Port Moody Condo Trends with Monica from PoMo Life

Port Moody has seen record-breaking sales over the last two years, which have only continued to increase in price and frequency since the beginning of 2021.

Monica, an expert in Port Moody realty and co-host of the vlog PoMo Life, joins Denny on the podcast to break down recent condo sales trends in the area.

This episode will focus on the type of properties offering the best value, record-setting sales occurring in Port Moody, the trickle-down effect of a competitive single-family home market, the importance of starting small to build equity in real estate, and the impact of low inventory on increasing property value.

Watch and listen to the Garbutt+Dumas Real Estate Podcast below and follow us on SpotifyiTunes & YouTube.

NOTES FROM THE EPISODE:

We are currently entering into an exciting time in Port Moody real estate. Properties are selling at an all-time high and with lightning speed right now. The SkyTrain is still a relatively new feature to the area and has been a substantial contributing factor to the market growth.

Port Moody Condo Trends in February 2021:

Denny and Monica share that they have seen market trends in Port Moody that resemble what you would typically see in the epicenter of a scorching market. Previously, it was imperative to have a great view, extra parking, or a unique renovation to get a high offer on a condo listing. Currently, the units are selling for asking or over asking price with street views and no significant updates.

Klahanie is one of the most popular areas in the city and is seeing record-breaking sales. It is a desirable Port Moody neighborhood that provides easy access to the SkyTrain, Breweries, and lots of shopping. In late February, three condos sold with prices higher than what has been seen in Port Moody for a long time.

This trend prompted Denny to approach a client who wanted to sell her home in the much sought-after Suter Brook Village. He told her that the evaluation she received only three weeks ago (based on the last 60 days’ worth of sales in the area) was already outdated. Considering the recent sales, her condo evaluation may have gone up by $40,000 – $50,000.

More recent sales in Port Moody show a similar pattern:

880 square foot condo in Klahanie:

  • Located on the top floor
  • Two bedrooms and two bathrooms
  • Listed at $680,000
  • Sold at $725,000 with multiple offers
  • Sold for approximately $830/square foot (about 12 months ago, condos would maybe reach $700/square foot)

713 square foot condo sold 1.5 weeks ago:

  • 15-year-old building
  • Located on the 3rd floor (not on the top floor)
  • One parking, one storage
  • One bedroom
  • Original bathroom and kitchen
  • New floors
  • Listed over what we thought it would be because of low inventory = $525,000
  • Sold subject free at full price (with multiple offers)

Port Moody Condo Opportunities:

Strata is currently on the tipping point of having a very strong year.

At the time of this podcast, there are 4 or 5 projects for pre-sale. Unfortunately, the majority of these units are either sold out or close to selling out. More new construction is still to come, so keep an eye out or contact us for updates and more information as they become available.

There is also a lot of opportunity in Port Moody’s investment properties for those who cannot buy their dream home in the area just yet. Monica recommends that you purchase a property that you can afford and then rent it out. This way, you can build equity to put towards another house in the future. Try not to stretch yourself too far to buy something in the beginning – it is important to make the moves as you feel ready to do so.

If you find yourself at the top of your budget, try looking into older buildings and complexes. Monica suggests looking into Brookside or the College Park area, which offers well-maintained properties with fantastic floor plans and a great community.

Predictions for Port Moody Condo Trends:

Monica and Denny share that they see a trickle-down effect when it comes to properties in Port Moody. Single family homes are increasing in value, and some homebuyers are unfortunately unable to afford the current prices. As more people opt for townhouses, those prices also increase as the competition grows. Because of this, some buyers are turning to the more affordable condo alternative.

Port Moody Realtors normally see this pattern taking years to reach condos. However, condo prices are already starting to rise. Monica and Denny predict that condo prices will continue to grow over the next six months.  It will be interesting to see if the increase continues at the same rate or cools down with less significant price point jumps.

Monica hopes that more inventory will be available soon as more home buyers want to move into the very desirable city of Port Moody.

Check out Port Moody Single Family Home Update with Monica for more details on the rising prices of detached houses and how it is affecting the market.

Are you interested in what is for sale in Port Moody? Visit our Port Moody Real Estate page to find out more about this beautiful city and some of the listings we have to offer!

New GST + Transitional Tax info & deadline for $10,000 New Homebuyers grant.


