The real estate market is cooling in Maple Ridge, Pitt Meadows and across the region. (File photo)

The real estate market is cooling in Maple Ridge, Pitt Meadows and across the region. (File photo)

Real estate markets cooling off in Maple Ridge and Pitt Meadows

Sales of all property types dropping, prices coming down

The real estate market is rapidly changing in Maple Ridge, as rising interest rates and inflation have contributed to a cooling off in the past three months.

The latest stats from the Real Estate Board of Greater Vancouver show house sales are about half of what they were this time last year. Through April, May, and June of 2021 there were 530 houses sold in Maple Ridge and Pitt Meadows. This year, through the same three months there were 260 – a drop of 51 per cent.

Similarly, townhouses sales have dropped from 256 to 164 over the comparative time frames, for a 36 per cent drop. Apartments went from 211 to 141 for a one-third drop.

“It couldn’t last – it was not sustainable,” said longtime Maple Ridge realtor Jan Hickman of last year’s record-setting pace.

She said buyers now have more time to make an offer, and can look at more options. She’s generally not seeing the multiple offers, and there is less chance of buyer’s making a commitment they regret, she said.

“It’s a better market for everyone,” she said. “Buyers are taking a little longer to make up their minds, and they have choices.”

Hickman is still seeing buyers from other Lower Mainland communities home shopping in Maple Ridge and Pitt Meadows.

“Maple Ridge is still a preferred community for a lot of young families, and more people are able to work from home now,” she said.

READ ALSO: CMHC says residential mortgage debt grew last year by fastest pace since 2008

The Real Estate Board of Greater Vancouver (REBGV) reports residential home sales in the region totalled 2,444 in June 2022, which was a 35 per cent decrease from the 3,762 sales recorded in June 2021, and a 16 per cent decrease from the 2,918 homes sold in May 2022.

Last month’s sales were also 23 per cent below the 10-year June sales average.

Prices have also fallen in Maple Ridge and Pitt Meadows over the past three months, with the benchmark price of a house in Maple Ridge dropping 7.1 per cent to $1.38 million, and Pitt Meadows houses down 9.7 per cent to $1.39 million compared with the same time frame in 2021.

Comparing the past three months to the same time frame in 2021, Maple Ridge townhouses are down 8.1 per cent to $833,000, while apartments have stayed close to par – down one per cent to $563,000. A Pitt Meadows townhouse has dropped 4.3 per cent to $882,000, and an apartment dropped 1.3 per cent to $638,000.

The benchmark price for all residential properties in Metro Vancouver is currently $1,235,900. This represents a 12.4 per cent increase over June 2021, a two per cent decrease compared to May 2022, and a 2.2 per cent decrease over the past three months.

READ ALSO: Realtor marks 50 years of selling properties in Maple Ridge


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