Potential home buyers lining up in Maple Ridge last weekend. (Contributed)

Signs of recovery in real estate industry

Buyers lining up in Maple Ridge, summer sales close to normal

Potential home buyers were lining up in Maple Ridge last week, in a sign that the real estate market is heating up.

In advance of the first release of Roslyn Ridge Homes on Sept. 7, at its peak, there was a lineup of up to 75 potential home buyers, said Logan Findlay, Morningstar homes spokesperson. On the first weekend of sales, the 11 homes sold out. More homes will be released this Saturday at noon.

The B.C. Real Estate Association is predicting a market recovery in the province in the coming year. The association released its 2019 Third Quarter Housing Forecast Update recently, with residential sales in the province forecast to increase 11 per cent to 82,700 units in 2020, just below the 10-year average for MLS residential sales of 85,800 units.

“B.C. markets are showing signs of recovery after nearly a year and a half of policy-induced declines,” said Brendon Ogmundson, real estate association deputy chief economist. “We expect that recovery to continue into next year, with home sales normalizing around long-term averages.”

Home buyer activity increased to more typical levels in Metro Vancouver throughout the summer months, according to the Real Estate Board of Greater Vancouver’s September report. Residential home sales in the region totalled 2,231 in August 2019, which was a 15.7-per-cent increase from the 1,929 sales recorded in August 2018.

“Home sales returned to more historically normal levels in July and August compared to what we saw in the fist six months of the year,” said board president Ashley Smith.

READ ALSO: Real estate partners are a sister act

In Maple Ridge and Pitt Meadows, the number of sales has increased even more than the rest of the region. From June to August, there were 271 houses sold, which is up 17 per cent over 231 sold in the same period last year. There were 146 townhouses sold, compared with 113 in 2018, which was a jump of 29 per cent. Apartments held steady at 109 units sold, compared with 112 in June to August 2018.

There are more sellers. The number of homes listed for sale on the MLS system in Metro is 13,396, a 13.3 per cent increase compared to August 2018, (11,824).



Like us on Facebook and follow us on Twitter

Get local stories you won't find anywhere else right to your inbox.
Sign up here

Just Posted

Ridge Meadows RCMP announce detachment’s biggest drug, weapons and cash bust

Five month investigation resulted in large fentanyl seizure

Pitt Meadows woman gives birth on in-laws’ driveway

Frédérique Gagnon new son is appropriately named after Norse trickster god

Residents treated for smoke inhalation after fire in Maple Ridge building

Fire took place in the 11800 block of Laity Street

Teachers to get 2 extra days to prepare for students’ return, now set for Sept. 10

Students will first start with orientation and learn rules of COVID-19 classroom policies

Feds commit $305M in additional funds for Indigenous communities during COVID-19

Money can be used to battle food insecurity and support children and mental health

Hobo Cannabis renamed Dutch Love after backlash

Hobo Cannabis has various locations in Vancouver, Kelowna and Ottawa

Man accused of killing Red Deer doctor says he does not remember attack

Appearing before a judge, Deng Mabiour, 54, rambled about being sick and needing a doctor

Driver maces pedestrian after hit and run in Langley City

Police were on the scene at Michaud Crescent Wednesday morning

Teen killer Kelly Ellard gets day parole extension, allowing up to 5 days at home

Ellard is serving a life sentence for the 1997 murder of 14-year-old Reena Virk

Andrew Scheer likely marking last day in House of Commons as Opposition leader

Today’s Commons sitting is one of two scheduled for August

Deaths feared after train derails amid storms in Scotland

Stonehaven is on the line for passenger trains linking Aberdeen with the cities of Edinburgh and Glasgow

DFO says 5 aggrieved B.C First Nations were consulted on fisheries plan

Nuu-chah-nulth First Nations calls response ‘a sham,’ adding DFO never incorporates their views

Most Read