House prices have started to level off in Delta.
According to the Real Estate Board of Greater Vancouver (REBGV), residential home sales in the region, April 2022 saw a 34.1 per cent decrease from the sales recorded in April 2021, and a 25.6 per cent decrease from the homes sold in March 2022.
“Over the last two months, we’ve seen home sales ease down from the record-breaking pace of the last year,” said Daniel John, REBGV Chair, in a news release. “While still a small sample size, the return to a more traditional pace of home sales that we’ve experienced so far this spring provides hopeful home buyers more time to make decisions, secure financing and perform other due diligence such as home inspections.”
According to the REBGV’s monthly statistics for April, the benchmark price for a detached single-family house in Ladner was $1,571,800, a decrease of just under one per cent from the previous month. However, it’s still 23.7 per cent higher than the benchmark price in April 2021.
The benchmark price this April for a house in Tsawwassen was $1,688,800, up just under one per cent from this March, while 25.6 per cent higher than April 2021.
The benchmark this April for a Ladner and Tsawwassen townhouse was $936,600 and $1,019,200 respectively, both almost unchanged from the previous month.
The benchmark prices for South Delta condos experienced more growth month-to-month as a Ladner condo was $629,600 while for a Tsawwassen condo it was $738,300, up 6.1 per cent and 4.2 per cent respectively.
Meanwhile, as far as the Fraser Valley, property sales in the region this April decreased by over 35 per cent compared to this March. It also marks the first time monthly sales have fallen below the 10-year average since June 2020.
The benchmark for a North Delta single-detached house was $1,584,100, almost unchanged from the previous month, but up 31.2 per cent compared to April 2021.
The benchmark for a North Delta townhouse was $903,000, almost unchanged, while the benchmark for a condo saw a slight increase and stood at $544,000.
