Real estate sales way below June average

House sales down 13 per cent in Maple Ridge and Pitt Meeadows over last three months

Home sales in Maple Ridge and Pitt Meadows have continued to drop, while the region saw its lowest sales in almost 20 years.

Sales of detached houses dropped from 111 in May to 81 last month in Maple Ridge and Pitt Meadows. During the three-month period of April, May and June in 2018 there were 307 house sales, compared with 268 during the same period in 2019, according to the latest figures from the Real Estate Board of Greater Vancouver. That’s a drop of almost 13 per cent.

Apartment sales during the same three-month period dropped almost 40 per cent year over year, from 174 sales to 104, but townhouses had some good news, rising from 127 to 144 sales – an increase of 13.4 per cent.

With home buyer demand below long-term historical averages in June, the supply of homes for sale continued to accumulate in Metro Vancouver as a whole, said a REBGV reports for June. Residential home sales in the region totalled 2,077 in June 2019, a 14.4 per cent decrease from the 2,425 sales recorded in June 2018 and a 21.3 per cent decrease from the 2,638 homes sold in May 2019.

“We’re continuing to see an expectation gap between home buyers and sellers in Metro Vancouver,” said Ashley Smith, REBGV president.

“Sellers are often trying to get yesterday’s values for their homes while buyers are taking a cautious, wait-and-see approach.”

Last month’s sales were 34.7 per cent below the 10-year June sales average across the region. This is the lowest total for the month since 2000.

READ ALSO: B.C. estimates $7 billion laundered in 2018, $5 billion in real estate

The MLS composite benchmark price for all residential properties in Metro Vancouver is currently $998,700. This represents a 9.6 per cent decrease over June 2018. This is the first time the composite benchmark has been below $1 million since May 2017.

The benchmark price for detached properties in the region is $1,423,500. This represents a 10.9 per cent decrease from June 2018.

The benchmark price of an apartment property is $654,700 – an 8.9 per cent decrease from June 2018.

The benchmark price of a townhouse is $774,700 – an 8.6 per cent decrease from June 2018 and a 0.6 per cent decrease compared to May 2019.

For comparison, in Maple Ridge the benchmark price of a house is $824,000, an apartment $355,000 and a townhouse $530,000.

In Pitt Meadows the comparables are $904,000 for a house, $498,000 for an apartment and $609,000 for a townhouse in June.

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