Sales and prices continue to drop in the real estate market in Maple Ridge-Pitt Meadows, which is part of a much wider trend.
The 191 houses sold in the two cities through July, August and September of this year is a drop of 46 per cent from the same three months in 2021, when there were 353 sales. This is part of the picture as the Real Estate Board of Greater Vancouver (REBGV) released its monthly statistics this week.
The sales of apartments dropped 35 per cent from 140 to 91, and townhouses are down 30 per cent from 159 to 111.
The past six months has seen prices drop as well. Houses in Maple Ridge are down 17 per cent to $1.23 million, and in Pitt Meadows they are down 19 per cent to $1.24 million.
Townhouses are also down to $751,000 in Maple Ridge, a drop of 17 per cent, while Pitt Meadows’ townhomes are at $819,000 for a drop of 11 per cent.
Apartments have fared better, down six per cent in Maple Ridge to $536,000, and down 6.6 per cent to $604,000 in Pitt Meadows.
“They’re returning to pre-COVID numbers, really, they’re levelling out,” said local realtor Justine Williams of Keller Williams Elite. “It gives buyers a lot more opportunity.”
She said rising interest rates have chilled the market, but noted that buyers will be seeing sharper prices. If interest rates drop, those prices could mean more affordable mortgages in the future.
Williams said houses are taking 30-60 days to sell, which is more normal.
“During COVID, if you got through a weekend (still on the market) it was unusual,” she said. “It was such a frenzy.”
Williams said move-up buyers will see opportunities, as attached units are continuing to hold more value, while house prices drop.
“It’s a great time for people to make that move,” she said.
Across the region, home sellers were more active in Metro’s housing market in September, while home buyer demand remained below the region’s long-term averages.
The REBGV reports residential home sales in the region totalled 1,687 in September 2022, a 46.4 per cent decrease from the 3,149 sales recorded in September 2021, and a 9.8 per cent decrease from the 1,870 homes sold in August 2022.
Last month’s sales were 35.7 per cent below the 10-year September sales average.
“With the Bank of Canada and other central banks around the globe hiking rates in an effort to stamp out inflation, the cost to borrow funds has risen substantially over a short period,” said Andrew Lis, REBGV director, economics and data analytics. “This has resulted in a more challenging environment for borrowers looking to purchase a home, and home sales across the region have dropped accordingly.”
The benchmark price for all residential properties in Metro Vancouver is currently $1,155,300. This represents a 3.9 per cent increase over September 2021, an 8.5 per cent decline over the past six months, and a 2.1 per cent decline compared to August 2022.
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