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Here's what's been happening for Delta home sales

More sellers but fewer buyers. That was the story in Delta and throughout Metro Vancouver’s real estate scene last month.
delta home sales

More sellers but fewer buyers.

 

That was the story in Delta and throughout Metro Vancouver’s real estate scene last month.

According to the Real Estate Board of Greater Vancouver, residential property sales in the region saw a small increase over the previous month, but a 27.4 per cent decrease from sales recorded in April 2017. Last month’s sales were also 22.5 per cent below the 10-year April sales average.

“Market conditions are changing. Home sales declined in our region last month to a 17-year April low and home sellers have become more active than we’ve seen in the past three years,” said Phil Moore, REBGV president. “The mortgage requirements that the federal government implemented this year have, among other factors, diminished home buyers’ purchasing power and they’re being felt on the buyer side today.”

Moore added, “Home buyers have more breathing room this spring. They have more selection to choose from and less demand to compete against.”

The benchmark price for a detached single-family house in Ladner last month was $1,004,800, a slight decrease from the previous month and just a four per cent increase for the year. The benchmark in Tsawwassen was $1,256,500, almost unchanged from the previous month while up just over five per cent for the year.

The benchmark for a townhouse in Ladner and Tsawwassen was $786,100 and $781,300 respectively, seeing small increases from the previous month. Over the year, though, the prices rose 13.4 per cent and 13.1 per cent respectively.

Meanwhile, the benchmark for condos in Ladner in Tsawwassen were $472,600 and $513,600, slightly larger month-to-month increases than townhomes. Over the year the increases were much higher at 19.5 per cent and 21.per cent respectively.

In North Delta, both single-family houses and townhomes saw year-to-year increases, but condos saw the biggest at a whopping 50 per cent.