Hope you all enjoyed the Easter long weekend with the many blooming cherry and magnolia trees – despite the April showers!
For those members of our population not related to a realtor, the March statistics would have been unexpected – what? an increase in prices! The Real Estate Board of Greater Vancouver reported that home prices across Metro Vancouver showed “modest increases” last month, while new listings “remained below long term historical averages”.Metro Vancouver is a big place, so when looking at our own market, both statistically and along with team experiences last month, this is an understatement when it comes to what is happening locally. The vast majority of inventories are either stagnant or declining – only exceptions being the Maple Ridge detached & Port Coquitlam attached inventories with Burnaby attached showing a slight uptick. The result of this is that sellers are back in the drivers seat and buyers have decided not to wait it out. We are again seeing multiple offers on some homes – a moment in time calling potential sellers to action. Moments in time are just that…and pass – the old adage “he who hesitates is lost” comes to mind!
Our team had the privilege of attending an event hosted by the Real Estate Board of Greater Vancouver last week, Tri Cities Update. Mayors & planners from all 3 municipalities gave us an impressive summary of their building projects, goals and philosophies. Following is a little of that:-Port Moody with the smallest population has 3 projects completing this year, supplying 220 residential units on Murray St, 117 on St.Johns and 28 townhomes on Seaview Drive. Next estimated completions are 2025 & ‘26. The much anticipated BC Housing project in the old College Park area is due to be completed early 2026. Finalization of an updated official community plan is targeted for this year. Transit oriented development and jobs will be a priority moving forward.
Coquitlam with more than 3 times the population of Port Moody is changing and evolving – as it too has long been focused on transit oriented development. The population has experienced a growth rate of 6.7% over the past 7 years and building is underway in Burquitlam, City Centre, Coronation Heights and Burke Mountain. The local residents are benefiting from these developments with new community spaces like the YMCA.Port Coquitlam has been focused on capital improvements, necessary replacement of infrastructure and the revitalization of their unique city centre. In addition they completed a brand new state of the art community centre during Covid. Port Coquitlam is looking to attract families and businesses to their community and is the only one of our 3 cities to have under construction 56 rental homes for seniors.It was gratifying for us as realtors to see the open, friendly collaboration between our 3 mayors and be brought up to date with achievements and goals.
We do our darndest to be good resources for you our valued clients and friends. So, please take advantage of our local knowledge and expertise. Boots on the ground beat even educated guess work any day! We are always on your program, not ours – your goals become ours!
Spring greetings from: Generations Real Estate Partners:- Michelle Hawthorne, Scott Johnson, Shane Goutsis, Ray Harris and Sheila Francis