Residential property sales have slowed considerably in Maple Ridge, Pitt Meadows, and across the Lower Mainland.
The latest statistics from the Real Estate Board of Greater Vancouver show that there were 103 houses sold in Maple Ridge and Pitt Meadows in April, compared with 153 in March, for a drop of 33 per cent. Last month’s total was about half of the 204 houses sold in April of 2021.
A longer-term trend shows there were 382 houses sold in the last three months, compared with 644 for February, March and April of 2021. That’s a drop of 41 per cent.
Sales of townhomes suffered a similar fate, down 28 per cent to 208 units sold in the last three months. And apartment sales dropped 22 per cent, to 191 units sold.
Jim Isherwood, owner of Royal LePage Brookside Realty, said the change is just a return to normal for what was an overheated real estate market. It’s a positive for people looking at their buying options, he said.
“The market is cooling, like it has always done, and it’s now become a slower market where people have a chance to think about what their next move is going to be,” said Isherwood.
He said more than two-thirds of Canadians are home owners. Of the remaining one-third, a majority have become so discouraged by that they have given up on the idea of owning a house, he said.
“Maybe they can be encouraged to come back into the marketplace,” said Isherwood.
Home buyer demand in Metro Vancouver returned to more historically typical levels in April. The REBGV reports that residential home sales in the region totalled 3,232 in April 2022, a 34.1 per cent decrease from the 4,908 sales recorded in April 2021, and a 25.6 per cent decrease from the 4,344 homes sold in March 2022.
However, last month’s sales were 1.5 per cent above the 10-year April sales average.
“So far this spring, we’ve seen home sales ease down from the record-breaking pace of the last year,” said Daniel John, REBGV chair. “While a small sample size, the return to a more traditional pace of home sales that we’ve experienced over the last two months provides hopeful home buyers more time to make decisions, secure financing and perform other due diligence such as home inspections.”
The number of homes currently listed for sale on the MLS system in Metro Vancouver is 8,796, a 14 per cent drop from April 2021 (10,245).
“With interest rates climbing and the total inventory of homes for sale inching higher, it’s important to work with your local Realtor to understand how these factors could affect your home buying or selling situation,” John said.
A Lower Mainland house now has a benchmark price of $2 million, compared to $1.44 million in Maple Ridge and $1.54 million in Pitt Meadows. In the past year, Maple Ridge and Pitt Meadows house prices have risen the most of any REBGV community, both up 32 per cent.
Lower Mainland townhouses have a benchmark price of $1.06 million, compared with $889,000 in Maple Ridge and $902,000 in Pitt Meadows.
A Lower Mainland apartment has a benchmark price of $869,000, compared with $547,000 in Maple Ridge and $683,000 in Pitt Meadows.
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