Real estate sales across the Metro Vancouver region surged in October, and the market remains busy in Maple Ridge and Pitt Meadows.
After months of tracking approximately 20 per cent below the 10-year seasonal average, Metro home sales surged more than 30 per cent year-over-year in October.
The Greater Vancouver Realtors (GVR) reports residential sales registered on the Multiple Listing Service (MLS) in the region totalled 2,632 last month, for a 32 per cent increase from the 1,996 sales recorded in October 2023. This was still 5.5 per cent below the 10-year seasonal average (2,784).
“Typically, reductions to mortgage rates boost demand, and the strong October sales numbers suggest buyers may finally be responding to lower borrowing costs after waiting on the sidelines for months,” said Andrew Lis, GVR director of economics and data analytics.
“To some market watchers, this rebound may come as a surprise, but with four consecutive rate cuts from the Bank of Canada – and more likely to come on the horizon – it was only a matter of time until signs of renewed strength in demand showed up.”
The Maple Ridge-Pitt Meadows market remained one of the strongest in the GRV for detached home sales, with 78 sales in October, at a median selling price of $1.3 million.
There were also 50 townhouses that sold for $810,000 and 47 apartments selling for a median price of $519,000 last month.
Maple Ridge-Pitt Meadows sales rose across all property types over the three months of August to October 2024, compared with the same period in 2023. House sales rose 12 per cent, from 188 to 210, townhouse sales rose 25 per cent from 111 to 139, and apartment sales rose just under five per cent, from 103 to 108.
Maple Ridge-Pitt Meadows prices were well below the region's. Sales of detached homes in October 2024 reached 724, a 26 per cent increase from the 577 detached sales recorded in October 2023, and the benchmark price was $2 million.
Sales of apartments reached 1,393 last month, a 33 per cent increase from 1,044 in October 2023, and the price was $757,200.
Attached home sales in October 2024 totalled 501, a 41 per cent increase compared to the 356 sales in October 2023. The benchmark price of a townhouse is $1,108,800.
There were 5,452 properties newly listed for sale on the MLS in Metro Vancouver in October 2024. This represents a 16.9 per cent increase compared to the 4,664 properties listed in October 2023, and was 20 per cent above the 10-year seasonal average (4,545).
