Paul Liberatore

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‘No summer lull’ in housing market in Maple Ridge, Pitt Meadows

Homes continue to sprout up in the Albion area. - Troy Landreville/TIMES

House prices continues to inch up in Maple Ridge and Pitt Meadows, but that doesn’t seem to be deterring homebuyers.

The two communities combined for 151 sales of detached homes in August, second most in 16 regions under the  Real Estate Board of Greater Vancouver (REBGV) umbrella. Only Richmond (181) saw more detached homes change hands last month.

As well, 63 attached homes (such as rowhomes and townhouses) and 25 apartments were sold in Maple Ridge and Pitt Meadows last month.

This, despite what’s been a steady rise in prices.

The benchmark price for a detached home in Maple Ridge was $518,400. That’s up 1.6 per cent from July and nine per cent from August 2014 (the benchmark price is the estimated sale price of a benchmark property; benchmark represents a typical property within each market).

In Pitt Meadows, a detached home was worth, on average, $572,900 in August, up 1.3 per cent from July and 8.5 per cent more expensive than last August.

Even so, Maple Ridge is far and away the cheapest place to buy a detached house in Metro Vancouver, and Pitt Meadows isn’t all that far behind.

Compare Maple Ridge’s benchmark price to that of Greater Vancouver, at an eye-popping $1,159,600, and snapping up a house locally is a relative steal.

The benchmark price for all residential properties in Metro Vancouver is $708,500. This represents a 12 per cent increase compared to August 2014.

In the townhouse market, the benchmark price in Maple Ridge last month was $289,600, with Pitt Meadows setting a buyer back, on average, $367,700.

Price are down 0.8 per cent in Maple Ridge and up 1.7 per cent in Pitt Meadows from July.

The condo market in Maple Ridge has stalled, which is relatively good news for buyers, with a the benchmark price for apartments averaging at $169,300. That’s down 0.2 per cent from July.

In Pitt Meadows, the average price for a condo is $252,600, up 1.2 per cent from July and 8.3 per cent from August 2014.

Sizzling summer

Meanwhile the market across Metro Vancouver shows no signs of cooling down.

Between June and August, home sales were between 25 and 30 per cent above the 10-year sales average.

The REBGV  reports that residential property sales in Metro Vancouver reached 3,362 on the Multiple Listing Service in August.

This represents a 21.3 per cent increase compared to the 2,771 sales recorded in August 2014, and a decrease of 15.5 per cent compared to the 3,978 sales in July 2015.

July sales were 27.9 per cent above the 10-year sales average for the month.

“There was no summer lull in our market this year,” said Darcy McLeod, REBGV president and Maple Ridge resident. “They’re motivated, but they’re competing for a smaller supply of homes for sale than is typical for this time of year – that’s the dynamic driving our market right now.”


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