{"id":764,"date":"2024-06-21T07:00:00","date_gmt":"2024-06-21T14:00:00","guid":{"rendered":"https:\/\/rodrhearyan.com\/blog\/market-update-maple-ridge-rod-rhea-ryan-hayes-supply-demand-average-rental-income-resale-buyer-price-increase-1\/"},"modified":"2026-04-08T09:23:03","modified_gmt":"2026-04-08T16:23:03","slug":"market-update-maple-ridge-rod-rhea-ryan-hayes-supply-demand-average-rental-income-resale-buyer-price-increase-1","status":"publish","type":"post","link":"https:\/\/www.rodrhearyan.com\/blog\/market-update-maple-ridge-rod-rhea-ryan-hayes-supply-demand-average-rental-income-resale-buyer-price-increase-1\/","title":{"rendered":"Maple Ridge Market Update"},"content":{"rendered":"<h2 style=\"text-align: center;\"><strong>Maple Ridge Market: <\/strong><\/h2>\n<h2 style=\"text-align: center;\"><strong>May 2024 vs 2023&nbsp; <\/strong><\/h2>\n<p style=\"text-align: center;\"><strong> <strong><img decoding=\"async\" title=\"Parkside Crescent Maple Ridge\" src=\"https:\/\/rodrhearyan.com\/blog\/wp-content\/uploads\/2026\/04\/parkside_crescent_mr.jpeg\" alt=\"Parkside Crescent Maple Ridge\" width=\"450\" \/><\/strong><br \/> <\/strong><\/p>\n<h2 style=\"text-align: center;\">Maple Ridge market continues to push upwards<\/h2>\n<h3 style=\"text-align: center;\">Benchmark prices present strong front for fourth consecutive month <strong><br \/><\/strong><\/h3>\n<p style=\"text-align: center;\"><strong>&nbsp;<\/strong><\/p>\n<p><strong>Looking for an accurate picture of where the real estate market is headed?<\/strong><\/p>\n<h3>&nbsp; Today we dive in and take a deeper look at the Maple Ridge market as a whole:<\/h3>\n<ul>\n<li>A full overview &amp; an in depth look at detached homes and townhouses. Both focusing on:<\/li>\n<\/ul>\n<ol start=\"1\">\n<ol start=\"1\">\n<li><strong>How statistics stack up to the previous month&#8217;s activity.<\/strong><\/li>\n<li><strong>Where we are standing compared to the same time period in 2023.<\/strong><\/li>\n<li><strong>Larger market trends.<\/strong><\/li>\n<\/ol>\n<\/ol>\n<p>&nbsp;<img decoding=\"async\" style=\"display: block; margin-left: auto; margin-right: auto;\" src=\"https:\/\/rodrhearyan.com\/blog\/wp-content\/uploads\/2026\/04\/mr.jpeg\" alt=\"mr\" width=\"450\" \/><\/p>\n<h3 style=\"text-align: center;\">&bull;&bull;&bull;<\/h3>\n<p>&nbsp;<\/p>\n<h3><strong>Maple Ridge Benchmark Price Overview:<\/strong><\/h3>\n<ol>\n<li>February through April marked the first consecutive months of market increases across Maple Ridge since the 2023 market peak in early summer.<\/li>\n<li>In May the condo benchmark price dipped $200 representing the first &#8216;decline&#8217; across all three market facets in four months.<\/li>\n<li>The detached and condo market are both nearing their peak 2023 benchmark price. The townhouse market has passed it.<\/li>\n<li>Compared to May 2023 benchmark prices are up between 3.1-3.3%<\/li>\n<\/ol>\n<p align=\"center\">&nbsp;<\/p>\n<h3 align=\"center\">&bull;&bull;&bull;<\/h3>\n<h3 style=\"text-align: left;\" align=\"center\"><strong>Overall Supply &amp; Sales Update:<\/strong><\/h3>\n<p style=\"text-align: left;\" align=\"center\">&nbsp;<br \/> Compared to the same time last year supply has seen a substantial increase:<\/p>\n<ul style=\"text-align: left;\">\n<li><strong>Detached<\/strong>: +31.9%<\/li>\n<li><strong>Condo:<\/strong> +81.1%<\/li>\n<li><strong>Townhouse<\/strong>: +84.1%<\/li>\n<\/ul>\n<p style=\"text-align: left;\" align=\"center\"> When May supply is compared to April:<\/p>\n<ul style=\"text-align: left;\">\n<li><strong>Detached:<\/strong> 5 more listings than in April<\/li>\n<li><strong>Condo:<\/strong> 8 less listings than in April<\/li>\n<li><strong>Townhouse:<\/strong> 5 more listings than in April<\/li>\n<\/ul>\n<p style=\"text-align: left;\">&nbsp;<\/p>\n<p style=\"text-align: left;\" align=\"center\">Compared May 2023 sales are down. Massive supply &amp; pricing increases