House prices in South Delta increased at a greater rate in July than anywhere else in the region.
According to the Real Estate Board of Greater Vancouver, the price of a single-family home jumped by 3.5 per cent in both Ladner and Tsawwassen. Pitt Meadows, at 3.3 per cent, was the only other area to see a rise greater than 2.4 per cent last month.
The increase pushed the benchmark price for a single-family home in Ladner beyond the $1-million mark to $1,010,200. That figure still represents a 2.2 per cent decrease from July 2016.
In Tsawwassen, the benchmark price for a single-family home in July was $1,263,200, making the year-to-year price almost unchanged.
It’s a sharp contrast from one year ago when the July 2016 price for a Ladner house was up 36.6 per cent from July 2015, while in Tsawwassen it was 42.4 per cent higher than a year earlier.
The Real Estate Board of Greater Vancouver notes that residential property sales in the region this July saw an 8.2 per cent decrease from the sales recorded in July 2016, as well as a decrease of 24 per cent compared to June 2017.
“Housing demand is inconsistent across the region right now. Pockets of the market are still receiving multiple offers and others are not. It depends on price, property type and location,” said board president Jill Oudil. “For example, it’s taking twice as long, on average, for a detached home to sell compared to both townhomes and condominiums.”
Meanwhile, in North Delta the benchmark price for a single-family house was $907,700, up 3.4 per cent from the previous month, while up one per cent from a year ago.
The Lower Mainland’s red hot real estate market began to cool last summer before levelling off.
New provincial Housing Minister Selina Robinson said she and Finance Minister Carole James will review a tax on foreign buyers, which came into effect a year ago, as well as the previous Liberal government’s interest-free loan program.
