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Home buyers less active in Delta last month

Home buyers were less active in Delta and throughout Metro Vancouver last month. According to the Real Estate Board of Greater Vancouver, residential home sales in the region in March saw a 29.
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Last month’s sales were also 23 per cent below the 10-year March sales average.

Home buyers were less active in Delta and throughout Metro Vancouver last month.

According to the Real Estate Board of Greater Vancouver, residential home sales in the region in March saw a 29.7 per cent decrease from the sales recorded in March 2017, but a 14 per cent increase compared to February 2018.

Last month’s sales were also 23 per cent below the 10-year March sales average.

“We saw less demand from buyers and fewer homes listed for sale in our region in the first quarter of the year,” said REBGV president Phil Moore. “High prices, new tax announcements, rising interest rates and stricter mortgage requirements are among the factors affecting home buyer and seller activity today.”

The benchmark price for a detached single-family house in Ladner last month was $1,008,100, barley moving up from the month before, while a 6.4 per cent increase year over year. The benchmark in Tsawwassen was $1,273,900, up two per cent from the previous month and up eight per cent from the same time last year.

The benchmark prices for townhomes for Ladner and Tsawwassen were $779,700 and $755,000, respectively, barely changing over the previous month. However, townhome prices were up 16 per cent and 12.4 per cent in Ladner and Tsawwassen, respectively, year over year.

There was more movement when it came to South Delta condos where the benchmark price in Ladner was $459,300 and $490,600 in Tsawwassen, up 3.6 per cent and 4.2 per cent, respectively, over the previous month. For the year, both communities saw a 19 per cent increase in condo prices.

According to the Fraser Valley Real Estate Board, March saw a decrease of 24.8 per cent compared to sales in March of last year.

In North Delta, the biggest benchmark year-to-year increases were for townhomes and condos with condos seeing a whopping 50 per cent increase from last year.

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