There was a notable increase locally in the number of homes on the market last month, but that did not translate to an increased number of sales compared to January 2024.
Homes newly listed on the MLS in Metro Vancouver rose 46 per cent year-over-year in January, as sellers appear eager to enter the market to start the year, and this community was no exception. There were 208 new listings for detached homes in the two cities in January of this year, compared to only 54 last month and 159 this time last year.
Similarly, there were 88 attached (townhomes and row homes) added to the listings in January of this year – between the two cities – compare to only 18 in December and 44 in January of 2024. Meanwhile, there were 97 apartments put up for sale in January, compared to 27 the month before and 89 listed in January 2024.
With new listings outpacing demand to start 2025 – not just in Maple Ridge and Pitt Meadow, but throughout the region – price trends saw little fluctuation in January across all segments, according to the Greater Vancouver Realtors' monthly real estate report for the Lower Mainland.
Across all detached, attached, and apartment property types, the sales-to-active listings ratio for January 2025 was 14.1 per cent.
Analysis of the historical data suggests downward pressure on home prices occurs when the ratio dips below 12 per cent for a sustained period, while home prices often experience upward pressure when it surpasses 20 per cent over several months, explained Andrew Lis, GVR director of economics and data analytics.
“Our 2025 forecast calls for moderate price growth by the end of the year, but we have cautioned that shocks to the economy such as those currently threatening Canada via tariffs from the U.S. could impact these estimates," he said.
"Going forward, whether these tariffs actually come into force, the duration they remain in place, and the degree to which Canada retaliates will determine the impact to the housing market in our region in the months ahead, if any.”
In the meantime, when looking at GVR's cost comparisons for the same time 10 years ago, both Maple Ridge and Pitt Meadows recorded jumps in benchmark prices that were higher – and in some cases more than double the hikes noticed – than elsewhere in this region.
A typical single-family home in January sold for $1,272,100 in Maple Ridge, and $1,246,600 in Pitt Meadows. For Maple Ridge, that's 162 per cent more than it cost 10 years ago, while in Pitt Meadows the hike was 138 per cent. The only other communities in the region that were comparable were on Bowen Island, Squamish, the Sunshine Coast, and Port Coquitlam.
As for the typical townhouse in Maple Ridge, it's benchmark price last month was listed at $785,700, that is 187 per cent higher than a decade ago, and in Pitt Meadows, the benchmark price is currently $824,000, 170 per cent higher than 10 years ago.
Similarly, apartments have seen a huge hike in that 10-year window. In January, a condo in Maple Ridge had a typical price of $525,600, that's 165 per cent higher than at this time in 2015. And for Pitt Meadows, an average apartment was selling for $604,000 last month, that's a 166 per cent hike over the past 10 years.
