I was taking a look at historic prices on different types of properties in the Maple Ridge area and looking at year to date average prices. In 2010 the year to date average price of a single family home was $503,989 and this October the year to date price is $500,577 or less than 1/2 of a percent difference. The year to date number of sales was 823 in 2010 and this year was 821, almost identical. Our single family market is basically unchanged in 3 years.
The year to date average price of townhouses was $309,696 in 2010 and this October the year to date average price is $292,626 which represent a decrease over the last 3 years of 5.5%. The year to date number of sales was 294 in 2010 and this year was 244, a 17% decrease in sales.
The year to date average price of condos was $223,042 in 2010 and this October the year to date average price is $191,496 which represent a decrease over the last 3 years of 14% . The year to date number of sales was 179 in 2010 and this year was 150, a 16% decrease in sales.
One of the things that has affected our market over the last 3 years is the federal government tightening credit in the housing industry. They reduced amortization periods from 40 years to 35 years to 30 years and now 25 years on high ratio mortgages. This has effectively taken a lot of the first time buyers out of the market and the visible result is the decline in average prices in condos and townhouses. These properties were often the product of choice for someone looking for their first home.
Pitt Meadows and Port Coquitlam are both very similar with minimal decreases in prices since 2010. When looking at Coquitlam, the prices there have had substantial increases over 2010 pricing.
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