Construction workers build forms for the foundation of a new development, Eleven on Cross, at Cross Road and Balsam Street in Maple Ridge. (Neil Corbett/THE NEWS)

Houses selling in Maple Ridge-Pitt Meadows

Has been the leader in Greater Vancouver Board for detached sales this year

Maple Ridge-Pitt Meadows has been the most popular market in the Real Estate Board of Greater Vancouver to buy a house.

So far through 2019 Maple Ridge-Pitt Meadows leads the way in sales of detached homes, with 343 sold from the start of the year through May, according to the latest sales stats from the board.

That puts the Ridge Meadows market ahead of markets such as Burnaby (212), Coquitlam (249) and Richmond (243).

May was a solid month in Maple Ridge-Pitt Meadows, with about one-third of those sales (111) taking place.

“You’re definitely seeing more sold signs,” said local realtor Rob Poole.

He said it continues to be a comparatively active market, because the only way for the Lower Mainland region to continue to grow is eastward, while some other cities in the region have become “unobtainable” due to high prices.

The median selling price of detached properties in Maple Ridge-Pitt Meadows has also dropped, from $884,000 in the first five months of 2018 to $830,000 so far this year. That is comparatively affordable, said Poole. The benchmark price for Greater Vancouver is now pegged at $1.4 million.

Poole said there are a good variety of property types in Maple Ridge-Pitt Meadows for buyers, who can still find acreage, large lots, waterfront and properties close to green space.

“It’s an awesome place if you like the outdoors,” he said.

It has also been the sound market for townhouses with 213 sales so far this year, which is again well ahead of most of its neighbouring cities the board serves.

READ ALSO: Greater Vancouver real estate board launches new website for home listings

The board’s stats show May’s sales across its region were down 22.9 per cent below the 10-year average, and the lowest total since 2000.

“High home prices and mortgage qualification issues caused by the federal government’s B20 stress test remain significant factors behind the reduced demand that the market is experiencing today,” said Ashley Smith, the REBGV president.

The number of detached sales is well down from the same period (January through May) last year, when there were 501 houses sold in Maple Ridge-Pitt Meadows.

Poole said sales always pick up with the fairer summer weather, and prices in Maple Ridge are adjusting to the new market realities, which should also bring more activity.


 


ncorbett@mapleridgenews.com

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