Port Moody Real Estate Market Report For February 2020
In this latest report on the Port Moody Real Estate Market for 2020, we investigate some of the current real estate trends affecting the city of the arts, including the fears of rampant population growth. We also present data on the number of detached properties, townhouses and condos for sale (and the change from the previous month), making it easy for you to track what’s happening in the market.
Port Moody Detached Housing Market Trends
- Total Port Moody Houses For Sale: 46
- Variance from Previous 30 Days: +2%
- Average Port Moody Detached House Price: $1.3M
Port Moody Condo Market Trends
- Total Port Moody Condos For Sale: 28
- Variance from Previous 30 Days: 0%
- Average Port Moody Condo Price: $485K
Port Moody Townhouse Market Trends
- Total Port Moody Townhouses For Sale: 19
- Variance from Previous 30 Days: 0%
- Average Port Moody Townhouse Price: $795K
The Population Port Moody Sees Slight Drop According To The Latest Provincial Figures
For some time now, residents of Port Moody have been concerned about the spectre of rampant population growth. These fears, however, appear to be overblown, at least according to the latest population estimates.
In February, the news broke that the Tri-City municipality saw a slight decline in population, in contrast to the majority of cities in the Vancouver area.
Figures from the provincial government indicate that from 2018 to 2019, the number of residents in Port Moody fell by 0.17 percent, translating to 61 people moving out of the area. These numbers echo a similar story from 2015, where the population of the municipality fell by one percent.
Population Pressure Lies In The Future, Not The Past
Commentators, however, are keen to point out that looking at the past isn’t helpful. For many, the concern is what is going to happen in the future when planned large-scale development projects get underway.
The city’s mayor, Rob Vagramov, agrees. He says that pointing to the decline in population in the past isn’t helpful. What matters is how the municipality will develop in the future.
Evidence from the mayor’s office suggests that the development of the new Moody Center could grow Port Moody’s substantially. Reports estimate that the number of residents could increase by 8,000 and 11,000, adding to pressure on real estate prices in the area.
Infill developments – small residential projects in existing urban areas that will add a few dozen new residents each – will drive some of the growth.
The main concern, however, is that developers are driving decisions at the political level, not local people. Vargramov, therefore, is suspicious of the story that the Metro Vancouver board is currently pushing that the city needs more housing. He suggests that big business is driving that sentiment, not residents in his consituency.
Doubts Exist Over Whether Planned Development Will Lower Real Estate Prices
Under normal circumstances, you would expect a rise in the supply of housing in an area to drive down the price, making homes more affordable. Vagramov, however, doubts whether this is what is happening in Port Moody. He supports the market system, but says he doesn’t believe in “infinite growth.” He has been told that if developers build more units, prices will come down, but he says there’s no evidence of that happening so far. Growth in the number of units is being offset by increasing demand for more accommodation in the area.
Port Moody is one of only a handful of cities in the Vancouver area to see a decline in population between 2018 and 2019, with Belcarra, Bowen Island, Lions Bay and Pitt Meadows being the only other cities to see population decline. Expansion, therefore, seems somewhat inevitable.