Apartment

Local apartment sales drop 42%

The housing market slowdown continues in Maple Ridge and Pitt Meadows, with apartment sales falling to nearly half of what they were in June.

This downward trend continues across all property types, with detached and townhouses seeing sales declines of 3% and 9%, respectively.

Selling prices have also fallen over the past month, with apartments, townhouses and detached houses seeing an average price reduction of five per cent or more.

Despite this continued decline, local real estate agents like Debbie Sheppard remain optimistic about the housing market.

“The market is definitely not dead, there are still plenty of buyers out there,” she said.

But for people to buy homes, properties need to be listed, which is becoming increasingly rare in local markets.

In Maple Ridge and Pitt Meadows, listings for single-detached homes, semi-detached homes and apartments were down 30%, 38% and 9%, respectively.

The percentage of listed properties sold has also fallen, with apartments being the hardest hit with a 22% reduction in listing sales.

“People are trying to figure out whether it’s better to buy today, at the current mortgage rate, or wait for house prices to come down further,” Sheppard said.

“But there’s also this surge of interest coming in the fall, so it’s a bit of a seesaw effect.”

The next interest rate hike is widely assumed to be between 0.5 and 1.0%, which would take it to between 3.0 and 3.5%. The Bank of Canada will make its official announcement on September 7.

Meanwhile, according to the latest statistics from the Greater Vancouver Real Estate Board, selling prices fell across all three property types locally last month. Single-detached homes dropping on average $88,000 to $1.2 million, semi-detached homes dropping an average of $42,200 to $748,300, and condos dropping $27,500 — bringing them to a average of $500,000.

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