Many families who are hoping to move to the desirable neighborhood of Port Moody may be surprised at the single family home costs in this area.
G+D Realtor Monica joins Denny on the podcast to discuss the increasing prices and low inventory of detached homes in Port Moody.
This episode will focus on the lack of entry-level single family homes in the area, the approximate price points for desirable properties on Heritage Mountain, the growing activity surrounding ultra-luxury houses in Anmore, and low inventory driving up prices in the area and setting new benchmarks for future sales.
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NOTES FROM THE EPISODE:
Port Moody has become a very desirable neighborhood to live in, and the current single family home prices reflect that. Traditional entry-level detached homes in this area are hard to find. Moreover, higher listing prices of these property types may prevent buyers from investing in Port Moody real estate altogether. It may also redirect their focus to more affordable options like condos. The families who can afford houses in this area place high offers (well above listing) in fear of not securing a home during a time with low inventory availability.
Questions to ask yourself when buying a single family home in Port Moody:
When buying a home, you are not just purchasing a property, you are joining a neighborhood. Here are a few questions to ask yourself before investing in a house in Port Moody.
- Where do you want to live? Port Moody has many different areas, including Ioco, Heritage Mountain, Belcarra, and Anmore. To learn more about what this beautiful city offers, explore our interactive map of Port Moody.
- What type of schools do you want your children to attend? There are seven elementary schools, one middle school, and two secondary schools in this region.
- Do you want to be close to public transit? Port Moody is well-served by transit. The services include an express bus into Vancouver, two stations for the SkyTrain Evergreen Line, and a West Coast Express rail service stop.
- Are you willing to renovate? Many of the houses currently on the market are 17 – 25-year-old homes that may require renovations. These renovations can include bathroom updates, kitchen remodels, or new flooring. Keep in mind that these projects can significantly increase the overall dollar amount spent on your home.
Port Moody Single Family Home Prices:
Monica begins the episode by sharing that the likelihood of buying a single family home in Port Moody below $1.5 million is relatively low. Smaller communities within the city offer different features:
Ioco area has been presenting a variety of prices for different types of properties. It has been relatively hard to know what to expect, as one homeowner may list their house for $1.4 million, and then an empty lot next door may be listed for $2 million.
Avalon Drive is a busy street just off of Ioco Road. In early December, a single family home on this street sold for $1.4 million. Recently, after 100 showings and 9 pre-inspections, a house sold for $1.65 million. In fact, this home was not considered a luxury home and had a less than ideal layout.
Heritage Mountain has become a hot spot for single family homes. Many of the houses range from 17-25 years old and were built with style in mind. This area offers excellent views and desirable schools. The latest listings in this region of Port Moody are $2.3 million to $2.4 million.
Holly Drive on Heritage Mountain has also become a desirable location. Monica comments that she has been visiting this area a lot for buyer showings. Many homes on this road would need a complete renovation, which could cost around $200,000. Properties are selling for approximately $1.5 million.
Heritage Peak Road on Heritage Mountain sets a new precedent for sales in the region, with single family homes selling for approximately $3 million. It has created a benchmark where there was not one before, making a definitive line of housing costs in the area.
Monica and Denny call Anmore an ultra-luxurious community. Anmore boasts private, large lots with beautiful 5,000 – 8,000 square foot homes selling in the $4 million range. In the past, houses would sit for years on the market with little activity. However, homeowners from Heritage Mountain can now sell their homes for a much higher value and afford property in the Anmore area. Because of this, Monica is expecting interest in this area to increase.
What to expect for Port Moody Single Family Homes in the future:
Each community within Port Moody is doing something different, but the G+D Realtors are seeing a general increase in activity and prices across the board. Consequently, some homebuyers are pushed out to the less expensive areas or opt to purchase a condo to build up equity. On the other end of the spectrum, we see families selling homes for over $1 million above what they originally bought it for and can now afford a house in more desirable areas such as Anmore.
As Port Moody’s real estate continues to grow, the competition for single family homes also increases. Monica and Denny believe that prices will continue to rise, causing a busy Spring 2021. Luxury communities like Anmore will start to see more activity and eventual price increases.
Do you want to learn more about real estate in this area? Visit the G+D Port Moody Realtors page for all the inside information on one of our favourite cities in the province!