To Buy Or To Renovate, That Is The Question!

✨ The Allure of Buying New

Imagine stepping into a luxurious, move‑in‑ready home where every corner gleams. New builds offer sleek finishes, energy‑efficient systems, and the peace of BC’s 2‑5‑10 New Home Warranty. Detached homes currently hover around $1.75M, townhomes about $1.09M, and condos roughly $711K according to June 2025 MLS® HPI data.

For those eyeing new luxury homes, expect to pay $2.9M+ —premium living with a price to match.

This convenience comes with trade‑offs: higher upfront costs, 5% GST on new builds, and limited negotiation. With sales‑to‑active listings ratios showing a balanced market—detached 8.6%, townhomes 18.8%, condos 14.2%—deep discounts are rare.

💡 Tips for Buying New Luxury Homes:

• Prioritize location over finishings. High‑end features are great, but resale value depends heavily on neighborhood desirability.

• Check developer reputation and warranty coverage. Research previous projects to avoid unpleasant surprises.

• Understand total costs. Factor in GST, property transfer tax, and potential landscaping or customization expenses.

• Think long‑term lifestyle. A luxury home is an investment in both comfort and market appreciation—make sure it truly fits your life.

🔨 The Promise (and Chaos) of Renovation

• Renovating lets you transform a property you already own while keeping the location you love. In areas like Burquitlam and Central Coquitlam, where land carries strong value, strategic upgrades can significantly boost equity.

  But the path isn’t without bumps. Detached home benchmark prices fell 5% YoY, townhomes dropped 4.8%, and construction costs are up 4‑6% annually. Add long permit timelines and potential rental costs of $2,500‑$3,000/month, and overspending becomes a real risk.

💡 Tips for a Successful Renovation:

• Start with a realistic budget and add a 15‑20% cushion. Surprises are inevitable.

• Focus on high‑impact areas. Kitchens, bathrooms, and energy‑efficient upgrades bring the best ROI.

• Check permit requirements early. Coquitlam approvals can take months for major work.

• Avoid over‑improving. Match the level of finish to your neighborhood to protect your return on investment.

📊 Market Snapshot

• Total Active Listings: 560 detached, 550 condos, 213 townhomes (+30‑47% YoY)

• Average Days on Market: Detached 30 days, Townhomes 37, Condos 20

• Sales: Detached 48 (‑11% YoY), Townhomes 78 (‑17%), Condos 40 (+2.6%)

• Benchmark Prices: Detached $1.75M, Townhomes $1.09M, Condos $711K

• New Luxury Builds: Averaging $2.9M‑$3.3M

The data shows a market where detached homes are under mild price pressure, creating room for buyers to find older properties and unlock value through smart renovations.

✅ The Bottom Line

• Buyers: Coquitlam offers more room to negotiate; PoCo provides the best speed-to-value; Moody’s luxury homes require sharper eyes and savvy timing.

• Sellers: Presentation, pricing, and patience are key. Expect more questions and slower timelines in Coquitlam and Port Moody.

• Investors: Keep an eye on PoCo’s activity—it’s showing early signs of market resilience.

In 2025, renovation is often the financial winner for current owners in prime areas, while buying new—especially luxury—wins on lifestyle and convenience. The best move depends on whether your priority is maximizing equity or living hassle‑free.