Port Coquitlam real estate is defying the odds when it comes to sales of townhouses and apartments.
While it can take several weeks to sell a single-family home, townhomes and condos remain a popular option, and some buyers are snapping up properties in just a few days.
Indeed, a survey of PoCo homes taken off the market in January and February at Zealty.ca found that seven homes were sold in one week or less, some at prices a few thousand dollars above asking.
They were all townhouses and condos; no single family homes were listed as "sold" in this period.
However, some had a lot of space and yards — and $1 million was the most spent, with selling prices much less for one-bedroom, two-bedroom and three-bedroom units.
Apartments sales doing well in Port Coquitlam
Real estate statistics showed that apartments sold well in January, according to the latest Tri-Cities real estate statistics.
However, what this trend means in the long term is uncertain.
B.C. Real Estate Association chief economist Brendon Ogmundson expects sluggish sales this year on a slowing economy and ongoing, elevated mortgage rates.
But Ogmundson said he is looking forward to 2024 when the association says a healthier economy, lower mortgage rates and "record high" immigration should fuel home sales again, according to a recent news report.
PoCo properties sold in under a week
Here's the list of homes that sold in seven days or less in Port Coquitlam.
Townhouse
19-2418 Avon Place (Links by Mosaic) — Five days on market
- Price: $855,000
- Description: Three bedrooms, two bathrooms, bright open floor plan, nine-foot ceilings, air conditioning, custom built-ins and a large balcony off the living room.
- Close to Fremont Village
- Possible reason: Newer, under $1 million
1310 Una Way (Mary Hill) — Three days on the market
- Price: $876,000
- Description: A 55-year-old row house at 2,003 sq. ft.; like a townhouse but freehold, no strata, three bedrooms, three bathroom, with yard and two decks.
- Possible reason: Large, under $1 million
41-2423 Avon Place (Riverwood) — Two days on the market
- Price: $620,000
- Description: One bedroom, one bathroom, three-level townhouse, an end unit, open and modern concept with a fenced side yard, two balconies with mountain and greenery views.
- Possible reason: Views, corner unit, pets allowed and close to shopping
4-2145 Prairie Ave. (Glenwood) — Three days on the market
- Price: $1,000,001
- Description: Three bedrooms, three bathrooms, end unit, four-year-old townhome with 1,383 sq. ft. of space includes a large ground-floor patio and private yard.
- Possible reason: Large, newer home with fenced, private yard in residential neighbourhood close to trails
Apartment
103-2393 Ranger Lane (Fremont's The Emerald) — Four days on market
- Price: $523,000
- Description: One bedroom, one bathroom ground floor unit, 566 sq. ft., close to River Club amenities, open plan unit, radiant heat, a spacious private deck.
- Possible reason: Newer, close to greenbelt, open plan with large kitchen, private patio
206-2488 Welcher Ave. (Riverside at Gates Park) — Two days on the market
- Price: $525,000
- Description: 849 sq. ft., 18-year-old one-bedroom, one-bathroom spacious unit with a den. Close to shopping, recreation.
- Located across from Gates Park
- Possible reason: Good value for size, large roofed patio for outdoor dining.
1606-2789 Shaughnessy St. — Seven days on the market
- Price: $627,000
- Description: Two bedrooms, two bathrooms, 850 sq. ft., 11-year-old corner unit, gourmet kitchen, close to downtown and outdoor recreation.
- Possible reason: Size, newer and unobstructed views of mountain and city.
- with a file from The Canadian Press
