The MLA Canada Spotlight Series is designed to deliver key market intelligence into the residential real estate market. This report series is to provide insight into the up-and-coming marketplace for homebuyers, developers, and real estate industry professionals alike, offering a comprehensive overview of both the quantitative and qualitative characteristics of trending sub-markets in the lower mainland.
This article is one of many in this unique feature series, focusing on the City of Coquitlam. Brought to you by the MLA Canada Advisory Team.
Coquitlam has seen high resale activity in 2021 so far. March of this year saw a 136% increase in resales compared to March of 2020, with 187 condominium resales in Coquitlam. The city saw another record high in March of 2021, with resale values of $738 price per square foot (PPSF), which is a 10.3% year-over-year increase from the median PPSF of $669 in March 2020. The HPI benchmark price for condominiums was $560,700 in March, which signifies a 5.8% increase in the last three months and a 6% increase over the past year.
Resale condominium inventory currently sits at 214, which is 21.3% less active inventory compared to a year ago. With the increase in sales recorded alongside the decline in inventory, the sales-listing ratio for March in Coquitlam was 87.4%.
“Typically, a buyer’s market is anything from 12% or below, a neutral market is anywhere between 12% and 20%, and a seller’s market is anything over 20%. So, sitting at such a high sales-to-listing ratio, you can imagine what that means for price escalation in the overall market. With such a high sales-to-listings ratio, it is translated into multiple offers on listings, many of which are unconditional. There’s a risk that it could turn into buyer fatigue,” Suzana Goncalves, Executive Vice President of Marketing and Sales at MLA Canada.
Ryan Lalonde, President at MLA Canada, addresses the concerns surrounding potential buyer fatigue in the Coquitlam marketplace:
“One of the huge outcomes and big benefits to considering pre-sale is that, rather than only having the choice of one home, in that one building, in that one little part of town or neighborhood, you have the opportunity to select from hundreds of pre-sale homes that suit your needs. There are some incredible offerings across West Coquitlam that I think are giving homebuyers a lot more choice, compared to what they typically would have had over the last two years.”
Watch our full Spotlight Episode to learn more about the active market of Coquitlam, featuring MLA Canada’s Executives, Ryan Lalonde and Suzana Goncalves.
Click below to access the full report on Coquitlam’s Community and Market Spotlight.
