Delta townhome and condo prices have experienced quite an upward trajectory over the past year.
Figures from the Real Estate Board of Greater Vancouver for February show the benchmark price for a townhouse in Tsawwassen was $756,000 and in Ladner it was $783,200. While those prices were almost unchanged from January, over the past year the price in Tsawwassen increased 17.9 per cent, while Ladner experienced a 19.5 per cent rise.
As far as condos, the benchmark price was $471,000 for Tsawwassen and $443,300 for Ladner, both of which saw a month-to-month increase of just under three per cent and just over 16 per cent for the last 12 months.
“Rising interest rates and stricter mortgage requirements have reduced home buyers’ purchasing power, particularly for those at the entry level of our market,” said board president Jill Oudil.
She said the supply of condos and townhouses is unable to meet demand.
The benchmark price for single-family homes in Tsawwassen and Ladner stood at $1,249,300 and $1,003,900, respectively, both down slightly from January. Over the past year, prices have increased 8.5 per cent in Tsawwassen and 5.8 per cent in Ladner.
Oudil said the detached home market in the region is beginning to enter buyers’ market territory.
According to the City of Delta’s Social Profile, single-family dwellings still make up about 80 per cent of the housing stock, while townhomes account for just under six per cent and apartments and condos make up around 14 per cent.
The profile report notes increased prices and a shortage of available land for development in Delta present challenges for increasing the city’s housing availability.
However, older units ready to be updated or replaced will offer opportunities.