have slowed sales:<\/p>\n<ul style=\"text-align: left;\">\n<li><strong> Detached:<\/strong> -21.6%<\/li>\n<li><strong> Condo:<\/strong> -32%<\/li>\n<li><strong> Townhomes<\/strong>: -5.5%<\/li>\n<\/ul>\n<p style=\"text-align: left;\" align=\"center\">&nbsp;<\/p>\n<p style=\"text-align: left;\" align=\"center\">Compared to April sales have slightly decreased:<\/p>\n<ul>\n<li style=\"text-align: left;\"><strong> Detached<\/strong>: 5 less sale than April<\/li>\n<li style=\"text-align: left;\"><strong> Condo:<\/strong> 5 less sales than April<\/li>\n<li style=\"text-align: left;\"><strong> Townhouse:<\/strong> 3 less sale than April<\/li>\n<\/ul>\n<h3><strong>Overall Sales &amp; Supply At A Glance:<\/strong><\/h3>\n<ol>\n<li>Compared to 2023 supply has skyrocketed. Aside from the occasional dip month over month supply continues to crawl upwards even though it traditionally declines moving towards summer.<strong><br \/><\/strong><\/li>\n<li>Compared to both May 2023 and April 2024 sales have decreased. The market in the lower mainland as a whole appears to be shifting power back towards buyers.<\/li>\n<\/ol>\n<p style=\"text-align: center;\"><strong>Oversupply supply &amp; low sales threaten the benchmark price of Maple Ridge homes.<br \/><\/strong><\/p>\n<p>&nbsp;<img decoding=\"async\" style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Maple Ridge\" src=\"https:\/\/rodrhearyan.com\/blog\/wp-content\/uploads\/2026\/04\/maple_ridge.jpeg\" alt=\"Maple Ridge\" width=\"450\" \/><\/p>\n<h3 style=\"text-align: center;\">&bull;&bull;&bull;<\/h3>\n<h3><strong>Detached Market Update:<\/strong><\/h3>\n<p style=\"text-align: center;\"><strong>After five back-to-back months of pricing decreases the detached market has now seen four consecutive months of pricing increase &amp; is less than $10,000 from the 2023 market peak.<br \/><\/strong><\/p>\n<ol>\n<li>Between August 2023 and January 2024, the benchmark price decreased $70,200, but since January it has made up for $61,000 of the decrease.<strong><br \/><\/strong><\/li>\n<li>The May benchmark for detached homes is now $44,200 above May 2023.<\/li>\n<li>In the last 30 days the benchmark has increased $5,500.<\/li>\n<li>Over the last 60 days the benchmark has increased $28,200.<\/li>\n<li>The overall rate of pricing increases is slowing.<\/li>\n<li>The benchmark price is now only $9,200 below the 2023 peak.<\/li>\n<\/ol>\n<p style=\"text-align: center;\"><strong>The question now becomes&#8230;will 2024 surpass 2023 in terms of pricing? Or are prices currently reaching their peak short of last August&#8217;s heights<br \/><\/strong><\/p>\n<p><strong>Detached Home Benchmark Pricing:<\/strong><\/p>\n<ol>\n<li><strong> March<\/strong>: $1,179,500<\/li>\n<li><strong> April<\/strong>: $1,219,600<\/li>\n<li><strong> May<\/strong>: $1,261,700<\/li>\n<li><strong> June<\/strong>: $1,284,200<\/li>\n<li><strong> July<\/strong>: $1,307,400<\/li>\n<li><strong> August<\/strong>: <strong>$1,310,600<\/strong><\/li>\n<li><strong> September<\/strong>: $1,297,200<\/li>\n<li><strong>October<\/strong>: $1,280,100<\/li>\n<li><strong>November<\/strong>: $1,246,200<\/li>\n<li><strong>December<\/strong>: $1,245,000<\/li>\n<li><strong>January<\/strong>: $1,240,400<\/li>\n<li><strong>February<\/strong>: $1,256,300<\/li>\n<li><strong>March<\/strong>: $1,273,200<\/li>\n<li><strong>April<\/strong>: $1,295,900<\/li>\n<li><strong>February<\/strong>: $1,301,400<\/li>\n<\/ol>\n<h3 style=\"text-align: center;\">&bull;&bull;&bull; <\/p>\n<\/h3>\n<h3><strong>Townhouse Market Update:<\/strong><\/h3>\n<ol>\n<li>Since the 2023 market peaked last June the townhouse market has fluctuated, never falling more than $35,000 from its top-out.<\/li>\n<li>Between June 2023 and February 2024 the townhouse market hasn&#8217;t trended upwards or decreased for more than two consecutive months. Experiencing a yo-yo effect<\/li>\n<li>The benchmark price has now increased for four consecutive months, passing the 2023 market peak in April. We are now $6,500 above June 2023.