Welcome to the million dollar club, Ladner
Numbers from the Real Estate Board of Greater Vancouver for May 2016 indicate that the “benchmark” price for single-family detached houses in the community has reached $1,026,600. That’s a 5.7 per cent increase from the previous month and a whopping 40.2 per cent increase over a year.
Already in the million dollar club, Tsawwassen also continued to climb with single-family homes now at $1,257,100. That’s a 7.8 per cent increase from the previous month and 48 per cent hike in just one year.
Meanwhile, North Delta houses are rapidly closing in on the million dollar zone. According to the Fraser Valley Real Estate Board, the “average” price of a house in North Delta has climbed to $948,507, an increase of over 45 per cent from 2015.
The Real Estate Board of Greater Vancouver notes last month’s sales for the region were 35.3 per cent above the 10-year sales average for the month and rank as the highest sales total on record for May.
"Home sellers are becoming more active in recent months, although that activity is being outpaced by home buyer demand today," REBGV president Dan Morrison said.
The total number of properties currently listed for sale on the MLS system in Metro Vancouver saw a 37.3 per cent decline compared to May 2015. The sales-to-active listings ratio is indicative of a seller’s market.
In the Fraser Valley, consumer demand also continued through May, with overall sales once again reaching record-breaking numbers for the month historically. The Fraser Valley Real Estate Board notes it processed a 47.8 per cent increase in sales compared to May 2015.
