As the end of 2021 nears, the price of a house in Maple Ridge has shot up by one-third over the past year, and the overheated real estate market shows no sign of cooling.
Home buyer demand remains well in excess of long-term averages, and the supply of homes for sale continues to decline across Metro Vancouver. The Real Estate Board of Greater Vancouver (REBGV) reports home sales in the region totalled 3,428 last month, which was a jump of 33.6 per cent above the 10-year November sales average.
“We expect home sale totals to end the year at or near an all-time record in our region,” said board economist Keith Stewart. “We’ve had elevated home sale activity throughout 2021 despite persistently low levels of homes available for sale. With a new year around the corner, it’s critical that this supply crunch remains the focus for addressing the housing affordability challenges in our region.”
Maple Ridge real estate professional Leah Faulkner said the lack of listings means challenges for buyers.
“It’s still not unusual to be going up against multiple offers,” she said. “There’s still not enough houses on the market.”
The board reports the median selling price of 118 houses that sold in Maple Ridge and Pitt Meadows last month was more than $1.3 million. That’s up from $960,000 during the same month in 2020. The change in one year is 34 per cent in Maple Ridge, and 32.3 per cent in Pitt Meadows. However, it’s still well below the Lower Mainland benchmark price of $1.7 million for a single family detached property.
“It’s making people be creative in the way they buy a house,” said Faulkner. “It’s a team effort to get offers accepted.”
She said more buyers are investing with family members, and buying properties with inlaw suites.
Buyers need to look at properties under the top end of their budget, anticipating they will need to compete with offers that are over the asking price, she advised.
“But once you’re in the market, you get that investment working for you,” Faulkner added. “It’s still a great investment.”
The Maple Ridge-Pitt Meadows market remains comparatively affordable for all residential property types. The benchmark price of a townhouse in the Lower Mainland is $892,000, compared with $780,000 for 55 Maple Ridge-Pitt Meadows units sold last month. And the benchmark for a Lower Mainland apartment is $755,000, compared with $529,000 for Maple Ridge-Pitt Meadows, based on 54 units sold locally.
The total number of homes currently listed for sale on the MLS system in Metro Vancouver is 7,144 – a 35.7 per cent drop from November 2020 (11,118).
Faulkner doesn’t see the market changing in 2022.
“We need more homes on the market, and more listings. There’s just not as many listings as we need for the buyers.”
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