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Ridge Meadows real estate market stands out in Greater Vancouver

The Maple Ridge-Pitt Meadows market remains a bright spot in Lower Mainland real estate.

Residential real estate sales dropped almost five per cent from last year, reports The Greater Vancouver Realtors. There were 2,415 sales in March 2024, which was a a 4.7 per cent decrease from the 2,535 sales recorded in March 2023. It was also 31.2 per cent below the 10-year seasonal average of 3,512 sales.

But the 114 houses sold in Maple Ridge and Pitt Meadows during March was the most of any community served by Greater Vancouver Realtors, and the 64 townhouse sales was second only to East Van.

So far in 2024, there have been 252 houses, 140 townhouses, and 115 apartments sold in the two cities known as Ridge Meadows. Those sales stats are up significantly over the same three months in 2023, with 22 per cent more detached houses sold, and 36 per cent more townhouses and condos.

Maple Ridge realtor Cheryl Ashlie said as she does open houses she often speaks to buyers who are coming from other parts of the Lower Mainland.

“We’re still getting that pattern of migration from Coquitlam and Surrey, looking for the quality of life that Maple Ridge offers,” she said.

Ashlie, a former city councillor, said she is seeing more parents and children sharing a house with two suites, as people try to assist their kids in getting into a house.

“They want to help their kids, but still live in a nice environment,” she said.

While the market is active, Ashlie isn’t seeing the bidding wars of past years, or multiple “over-asking” offers. Purchasers can take their time to shop around.

“Buyers are having an opportunity to do their due diligence,” she said.

While the realtor hears those shopping for a home in the city like the natural beauty in Ridge Meadows, the prices are also comparatively attractive.

Looking at benchmark prices across the region compared to those locally, houses in the Lower Mainland overall sold for $1.8 million in March, compared to $1.27 million in Maple Ridge, and $1.33 million in Pitt Meadows.

Townhouses were: Lower Mainland $983,000, Maple Ridge $784,000, and Pitt Meadows $841,000.

Apartments: Lower Mainland $722,000, Maple Ridge $546,000 and Pitt Meadows $624,000.

The number of Metro Vancouver homes listed for sale on the MLS rose nearly 23 per cent year-over-year, providing more opportunity for buyers looking for a home this spring.

“If you’re finding the weather a little chillier than last spring, you may find some comfort in knowing that the market isn’t quite as hot as it was last spring either, particularly if you’re a buyer,” said Andrew Lis, GVR’s director of economics and data analytics. “Despite the welcome increase in inventory, the overall market balance continues inching deeper into sellers’ market territory, which suggests demand remains strong for well-priced and well located properties.”