Housing market activity is clearly shifting to townhomes and condos.
According to Real Estate Board of Greater Vancouver statistics for January, detached sales were down 24.8 per cent from the 10-year January average, while attached sales increased 14.3 per cent and apartment sales were up 31.6 per cent over the same period.
“Demand remains elevated and listings scarce in the attached and apartment markets across Metro Vancouver,” said board president Jill Oudil. “Buyers in the detached market are facing less competition and have much more selection to choose. For detached home sellers to be successful, it’s important to set prices that reflect today’s market trends.”
According to the real estate board, the benchmark price for a detached single-family house in Ladner last month was $1,017,200, a slight decrease from the previous month and a 5.1 per cent increase over the past year. In Tsawwassen, the benchmark price was $1,261,800, also a slight decrease from the previous month and an 8.5 per cent increase over a year ago.
Townhomes were a different story as the benchmark price in Ladner was $776,000, flat from the previous month but a 21.5 per cent increase in the last year. The benchmark price for a Tsawwassen townhouse was $763,300, up marginally over the month but a 22 per cent jump for the year.
As far as condos, the benchmark in Ladner was $431,000 and in Tsawwassen it was $460,500, representing a 13.2 per cent and 13.6 per cent increase, respectively, for the year.
According to the Fraser Valley Real Estate Board, the benchmark for a detached North Delta house was $941,000, up 13.6 per cent for the year. Townhomes were $561,400, up just over 18 per cent for the year, while condos were $375,000, up just over 47 per cent over the last 12 months.