Real Estate Market Update November 2022

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Happy Tuesday!

The November market update is here! The real estate market has historically slowed down for the last two months of the year as the weather gets colder and people get busier. One big difference from previous years is the recent news that came out regarding rental and age restrictions in BC. More news that is being implemented in January 2023 is the foreign buyers ban and the home buyers rescission period.

A small summary of the news:

  • All rental bylaws in BC are no longer enforceable, effective immediately.
  • Short term accommodation bylaws that prohibit Airbnb or VRBO type uses are still in full force and effect.
  • Age restriction bylaws of 55+ that apply to occupancy are now enforceable with a requirement to accommodate a live-in caregiver or a support person.
  • Non-Canadians will be banned from buying homes across Canada, through the Prohibition on the Purchase of Residential Property by Non-Canadians Act. This Act prohibits non-citizens and non-permanent residents from purchasing residential property in Canada for two years.
  • The rescission period gives buyers the right to withdraw from a purchase agreement within 3 business days after an offer is accepted.
Here are a few links to check out for more information on the recent real estate news:
I am curious to see the effects of all this  in the upcoming months. If you have any questions or would like to know how this will affect you, please give us a call, text, or email.
Now for the November market update:
Maple Ridge Condos/Townhouses:
The condo and townhouse market in Maple Ridge has seen a few changes over the past month. Inventory levels have decreased 11% since October 2022, bringing the number of condos and townhouses listed in November to 158 from 177 condos and townhouses listed in October. The number of listings selling has increased by 32% increasing the number of homes sold in November to 41 from 31 in  October. The average sale price has dropped just below $600,000, which seems to be a common trend in November as we also saw this happen in the Mission condo and townhouse market along with the Port Coquitlam townhouse Market. Townhomes with 4 bedrooms in Silver Valley saw the best sales ratio in November but a good amount of inventory was listed in East Central and West Central between 2-3 bedrooms.Maple Ridge Detached homes:
Detached homes in Maple Ridge saw decreases in both inventory and sales over the month of November. Inventory decreased by 13% going from 294 homes listed in October to 255 homes listed in November.  The number of sales went from 59 homes sold in October to only 48 homes sold in November. Although on average homes are selling 2% below list price in Maple Ridge, the average sale price increased a small amount from $1,160,000 in October to $1,175,000 in November. Homes listed with 3-4 bedrooms in areas like Albion and Cottonwood saw the most sales in November.

It is so important to us that you feel empowered and educated throughout the buying and selling process – if you have questions or would like to know more about another area in the lower mainland, give us a call, text, or email with any questions you have! We can answer all of your questions, and give you specific tips related to the strata, buildings, and more. We’re here to help.