There are some big changes happening this year regarding government tax and grants for home-buyers.
HST is finished April 1, 2013.  What does this mean for buying a home?  After HST has gone there will be the regular GST (5%) and a NEW Transitional Tax (2%) from April 1, 2013 to March 31, 2015.
Click Here for the Full Ministry of Finance Tax Package
Click Here for info from The B.C Real Estate Association.
The $10,000 New Home-buyers Grant also ceases April 1, 2013.  Those of you who were hoping to apply for this grant must step up the search for your perfect home and apply as early as possible.
Click Here for Eligibility and more info on the $10,000 New Homebuyers Grant 

Tips for Selling a Stale Listing


Have you had your property on the Market for a while with no serious interest?  Here are some tips from James to start the New Year off fresh and ready!
Re List – Re listing your property with a new MLS # will give your home a fresh start, shuffle photos (or take new ones), add a virtual tour, change up the description; all of these things can give your listing a new look to buyers just starting on the hunt for their new home.
Re Assess – Walk around you property with an objective eye and think about what you would like to see in a property ready for the Market. Do the carpets need to be steam cleaned or replaced?  Is the paint scuffed, chipped, or dull? Is there a lot of clutter (family pictures, knick-knacks, furniture, books,etc…) ? Is your furniture making it hard to navigate or easily walk through your home? The list below will allow you to check off what might need to be updated to get your property sold quick!
– Update Flooring: whether you clean your carpets or install hardwood, flooring is often the deal breaker at showings.
– Freshen up the Paint: if your paint is dirty or dull put a fresh coat on in a bright new color to make your home inviting.
De-clutter – Often great properties are over looked because clients can’t see past the stack of magazines or the 10 counter appliances.  Think like home style magazines: Less is More.  The less distractions from individual items will allow buyers to see the property as a whole and they will more easily imagine themselves living there.  Check out our blog on getting rid of unwanted items.
Showings – Bright, Welcoming, and Clean. These are 3 things to really live by when prepping your home for a showing.
– Open all the blinds
– Turn on ALL the lights (make sure they all are working and have light bulbs
– Fresh scent (if you notice the salmon you had for dinner last night is still lingering in the air, give the rooms a quick mist with air freshener. Click here for some natural quick air freshening ideas.
– Relaxing decor
– Put all small personal items ‘out of sight’ in a drawer or cupboard
– Smile! Being welcoming and friendly is the first impression the buyer will get of your property so make it a positive one!
Check out our previous blog Top Tips to Sell Your Home’ for great links to professional paint advice from Benjamin Moore, Cleaning Tips, Home Staging ideas, and more!

2012 Year End Stats and 2013 Predictions


The Market noticeably slowed in the Fall of 2012, and Sales were down 33% compared to Nov & Dec of 2011.  The 2012 year in all decreased in Sales by 22.7%.
December 2012 Market Stats from the Real Estate Board of Greater Vancouver
 

Nov 2012 Market Update

Greater Vancouver residential property sale and listing activity below 10-year averages in November

Over the past six months, the Greater Vancouver housing market has seen a reduction in the number of homes listed for sale, a gradual moderation in home prices and a decrease in property sales compared to historical averages.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential property sales of detached, attached and apartment properties reached 1,686 on the region’s Multiple Listing Service® (MLS®) in November, a 28.6 per cent decline compared to the 2,360 sales in November 2011 and a 12.7 per cent decline compared to the 1,931 home sales in October 2012.
November sales were 30.3 per cent below the 10-year November sales average of 2,420…
Click Here for Full Stats Package
Click Here for Full Article

7360 11th Ave, Burnaby

August 9, 2010 – Video Blog of 7360 11th Ave

CLICK HERE FOR MORE PICTURES

I’m proud to present this excellent home on a nice and quiet street . This very well kept 5 bedroom home (3 Bed up, 2bed down) features hardwood floors on the main living/dining/halls/stairs, Laminate in bedrooms, large updated kitchen with beautiful wood cabinets and tile flooring, montgage helper down, HUGE 280sq ft balcony over looking large backyard with grape vines, pear, plum & fig trees. Great space for entertaining guests! Brand new high efficiency furnace, newer hot water tank (2yrs) Centrally located close to schools, public transportation, shops and restaurants.

#302 11 E Royal Ave, New Westminster – VICTORIA HILL

August 9, 2010 – Video Blog of #302 11 E Royal Ave

FOR MORE PHOTOS CLICK HERE!!

VICTORIA HILL! OUTSTANDING Spacious 1110 sqft 2 bed/2 bath + den condo in New Westminister’s 2007 Award Winning built by Onni & still under remainder of warranty. Outstanding finishing including granite counters, floor to ceiling windows, wood floors, stainless appliances. Spa like master bath ensuite with large sonker tub, separate shower stall and 2 sinks, 2 PARKING SPACES, 1 locker & pet friendly. Enjoy the fantastic amenities including: exercise room, swimming pool & more. Relax on your private balcony surrounded by lush greenery. Walk to Douglas College, close to Safeway, shops, Starbucks, Schools, public transit, Canada Games Pool and steps to Queen’s Park. Call today to view.

