“The Port Moody and Coquitlam areas I watch are completely dead. I posted on May 11th about my friend trying to sell his condo in Coquitlam, at the time it was on the market for 30 days. It’s now nearing 90 days and 4 price reductions and still no takers. I haven’t seen any units in his building sell, though a couple have expired. Nor have any units sold in the building I’m in, though there are ‘only’ 6 compared to the 13 he’s competing with.
Our other friends are trying to sell their house in Coquitlam. Nearing 60 DOM, but they refuse to reduce their price because they will not sell it for “less than it’s worth”. This sounds familiar. The exact same words were uttered by my coworker in ‘08 – he sold his place for 20% under list 6 months later.
I’ve also been watching the two Port Moody towers on Nootka Way (Sahalee and Nahanni). They peaked at a combined 39 listings (currently 22 in Sahalee!) but they’re sitting at a combined 33 now. Where did those listings go? Craigslist. There are at least 10 rentals up on craigslist for those towers right now. I was looking for a rental in that area in May and there wasn’t much to choose from, now it’d be a tough decision.”