Single-family house prices continue to inch upward in South Delta while the condo and townhouse market picks up steam.
According to the Real Estate Board of Greater Vancouver, last month the benchmark price for a single-family home in Ladner was $1,035,000, an increase of just under one per cent from the previous month and up 6.5 per cent from six months ago.
In Tsawwassen, the benchmark price for a single-family home in November was $1,283,200, up .6 per cent from the previous month and 6.1 per cent from six months earlier.
“We’re seeing steady demand in today’s market. Home buyer activity is operating above our long-term averages, particularly in our townhome and condominium markets,” said board president Jill Oudil.
Prices are rising at a greater rate in the attached market in South Delta.
The benchmark price in November for a townhouse in Ladner was $756,000, up 1.6 per cent from the previous month, while in Tsawwassen it was $753,000, an increase just under two per cent. The year-to-year change was 19.9 per cent and 26 per cent, respectively.
As far as condos, the benchmark in Ladner was $433,400, up 2.5 per cent from the previous month, while in Tsawwassen it was $467,600, up 3.4 per cent. Over the year the prices rose eight per cent and 11 per cent, respectively.
It’s pretty much the same story being told by the Fraser Valley Real Estate Board when it comes to condos and townhouses.
“Our attached market feels like our detached market used to,” said Gopal Sahota, Fraser Valley Real Estate Board president. “With our townhome and apartment inventory here, you have the same wide spectrum for pricing and supply that’s helping buyers of all types find success in the valley.”
According to the FVRB figures for November, the North Delta benchmark for a detached house was $914,900, while for a townhome it was $564,100 and a condo was $348,000.
The biggest increases from the previous year were for townhomes and condos.
The B.C. Real Estate Association housing forecast for 2018 predicts that prices will rise modestly in Metro Vancouver’s housing market.