The past summer saw real estate prices rise slightly in Maple Ridge and Pitt Meadows, while August sales showed a dip in sales.
Higher borrowing costs have begun to permeate the Metro Vancouver’s housing market in predictable ways, says the monthly report from the Real Estate Board of Greater Vancouver (REBGV). It reports August sales across the region were almost 14 per cent below the 10-year seasonal average (2,663).
“It’s been an interesting spring and summer market, to say the least,” said Andrew Lis, REBGV’s director of economics and data analytics. “Borrowing costs are fluctuating around the highest levels we’ve seen in over 10 years, yet Metro Vancouver’s housing market bucked many pundits’ predictions of a major slowdown, instead posting relatively strong sales numbers and year-to-date price gains north of eight per cent, regardless of home type.”
In Maple Ridge and Pitt Meadows house sales dropped 27 per cent in August, compared with July with 61 houses sold. While 32 apartments sold was a 22 per cent drop, the 49 townhouses sold was a 14 per cent increase compared with July.
House prices are up more than three per cent over the past three months in Maple Ridge and Pitt Meadows, but still comparatively low at $1.3 million, compared to the $1.8 million benchmark price for the regional as a whole.
Townhouses are at a benchmark price of $830,000 in Pitt Meadows and $760,000 in Maple Ridge, compared with a Lower Mainland price of $977,000. Apartments in Maple Ridge are at $545,000 – the lowest benchmark price in the FVREB, in Pitt Meadows $620,000, and $717,000 in the region as a whole.
READ ALSO: First-time buyers can still get in market says Maple Ridge realtor
Local realtor Sharon Gordon says potential buyers have been watching prices and mortgage rates.;
“They’re keeping an eye on the market,” said Gordon. “We’re anticipating it’s going to be picking up in September/October.”
While rising interest rates have created caution, she said the current rate, which the Bank of Canada has held at five per cent, is not a high rate historically.
Gordon said buyers need to be realistic about what they can afford.
“Move up the ladder, and don’t try to get into a house right away,” she advises. “Stay with what you can comfortably afford.”
There were 3,943 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service (MLS) in Metro Vancouver in August 2023. This represents an 18 per cent increase compared to 3,340 homes listed in August 2022, but it was 5.3 per cent below the 10-year seasonal average (4,164).
The total number of homes currently listed for sale on the MLS system in Metro Vancouver is 10,082, which is 13 per cent below the 10-year seasonal average (11,647).
READ ALSO: Bank of Canada holds key rate steady, makes no promises for next time