Maple Ridge Real Estate Market Report – July 2023

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July proved to be an intriguing month, particularly for the detached housing market. Let’s delve into the details!

The Greater Vancouver area and Fraser Valley had been experiencing a seller’s market across all property types, including condos, townhouses, and single-family homes. However, in July, the detached housing market in these regions saw a shift, moving towards a balanced market and even into a buyer’s market. In contrast, townhouses and condos still remained in a seller’s market.

It’s important to note that the real estate market is highly dynamic and subject to fluctuations, and this article may not cover all the complexities of the market activity across Canada or British Columbia.

During May, we witnessed numerous multiple offer situations, but towards the end of July, more offers started collapsing. In some cases, properties received multiple offers, but once an offer was accepted and then fell through, the listings ended up sitting on the market for an extended period.

Across the Greater Vancouver area and Fraser Valley, most condo and townhouse markets experienced increased inventory, except for areas like Port Moody, Maple Ridge, Surrey, Abbotsford, North Vancouver, and Tsawwassen. Additionally, sales levels decreased in several areas, including Burnaby, New Westminster, Coquitlam, Port Coquitlam, Port Moody, Maple Ridge, Surrey, South Surrey/White Rock, Cloverdale, Langley, Abbotsford, Mission, East Vancouver, North Vancouver, and Tsawwassen. However, areas like Ladner, North Delta, and Pitt Meadows saw either an increase or stable sales. The average sale price remained relatively stable in July, with slight increases observed in Burnaby, Port Coquitlam, Port Moody, South Surrey/White Rock, North Delta, and Ladner.

Historically, August has been a slower month in the real estate market as both buyers and sellers tend to go on vacation and prepare for the fall. While there will still be some movement over the next month, the market is cooling off a bit, and it’s likely to pick up again in September as the fall market approaches. August might offer excellent opportunities for buyers, and the multiple offer situations are expected to taper off unless it’s a highly desirable property priced right.

The detached housing market in the Greater Vancouver area and Fraser Valley underwent significant changes in July. Most areas experienced a decrease in the number of sales, except for New Westminster. Inventory levels increased in several areas, such as Burnaby, Coquitlam, Port Coquitlam, Pitt Meadows, Maple Ridge, Surrey, South Surrey/White Rock, North Delta, Cloverdale, Langley, Abbotsford, Mission, East Vancouver, Tsawwassen, and Ladner. The average sale price decreased in many areas, with the exception of Port Coquitlam, Mission, and East Vancouver. One notable change in July was the shift of areas like Surrey, North Delta, Abbotsford, Mission, East Vancouver, Tsawwassen, and Ladner into balanced markets. South Surrey/White Rock also moved into a buyer’s market.

The market is expected to slow down in August, and as we’ve seen in the past two weeks, there are excellent opportunities this month for buyers to find great deals on family homes. Although things will continue to move quickly, the pace won’t be as frantic as it was at the beginning of the spring market. Heading into the fall, we can anticipate sales and inventory to pick up further, likely closer to the middle of September.

Mortgage Insights:
For August, here are my recommendations: If you have a variable rate mortgage, assess recent payment increases and adjust your budget accordingly. The next Bank of Canada announcement is on September 6th, likely another rate hike. A 25 basis points increase means $15/month per $100k borrowed extra – plan ahead! 3-year fixed rates have been popular, but 5-year fixed rates will get competitive to drive demand. Inflation won’t ease until at least 2024, combat it by enjoying free/low-cost summer activities and budgeting wisely.

As we look ahead, the upcoming month promises to maintain a steady market pace, presenting an excellent opportunity to have a discussion with a real estate specialist like myself. Together, we can create a customized plan to help you achieve your real estate goals, whether they are short-term or long-term.  If you want a more detailed analysis of your property or to go more in-depth about a specific area, please never hesitate to reach out. I am always happy to help.