The real estate market could be poised for a rebound.
Home sales registered in the MLS in the Metro Vancouver market rose 28 percent year-over-year in November, building on the momentum of the 30 percent year-over-year increase seen in October, according to the Greater Vancouver Realtors.
They report residential sales in the region totalled 2,181 last month, up from 1,702 in November 2023. This was 12.8 per cent below the 10-year seasonal average of 2,500.
“When we saw demand pick up in October, there was still a question over whether it was a blip in the data or the start of an emerging trend,” said Andrew Lis, GVR’s director of economics and data analytics. “While the November market isn’t quite a Cyber Monday door crasher, buyers are continuing to take advantage of the relatively balanced market conditions while they last.”
November saw 77 houses sold in Maple Ridge/Pitt Meadows, which was one of the highest numbers of the communities served by GVR. There were also 49 townhouses, and 20 apartments sold last month.
Through the first 11 months of 2024 there have been 917 houses sold in Maple Ridge-Pitt Meadows, 554 townhouses, and 410 apartments. Over the same period of time in 2023 there were 863 houses, 468 townhouses, and 427 apartments sold.
It's the highest number of house sales in the GVR for the year, and Tore Jacobsen, managing broker for Macdonald Realty, describes it as a unique market.
"Maple Ridge and Pitt Meadows is still the untamed frontier – there's still value there to be found for buyers," he said, noting it has remained a comparatively busy market in real estate as the rest of the region cooled.
Now, he said, there is pent-up demand from buyers across the region, just as the Bank of Canada cut rates by 50 points to 3.25 per cent. There are also new mortgage rules are coming into effect. With the new regulations, homeowners will be able to take out mortgage insurance on homes worth up to $1.5 million, allowing lower down payments. There will also be 30-year amortization periods for first-time buyers, and those purchasing new builds. The realtor predicts it will make for a busier year in real estate.
"The expectation was that 2025 would be a better year overall," said Jacobsen. "The expectation now is 2025 will get a quicker start. Things might start to heat up in February."
He said there is already an uptick in showings, and he expects an increase in the "paper piece" to come soon, as offers follow showings.
Prices in Maple Ridge-Pitt Meadows are competitive. The benchmark price of a house in Greater Vancouver through November was $2 million, while in Maple Ridge it was $1.29 million, and in Pitt Meadows $1.36 million. Similarly, local townhouses are approximately $300,000 less than the Greater Vancouver median price, and apartments $150,000 to 200,000, based on the GVR statistics.
There is inventory. The total number of properties currently listed for sale on the MLS system in Metro Vancouver is 13,245, a 21 per cent increase compared to November 2023 (10,931). It's also 26 per cent above the 10-year seasonal average of 10,502.