#304 707 Gloucester St., New Westminster

Aug 6, 2010 – Video Blog Tour of #304 707 Gloucester St

CLICK HERE FOR MORE PHOTOS

Impressively updated TOP floor CORNER, suite in the New Westminster Uptown Area, Enjoy the large wrap-around balcony overlooking 7th St, but privately surrounded by trees. this suite features new hardwood, tile & carpet flooring throughout,updated gas fireplace in the living room, granite counters in the kitchen,completely updated bathroom with new tub, vanity tile flooring, fixtures & faucets. Located on the Southeast corner of the building, lots of natural light, open and spacious living/dining room area. 1Parking & Storage locker included. NEW ROOF (2010) NEW BOILER to be installed (paid by Seller) MAINTENANCE FEE INCLUDES HEAT & GAS! Pets allowed with some restrictions. Call for your private viewing today!!

718 Gloucester St., New Westminster

July 15, 2010 – Video Blog Tour of 718 Gloucester St, New Westminster

VIRTUAL TOUR LINK:

http://virtualtours2go.point2homes.biz/Listing/VirtualTour.ashx?HideBranding=true&ListingID=20117137

CHARMING CHARACTER HOME very cozy & well kept! Main floor features: 2 bdrms, new laminate floors, updated bathroom with new vanity, new front load washer & dryer, updated kitchen & stainless steel appliances and a nice spacious living room great for entertaining. Upstairs features: 2 bdrms, 1 kitchenette, 1 bath (could be used as separate suite). Other updates: newer roof (2006), new hot water tank (2008). This home has an excellent layout & lots of character. The backyard is fully fenced, spacious & peaceful. Central location, close to: Douglas College, skytrain, shopping & restaurants. Great home for investors & first time buyers. Must see!

Home listings rise to start the spring season

VANCOUVER, B.C. – April 6, 2010 – A steady influx of new listings has helped create a balanced ‘typical spring’ housing market in the Greater Vancouver region.
The Real Estate Board of Greater Vancouver (REBGV) reports that new listings for detached, attached and apartment properties in Greater Vancouver totalled 7,004 in March 2010. This represents a 60 per cent increase compared to March 2009 when 4,385 new units were listed, and a 52.1 per cent increase compared to February 2010 when 4,606 properties were listed on the Multiple Listing Service® (MLS®).
At 13,538, the total number of property listings on the Multiple Listing Service (MLS®) increased 19 percent in March compared to last month, but remains 7.6 per cent below this time last year.
“The total number of homes listed for sale on our MLS® is at its highest level in 10 months, which translates into more options and variety for those looking to buy during the traditionally busy spring period,” Jake Moldowan,
REBGV president said.
Residential property sales in Greater Vancouver reached 3,137 in March 2010, a 38.5 per cent increase compared to March 2009, a 4.7 per cent increase over March 2008, and a 12.4 per cent decrease compared to March 2007. The current figure also represents a 26.8 per cent increase compared to the 2,473 sales recorded in February 2010.
“With a sales-to-listing ratio of 23 per cent, we see a healthy balance between buyer demand and seller supply in the marketplace,” Moldowan said.
Over the last 12 months, the MLSLink® Housing Price Index (HPI) benchmark price for all residential properties in Greater Vancouver increased 20.3 per cent to $584,435 from $485,845 in March 2009. This price is 2.8 per cent above the previous high point in the market in May 2008 when the residential benchmark price sat at $568,411.
Sales of detached properties in March 2010 reached 1,336, an increase of 49 per cent from the 897 detached sales recorded in March 2009 and a 19.7 per cent increase from the 1,116 units sold in March 2008. The benchmark price for detached properties increased 23.3 per cent from March 2009 to $800,341, but declined 0.6 per cent compared to last month when the benchmark price was $800,796.
Sales of apartment properties in March 2010 reached 1,252, an increase of 28.3 per cent compared to the 976 sales in March 2009 and a decline of 8.6 per cent compared to the 1,370 sales in March 2008.The benchmark price of an apartment property increased 17.3 per cent from March 2009 to $395,507 and is up 1.2 per cent compared to last month when the benchmark price was $390,899.
FOR THE COMPLETE STATS PACKAGE CLICK ON THE LINK BELOW:
rebgv_stats_package2c_march_2010_pdf
*Source: REBGV Stats Package April 6, 2010