Tri-City housing prices have remained relatively static since October 2008 — except for those in Port Moody.

The smallest of the Tri-Cities saw the biggest price hike over last year, according to statistics released earlier this week by the Real Estate Board of Greater Vancouver (REBGV).

The benchmark price for a detached Port Moody home now sits at $770,555, representing a 42.1% increase over 2008's numbers.

But REBGV president Scott Russell cautioned that community's sampling size is so small that a few sales in either direction can drastically alter the results. Port Coquitlam's one-year change reflected a 5.5% drop while Coquitlam suffered a 5.7% reduction in benchmark price.

Those living in townhomes and other attached residences saw small value variations. Coquitlam's average attached home sits at a benchmark value of $417,131, translating into a 4.3% increase over one year. Port Coquitlam's benchmark price of $396,905 is 3.8% higher while Port Moody's $373,476 shows a 3.4% reduction.

Apartment owners saw nominal increases in the Tri-Cities.

Port Moody's average rate for apartments is now $297,808, up 5.6% from 2008. Port Coquitlam's apartments barely rose in value, up 0.9% to $244,626, and Coquitlam owners enjoyed a 2.3% rise in their properties' value, with the benchmark sitting at $283,896.

Region-wide, the average price for all residential properties in Greater Vancouver increased 6.8% to $533,702 from $518,668 in October 2008.

"While home prices have been rising in 2009, they have not eclipsed the peaks reached in early 2008," said Russell. "We're coming off several months of unseasonably high sales levels, which has allowed for a gradual increase in home values this year."

Listings-wise, all Tri-City communities reflected drops in the number of residences sold compared to October 2008.

In Coquitlam 340 properties sold in October 2009, which is a 13% reduction from last year's 387. Port Coquitlam's detached, attached and apartment listings dropped from 177 to 154 while the Port Moody/Belcarra area weathered a smaller downturn to 124 from 130.

jroessle@tricitynews.com