<\/li>\n<li>The March benchmark price is $25,000 above May 2023. In March it was $54,000 above the previous year.<\/li>\n<\/ol>\n<p style=\"text-align: center;\"><strong>After two large pricing increases in Feb+March the rate of increase decreased. The question now becomes will the benchmark price surpass $900,000?<br \/><\/strong><\/p>\n<p><strong>Townhouse Benchmark Pricing:<\/strong><\/p>\n<ol>\n<li><strong> March<\/strong>: $731,700<\/li>\n<li><strong> April<\/strong>: $747,000<\/li>\n<li><strong> May<\/strong>: $768,100<\/li>\n<li><strong> June<\/strong>: <strong>$785,000<\/strong><\/li>\n<li><strong> July<\/strong>: $769,300<\/li>\n<li><strong> August<\/strong>: $763,400<\/li>\n<li><strong> September<\/strong>: $774,800<\/li>\n<li><strong>October: <\/strong>$771,300<\/li>\n<li><strong>November<\/strong>: $776,000<\/li>\n<li><strong>December<\/strong>: $750,500<\/li>\n<li><strong>January<\/strong>: $746,500<\/li>\n<li><strong>February<\/strong>: $760,400<\/li>\n<li><strong>March<\/strong>: $783,500<\/li>\n<li><strong>April<\/strong>: $788,000<\/li>\n<li><strong>May<\/strong>: $791,500<\/li>\n<\/ol>\n<p><strong><strong><br \/> <\/strong><\/strong><\/p>\n<h3 style=\"text-align: center;\">&bull;&bull;&bull;<\/h3>\n<p><strong>&nbsp;<\/strong><\/p>\n<pre><strong>&nbsp;<img decoding=\"async\" style=\"display: block; margin-left: auto; margin-right: auto;\" title=\"Maple Ridge Market Update\" src=\"https:\/\/rodrhearyan.com\/blog\/wp-content\/uploads\/2026\/04\/maple_ridge_may_2024_vs_2023_market_update_a.jpg\" alt=\"Maple Ridge Market Update\" width=\"750\" \/>  <\/strong><\/pre>\n<h3 style=\"text-align: center;\"><a href=\"https:\/\/www.rodrhearyan.com\/about-us\"><strong>Your Neighbourhood Experts<\/strong><\/a><\/h3>\n<h2 style=\"text-align: center;\">&nbsp;<a href=\"https:\/\/www.rodrhearyan.com\/contact\">Have questions about the Maple Ridge market? Click Here to CONTACT US<\/a><\/h2>\n<p style=\"text-align: center;\">&nbsp;<img decoding=\"async\" src=\"https:\/\/rodrhearyan.com\/blog\/wp-content\/uploads\/2026\/04\/r3_logo.png\" alt=\"r3 logo\" width=\"100\" \/><\/p>\n<p style=\"text-align: center;\"><strong>We are working to make your life easier.<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Maple Ridge Market: May 2024 vs 2023&nbsp; Maple Ridge market continues to push upwards Benchmark prices present strong front for fourth consecutive month &nbsp; Looking for &hellip;<\/p>\n","protected":false},"author":2,"featured_media":2209,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[5],"tags":[],"class_list":["post-764","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-area-statistics"],"aioseo_notices":[],"_links":{"self":[{"href":"https:\/\/www.rodrhearyan.com\/blog\/wp-json\/wp\/v2\/posts\/764","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.rodrhearyan.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/www.rodrhearyan.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/www.rodrhearyan.com\/blog\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/www.rodrhearyan.com\/blog\/wp-json\/wp\/v2\/comments?post=764"}],"version-history":[{"count":1,"href":"https:\/\/www.rodrhearyan.com\/blog\/wp-json\/wp\/v2\/posts\/764\/revisions"}],"predecessor-version":[{"id":2824,"href":"https:\/\/www.rodrhearyan.com\/blog\/wp-json\/wp\/v2\/posts\/764\/revisions\/2824"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.rodrhearyan.com\/blog\/wp-json\/wp\/v2\/media\/2209"}],"wp:attachment":[{"href":"https:\/\/www.rodrhearyan.com\/blog\/wp-json\/wp\/v2\/media?parent=764"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/www.rodrhearyan.com\/blog\/wp-json\/wp\/v2\/categories?post=764"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/www.rodrhearyan.com\/blog\/wp-json\/wp\/v2\/tags?post=764"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}