Thanks for taking the time to look at my monthly real estate update for South Delta and the Real Estate Board of Greater Vancouver (REBGV).
Here is a link to the complete set of charts and graphs – it may be useful to refer to them as you read through this piece!
Here is a link to the Real Estate Board of Greater Vancouver media release.
Home sale and new listing activity remained at near record levels across Metro Vancouver* in October.
Last month’s sales were 34.7 per cent above the 10-year October sales average and stands as the second-highest total on record for the month.
“Home has been a focus for residents during the pandemic. With more days and evenings spent at home this year, people are re-thinking their housing situation,” Colette Gerber, REBGV Chair said. “Throughout this period, REALTORS® have been working to understand and adapt to the latest safety protocols so that they can continue to help the public meet their housing needs in a safe and responsible way.”
Here in South Delta
Media sources are citing a Covid driven movement to from the city to the suburbs and especially to detached homes. This effect has been felt here in our area as sales have been brisk.
Detached sales for the past 2 months are at or near the levels of the spring of 2016 for the first time since that period.
Townhouse and apartment sales also show a similar uptick although part of that may be attributed to the proliferation of new projects including Hampton Cove in Ladner as well as the TFN offerings.
Ladner detached is especially noticeable with a surge of 40 sales in October and only 65 active listings at month end.
The presence of the pandemic has had the effect of both deferring the typical spring market to later in the year as well as unleashing pent up demand that built during the ‘quarantine’ period.
Prices
The supply-demand dynamic is leading to upward price pressure. This is not surprisingly most notable in the aforementioned Ladner detached segment where the HPI has increased by over 12% in the past 12 months.
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