Updated February 23, 2024

 

Coquitlam Real Estate Market Forecast | What Are the Predictions for 2024?

Coquitlam is a city situated on the lower mainland of British Columbia. There you’ll find something for everyone – from peaceful walks in the mountains and fishing to restaurants and shopping.

The cherry on the cake is the warm temperatures experienced during the summer months as Coquitlam is located in the warmest region of Canada.

Coquitlam’s current and planned building developments and redevelopment projects make it a strong contender for a place to settle down or invest in real estate.

If you want to know more about the Coquitlam real estate market forecast and predictions for 2024, I've got you covered in this article.

First, I’ll discuss how Coquitlam compares to neighbouring areas regarding real estate pricing and growth.

Coquitlam Real Estate Market Forecast: How Does Coquitlam Compare to Neighbouring Areas?

At the time of writing, these are the ZOLO results for some real estate comparison data based on 19 areas in Greater Vancouver:

Real Estate Pricing

• 1st West Vancouver – Average Price: $2.5M Median Price: $2.4M
• 8th Coquitlam – Average Price: $1.1M Median Price: $925K
• 16th Pitt Meadows – Average Price: $984K Median Price: $875K

Fastest Growing Prices

• 1st Lions Bay ­– 26.7%
• 2nd Coquitlam ­– 16.7%
• 3rd Pitt Meadows – 12.7%

Fastest Selling

(Number of days on the market)

• 1st Anmore – 9 days
• 15th Coquitlam –25 days
• 19th Anmore - 39 days

Highest Turnover

• 1st Tsawwassen – 48.4%
• 4th Coquitlam – 37.7%
• 19th West Vancouver – 16.6%
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Coquitlam Real Estate Market Forecast: What Are the Predictions for 2024?

The Coquitlam real estate market is hot at the moment. On average, properties are selling faster as compared to 2023.

Activity is primarily concentrated in the detached market – where demand is visible.

Reasons for Coquitlam’s Popularity

Millennial-aged buyers are currently attracted to Coquitlam living as they desire properties with more space for home working, starting a family, and being part of a suburban community.

In addition, they’ve acquired more savings due to increased home-working and are ready to buy their first home. Its culture, historical sites, and breathtaking mountain backdrops enhance its appeal for long-term residency.

Plus, its geographic location in Metro Vancouver is easily accessible by car, public transport, and the SkyTrain, with plenty of options to get around.

Interest From Real Estate Investors

Real estate investors will essentially look at the same pros and cons of buying property in an area as those who are purchasing homes.

In addition, their decision-making process includes the area's potential for evolvement. Right now, Coquitlam has plenty of growth possibilities because of the planned transformation of the city.

The redevelopment of the downtown center into a self-sufficient urban core is the primary transformation. This includes new residential offices and an entertainment district to extend south of the Lincoln SkyTrain station.

Also, there are many new home developments.

Coquitlam Real Estate Market Forecast: What Are the Predictions for 2024?

Real estate in Coquitlam is forecasted for continued growth during 2024. This is driven by a demand for living in Coquitlam and its proximity to the many suburbs while being within driving distance of the city core. 

Other predictions for 2024 include:

Property Value Will Continue to Increase

Currently, there is an increased buyer demand for nice homes. The market will become more competitive as interested buyers enter the spring season. The upcoming announcements on interest rates will play a large part of what happens. 

Increased Popularity of Detached Houses and Townhouses

Detached houses and townhouses offer an excellent option to meet the buyer’s need for more space in and outdoors, privacy, a yard, and a garage.

Detached housing is more expensive.

However, those with the budget to cover it find this option most appealing as it includes the freedom to make decisions regarding the structure of the land.

This is important for buyers planning to start/expand their families.

Townhouses are less expensive than detached; therefore, buyers with slightly smaller budgets tend to go for these.

Overall, buyers will find a mix of old and new detached homes and a smaller selection of townhouses and condos.

Price Increase of Condos

Pricing of condos is expected to increase – though not as much compared to detached houses and townhouses. Its demand stems from being the best option economically for first-time home buyers.

The condo supply will increase slightly as buildings invested in years ago are completed.

More Interest From Real Estate Investors

Interest from new and existing real estate investors will increase. Vancouver is one of the most desirable places to live in the world.

With current activities and future growth potential, investors view Coquitlam as a reliable and secure strategy to create and preserve wealth.

2024 Predictions for the Coquitlam Real Estate Market

Coquitlam offers the best of both worlds and is a great choice for growing families wanting to settle down and investors aspiring to make lucrative real estate investments.

With warm summer months, picturesque sites, outdoor activities, restaurants, parks, and museums, there’s always something to do for everyone.

In addition, the downtown redevelopment plans and housing developments will boost its predicted growth throughout 2024.

Here I’ve discussed the Coquitlam real estate market forecast and predictions for 2024.

I hope the comparison details and reasoning behind each prediction have helped with your inquiry. If you would like to discuss your upcoming purchase don't hesitate to call me.