Port Moody is looking ready to take a jump up in price as value investors compare dollars per square feet and historical averages. Currently sitting around the same cost per square foot as neighbouring city Coquitlam, Port Moody has already started its move to recreate the roughly 10% price difference historically seen.
We believe the lack of development as of late is the issue with slight lull in the price per square foot numbers. See that the recently finished developments in Coquitlam have seen sales well above $1,100 per sqaure foot, even fetching 1`300 per foot in key areas. Upcoming developments in Port Moody should be able expect to see the same premium, if not greater when finished.
The chart above shows the average price per sqft price history, where Port Moody has been at least a 10% higher than Coquitlam. In past years, when the pricing graphs touch or get close to touching a huge boost returns Port Moody’s prices higher. We expect this to happen as well as Port Moody homeowners adjusting to new market trends as new developments are finished and resold for significant premiums. Furthermore, we believe today’s prices are a bargain when comparing them to neighbouring city developments charging up to 20% premiums both East and West.
This could signal too many home purchasers and investors know now is the perfect time to jump into the Port Moody housing market. With many upcoming developments headed to Port Moody there will be lots of opportunities to be had.
If you’re interested in talking real estate, reach out to your JSA advisor or contact us directly below.
Jordon Sutton, PREC*
604 – 816 – 5769