The Real Estate Board of Greater Vancouver reports that Maple Ridge and Pitt Meadows were some of the biggest risers during a record year in the housing market.
Looking across Metro Vancouver, detached homes in Pitt Meadows saw the largest benchmark price increase at 42.2 per cent, rising to $1.38 million. That was followed by detached homes (38.5 per cent) and townhomes (35.2 per cent) in Maple Ridge. They rose to $1.25 million for a Maple Ridge house, and $754,000 for a townhouse.
“Every old shack is worth a million bucks,” observed longtime Maple Ridge realtor Ralph Telep.
However, he noted that compared with the rest of the region, Maple Ridge still offers great value for money.
The benchmark price of a house in the Lower Mainland is $1.76 million, with Coquitlam over $1.6 million, Burnaby more than $1.8 million, Richmond over $2 million, and West Vancouver over $3.2 million.
The realtor said Maple Ridge’s natural beauty and proximity to Vancouver make it desirable, even after huge price increases.
“This is paradise, my man,” touted Telep. “People want to be here.”
Metro Vancouver home sales reached an all-time high in 2021.
The Real Estate Board of Greater Vancouver (REBGV) reports residential home sales in the region totalled 43,999 in 2021. That’s up:
• 42.2 per cent over the 30,944 sales recorded in 2020,
• 73.6 per cent over 25,351 homes sold in 2019,
• four per cent increase over the previous all-time sales record of 42,326 set in 2015.
• 33.4 per cent above the 10-year sales average.
“Home has been a focus for residents throughout the pandemic,” said Keith Stewart, real estate board economist. “With low interest rates, increased household savings, more flexible work arrangements, and higher home prices than ever before, Metro Vancouverites, in record numbers, are assessing their housing needs and options.”
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Last year’s listings total was 11 per cent above the 10-year average. Still, there weren’t enough homes for sale to keep up with demand.
“While steady, home listing activity didn’t keep pace with the record demand we saw throughout 2021. This imbalance caused residential home prices to rise over the past 12 months,” Stewart said.
The total number of homes currently listed for sale on the MLS system in Metro Vancouver is 5,236, a 38.7 per cent decrease compared to December 2020 (8,538).
“We begin 2022 with just over 5,000 homes for sale across the region. This is the lowest level we’ve seen in more than 30 years,” Stewart said. “With demand at record levels, residents shouldn’t expect home price growth to relent until there’s a more adequate supply of housing available to purchase.”
Maple Ridge’s Telep related a similar experience, saying he would normally have 15-20 listings with his real estate team, but is far below that.
“I’ve got two listings right now, and I just sold one,” he said.
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