The first month of 2022 saw home sales come down from last year’s record-setting pace in Metro Vancouver, and Maple Ridge and Pitt Meadows followed that trend.
However, a low supply of houses for sale continued to cause prices to edge higher across the region.
The Real Estate Board of Greater Vancouver (REBGV) reports home sales in the region totalled 2,285 in January 2022, which was a 4.4 per cent decrease from the 2,389 sales recorded in January 2021, and a 15 per cent decrease from the 2,688 homes sold in December 2021.
In Maple Ridge and Pitt Meadows, there were 61 house sales, which was down 41 per cent from 104 the month prior. Looking longer term, there have been 283 house sales in the past three months in Maple ridge and Pitt Meadows, which is down 16 per cent from 335 in the same months a year ago.
Townhouse sales dropped even more, down to 124 in the past three months, compared with 198 for the same time frame a year ago. That’s a plunge of 37 per cent. Apartments have still been selling, up 16 per cent as 156 units sold in the last three months compared with 135 a year ago.
Prices rose slightly. A house in Maple Ridge ($1.28 million) or Pitt Meadows ($1.43 million) were both more affordable than the Greater Vancouver benchmark price for a single family detached home at $1.95 million.
The comparisons last month for townhouses were: Greater Vancouver $1.03 million, Maple Ridge $781,000 and Pitt Meadows $802,000.
The comparisons last month for apartments were: Greater Vancouver $776,000, Maple Ridge $489,000 and Pitt Meadows $615,000.
Last month’s sales were 25.3 per cent above the 10-year January sales average.
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There were 4,170 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service in Metro Vancouver in January 2022. This represents a 6.9 per cent decrease compared to the 4,480 homes listed in January 2021 and a 114.4 per cent increase compared to December 2021 when 1,945 homes were listed.
“Our listing inventory on MLS is less than half of what would be optimal to begin the year. As a result, hopeful home buyers have limited choice in the market today. This trend is causing fierce competition for a scarce number of homes for sale, which, in turn, increases prices,” Keith Stewart, REBGV economist said.
The total number of homes currently listed for sale on the MLS® system in Metro Vancouver is 5,663, a 31.8 per cent decrease compared to January 2021 (8,306) and an 8.2 per cent increase compared to December 2021 (5,236).
“As we approach spring, we’ll keep a close eye on the impact of rising interest rates on buyers’ willingness to buy and on whether more home owners will opt to become sellers in what’s traditionally the busiest season of the year,” Stewart said. “With home prices reaching new highs in recent months, the need has never been greater for government to collaborate with the building community to expedite the creation of housing supply and provide more choice for those struggling to buy a home today.”
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Is there more to the story? Email: ncorbett@mapleridgenews.com
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