House prices in North Delta took a hit last year as the real estate market cooled considerably.
The Fraser Valley Real Estate Board this week released its numbers for 2022, indicating a big-time change from the recording-breaking sales and soaring prices the previous year, particularly when it comes to detached single-family houses.
It's due largely to interest rate increases designed to stave off inflation.
According to the FVRB, 2022 closed out with just over half of 2021’s sales and the ninth-lowest annual tally of the past decade. New listings were also down 8.9 per cent compared to 2021.
“As the market has adjusted to rate hikes, we’re starting to see a resumption of interest among the public,” said Sandra Benz, FVRB president, in a news release. “For some time, buyers and sellers alike have delayed decisions in somewhat of a watch-and-wait mode. This has dampened sales as well as supply since fewer new listings come onto the market. We expect activity to pick up in the coming months as this pent-up supply and demand starts to emerge.”
Benz added that, under more stable market conditions, there will be strong opportunities for well-priced, well positioned properties across all categories.
It's been a similar story conveyed by the Real Estate Board of Greater Vancouver, which notes the benchmark prices for detached single-family house prices in Ladner and Tsawwassen saw big declines last year.
As far as sales last month, the FVRB notes they were down 14.7 per cent from November 2022, and down by 60.4 per cent compared to December 2021, making last month the lowest December sales recorded in the last 10 years.
Also according to the FVRB, the benchmark price for a detached single-family house in North Delta last month was $1,259,300, down 16.2 per cent compared to December 2021.
Meanwhile, the benchmark price for townhomes in December 2022 was $813,600, down 10.4 per cent from December 2021.
Condos were a different story as the benchmark price for a North Delta condo was $537,200, up 2.5 per cent from the same time the previous year.