2017 Housing Supply Low in Tri-Cities
Here is a snapshot of current figures for the active listings in the Tri-Cities (supply available for sale):
At midnight on December 31, 2016, 51 unsold listings expired in the Tri-cities. The combined inventory of housing remaining available for sale to start the New Year is 564 units: Coquitlam – 339, Port Coquitlam – 128, and Port Moody – 97.
The mix in Coquitlam to start 2017 is 195 detached single family homes, and 144 attached (townhouses and apartment condos). In Central Coquitlam there are 41 detached homes for sale, 35 in Westwood Plateau, and 32 in Burke Mountain. The hotspots for attached supply are (no surprise) around the Evergreen Line in North Coquitlam -38, and Coquitlam West – 34.
In Port Coquitlam, a total of 73 detached homes are available for sale, and 55 attached. The most concentrated inventory is the 29 attached units available in Central Port Coquitlam (Downtown/Shaughnessy). Detached are dispersed throughout, with Glenwood leading the way at 19 currently listed, and 10 in Mary Hill.
Port Moody has no listings available in Mountain Meadows, Westwood Summit or Ioco. Of the 51 active detached listings counted in Port Moody, 14 are in Anmore (only 1 in Belcarra). The 97 attached listings available in Port Moody include, 16 in Moody Centre, 13 in College Park and 11 in North Shore.
The supply of new homes coming to market for sale in 2017 is anyone’s guess, as is the projected supply of new homes being delivered for occupancy in the Tri-Cities in 2017. Getting reliable information on new home supply always seems to be difficult, and is often lagging.
Since the 15% tax was introduced by the province last year, the listing mix has changed from a predominantly attached supply, to detached, and yet the overall supply of detached housing continues to dwindle as more get purchased for assembly to fulfill the density requirements of the Regional Growth Strategy 2041.
In 2016 the Feds made their own announcement; to increase immigration quotas by 15%, which instantly puts an unplanned demand on housing throughout Canada; helping investors I’m sure, but doing little to improve supply or affordability.
Best wishes for 2017, and if you’d like some help achieving your real estate objectives in the Tri-Cities, Jessica and I would be happy to assist you.