The real estate market in the City of Delta remains elevated.
According to the latest numbers by the Real Estate Board of Greater Vancouver (REBGV), residential home sales in the region last month saw a 23.9 per cent decrease from the sales recorded in March 2021, but a 26.9 per cent increase from the homes sold in February 2022.
Last month’s sales were also 25.5 per cent above the 10-year March sales average.
“March of 2021 was the highest selling month in our history. This year’s activity, while still elevated, is happening at a calmer pace than we experienced 12 months ago,” said Daniel John, REBGV chair, in a news release. “Home buyers are keeping a close eye on rising interest rates, hoping to make a move before their locked-in rates expire.”
There were fewer detached, attached and apartment properties newly listed for sale on the Multiple Listing Service (MLS) in Metro Vancouver in March 2022 compared to the same month last year, but a 22 per cent increase over the February 2022 listings.
John also noted the market continues to see upward pressure on prices across all housing categories in the region, and a lack of supply is the driving pressure.
According to the REBGV, the benchmark price for a detached house in Ladner in March 2022 was $1,581,400, a 2.4 per cent increase from this February and 31.2 per cent from March 2021.
The benchmark for a detached house in Tsawwassen was $1,674,100, a 2.2 per cent increase from this February and a 27.2 per cent hike from March 2021.
The benchmark this March for a Ladner townhouse was $932,000 and it was $1,014,100 for Tsawwassen, increases of 25.6 and 21 per cent respectively over the same time last year.
The benchmark for a Ladner condo this March was $652,700, while it was $708,600 for Tsawwassen, a 19.4 and 14.9 per cent increase respectively over the year.
Meanwhile, according to the Fraser Valley Real Estate Board (FVRB), new listings in the Fraser Valley this March were also down from March 2021. However, they were up from February 2022, helping to increase overall active inventory to levels not seen since last July.
Property sales remain robust as benchmark prices for a typical home continued to increase month-over-month in the Fraser Valley.
According to the FVRB, the benchmark price this March for a detached house in North Delta was $1,586,100, an almost 30 per cent increase from March 2021.
The benchmark for a North Delta townhouse was $901,800, an almost 47 per cent increase from March 2021.
The benchmark for a North Delta condo was $536,900, up almost 34 per cent over the previous year.
The FVRB notes that across Fraser Valley in March, the average number of days to sell a single-family detached home was 12 and a townhome was 14 days.
Apartments took, on average, 11 days to sell.