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Condos for Sale in Coquitlam | Best Tips for Buying a Condo in 2024

Condos for Sale in Coquitlam | Best Tips for Buying a Condo in 2024

Updated February 23, 2024

Condos for Sale in Coquitlam | Best Tips for Buying a Condo in 2024


Are you thinking about becoming a homeowner in Coquitlam, British Columbia? That makes perfect sense as the real estate market is vibrant and versatile.


The sixth-biggest city in the province has a lot to offer, especially if you're considering a condo instead of a house.


The lower price tag and even lower maintenance costs associated with condos are among the many upsides. Fortunately, the real estate market is filled with condos for sale in Coquitlam.


Here’s everything you need to know about the prices, as well as what to consider when searching for the ideal Coquitlam condo for your needs.


Is Coquitlam a Good Place to Live?

Before we present some vital tips for buying a condo in Coquitlam, let's discuss whether this city is a good place to live in 2024.


This city comprises multicultural demographics and predominately small families and offers genuinely great outdoor activity options – it has over 90km of bike and hike trails.


For nature lovers, it’s one of the best cities to live in. At its heart, there's the Town Centre Park, which offers countless recreational activities.


But, most importantly, Coquitlam has a sense of community found in smaller towns while not compromising any of the urban amenities.


Prices of Condos for Sale in Coquitlam

Like many real estate markets in British Columbia, Coquitlam housing and condo prices have risen over the past few years and are seeing another rise after a slight dip. That’s unsurprising, as this has been the trend since 2018.


Millennial buyers, in particular, have been flocking to the area in search of houses and condos. Many are first-time buyers confident of investing in a condo instead of a house.


If you're looking for condos for sale in Coquitlam, these are the current prices:


  • 1-bedroom condo – $569,000
  • 2-bedroom condo – $774,000
  • 3-bedroom condo – $949,000

Compared to the prices a year ago, we're looking at an increase of over 10%, which is significant.


However, the demand slowed down this winter. For example, from mid-January to mid-February, the number of condos sold in Coquitlam was 78.


Things to Consider When Buying a Condo in 2024

It's essential to know what to pay attention to so you can purchase a fantastic condo in Coquitlam. Here are several crucial tips to keep in mind when browsing condos for sale in Coquitlam.


Building’s Strata Insurance

First and foremost, ensure you’ve asked about premiums and deductibles associated with the property. Strata insurance is essential for buildings as it covers accidental damage, theft, and other legal liabilities.


During 2019 and 2020, the strata insurance fees skyrocketed, even up to 30% for some buildings. Therefore, one of the most important things to do is see the strata insurance certificate and pay attention to the renewal date.


Choose a Realtor With Experience in Condos

It’s crucial to work with a real estate agent that has your best interests in mind. If your heart is set on a condo in Coquitlam, that means hiring someone who has valuable experience.


For example, someone who has a track record with condos in Coquitlam will know a lot about building developments in the area in general.


They'll also tell you more about community finance issues and talk to you about building infrastructure problems if there are any.


Decide on the Type of Amenities You Need

Modern condos for sale in Coquitlam usually offer a wide range of amenities. However, not all will have exactly what you or your family needs.


Don’t hesitate to talk to your realtor to address these issues. When buying a condo, you’re also buying access to specific amenities.


For example, if you want a gym in your building, be sure to point it out.


Learn About the Condo Board

Shared ownership is at the core of condo buildings. That means a condo board manages them. This is a group of elected owners that make the decisions regarding the building.


When you're shopping for a condo, you can't address the board directly. However, you can review the minutes from board meetings.


Scanning these documents will give you an idea of how things work in the building. It will also tell you if there are any notable red flags.


For example, are the repairs always postponed? That's something you can learn from the minutes of the meetings.


Check Out the Property Management Company

The building upkeep is fundamental, and you have the right to know about the company in charge of this task.


Ensuring that the building is well-maintained provides more enjoyable daily living, and it ensures the property value doesn't decrease over time.


Ask who’s in charge of the day-to-day operations and how they handle direct requests from building residents.


Find the Best Condo in Coquitlam and Enjoy the City

Coquitlam residents have a lot going for them, including the climate, outdoor activities, SkyTrain access, art galleries, restaurants, and so much more.


They also have a booming housing market and many brand-new condos ready for sale.


Prices might be on the rise, but that's because Coquitlam is thriving, and many people want to benefit from this positive change.


If you're looking for condos for sale in Coquitlam, keep the tips we’ve discussed in mind. They can make all the difference.


Don't hesitate to call me for the latest information about condos for sale in Coquitlam, I will work to answer any questions you may have. 

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