Maple Ridge, Pitt Meadows home prices continue to slide as real estate market cools
Home prices in Maple Ridge and Pitt Meadows continued their downward slide in October, with apartment prices dropping more than six percent in both communities in just one month, according to the latest figures from Greater Vancouver Realtors (GVR).
The October 2026 statistics, released Nov. 2, show benchmark home prices declining across all property types in both municipalities, as the broader Metro Vancouver housing market struggles with sluggish sales and uncertainty over interest rates.
Maple Ridge experienced some of the steepest annual price declines in the region, with its composite benchmark home price falling 8.4 percent from October 2025 to $864,000.
That represents a further 2.1 percent decline from September and a 6.1 percent drop over the past six months.
In Pitt Meadows, the composite benchmark price fell to $832,600, down four percent year-over-year and 1.9 percent from September.
Both communities recorded larger monthly price declines than the Metro Vancouver average of 0.7 percent.
Apartment prices take biggest hit
Apartment owners experienced the sharpest monthly declines in both communities.
In Maple Ridge, the benchmark apartment price fell 6.2 percent from September to $481,600, representing an 8.3 percent decline from October 2025.
Pitt Meadows recorded an identical 6.2 percent monthly drop, bringing its benchmark apartment price to $523,500, down eight percent year-over-year.
Townhouses also continued losing value.
Maple Ridge’s benchmark townhouse price fell to $686,600, down 9.5 per cent from a year earlier and two per cent from September.
In Pitt Meadows, the townhouse benchmark dropped to $731,800, a 7.8 percent annual decline and 0.8 percent monthly decrease.
Detached homes showed a more mixed picture.
Maple Ridge’s benchmark detached home price fell to $1,138,500, down 8.6 percent year-over-year and 1.5 percent from September.
Pitt Meadows detached homes appear more resilient, with the benchmark price sitting at $1,172,600, down just 1.3 percent from a year earlier and 0.5 percent month-over-month.
Sales activity remains sluggish
Despite declining prices, buyers have not returned to the market in significant numbers.
GVR recorded 146 residential sales across Maple Ridge and Pitt Meadows in October, including 79 detached homes, 35 attached homes and 32 apartments.
That compares with 113 sales in September and 113 in October 2025, representing an increase of approximately 29 percent on both comparisons.
However, sales remain subdued over the longer term.
From January through October 2026, the two communities recorded 1,293 residential sales, compared with 1,385 during the same period in 2025, a decline of approximately 6.6 percent.
New listings also slowed, with 286 properties listed in October, compared with 331 a year earlier.
The slowdown reflects broader regional conditions, where sales fell 10.2 percent year-over-year to 2,024 transactions, sitting 22.5 percent below the 10-year seasonal average.
Interest rates and elections weigh on buyers
GVR chief economist Andrew Lis attributed October’s slowdown partly to uncertainty surrounding interest rates and the provincial and municipal elections.
“Between the onslaught of news coverage of the provincial and municipal elections, and the uncertainty surrounding where mortgage rates may be headed, it’s not entirely surprising that market participants took a step back in October to recalibrate,” Lis said.
The Bank of Canada’s recent quarter-point interest rate increase has added another challenge for prospective buyers, even as falling home prices have improved affordability on paper.
Lis said some buyers could return to the market before their existing mortgage rate holds expire, but the outlook remains uncertain.
“Like much of 2026, it’s a continued pattern of one step forward, one step back in nearly all aspects impacting the housing market,” he said.
Across Metro Vancouver, the composite benchmark price fell to $1,068,600 in October, down 5.2 percent from a year earlier.
The region’s sales-to-active-listings ratio stood at 13.4 percent, approaching the 12 percent threshold that GVR says has historically been associated with downward pressure on prices when sustained over time.
The latest figures suggest the housing market has yet to find a firm bottom, with prices continuing to fall even as sales activity showed some improvement locally in October.
