It was a record year for home sales and prices in Delta as housing needs remained a top priority for residents in the second year of the COVID-19 pandemic.
The Real Estate Board of Greater Vancouver (REBGV) reports that residential home sales in the region totaled 43,999 in 2021, a 42.2 per cent increase from the 30,944 sales recorded in 2020, and a whopping 73.6 per cent increase from the 25,351 homes sold in 2019. It was also a four percent increase over the previous all-time sales record of 42,326 set in 2015. Last year’s sales total was 33.4 per cent above the 10-year sales average.
“Home has been a focus for residents throughout the pandemic. With low interest rates, increased household savings, more flexible work arrangements, and higher home prices than ever before, Metro Vancouverites, in record numbers, are assessing their housing needs and options,” said Keith Stewart, REBGV economist.
Meanwhile, the Fraser Valley Real Estate Board had its busiest year in its 100-year history with total property sales shattering the previous annual record set in 2016.
Fueled by the consumer response to the pandemic along with historically low interest rates, total property sales in the Fraser Valley in 2021 shattered the previous annual record last set in 2016.
The FVREB processed 27,692 sales in 2021, an increase of 39.0 per cent compared 19,926 sales in 2020; and 15.5 per cent higher than 2016’s 23,974 sales.
“No one could have predicted how the pandemic would impact the real estate market. Our region’s relative affordability, combined with a newfound ability to work from home and the value for housing dollar in the Fraser Valley attracted buyers in numbers like we’ve never seen,” said RVREB president Larry Anderson. “Whether helping sellers list or helping buyers complete a sale, our board averaged over 5,200 transactions every month. And even though our volume of new listings was also high, it just couldn’t keep up with the demand.”
The average price for a single-family detached home in Ladner for December 2021 was $1,393,800, a 3.5 percent increase from the previous month and a 30.2 percent jump from 2020.
Ladner townhomes sold for an average price of $826,100 which is 26 percent higher than the previous year. Apartment sales averaged $582,000 which is a 12.4 percent increase compared to 2020 transactions.
Tsawwassen saw almost identical margins with a single family detached home selling for an average price of $1.525,300 in December, a 3.2 percent increase from the previous month and 28.2 percent jump from 2020.
Townhouses sold at an average price of $902,300, a 20.8 percent increase from a year ago. Apartment sales averaged $644,400 which is 12.1 percent better than 2020.
North Delta remains sizzling hot with the benchmark price for a detached single family home being $1,397,900 in December, which is up a whopping 41 percent increase from 2020 ($907,700).
The average price of a townhouse has increase 16.1 percent from a year ago to $786,520. The average sale price of an apartment in North Delta for December was $492,101, up 12.2 percent from 2020.