When Gerald Chiang first moved to Maple Ridge in 1998, large lots were selling for $110,000 and almost all the housing construction was single-family homes - like the new one he bought in Albion.

Today, he's heading up construction of a new 43-unit apartment project - the first six-storey wood construction tower ever in downtown Maple Ridge. And the developer says Urban Green II is indicative of a change in local construction trends.

With smaller lots now starting at $280,000 locally, more and more people are being forced to buy multi-family housing, including townhouses and apartments.

The younger generation has to start somewhere, and apartments - like the conventional units he's building at the corner of 223rd Street and Lougheed Highway - are expected to meet that changing demand.

The demand for apartments is really just beginning to be realized in Maple Ridge, Chiang said, noting that trend was apparent in Coquitlam and Port Coquitlam about 10 years ago, and just recently seemed to spread east to Maple Ridge.

When he first bought the long-time vacant downtown Maple Ridge site in September 2010, he was expecting to build a mixed use building, offering retail space on the ground floor, and a few apartments above. When he learned he could go to six storeys, he called it an early Christmas present and a mixed blessing, all in one.

He could build a higher density project in the city centre, which invariably would be good news. But it would also cost more - upfront - to develop.

He's already fielding a lot of inquiries about the new development, noting the display suite should be finished in March, and the sales launch set to begin in April. Completion, he hopes will be by year's end, with occupancy one year from now.

"It's time" for a project like this, Chiang said, noting he's not the only developer to think so.

According to Vancouver Canada Mortgage and Housing Corporation, construction of multi-family (which includes semi-detached, townhouse, and apartments) boomed in 2011 in both Maple Ridge and Pitt Meadows.

In 2010, there were no multi-family units created in Pitt Meadows, compared to 71 last year.

The bigger difference was noted in Maple Ridge, where 159 units were built in 2010, compared to 249. In contrast, the number of single-family homes constructed dropped, from 284 in 2010 to 225 last year.

Real estate prices to reflect stiff competition

The numbers for 2012 for B.C. home buyers are in, and buyers are going to reap the benefits.

According to the British Columbia Real Estate Association's (BCREA), the average unit price will decrease 2.5 per cent from 2011 to 550,500. For home buyers, the forecasted price is expected to drop 3.5 per cent to $755,000.

The lower price for both houses and residential units, is due to less consumer demand combined with more listings, according to BCREA.

"Quite frankly, there are a lot of new builds out there, especially in the Fraser Valley," said Cristy Edmonds, of Fifth Avenue Real Estate Marketing.

"The projects that will be successful in the new year will be those that offer value and further, are marketed to the emerging needs of buyers," she added.

Edmonds said developers must price their units competitively, but also make sure there are amenities and finishings that set the new build apart and sweeten the deal.

For example, the new Urban Green II, will offer 43 residential units for sale this coming spring starting at $129,000.

Chiang said the building will be set apart from its competition when units hit the real estate market because they will be priced well and offer the incentives that buyers are looking for.

"These generous one- and two-bedroom units, within the heart of Maple Ridge and close to all conveniences, will be addressed with unique interior finishes," said Chiang.

"Extensive use of tiles, granite, unique cabinetry, and fixtures will be featured in each unit, as well as energy efficient and sound-rated windows, 12' ceilings on the penthouse floor, and secure underground parking" he elaborated.

The biggest selling feature may well be the view that the building offers of all directions to enjoy the mountains and river scenes, he added.

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The number of residential properties listed for sale on the Multiple Listing Service (MLS) in the Lower Mainland increased 2.7 per cent in 2011 to 59,549 from 58,009 in 2010.

"It was a relatively balanced year for the real estate market in Greater Vancouver with listing totals slightly above historical norms and sale numbers slightly below," Rosario Setticasi, Real Estate Board of Greater Vancouver president said.

REBGV reported that total sales of detached, attached, and apartment properties in 2011 was 32,390, a 5.9-per cent increase from the 30,595 sold in 2010, and a 9.2-per cent decrease from the 35,669 sold in 2009.

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Sales of apartments reached 774 in December 2011, a decline of 4.6 per cent compared to the 811 sales in December 2010, and a decrease of 32.9 per cent compared to the 1,154 sales in December 2009.

The benchmark price of an apartment property increased 3.7 per cent from December 2010 to $401,396.

Sales of detached properties in December 2011 reached 630, a decrease of 18.1 per cent from the 769 detached sales recorded in December 2010, and a 30.2 per cent decrease from the 902 units sold in December 2009. The benchmark price for detached properties increased 11.2 per cent from December 2010 to $887,471.

Attached property sales in December 2011 totalled 254, a decline of 20.4 per cent compared to the 319 sales in December 2010, and a 44.7 per cent decrease from the 459 attached properties sold in December 2009. The benchmark price of an attached unit increased 4.2 per cent between December 2010 and 2011 to $511,499.