By Kevin Gillies
Maple Ridge and Pitt Meadows home sales during 2015 were consistent with, and contributed to, record sales numbers for the Greater Vancouver region in 2015.
The Real Estate Board of Greater Vancouver reports that 2015 home sales were the highest annual total in the regional association’s history.
According to the real estate board, in a year when the number of homes listed for sale was below historical averages, actual home sales in Metro Vancouver set a new record.
This was powered early in the year by four straight months with more than 4,000 sales a month from March to June, another first for board.
“Home buyers were active and motivated throughout 2015 despite the pressure on supply of homes on the market,” says REBGV president Darcy McLeod.
“Housing markets typically experience quieter periods within a calendar year, but that wasn’t the case in Metro Vancouver last year.”
In 2015, Maple Ridge and Pitt Meadows saw 1,806 detached homes sold, compared to 1,362 in 2014.
That represents an increase of 444 houses, or a jump of 33 per cent over the 2014 sales.
Also last year 753 attached homes (townhouses) sold, compared to 465 in 2014 — an increase of 62 per cent.
Apartment sales remained relatively static, increasing from 361 in 2014 to 381 last year – a one-per-cent increase.
The increase in detached homes sales locally is startling, considering there was a decrease in listings.
Maple Ridge and Pitt Meadows had 2,120 detached homes listed for sale in 2015, compared to 2,178 in 2014.
The situation had an effect on local house prices with the median price for detached houses in Maple Ridge and Pitt Meadows jumping from $496,750 in 2014 to $555,000 in 2015. That represents an increase of 12 per cent.
Locally, the median price for a townhouse also jumped from $302,000 in 2014 to $319,816 in 2015 – a jump of six per cent.
“We often hear economists say that seller’s market conditions put upward pressure on home prices,” McLeod said.
“That was certainly the case in 2015, with price increases ranging from 14 to 24 per cent, depending on property type.”
The number of sales listings for apartments locally actually jumped by three per cent in 2015 to 653.
For the Greater Vancouver region, 2015 sales of detached, attached and apartment properties in 2015 increased 28 per cent over 2014, and 48 per cent over the sales in 2013.
With sales-to-active-listings ratios above 25 per cent for 11 months in 2015, the Metro Vancouver market experienced sellers market conditions for much of the year.
The total number of homes listed for sale on the Multiple Listing Service in 2015 ranked fifth in the last 10 years, while the MLS Home Price Index saw double-digit year-over-year price increases.
The number of residential properties listed for sale on the MLS in Metro Vancouver in 2015 reached 57,249 – an increase of two per cent compared to the 56,066 properties listed in 2014 and its increase of five per cent compared to the 2013 properties listed.
In addition to Maple Ridge and Pitt Meadows, areas in the Metro Vancouver region also include: Whistler, Sunshine Coast, Squamish, West Vancouver, North Vancouver, Vancouver, Burnaby, New Westminster, Richmond, Port Moody, Port Coquitlam, Coquitlam, New Westminster and South Delta.