The real estate market in Maple Ridge and Pitt Meadows went from record-breaking to simply busy through the month of May.
House sales in the two cities dropped 13 per cent, from 204 in April to 178 in May, and townhouse units dropped 17 per cent, from 104 units sold in April to 86 last month.
That’s in line with what has been happening across the region. The Real Estate Board of Greater Vancouver (REBGV) reports residential home sales in the region totalled 4,268 in May 2021, which is a 13 per cent decrease from the 4,908 homes sold in April 2021. Last month’s sales were still 28 per cent above the 10-year May sales average.
“While home sale and listing activity remained above our long-term averages in May, conditions moved back from the record-setting pace experienced throughout Metro Vancouver in March and April of this year,” Keith Stewart, REBGV economist said. “With a little less intensity in the market today than we saw earlier in the spring, home sellers need to ensure they’re working with their Realtor to price their homes based on current market conditions.”
Prices have risen dramatically in Maple Ridge and Pitt Meadows. The benchmark price of a house in Maple Ridge is now $1.122 million, and $1.19 million in Pitt Meadows. These increases are 32 per cent higher for Maple Ridge and 29 per cent higher for Pitt Meadows than a year ago.
Still, both cities are comparatively affordable in the Greater Vancouver area, where the benchmark price is over $1.8 million.
Townhouses in Greater Vancouver are at a benchmark of 936,000, but are $742,000 in Pitt Meadows and $678,000 in Maple Ridge. Maple Ridge townhouse prices are up 24 per cent in a year, and in Pitt Meadows 17 per cent.
Apartments in Greater Vancouver are at a benchmark of $737,000; $548,000 in Pitt Meadows and $430,000 in Maple Ridge. Both are up approximately 13 per cent in a year.
“The seller’s market conditions experienced throughout much of the pandemic highlight the need for increasing the volume and variety of housing supply across our region,” Stewart said. “Doing this requires a more disciplined focus on planning, reducing building costs, understanding demographic changes, and expediting the building approval process.”
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