NEW MARKET SUMMARY TRI-CITIES

The Tri-Cities market area has earned a “Green Light” status for the final quarter of 2023, marked by a remarkable surge in sales. A total of 923 sales were recorded, reflecting a 117 percent increase from the preceding quarter. This upswing in sales was widespread across all sectors and can be attributed to the launch of 12 new projects, bringing 1,566 units into the market. The High Rise sector played a pivotal role, contributing to 73 percent of the total sales. This sector’s success was underscored by the introduction of several expansive tower developments, notably highlighted by a masterplan’s inaugural release. The first building of the masterplan sold out within a month, showcasing that even in current market conditions, competitively priced projects with extended completion times and a communityoriented approach can attract buyers. Similar trends were evident in the Low Rise and Townhome sectors, both experiencing substantial increases in sales by 152 and 116 percent, respectively. This positive momentum is anticipated to persist into the new year, with more project launches on the horizon. Additionally, the introduction of incentive offerings tied to the Lunar New Year is expected to drive increased traffic, further stimulating market activity.

New Market Highlights

Beedie’s Fraser Mills masterplan was unveiled with the release of Debut, a 36-storey, 318-unit High Rise building. The project started sales around October and sold all 318 units in three weeks at an overall blended price of $1,000 per square foot. The next tower of Fraser Mills, Encore is expected to launch in the new year

The first tower of Burquitlam Park District by Intergulf Development Group was released in early Q42023. This 40-storey, 364-unit High Rise achieved 130 sales at an average blended price of $1,200 per square foot

Gardena, Intracorp’s Burquitlam masterplan released their second phase, Magnolia, a 17-storey, 150unit High Rise early in the quarter and achieved 68 sales at an overall blended price of $1,140 per square foot

The first tower of Town & Centre by Mosaic, a 30-storey, 221-unit High Rise in Coquitlam Town Centre, was released in December and sold 80 units by the end of the year at an average price of $1,100 per square foot

Lodana by Circadian Group, a 123-unit Low Rise and Townhome development in West Coquitlam released in mid October and achieved a total of 55 sales at an average price of $1,050 per square foot for the Low Rise units and $890 per square foot for the Townhomes

Townline released Terrayne, a Townhome project in Burke Mountain early in the quarter. The 159-unit project achieved 26 sales at an overall blended price of $851 per square foot

Port Coquitlam saw the launch of two Low Rise projects in the Fourth Quarter of 2023, Marlow by Enrich Developments and Hawthorne by Otivo Development Group