NEW MARKET SUMMARY RIDGE MEADOWS

The Ridge Meadows market area has been reassigned a “Yellow Light” status for the Fourth Quarter of 2023, reflecting a shift driven by the introduction of only one new project during the quarter, in contrast to three in the previous quarter. Total sales in this market area declined by 39 percent to 51 transactions over the quarter. Notably, the Low Rise sector witnessed the most significant drop, with sales plummeting by 52 percent to just 32 transactions. Conversely, the Townhome sector saw a modest increase in sales, rising by 12 percent to 19 total sales. Absorption rates dropped substantially, with only 14 percent of all inventory being absorbed throughout the quarter. Many ongoing projects in this market area have temporarily paused their sales campaigns, awaiting construction completion in early 2024 to release their remaining unsold inventory. The Low Rise sector is poised for a potential surge in sales as projects near completion, illustrated by the absence of any standing inventory for this product type.

Market Highlights

The Falls – Kanaka Springs, a 165-unit townhome project by Epic Homes launched in early October and achieved eight total sales at a blended price per square foot of $600

Alterra Development Group’s City and Laurel, a six-storey 100-unit Low Rise led all projects in this market area in sales for the second consecutive quarter with 20 total sales

Hillside Homes a 16-unit townhome project by Azure Group sold out at a blended price per square foot of $744 with 10 new sales over the quarter

The North at Point Haney a 67-unit Low Rise condominium project by Falcon Homes continued their strong sales campaign with seven new sales at an overall price per square foot of $783

Edge on Edge by MacLean Homes sold out at an overall price per square foot of $646 after selling their remaining three units as the project completed.