam? And if so, where should you set your sights?
Using 2022 real estate data and new housing trends, we have provided a comprehensive guide on the best communities which offer the highest value and price growth potential in this area.
Coquitlam
Coquitlam is the sixth largest city in British Columbia, with an estimated population of around 176,000. Not long ago, based on internet access, amenities, and economic and population growth, this city was claimed to be the 54th-best community in the country and the highest among the three Tri-Cities.
The amenities in Coquitlam include a giant shopping mall named Coquitlam Centre, and a large number of public and private schools. On top of that, Coquitlam is home to several business headquarters which have made thousands of job opportunities for residents.
Port Coquitlam and Port Moody
The two other cities in Tri-cities, Port Coquitlam and Port Moody are just as prosperous when it comes to the real estate market.
Port Coquitlam, also known as PoCo, was originally a part of Coquitlam. However, in the early 20th century, with the growth of its industries, especially the Canadian Pacific Railway, PoCo also became an independent city. The city has grown significantly ever since, offering great suburban amenities, as well as commercial and residential centers.
Port Moody, or the City of the Arts,” is the cultural heart of the Tri-Cities. Port Moody is the smallest in the region, however, people from all over Metro Vancouver and Canada visit here for its lively street performers, its fantastic theatre performances, and historic architecture. And for those looking for jobs in other departments, Port Moody has many industrial and manufacturing businesses, including the Burrard Thermal plant, Imperial Oil and Suncor Energy.
Coquitlam Real Estate Market Prospective
Before Covid 19 pandemic, the Tri-Cities real estate market was growing relatively well in value and prices.
That being said, between 2019 and 2022, during the peak of the pandemic, Coquitlam`s sales volume increased by 42 percent. The same number was recorded in Port Moody and a higher rate of 63 percent in Port Coquitlam. In 2022, the price of homes for sale in Coquitlam was approximately $1,325,900.
In Port Coquitlam, the benchmark price was higher than the other two cities at $1,146,600. However, this pace has been slowing down in the past few months. According to a real estate market agent in Coquitlam, with healthy growth, the hopes are high for investors and home buyers in 2022.
Top Neighborhoods in Tri-Cities
Now that you have a clear picture of the Tri-Cities real estate market and its future outlook, it's time to learn about the best neighborhoods to find homes for sale in Coquitlam.
Port Moody: Moody Centre
Located in the stunning Port Moody, Moody Centre is a high-density neighborhood, which has been rapidly developing in the past few years. Living in this neighborhood you have access to Port Moody SkyTrain and West Coast Express station.
That being said, this area has not always been so high-density. In fact, before the city's development programs, Moody Centre was known for industrial and commercial buildings. However, nowadays you can find a great variety of condos and rentals in Coquitlam MLS.
In 2021, the benchmark price for homes for sale in Moody Centre was around $800,000. This indicates a 10% growth in home prices compared to last year and 48% compared to five years ago.
Coquitlam: Eagle Ridge
Located on the border of Coquitlam and Port Moody, Eagle Ridge is a highly developed neighborhood in Coquitlam. MLS Coquitlam offers a variety of townhouses, detached homes, and condos.
For those looking for a quiet neighborhood for their retirement or raising children, Eagle Ridge features beautiful residential streets, with access to busier streets and bus routes. According to data collected by local real estate agents, the price of homes for sale in Coquitlam in 2021 was around $916,000.
This figure displays a 19% increase compared to what it was last year, and over 30% compared to five years ago.
Eagle Ridge is quite popular with hikers all across Canada. One of the most popular hiking trails here is Coquitlam Crunch, which is a challenging trek similar to Vancouver’s famous Grouse Grind.
The neighborhood also features convenient suburban amenities, including various restaurants and cafes, shopping centers, cinemas, theatres, and fitness centers. On top of that, over 60% of households with children have access to private and public elementary, middle, and secondary schools.
A Few Last Words
As a part of the stunning Tri-Cities, Coquitlam real estate market proves to be a great place for both investors and homeowners. Here you can take advantage of living in a quiet city while being close to the Greater Vancouver Area.
If you want to buy a home in British Columbia, Grayly is happy to arm you while you find your dream house. Here you can find a large variety of townhomes, condos, and single houses in Coquitlam, all ready to be filled with love and memory.