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Here's the latest on the real estate scene in Ladner, Tsawwassen

The total number of properties currently listed for sale on the MLS system in Metro Vancouver last month saw a 37 per cent increase compared to August 2023, according to GVR
Sandor Gyarmati
Sandor Gyarmati
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Delta council recently approved a variance and temporary use permit to allow a sales centre to operate in an existing accessory building on 60B Street to market an adjacent 56-unit townhouse development. The East Ladner townhouse project received approval following a public hearing last year. City of Delta report

Home sales in Metro Vancouver remained below their 10-year seasonal averages.

That’s according to the latest monthly market report from Greater Vancouver Realtors (GVR), noting residential sales in the region last month saw a 17.1 per cent decrease from the sales recorded in August 2023.

The August 2024 total was also 26 per cent below the 10-year seasonal average.

“From a seasonal perspective, August is typically a slower month for sales than June or July. In this respect, this August has been no different,” Andrew Lis, GVR’s director of economics and data analytics said in a news release. “With that said, sales remain in a holding pattern, trending roughly 20 per cent below their 10-year seasonal average, which suggests buyers are still feeling the pinch of higher borrowing costs, despite two recent quarter percentage point reductions to the policy rate this summer.”

Attached and apartment properties newly listed for sale on the MLS system last month in Metro Vancouver saw a 4.2 per cent increase compared to properties listed in August 2023.

According to GVR, the August 2024 benchmark price for a single-detached house in Ladner was $1,415,700. That’s up 1.2 per cent from the previous month.

Over the previous six months, the price of a Ladner house rose by 4.4 per cent.

The benchmark price for a detached house in Tsawwassen last month was $1,630,200. That’s also up 1.2 per cent from the previous month.

Over the previous six months, the price of a Tsawwassen house increased by 4.9 per cent.

However, GVR notes sales of detached homes in August 2024 in Metro Vancouver saw a 13.9 per cent decrease from the detached sales recorded in August 2023.

The August 2024 benchmark price for a townhouse in Ladner and Tsawwassen was $1,023,100 and $1,013,200 respectively.

The benchmark price last month for a condo in Ladner and Tsawwassen was $702,700 and $703,900 respectively.

Further reductions to the policy rate from the Bank of Canada were expected, but it may take more time before such cuts translate to visible signs of increased demand from buyers, GVR explains.