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Real estate market stays hot through January in Maple Ridge/Pitt Meadows

‘Secret is out about Maple Ridge,’ says realtor
After a hot real estate market in 2020, home sales in Maple Ridge and Pitt Meadows were again busy in January. (Unsplash)

The real estate in Maple Ridge and Pitt Meadows continued as hot through the first month of 2021 as it did at the end of last year.

There were 95 single family homes sold in Maple Ridge/Pitt Meadows last month, which marked it one of the most attractive markets of the cities in the Real Estate Board of Greater Vancouver (REBGV). Those 95 houses sold for a median price of $1.05 million.

By comparison, there were 67 houses sold for a median price of $850,000 in January of 2020.

“The secret is out about Maple Ridge,” said Cass MacLeod, a realtor of 10 years and former director with the real estate board. “We live in one of the most beautiful areas of the Lower Mainland.”

The Royal LePage realtor sees a market as busy as it ever has been in the past decade. He said home buyers are initially attracted here by lower prices. That $1.05 million benchmark price for a house in Maple Ridge/Pitt Meadows compares favourably to the Lower Mainland benchmark of almost $1.4 million for the entire Lower Mainland.

Once they are here, buyers are impressed by the natural beauty of lakes, rivers, mountains, with a great system of parks and trails.

“I love Maple Ridge, and so do the people who live here, and so do people who are coming here,” said MacLeod.

The entire region remains a hot real estate market. The REBGV reports residential home sales in the region totalled 2,389 in January 2021, a 52.1 per cent increase from the 1,571 sales recorded in January 2020. Last month’s sales were 36.4 per cent above the 10-year January sales average.

READ ALSO: Maple Ridge and Pitt Meadows predicted to be hot real estate markets

READ ALSO: 16% boom predicted for B.C. real estate sales in 2021: experts

Demand is leading to increased prices.

“With home sale activity well above our January average, the supply of homes for sale isn’t able to keep pace,” Colette Gerber, REBGV chair, said. “This is causing increased competition amongst home buyers and upward pressure on prices.”

That’s despite COVID-19.

“Shifting housing needs during the pandemic and historically low interest rates have been key drivers of demand in our market over the last six months,” Gerber said. “People who managed to enter the market a few years ago, and have seen their home values increase, are now looking to move up in the market to accommodate their changing needs.”

There were 49 apartment sales in Maple Ridge/Pitt Meadows last month, for the same median price of $400,000 as January 2020. Also, 68 townhouses sold for a median price of $640,000, compared with $529,000, the median price for 32 townhouses in January 2020. The benchmark prices for Lower Mainland townhouses in January 2021 was $712,000, and apartments $655,000.

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Neil Corbett

About the Author: Neil Corbett

I have been a journalist for more than 30 years, the past decade with the Maple Ridge-Pitt Meadows News.
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