Home sales in Maple Ridge and Pitt Meadows continued at a slow pace through the month of October.
House sales dropped to 75 transactions last month, compared with 122 in October of 2021. Similarly, townhouse sales dropped from 38 to 21, and apartments from 58 to 23. Over the past three months, local residential sales are down approximately 40 per cent compared with the same period in 2021.
“It’s been quieting down, that’s for sure,” said Maple Ridge realtor Angela Dundas, noting the market has just passed through one of its busiest times.
“Buyers feel there is more on the market, and they’re taking their time.”
She said rising interest rates are “pushing buyers to their limits,” and high mortgage rates are making it a challenge for first-time buyers to get into the local market.
“I’m still doing business, but not at the levels we have been in the past few years,” said Dundas. “There are always opportunities.”
It’s a trend across the Metro Vancouver housing market, with sales well below historical averages in October, according to the Real Estate Board of Greater Vancouver (REBGV). The agency reports residential home sales in the region totalled 1,903 in October 2022, which was a 46 per cent decrease from the 3,494 sales recorded in October 2021, and a 12.8 per cent increase from the 1,687 homes sold in September 2022. Last month’s sales were 33.3 per cent below the 10-year October sales average.
“Inflation and rising interest rates continue to dominate headlines, leading many buyers and sellers to assess how these factors impact their housing options,” said Andrew Lis, REBGV’s director of economics and data analytics.
“With sales remaining near historic lows, the number of active listings continues to inch upward, causing home prices to recede from the record highs set in the spring of 2022.”
In Maple Ridge, that means benchmark house prices dropping 18 per cent over the past six months to $1.2 million, and in Pitt Meadows 19 per cent to $1.19 million. Townhouse sales have fared slightly better – down 17 per cent in Maple Ridge at $733,000, and down 11 per cent in Pitt Meadows to $819,000.
Maple Ridge benchmark apartment prices are down 8.4 per cent to $525,000 over the same six-month period, and Pitt Meadows condos are down nine per cent to $595,000.
The benchmark price for all residential properties in Metro Vancouver is $1.15 million, which is a 9.2 per cent decrease over the last six months.
The total number of homes currently listed for sale on the MLS system in Metro Vancouver is 9,852, a 22.6 per cent increase compared to October 2021 (8,034).
Lis said with the possibly of yet another rate hike by the Bank of Canada this December, it’s important to secure financing as early in the process as possible.
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