Sales at ERA Maple Ridge show sizzling market

In a single Sunday afternoon, the last 13 townhomes in ERA Maple Ridge were sold in this red hot real estate market.

Jeremy Towning, a partner and vice-president with Swissreal Group, said house prices have been rising, and in the space of a week townhomes moved into a gap in the market for people looking to buy.

“These townhomes, at over $700,000, became a really good option,” he said, and on April 25 ERA sold the remainder of its 30 units in the downtown development.

The benchmark price for a detached home in Greater Vancouver is $1.76 million – a 20.9 per cent increase from last year.

In Maple Ridge, the benchmark is a more affordable $1.1 million, and in Pitt Meadows $1.16 million. Those represent increases of 30.4 per cent for Maple Ridge and 25.7 per cent for Pitt Meadows.

The benchmark price for a Maple Ridge townhouse is $664,000, and in Pitt Meadows $718,000.

The first phase also includes 112 condominium units that have also pre-sold in the $500,000 to $600,000 range.

Towning said the buildings will be completed by the end of 2021. They are the first phase of a three block master planned development at the junction of Dewdney Trunk Road and 224th Street, that will include some 1,000 condos and townhouses, with commercial space along Dewdney Trunk and offices.

The Real Estate Board of Greater Vancouver (REBGV) reports residential home sales in the region totalled 4,908 in April, which was a 343 per cent increase from the 1,109 sales recorded in April 2020.

Last month’s sales were 56 per cent above the ten-year April average, and the highest total on record for the month.

There were 7,938 detached, attached and apartment homes newly listed for sale on the Multiple Listing Service in Metro Vancouver in April. That’s a 243.2 per cent increase compared to the 2,313 homes listed in April 2020, and is the highest new listing total ever recorded in the region in April.

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“While homes are now being listed at record levels, more supply is needed to meet today’s demand and help market conditions achieve greater balance,” said Keith Stewart, REBGV economist.

“Record low interest rates, increased household savings, a strengthening economy and a continued focus on living space during the pandemic are all factors that are helping to bolster demand while steady price growth is encouraging more sellers to list their homes,” Stewart added.

The MLS Home Price Index composite benchmark price for all residential properties in Metro Vancouver is currently $1,152,600. This represents a 12 per cent increase over April 2020.