Home sales in South Delta and throughout Metro Vancouver in 2023 will remain in line with last year, while prices may see small increases.
That’s according to the Real Estate Board of Greater Vancouver’s (REBGV) 2023 Residential Market Forecast report released this week.
A second forecast will be coming in the second half of the year.
The latest forecast looks at current and historical market trends alongside economic factors like inflation and risk of recession to predict what this year’s housing market will look like.
Some of the key highlights from the report include the Bank of Canada being at, or very near, the peak of the current interest rate tightening cycle. While increasing mortgage costs are decreasing purchasing power, other factors such as immigration to BC will continue to put upward pressure on prices.
Condo sales are forecast to decrease over last year, while detached homes are forecast to increase.
The report also notes that Metro Vancouver home sales set or neared historic records in 2021 and 2022 on both ends of the spectrum, with sales activity hitting a record high in March of 2021, but closed 2022 near historic lows after accounting for typical seasonal variation.
The BC Assessment Authority already warned Delta homeowners that the latest assessed values of their homes may not be in line with how the real estate market is currently looking.
The assessment authority said that, based on trends in the real estate market as of July 1, 2022, most homes were expected to be up in assessed values, generally in the five-to-15 per cent range in the region. The latest property assessments will likely be higher than what the current market value might be for a property.
According to REBGV numbers last summer, the benchmark price for a single-detached house in Ladner in July 2022 was $1,460,300. That was down from the previous month as prices steadily inched downward over several months, but it was still up 15.6 per cent compared to July 2021.
The benchmark price for a detached house in Tsawwassen in July 2022 was $1,595,700, also down the previous months, but still up 13.6 per cent compared to July 2021.
By December 2022, the benchmark price for a single-detached house in Ladner was $1,299,400, a 6.5 per cent reduction from December 2021.
The benchmark price for a single-detached house in Tsawwassen in December 2022 was $1,438,100, a 7.4 per cent drop from December 2021.