RIDGE MEADOWS

The Ridge-Meadow market area will take a ‘Red Light’ status for the Fourth Quarter of 2022 as sales continue to decrease with a drop of 69 percent when compared to the Third Quarter of 2022. There were 16 total sales in this market area largely due to a lack of purchaser interest given high-interest rates and lack of inventory. The lack of available products over the quarter has resulted in decreased inventory and activity in the market area. New project launches have been delayed and projects have been placed on hold until completion due to market conditions. Project representatives report investor activity has decreased substantially and most of the sales have been coming from end users. To combat the reduction in sales activity, some developers have been offering reduced deposit structures and reduced pricing while others have stopped actively marketing until favorable market conditions arise. Overall absorption of remaining inventory equated to 11 percent this quarter.

Market Highlights

Platinum Group’s second phase of Inspire, a 108-unit Low Rise development achieved nine sales over the Fourth Quarter of 2022 with reduced deposit incentives and the overall blended value reduced by $22

Whitetail Homes’ 125-unit Low Rise development, Podium, achieved zero sales over the quarter despite recording 49 sales in the previous quarter; the project has been placed on hold

La Riviere, by Pacific Vision Development, a 111-unit Low Rise Condominium project that was expected to launch this past summer continues to be delayed and is expected to launch one-, twoand three-bedroom homes in Maple Ridge soon

Provenance, by Polygon’s 272-unit Townhome project has 16 units released and unsold remaining achieving three sales over Q4-2022 and is blending at an average value of $540 per square foot, a $20 increase