Things are lagging more than usual when it comes to real estate activity in Delta and the Lower Mainland.
The Real Estate Board of Greater Vancouver (REBGV) says that while November is typically a quiet month of market activity based on seasonal patterns, last month’s home sale and listing totals lagged below the region’s long-term averages.
The REBGV reports that residential home sales in the region last month saw a 52.9 per cent decrease from the sales recorded in November 2021, and a 15.2 per cent decrease from the homes sold in October 2022.
Last month’s sales were also 36.9 per cent below the 10-year November sales average.
According the REBGV, the benchmark price for a single-detached house in Ladner last month was $1,298,700, down 1.4 per cent from the previous month while down 3.6 per cent from November 2021.
The benchmark price for a Tsawwassen detached house last month was $1,464,800, down 4.6 per cent from the previous month while down 2.5 per cent from November 2021.
The REBGV also notes the benchmark price from a townhouse in Ladner in November 2022 was $909,900, down 3.4 per cent from November 2021. The benchmark price for a Tsawwassen townhouse last month was $925,500, down 4.1 per cent from November 2021.
The benchmark price for a Ladner condo last month was $699,400, which is up 10.9 per cent from the same time last year, while a Tsawwassen condo was $718,200, which is up nine per cent from the same time last year.
Meanwhile, the Fraser Valley Real Estate Board (FVRB) says that with sales this November were down almost seven per cent from October, and new listings were off by more than 20 per cent, the Fraser Valley housing market continues its slowing trend heading into the holiday season.
However, despite the market slowdown, opportunities are available, as evidenced by brisk turnover time frames.
According to the FVRB, the benchmark price for a single-detached house in North Delta last month was $1,272,600, down 10.3 per cent compared to November 2021.
The benchmark price for a North Delta townhouse last month was $827,900, down 2.1 per cent from the same time last year. The benchmark price for a North condo last month was $544,000, up almost seven per cent compared to November 2021.