Home sales are slowing in Maple Ridge and Pitt Meadows, and real estate professionals say there is a lack of supply across Greater Vancouver.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totalled 3,152 in August 2021, which was a 3.4 per cent increase from the 3,047 sales recorded in August 2020, but a 5.2 per cent decrease from the 3,326 homes sold in July 2021.
In Maple Ridge and Pitt Meadows there were 117 house sales in August 2021, which is down from 127 in July. Sales also dropped slightly for townhouses (57 to 51) and apartments (41-39).
Last month’s sales across the region were 20.4 per cent above the 10-year August sales average.
“August was busier than expected, and listings activity isn’t keeping up with the pace of demand. This is leaving the market under supplied.” said Keith Stewart, REBGV economist.
The current benchmark price of a house in Greater Vancouver is $1.8 million, but is $1.14 million in Maple Ridge and $1.2 million in Pitt Meadows.
The benchmark price of a townhouse in the region is $950,000, and is $687,000 in Maple Ridge and $763,000 in Pitt Meadows.
The price of an apartment in Greater Vancouver is $735,000, compared with $428,000 in Maple Ridge and $544,000 in Pitt Meadows.
There were 4,032 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service (MLS) in Metro Vancouver in August 2021. This represents a 30.6 per cent decrease compared to the 5,813 homes listed in August 2020 and a 7.9 per cent decrease compared to July 2021 when 4,377 homes were listed.
In Maple Ridge, listings of houses dropped from 150 to 114 from July to August, but increased for townhouses from 50 to 62, and for apartments from 66 to 75.
“Housing supply is the biggest factor impacting the market right now. To help relieve pressure on prices and improve peoples’ home buying options, the market needs a more abundant supply of homes for sale.” Stewart said. “Housing affordability has been a key issue in the federal election. We encourage the political parties to focus on policy solutions that will help streamline the creation of more diverse housing options for hopeful home buyers today and into the future.”
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