Pre-sales for the new Sierra Ridge development on 224th Street have been steady. (Neil Corbett/The News)

Pre-sales for the new Sierra Ridge development on 224th Street have been steady. (Neil Corbett/The News)

Housing market still favours sellers in Maple Ridge-Pitt Meadows

Lack of inventory across Metro Vancouver keeps prices up

The Maple Ridge-Pitt Meadows area remains a seller’s real estate market, and there is little point in waiting for that to change, according to a local realtor.

“The seller’s market is still being driven by a lack of inventory,” said Carla McColeman, who has been a realtor in Maple Ridge for a decade. “Things are selling fast, and we’re still seeing multiple offers.”

The high-level statistics from the Real Estate Board of Greater Vancouver bear out what the real estate professional is seeing on the ground. Home sales across Metro Vancouver remain above historic averages, while the overall supply of homes for sale has dipped to levels not seen in three years.

Last month’s sales were more than 22 per cent higher than the 10-year average for October. However, the number of homes listed for sale on the MLS system in Metro Vancouver is down more than 35 per cent compared to October 2020. So homes are not on the market long.

“There’s still that expectation that you list it, have your open houses, and then it’s gone in a week,” said McColeman.

She is currently handling the sales for the Sierra Ridge condominium project on 224th Street, and said sales were strong through the end of summer period. Developer Atterra just released another 17 units for sale. She said there are numerous buyers moving east from elsewhere in the region, happy to pay $575,000 for a new two bedroom apartment.

“There’s definitely a lot of out-of-town purchasers. They see our condo prices, and don’t blink an eye.”

It’s still comparatively affordable. There were 58 condominiums sold in Maple Ridge and Pitt Meadows last month, for a median price of $480,000. Across Greater Vancouver, the benchmark price was almost $750,000 for a condo last month.

Similarly, local houses ($1.28 million) and townhouses ($728,000), were more affordable than the benchmark Greater Vancouver house ($1.85 million) or townhouse ($975,000) in October.

“Home sale activity continues to outpace what’s typical for this time of year, and the pool of homes available for sale is in decline,” said Keith Stewart, real estate board economist. “This dynamic between supply and demand is causing home prices to continue to edge up across the region.”

McColeman advises local buyers that the best time to buy is almost always “now.”

“You could wait a long time for the market to drop,” she said.

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