Maple Ridge is a city located in the northeastern section of Greater Vancouver, British Columbia, Canada. Situated between the Fraser River and the Golden Ears, it is positioned within the southernmost part of the Garibaldi Ranges of the Coast Mountains. As of 2021, Maple Ridge had a population of 90,990. The downtown core of Maple Ridge is referred to as Haney.
Haney, British Columbia, is the name given to the downtown core of Maple Ridge. The name originated from Thomas Haney, the person after whom Port Haney was named. Port Haney is a neighborhood located immediately south of today’s downtown, along the Fraser River. It was once a steamboat port and currently features a station on the West Coast Express. Port Haney has been designated as a heritage district within Maple Ridge, and it includes relocated buildings from other parts of the municipality that were at risk of demolition.
Haney serves as the site for important public institutions, such as the Maple Ridge Municipal Hall and the Maple Ridge/Pitt Meadows school board office. It also accommodates a section of the Maple Ridge public library, a leisure center, the RCMP headquarters, and various other public facilities situated within a mall complex known as Haney Place. Another mall named Valleyfair is located to the east of Haney Place. Haney is served by School District 42 Maple Ridge-Pitt Meadows.
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About Real Estate Market
Greater Vancouver Area Multi-family
The multi-suite residential rental market in the Greater Vancouver Area (GVA) experienced a persistent demand-supply imbalance, with rental demand consistently surpassing supply throughout 2021 and the first half of 2022. Factors such as job growth, increased migration, and the return of post-secondary students to classrooms contributed to a surge in rental demand. As a result, vacancy rates decreased to the lowest levels seen before the pandemic, affecting all unit-size categories and submarkets. Imbalances in the market, particularly in the lower rent segments, became increasingly pronounced during this period. The average monthly rent in the GVA rose by 2.1% for units vacated between October 2021 and 2022. Although new supply completions provided some relief for tenants seeking accommodation, rents continued to rise due to the persistent demand-supply gap.
The multi-suite residential rental sector in the GVA attracted a significant amount of investment capital, approaching an all-time high. In the first half of 2022, $977.0 million worth of investment properties were sold, building upon the record annual high of nearly $2.4 billion in 2021. Investor confidence remained consistently high during this 18-month period, aligning with the national trend in the sector. Institutional and private groups competed fiercely for available properties, including substantial portfolios. Capitalization rates reached historic lows across all market segments, driven by rent growth and strong demand. Properties included in the MSCI Index achieved a total return of 6.3% for the year ending June 30, 2022. This robust performance contributed to the trend of near record-high capital flow into the sector.
Supply constraints will persist as a constant challenge in the GVA’s multi-suite residential rental market in the near future. Demand is projected to outpace supply for the remainder of 2022 and into 2023, resulting in vacancy rates remaining close to 1.0%. Landlords will have the advantage of commanding higher rents due to strong occupancy patterns and rent growth. Despite an uncertain economic outlook and higher interest rates, the market will continue to attract investment capital as investors seek attractive prevailing yields. Construction projects may experience delays due to these factors. As sector risk increases in the near term, supply constraints will remain a constant challenge in the rental market.