Smallest of the Tri-Cities, new developments in Port Moody have been steadily on the rise. Port Moody is mostly residential due to families that go back several generations and couples have now proceeded to move from Metro Vancouver to Port, creating a new market for condos as well. Port Moody already had some mature properties around its various parks, but new developments are on the rise, especially near beaches, creating a new market for homes and investment opportunities for any prospective buyer.
Houses for sale in Port Moody are becoming more apparent as well. A few years earlier, housing costs were quite low, but the demand was low as well. Today, due to increase in demand from Metro Vancouver buyers, multiple opportunities for new buyers looking for quality new homes have risen by almost 35%, the highest ever before according to historical data. This demand has increased for all types of housing and is quickly creating a mature real estate market.
The interest and mortgage fees in Port Moody are also very stable and considered quite affordable when compare to the rest of B.C., making it an ideal place for the most investors. The banks in Port Moody also have a good reputation for having low fluctuation in mortgage rates, however, banks can change rates at any time.
Developers in Port Moody also use quality materials. They specialize in redone surfaces, new paint, wallpaper, and brickwork, while maintaining a nice balance of colonial and modern new homes. Thus, making Port Moody a unique market to invest in for new homes.
Currently, the Port Moody real estate market is considered a buyer’s market. Due to fast developments and a growing number of multiple options. Townhomes and fully detached homes are quite common, and it looks like this trend will continue for the next 10 years.
Additionally, due to the pricing, new homes in Port Moody are more obtainable compared to the houses for sale in the Lower Mainland, with an average price of $958,394.00. This has also increased the number of agents in the city of Port Moody.
Experts recommend purchasing a house for sale in Port Moody or investing in a new development. This buyer’s market will last for a few more years until the market matures. Since families and communities favor new developments here, expect more of this trend to continue.
Townhomes and condos for sale in Port Moody are the most sought after. This trend continues to grow due to new housing options near the beaches of Port Moody. A big percentage of Port Moody’s residents are also into condos, due to a rising young adult demographic.
Another reason for the demand for residential homes in Port Moody is subletting. Buyers are investing in homes to own property and sublet it to others.
New development homes and condos are rising, and this trend is expected to keep it’s pace for the next 8-10 years. Presenting the potential investor with a decent window of opportunity.
The prices are also predicted to the stay the same mostly with a higher than usual increase expected around the 8-year mark.
As the current market matures, there are several opportunities to invest in Port Moody, especially with new developments consistently showing up. All due to the demand of existing population and the aging segment as well, this trend however is expected to die down in 10 years or so.
According to MLS® Home Price Index – Real Estate Board of Greater Vancouver (August 2020):