A fully renovated home in Port Coquitlam finally sold this January after sitting on the market for two years. The detached home went through multiple price drops since its initial asking price at $1.65 million, and was sold within two days when it was relisted at $1.29 million.
The property
- Type: Detached house
- Neighbourhood: Lincoln Park
- Beds: 5
- Baths: 4
- Year built: 1975
- Parking: Garage, Double
- Taxes: $5,296.79
- Maintenance fees: Freehold Non-strata
- Days on market: 2
- Listed price: $1,299,900
- Selling price: $1,290,000
- Listing agents: Olga Tarasenko, Royal LePage Westside Klein Group; Bready Wu, Royal LePage Westside Klein Group
- Buyer’s agent: Sadheev Batra, Woodhouse Realty
Set on a corner lot in Lincoln Park, the home is a split-level property with separate entries for both the ground and second-floor suites. The property is a quick walk from a recreation centre, a park and local schools, making it ideal for growing or multigenerational families.
Although the home is more than five decades old, the owners invested about $250,000 in renovations, such as upgrading the heat pump and electrical systems and updating door hardware and locks. Other improvements include custom cabinetry with soft-close drawers in the kitchen, heated-seat toilets with built-in bidets and full replacement of the floors throughout the home.
The sale
The sellers purchased the home in 2023 for around $1.2 million and pushed their effective cost toward $1.4–$1.5 million after renovations. When they decided to sell in 2024, the property was listed as high as $1.65 million, gradually dropping to $1.39 million over the years. However, it failed to sell as other older properties in the area were priced much lower.
In January 2026, Bready Wu and Olga Tarasenko relisted the home at $1.29 million, basing the price on comparable homes sold in the area. Within two days, three groups booked private showings and one wrote an offer on the spot.
“If you’re going to spend over a million dollars to buy a house, you’ve probably been observing the market for awhile,” Wu says. “So these buyers were watching this property’s price drop until they felt it was worth putting in an offer.”
The big picture
While pricing is key in today’s market, Wu notes that understanding how the real estate cycle works is also important. In a buyer’s market, people are more cautious and value-driven than ever, taking longer to decide and expecting prices to reflect recent sales in the area.
Wu attributes the slowed market to an oversupply of entry-level products such as one-bedroom and studio units. Within the tri-city area, there’s around 300 units on the market but only about 30 to 40 units get sold each month.
“Buyers are taking a longer time to decide and they’ll pass on a unit because ‘a better one will appear next week,’” Wu says. “And that affects the other property types in the chain—activity is up, but there are just so many homes to look at.”
