Lower Mainland home buying ‘at levels not seen before’ say Realtors

The housing market is as hot as it gets, according to both Maple Ridge realtors and the Real Estate Board of Greater Vancouver (REBGV).

It was a record-setting March. The board reported residential home sales in the region totalled 5,708 last month, which was a 126 per cent increase from the 2,524 sales recorded in March 2020. Last month’s sales were also 72 per cent above the 10-year March sales average and were the highest monthly sales total ever recorded in the region.

“In March, residents bought and listed homes across our region at levels not seen before,” said Taylor Biggar, REBGV Chair said. “This surge in activity is increasing upward pressure on prices.”

A lot of those sales were in the Maple Ridge-Pitt Meadows market, where there were 271 houses sold, as well as 97 townhouses, and 101 apartments.

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According to the board stats, the benchmark price for a house in the Lower Mainland is now $1.5 million, which is up 21 per cent from last year. In Maple Ridge the benchmark is $1.04 million, and Pitt Meadows $1.14 million. The increase over last year at this time is up 25 per cent in Maple Ridge and 27 per cent in Pitt Meadows.

Matthew Hayes of the Hayes Real Estate Team in Maple Ridge said the market is the most hectic he has seen it in his 10 years.

Vendors are getting five to seven offers just days after listing their houses, and many of those will have no subjects attached. He is seeing houses in Albion selling in that $1 million to $1.1 million range, while new homes in Grant Hill Estates have prices ranging between $1.7 to $2.3 million.

“That’s quite a jump in price in a few years,” he said.

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Hayes said buyers shouldn’t venture into the market without the services of a real estate professional, in a climate of bidding wars and offers with no subjects.

“Today’s activity can be attributed, in part, to an economy that’s showing signs of recovery, historically low interest rates, high demand for space, and increased household savings,” Biggar said.