The real estate market in Maple Ridge and Pitt Meadows has been marked by fewer home sales and lower prices in 2023, compared with 2022.
Prices are down across all property types, according to the latest statistics from the Real Estate Board of Greater Vancouver. There have been 863 houses sold, compared with 926 from January through November of 2022, and the median sales prices are down from $1.37 million to $1.25.
There were 468 townhouses sold, compared with 513 during the same period in 2022, and prices have dropped from $830,000 to $790,000, year over year.
Apartment sales dropped from 475 to 427, and condo prices from $540,000 to $522,000.
Across the region, with a month left in 2023, the REBGV reports a steady increase in housing inventory offering home buyers the largest selection to choose from since 2021.
The REBGV says residential sales in the region totalled 1,702 in November 2023, which was 33 per cent below the 10-year seasonal average (2,538).
“We’ve been watching the number of active listings in our market increase over the past few months, which is giving buyers more to choose from than they’ve been used to seeing over the past few years,” said Andrew Lis, REBGV director of economics and data analytics said. “When paired with the seasonal slowdown in sales we typically see this time of year, this increase in supply is creating balanced conditions across Metro Vancouver’s housing market.”
That’s what Realtor Deanna Horn of the Royal LePage is seeing in Maple Ridge.
“We have a balanced market – there is product available, and there are buyers who are wanting to buy,” she said.
While interest rates have risen, they have stabilized, and low inventory maintains strong prices. So sellers are still getting good prices for their properties, said Horn, who has been in real estate for 38 years in the Fraser Valley.
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The MLS benchmark price for all residential properties in Metro Vancouver is currently $1.19 million. This represents a 4.9 per cent increase over November 2022 and a one per cent decrease compared to October 2023.
She is part of the Horn Team, and said they are showing a townhouse in Maple Ridge that is attracting viewings from Vancouver and even North Vancouver, a short commute away, with about half of those viewing the property from outside of the immediate area.
There were 3,369 properties newly listed for sale on the Multiple Listing Service in Metro Vancouver in November 2023. This represents a 9.8 per cent increase compared to the 3,069 properties listed in November 2022. This was 2.8 per cent below the 10-year seasonal average (3,464). The total number of properties currently listed for sale on the MLS system in Metro Vancouver is 10,931, a 13.5 per cent increase compared to November 2022 (9,633). This is 3.7 per cent above the 10-year seasonal average (10,543).
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