The limited supply is helping push prices up.
That’s according to the latest numbers by the Real Estate Board of Greater Vancouver (REBGV), which reports that October residential home sales' activity continues to outpace what’s typical for this time of year, but the pool of homes available for sale is in decline.
The combination is causing home prices to continue to edge upward.
According to the REBGV, the benchmark price for a detached single-family house in Tsawwassen last month was $1,460,700, up 3.6 per cent from the previous month and 26.3 per cent from October 2020.
The benchmark price for a detached house in Ladner was $1,341,200, up two per cent from the previous month and 28.7 per cent from the same time last year.
Also seeing big year-to-year increases were townhomes in Tsawwassen, which had a benchmark price of $879,500 last month, as well as Ladner, which had a benchmark of $799,000.
Big price increases were also seen with Tsawwassen condos, which had a benchmark last month of $648,000, as well as Ladner, which had a benchmark of $591,600.
It’s a familiar story from the Fraser Valley Real Estate Board (FVRB), which is reporting that the combination of above‐average sales with below‐average new listings is placing strong upward pressure on home prices for all residential categories.
According to the FVRB, the benchmark price of a detached house in North Delta this October was $1,268,000, up 3.2 per cent from the previous month and 30.4 per cent from October 2020.
Also seeing significant increases, the benchmark last month for a North Delta townhouse was $700,600 and for a condo it was $418,300.