It was a busy July in real estate markets across the Real Estate Board of Greater Vancouver (REBGV), and especially in Maple Ridge and Pitt Meadows.
Residential home sales in the region totalled 3,128 in July 2020, which was a 22.3 per cent increase from the 2,557 sales recorded in July 2019, and a 28 per cent increase from the 2,443 homes sold in June 2020. Last month’s sales were also 9.4 per cent above the 10-year July sales average.
In Maple Ridge and Pitt Meadows there were 200 residential sales in 2019, and that shot up to 289 sales last month.
“We’re seeing the results today of pent-up activity, from both home buyers and sellers, that had been accumulating in our market throughout the year,” Colette Gerber, REBGV chair said. “Low interest rates and limited overall supply are also increasing competition across our market.”
Prices are also up. The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,031,400. This represents a 4.5 per cent increase over July 2019.
In Maple Ridge/Pitt Meadows, the median selling price of a detached home rose from $790,000 in July 2019 to $904,000 last month. Similarly, attached units rose from $515,000 to $555,000 and apartments from $335,000 to $386,000, according to board stats.
There were 5,948 detached, attached and apartment properties newly listed for sale on the Multiple Listing Service (MLS) in Metro Vancouver in July 2020. This represents a 28.9 per cent increase compared to the 4,613 homes listed in July 2019.
Realtors are doing business while respecting COVID-19 protocols, said the board chair.
“Safety remains the top priority for our realtor community,” Gerber said. “We continue to limit in-person interactions with clients and employ different technology solutions to ensure home buyers and sellers can get as much information as possible in a virtual setting.”