The real estate market in Maple Ridge and Pitt Meadows did nothing in October to cool down from its hot summer.
The market saw the sale of 170 houses last month, which was the busiest month reported by any community that is a member of the Real Estate Board of Greater Vancouver (REBGV). It also had 87 townhomes and 57 apartments sold.
Panorama West Group just began pre-selling its Maple Green Living townhomes on 232nd Street in October. Realtor Sheela Patel of Century 21 said buyers from across the Lower Mainland are attracted to this area.
“It’s been going good. We’ve had success so far,” said Patel.
She hears buyers who are attracted to an urban lifestyle with the outdoors nearby in Maple Ridge.
“It’s a city lifestyle, but not hectic.”
Patel said low interest rates are spurring a lot of activity, and in Maple Ridge prices are still reasonable. The Maple Green units will range from $630,000 and buyers feel their dollar goes farther in both square footage and quality features.
Houses in the two cities that make up Ridge Meadows are still a comparative bargain, relative to the $1.3 million benchmark price for the entire Lower Mainland. The Benchmark in Maple Ridge last month was $884,000, and $975,000 in Pitt Meadows.
The combined sales numbers for the three-month period of August, September and October rose dramatically across all categories. In 219 there were 312 sales of houses, 145 sales of townhouses and 109 sales of apartments. Those numbers in 2020, with their percentage increases, were 476 houses (up 53 per cent), 244 townhouses (up 68 per cent) and 146 apartments (up 34 per cent).
Home sale and new listing activity remained at near record levels across Metro in October. The REBGV reports that residential home sales in the region totalled 3,687 in October 2020, a 29 per cent increase from the 2,858 sales recorded in October 2019, and a 1.2 per cent increase from the 3,643 homes sold in September 2020.
Last month’s sales were 34.7 per cent above the 10-year October sales average and stands as the second-highest total on record for the month.
READ ALSO: Property sales hit an all-time record for October, says Fraser Valley Real Estate Board
“Home has been a focus for residents during the pandemic,” said Colette Gerber, REBGV chair. “With more days and evenings spent at home this year, people are re-thinking their housing situation.
“Throughout this period, realtors have been working to understand and adapt to the latest safety protocols so that they can continue to help the public meet their housing needs in a safe and responsible way.”
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